Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 27.3.2018.
Is MCA President Liow Tiong Lai afraid to debate with me on both the 1MDB scandal as well as the Penang undersea tunnel and three main highways issue because he can not explain how Tun Razak Exchange(TRX) land in Kuala Lumpur was sold to 1MDB for only RM64 per square feet(psf ) when the market price is 42 times higher at RM2,700 psf? Liow should prove that he is as brave as his predecessor Chua Soi Lek, who dared to have an open public debate with me.
The Penang state government had nothing to hide because the tunnel and 3 highway projects was conducted by open tender unlike 1MDB. Both BN or MCA did not dare to name which Penang state government leader had accepted millions of ringgit of bribes relating to the tunnel and 3 main highway project. In contrast, Pakatan has publicly named Jho Low and Malaysian Official No. 1(MO1) as the beneficiaries of 1MDB as proven by the RM1 billion super-yacht ‘Equanimity’ seized in Bali and the RM 2.6 billion deposited in the personal bank account of MO1.
Finally many countries have taken action against those involved in 1MDB, apart from the RM1 billion super-yacht and RM2.6 billion cash deposited in the personal bank account of MO1. This includes Singapore cancelling a bank license and imprisoning a bank officer for 54 months and seizure of RM430 million of cash deposits in Swiss banks by the Swiss government as well as the United States attorney-general Jeff Sessions describing 1MDB as “kleptocracy at its worst”.
Finally the biggest fear for Liow is still 1`MDB’s obtaining 70 acres of prime Kuala Lumpur land in TRX at a dirt-cheap price of only RM64 per square feet, when the market price was RM2,700 per square feet in 2010? This works out to a purchase price of only RM 194 million when the market value is more than RM8.2 billion, a benefit to 1MDB of 42 times(4,200%) over the market value. 1MDB had an unrealised gain of RM 8 billion and yet no action was taken by Malaysian Anti-Corruption Commission(MACC).
How low this price of RM64 per square feet is, can be seen by 1MDB selling only 1.56 acres of land to Lembaga Tabung Haji at a supposedly cheap price of RM2,773 per square feet for RM188.5 million. In other words 1MDB practically got back their entire investment of RM 194 million for buying 70 acres of TRX land by selling only 1.56 acres!
1MDB was willing to make a huge profit at the expense of another Federal government agency, in this case Lembaga Tabung Haji, to cover its acquisition costs of RM194 million at one go. This is unlike the Penang state government swapping land at Gurney Drive, to build the tunnel and three highway project for RM1,300 psf, which is 3 times the then market price of RM475 psf according to Wee Ka Siong, or RM457 psf according to the government valuer.
Is Liow afraid to debate with me because he cannot explain how the Penang state government can sell our land at 3 times the market value unlike the BN Federal government that sold its land at 42 times below market value to 1MDB?
LIM GUAN ENG