Baseless tirade against Penang
Message from Jeffery Chew, Special Investment Officer to Penang Chief Minister:
I refer to the MalaysiaKini article by Ong Eu Soon "Foreshore land: 'Special circumstances' hardly special on Penang's land conversion", I wish to draw to your attention that the law relating to foreshore land as stated in the National Land Code is upheld and is not affected by the conversion of PDC Heritage Hotel Sdn Bhd (PHH)'s land to freehold status. Clearly Ong Eu Soon was barking up at the wrong tree and going off tangent to launch his baseless tirade against Penang Chief Minister Lim Guan Eng and the PR government.
This prime state land was sold to PHH by the previous administration with state agency Penang Development Corporation (PDC) owning only 49% with YTL Hotel & Properties taking 51%. To protect public interest, the present PR government had successfully increased PDC's stake in PHH to 50% to ensure that the private company can no longer own and control the land and project. Further all costs of increasing the equity stake and land conversion fees of RM 8.3 million is borne by YTL H&P, a boost to state revenues. Bear in mind that the freehold land is now owned 50-50 by the state agency PDC as a result of the successful intervention of the present state government as compared to the previous administration that "lost control" over this valuable state land land.
JEFFREY CHEW
SPECIAL INVESTMENT OFFICER TO PENANG CHIEF MINISTER
Investment/Manufacturing
I refer to the MalaysiaKini article by Ong Eu Soon "Foreshore land: 'Special circumstances' hardly special on Penang's land conversion", I wish to draw to your attention that the law relating to foreshore land as stated in the National Land Code is upheld and is not affected by the conversion of PDC Heritage Hotel Sdn Bhd (PHH)'s land to freehold status. Clearly Ong Eu Soon was barking up at the wrong tree and going off tangent to launch his baseless tirade against Penang Chief Minister Lim Guan Eng and the PR government.
This prime state land was sold to PHH by the previous administration with state agency Penang Development Corporation (PDC) owning only 49% with YTL Hotel & Properties taking 51%. To protect public interest, the present PR government had successfully increased PDC's stake in PHH to 50% to ensure that the private company can no longer own and control the land and project. Further all costs of increasing the equity stake and land conversion fees of RM 8.3 million is borne by YTL H&P, a boost to state revenues. Bear in mind that the freehold land is now owned 50-50 by the state agency PDC as a result of the successful intervention of the present state government as compared to the previous administration that "lost control" over this valuable state land land.
JEFFREY CHEW
SPECIAL INVESTMENT OFFICER TO PENANG CHIEF MINISTER
Investment/Manufacturing
posted by weiaik at
14:25
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