Secret attempts to sell the KLIDC Taman Manggis land for RM70 million
DAP Insider
Since last year, the owner of KLIDC Sdn Bhd, Datuk Tang Yong Chew, has approached several parties to sell off the Taman Manggis medical center project which they paid RM11.5 million for.
That project was awarded by Lim Guan Eng’s Penang Govt in 2010 and six years later not a single brick was laid or a single hole dug. Today, it is still a boarded up field.
The generous Penang State Government has very kindly helped KLIDC increase the value of the project by changing the land usage to commercial land and shockingly approved the change of the land use conditions of the property from 100% medical facilities use only as stipulated in the original tender to 30% medical facilities and 70% hotel and serviced apartments – despite KLIDC not being able to get the project started even after six years.
In fact, Lim Guan Eng personally and very inexplicably rejected the written advice of the State Secretary to cancel the tender award to KLIDC due to non-compliance and also a receipt of a better offer – including a double-the-price RM22 million offer from a company linked to Penang BN to build affordable houses in 2012.
This letter to recommend to cancel the award to KLIDC and Lim Guan Eng’s written rejection to follow this recommendation are among the many letters documenting the questionable and downright abuse of power acts contained in the files seized by MACC in a raid at KOMTAR on Wednesday 23rd March 2016.
The Penang State Govt also very kindly increased the leasehold tenure of the land to the maximum 99 years in April 2015 – just a couple of months before Lim Guan Eng finally signed to transfer over his no-swimming pool 10,160 square feet bungalow into his own name for a bargain price of RM2.8 million – a most coincidental timing indeed.
Unfortunately for the vendors of KLIDC and Lim Guan Eng, one of the persons approached to buy the project is a dear old friend of mine.
The sale price that KLIDC wanted is RM70 million and includes the land, the revised favourable land conditions and the Borang 2 hospital license approval given by MOH.
During the initial sale by the state government in 2010, the price of the land at RM200 psf was already undervalued. But now, commercial land price around that area in Georgetown is selling from RM800 psf to RM1,000 psf – easily making the value of the land alone to be worth up to RM45 million.
Two Sales and Purchase agreements (which you can see below) which are inter-alia (or conditional on one another) was to be signed locally at RM20 million – an immediate RM8.5 million profit above the RM11.5 million paid.
One agreement was for RM18 million and the other was for RM 2million.
This RM20 million figure was deliberately minimised to prevent public outcry if the real sale value was revealed locally.
Another RM50 million payment was also stipulated in a 3rd arrangement and was to be paid overseas to certain parties.
In fact, one of the companies stated in the agreement, Goldstone Kuala Lumpur Sdn Bhd, gives a hint of what this arrangement may be:
GoldStone is majority owned by a foreign company called “Best Business Group Limited” supposedly controlled by Tang Yong Chew’s Taiwanese wife, Sally Chou.
But in reality, another shareholder of Best Business Group is an offshore company listed in the islands of Samoa called Portcullis TrustNet (Samoa) Limited. This is revealed in the list of offshore companies exposed by the ICIJ OFFSHORE LEAKS DATABASE http://offshoreleaks.icij.org/
Portcullis is a private wealth management company that helps moves money privately for rich individuals – typically using offshore accounts in exotic places such as Samoa.
Without googling, who among us knows where Samoa is? It’s a small group of islands in Polynesia with a population of only 194,000 souls.
The lawyers engaged by the KLIDC owners tasked to draft this agreement are well aware of this offshore payment arrangement.
They are:
Messrs Jal & Lim
WISMA SELANGOR DREDGING
142-B, JALAN AMPANG
50450 KUALA LUMPUR
I am sure MACC and PDRM, who have also started their own investigations would be very eager to interview the lawyers concerned who drafted this agreement.
Here are the two agreements that my dear old friend shared with me.
