Kha, Apr

Fashion Company Is Just An Investor, Says Lim

Current News

GEORGE TOWN - A local fashion company that has become a shareholder in the RM6.3bil Penang undersea tunnel project last month is not the main contractor.

Chief Minister Lim Guan Eng said just because a company was investing in a project did not mean that it would be involved in the building process.

The company is just an investor, Lim said in reference to Vertice Bhd (formerly Voir Holdings Bhd), the fashion company that bought 13.21% shares in tunnel developer Consortium Zenith Construction Sdn Bhd last month.

Lim said the tender to develop the tunnel project was awarded in 2013.

“The contractor, CRCC, is one of the largest in the world and has built the highest railway track in the world, the Qinghai–Tibet railway,” he told reporters at a press conference at his Komtar office yesterday.

He added that the tunnel project was awarded through an open tender that was carried out according to international standards.

“No executive councillors or the Chief Minister (referring to himself) was on the tender board.

“The contract we signed is with Consortium Zenith,” he said, adding that the project still stands with CRCC as the main project contractor.

He reiterated that Vertice was just a shareholder of Consortium Zenith.

Lim was responding to MCA deputy president Datuk Seri Dr Wee Ka Siong who questioned why a fashion company was a shareholder of the special purpose vehicle (SPV) for the project.