Yes a RM2 company. The Malaysia-China consortium does not even have a RM20,000 paid-up capital not to mention even RM200,000 or RM2 million paid-up capital to reflect the enormous size of the project it is undertaking.
It only goes to show the level of commitment the consortium has for the project of such magnitude.
If the total amount of shareholder capital that has been paid in full by shareholders is a mere RM2, it speaks volume of the seriousness of the shareholders of the company involved in the project.
Of course the argument is that there will be capital injection into the consortium once they have officially been awarded the four infrastructure projects.
Right now, only flimsy details are available and that the revelation of the mega projects was kinda sudden, giving the impression that it has been hushed up until the last minute to bulldoze it through with the approach of the general election.
The projects include a 6.5km Gurney Drive-Bagan Ajam undersea tunnel, a 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu bypass, a 4.6km Lebuhraya Tun Dr Lim Chong Eu-Bandar Baru Air Itam bypass and 12km road connecting Tanjung Bungah and Teluk Bahang.
It is interesting to note that it is the best kept secret until recently when Lim Guan Eng announced that Consortium Zenith BUCG Sdn Bhd had been awarded the tender to construct the road and undersea tunnel projects.
This does not auger well, especially when DAP has been professing that they hold steadfastly to their ideals of a Competent, Accountable and Transparent government. Cakap tak Serupa bikin!
The announcement smacks of arrogance of the Chief Minister and his attitude of non consultation with the people of Penang who are stakeholders. Perhaps being from Johor, he is insensitive to the feelings of Penangites.
The abrupt revelation of the project reflects the growing high handedness of Guan Eng’s administration and the declining responsiveness to public policy preferences.
Guan Eng has clearly and openly defied the need to ensure that policies and projects that affect the people should mirror public opinion.
There is no need for a third link when the second bridge is near completion. Why spend billions of ringgit of tax payers money to have an undersea tunnel.
Moreover the livelihood of thousands of fishermen will be affected with any deep sea works being carried out for the project. The ecology and breeding grounds of the sea will also be affected thus rendering wanton damage to marine life and the eco system.
And it is preposterous and outrageous that there will also be toll charges at the third link. The concession period will be for 30 years and the toll charges would be similar to the second Penang bridge.
This is an outright breach of promise by Pakatan Rakyat. Its recently released manifesto says that tolls would be abolished. Guan Eng had probably not read the manifesto.
Guan Eng should also make public the plans of the consortium which would be given 44.51 ha (110 acres) of reclaimed land in Tanjung Pinang, a prime location on the northern shores of Penang.
Already there are massive traffic jams in the area. Further development in the area would only aggravate the already worsening traffic situation.
Following a chorus of protests over the mega projects, a defensive Guan Eng says that he would leave it to the 1.6 million populace in Penang to decide.
It is most ridiculous for Guan Eng to use the general election as a referendum as an endorsement for the RM8 bil projects.
In doing that, he is trying to circumvent the whole issue and to defy public’ perception and desire for the projects to be shelved.
CAT is no longer Competency, Accountability and Transparency. Now it stands for Cunning, Annoying and Tak Tahu or Cocky, Arrogant and Tokong.
Guan Eng, please do not at your whims and fancies turn Penang into a concrete jungle.
The people of Penang still wants the island to retain its aesthetic charm and not one which is dotted by skyscrapers and confronted with horrendous traffic nightmares.