The Penang Barisan Nasional today hit out at Chief Minister Lim Guan Eng for trying to mislead the people over the previous state government’s plan to develop Pulau Jerejak into a tourist resort.

State Barisan Nasional Working Committee chairman Datuk Dr Teng Hock Nan said Lim kept on harping on half-truths about the project, with the sole intention of wanting to tarnish the image of the previous state government.

“As a responsible Chief Minister who claims to have the state at heart, he is morally duty bound to ensure that on-going projects, whether they are approved by previous and present administration, are handled best for Penangites,” said Dr Teng at a press conference by the Penang Barisan Nasional Working Committee.

Dr Teng, who is also Penang Gerakan chief, explained that the Pulau Jerejak project was planned into 4 phases and Phases 1 & 2 which by itself is not economically viable yet, have been completed.

In Year 2001, the Penang state government through PDC and federal government through UDA, both government agencies, agreed to develop Pulau Jerejak into a tourist resort.

Tropical Island Resort was incorporated for this purpose with PDC holding 49% and UDA 51%.

The total investment was RM31.5mil and PDC share’s was RM15.4mil (49%).

Yes, the Penang state government at that time has transferred the land to Tropical Island Resort while payment of the land premium was still being made by installments. The State EXCO has the power to make such decision under section 14 (1) (J) National Land Code.

This was done to facilitate the loan procurement for the company.

Tropical Island Resort is definitely not a personal company of former Chief Minister Tan Sri Dr Koh Tsu Koon or Lim Guan Eng.

Lim should consider whether he wants to continue with the project or pull out from the investment.

Some facts and figures of Tropical Island Resort up till December 2009

Asset: Land (Value in 2001), Building and others = 47.6mil
Liability = 34.1mil
Capital Investment = 31.5mil
Book Value Losses = 18.5mil
PDC Book Value Losses (49%) = 9mil

Tropical Island Resort still has 80 acres of the land. The value of the land today is much higher. Lim has failed to tell this to the public.

Dr Teng said these are the true facts of the Pulau Jerejak issue. So, where is the scandal? Where is the illegality? Where is the immorality? If Lim feels there is any wrong-doing by any party, he is at liberty to initiate legal proceedings against whoever was responsible.

by Editorial Desk
gerakan4u.com