MCA's assets come under scrutiny in run-up to party elections

KUALA LUMPUR: MCA's assets have come under the spotlight in the run up to the party elections this Sunday (Nov 4), as former president Tan Sri Dr Chua Soi Lek (pic) considers suing the present batch of leaders for defamation.

He singled out party president Datuk Seri Liow Tiong Lai and his deputy Datuk Seri Dr Wee Ka Siong for insinuating that there was abuse in the party's purchase of Menara Multi-Purpose in Kuala Lumpur and the sale of an eight-acre plot of land in Bangi, Selangor, when he was the president in 2011.

Dr Chua told a press conference here Wednesday (Oct 31) that both transactions were concluded professionally, and after several rounds of discussions and approval by the party's presidential council and central committee, which both Liow and Dr Wee were part of.

Elaborating on the assets, he said: "MCA took a RM220mil loan from Alliance Bank to buy Menara Multi-Purpose for RM375mil.

"The bank is also the anchor tenant for the building."

Dr Chua said rental income from the 40-storey office tower in the city centre was used to service the loan, thus relieving the party of the loan burden.

"This is an investment for the party.

"How can the present leadership tell the grassroots that the party had a RM220mil debt because of me?" Dr Chua asked.

The Edge in its Oct 29 issue under an article titled "A battle for control of MCA's business empire" put Menara Multi-Purpose's estimated worth at RM400mil.

Dr Chua said the sale of the land in Bangi to Mah Sing group for RM5.5mil cash plus a RM2.5mil building in Cyberjaya was agreed by the MCA central committee in 2011.

"But my political opponents alleged that it was actually worth RM20mil and that I very likely profited from the sale," he said.

While he has yet to initiate legal proceedings against Liow and Dr Wee to avoid dragging the party along, he pointed out that this does not mean that he is tolerating their smear campaign.

Dr Chua said the bid to mislead the grassroots was to gain an edge in the current election campaign.

Dr Wee is in a three-cornered fight for the president's post with Kluang MCA chairman Gan Ping Sieu and Bruas MCA Youth division chairman Ngoo Teck Keong.

Liow is rooting for Dr Wee while Gan has backing from Dr Chua.