RM5.8bil investment by 'sleeping' company

DAP Perak is questioning the Perak government's approval of 150 acres of ecologically critical land at Segari, near Lumut, to a "sleeping company", purportedly for a RM5.8 billion Liquified Natural Gas (LNG) project.

In a press conference yesterday, Perak DAP secretary Nga Kor Ming (left) exposed what he called a "scandal" asking how a company with RM100 in capital, as according to the Registrar of Companies' (ROS) records, could invest the huge sum stated.

"The rakyat deserves to know how a sleeping company that just got registered on Feb 28, 2008 with a paid up capital of RM100 could invest RM5.8 billion?" said Nga.

The Taiping MP said a check with ROS also revealed that the company had no recorded business activity, profit or loss records and not even a business address.

According to Nga, Perak senior exco Hamidah Binti Othman on June 9 revealed that the state assembly had approved the plot in Segari, Manjung near Pangkor to Atigas Technology Sdn Bhd in May, for the purpose of a RM5.8 billion investment project.

Hamidah further stated that the company was to invest the amount and import LNG from Qatar and the Middle East.

She said the company was to reserve 33 percent of the LNG for the local market, and that the plant and factory would be completed in 15 months.

Valuable turtle breeding ground

"What is the rationale or what is so special that the state government can offer a 150 acre plot estimated to be worth RM50 million, to such a company?

"The land in Segari has a market value of RM300,000 per acre, and its ecological system is extremely critical for the image of Bandar Maritime Manjung," said Nga.

He said the coastal area of Segari and Pasir Panjang was a breeding ground for turtles provided valuable fishing grounds, calling on Hamidah to make public the Environment Impact Assessment Report (EIA) on the project.

Nga said Pakatan investigated the matter after receiving a complaint about the issue from a "disgruntled Umno leader".
Asking if there was even an open tender for the mega project, Nga said Pakatan Rakyat is expecting Hamidah to furnish an explanation and full details by Monday or face "further action". - Malaysiakini