Dr Wee: I never said RM180bil GDV for Bandar Malaysia, TRX are direct profits


  • Nation
  • Monday, 22 Apr 2019

PETALING JAYA: MCA president Datuk Seri Dr Wee Ka Siong never said that the combined RM180bil in gross development value (GDV) for the Bandar Malaysia and Tun Razak Exchange (TRX) projects are direct profits.

"When did I say that the entire RM180bil is direct profit?" he said in a Facebook post Monday (April 22).

He also took a swipe at the Finance Minister's political secretary, saying: “Tony Pua, the person who said that sales and service tax (SST) will lower the price of goods, wants to school me?”

Earlier, Pua reportedly said the combined RM180bil in gross development value (GDV) for the Bandar Malaysia and Tun Razak Exchange (TRX) projects did not mean that the government would reap profits of that amount.

Pua also told Dr Wee that the government did not “own” the GDV, after the latter claimed that the GDV of both projects was “more than enough” to settle 1Malaysia Development Bhd’s (1MDB) debt.

Dr Wee also questioned the amount of 1MDB’s debt.

“What is 1MDB's debt? Is it RM30bil or RM39bil? Is RM30bil higher or lower than the RM87.8bil additional borrowing in sukuk since the end of 2017 - not including the additional RM7.3bil in Samurai Bonds already issued plus the RM82bil that the Pakatan Harapan government is taking from Petronas?” he asked.

He also questioned that if RM30bil is lower than those other figures quoted, then "how can 1MDB continue to be the main reason why Pakatan cannot deliver its manifesto promises or be the main cause of the future generation being burdened in debt?

“Can Pua confirm if the quantum of increase in national debt in 2018 and also so far in 2019 to date (RM36bil) is higher than what had occurred under Barisan in the past?” he asked.

Dr Wee also asked about the amount of the land sale of Bandar Malaysia and the amount of taxes collected from these two projects of GDV of RM180bil over the course of its development.

"Please note that it was the Pakatan leaders who alleged the country might go bankrupt due to the debts of1MDB amounting to RM30bil without taking into consideration the assets owned by 1MDB including land for TRX and Bandar Malaysia which can generate much higher GDV if developed as well as the income to the government and the positive economic impact to the people," he said.

The Ayer Hitam MP also questioned the total value of the two projects' economic impact to the country.

“And if those projects are not beneficial, then why continue them?” he said.

He asked if Finance Minister Lim Guan Eng was wrong to say that the RM40bil TRX project is one of our country's best assets or that Prime Minister Tun Dr Mahathir Mohamad was also wrong to say that the Bandar Malaysia project will contribute immensely to our country's economic development.

“On a final note, you have said numerous times in the past that the true cost of the East Coast Rail Link (ECRL) project is only RM29bil and that the Barisan government had inflated the cost to RM55bil,” he said.

“The Pakatan government has stated the ECRL project now costs RM44bil despite cost reductions of more than RM10bil from avoiding the costly tunnelling works along the mountain range and thus dropping the Bentong and Gombak stations. Are you prepared to issue a statement of apology now or do you still stick with your stand that ECRL's true cost is still RM29 bil and that the Pakatan government had inflated the price to RM44 billion?” he questioned.