CRCC Malaysia denies being shareholder or developer in Penang tunnel SPV

(The Star) – China Railway Construction Corporation (CRCC) Malaysia has denied being a developer or shareholder of the special purpose vehicle (SPV) set up for the Penang undersea tunnel project.

Its general manager Sun Ming told news portal laksou.com that CRCC Malaysia was only responsible for the construction of the project.

“We are not participating (in any matter other than construction). We are only in charge of the construction but until now (the project) has not begun,” he was quoted as saying.

CCRC’s clarification had prompted Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong to urge Penang Chief Minister Lim Guan Eng to explain the company’s role in the RM6.3 billion mega project.

https://www.youtube.com/watch?v=LNresY_PJOg

According to laksou.com, the Penang government had stated in the March 4, 2013 issue of its fortnightly publication Buletin Mutiara that CRCC and Zenith Construction jointly owned 70% of the project.

The other shareholders were Beijing Urban Construction Group, Juteras Sdn Bhd and Sri Tinggi Sdn Bhd, holding an equal share of 10% each.

Together, these companies formed the SPV for the project.

On Friday, Dr Wee had asked if the Penang government could produce proof to support its statement that CRCC was a shareholder in the SPV.

Pressed by laksou.com, Sun said: “I’ve already stated the main point. No, never been. This is what I know.”

Sun also told the portal that he was no longer in charge of the project, adding that he retired last year but stayed on to oversee other projects.