Patrick Lim and Penang Turf Club: The plot thickens
So the Penang Turf Club held its AGM yesterday, and I gather a lot of questions were raised. But so far I haven’t seen any public comments made by Turf Club officials.
A reliable source told me that the original agreement between the Penang Turf Club and Abad Naluri has actually lapsed as Patrick Lim had failed to deliver the replacement race-course in Batu Kawan as scheduled. Apparently, a supplementary agreement was entered into earlier this month to allow for an extension of three years so that it now ends in 2011. (The report below indicates that the deadline is now 2011.) And there is no clause in this supplementary agreement pertaining to an extension, which means it can be extended again in 2011.
If there was indeed an extension, on what basis did the outgoing committee negotiate an extension? All Patrick Lim’s Abad Naluri has done is pay RM10 million of the original sum of RM488 million for the Batu Gantung land. As alluded to earlier, Patrick Lim has not paid a single sen on the Batu Kawan racecourse land (see report below). Why, he probably hasn’t even signed the S&P with the PDC for the Batu Kawan land. Tell us, who was really behind the Batu Kawan land deal…
The Penang Turf Club owes the public an explanation. So does Patrick Lim. I hope Chief Minister Lim Guan Eng will also reveal the outcome of the State Government’s investigation into the case soon. There needs to be a thorough investigation into the whole deal and how the land status was quietly rezoned from recreational status to “mixed development”.
As one concerned Penangite noted, the vested interests behind the PGCC deal stand “to lose an enormous investment unless they can pull something off. They have friends in high places who are allied with them in the PGCC enterprise and the new men in Komtar are going to come under great pressure to compromise. The problems of Equine/Abad Naluri must not be allowed to become Penang’s problems.”
Let’s hope the new state government does not compromise with those responsible for this stinking deal. It is worth remembering that the state allocated the 230-acre Batu Gantong site to the Penang Turf Club in 1935 for a nominal sum of RM250,000 for recreational use - and not for property development or for private gain. It is time for the Penang State Government to regazette the land back to recreational use, before anyone else gets any other “bright” ideas.
This is a report from theSun:
Turf Club will not extend deadline to Abad Naluri
Regina William, Bernard Cheah, Opalyn Mok and Husna Yusop
PENANG (April 7, 2008): The Penang Turf Club (PTC) today gave advance notice that it will not extend the deadline given to a property developer for the completion of the new racecourse in Batu Kawan after March 30, 2011.
In the club’s annual general meeting, members agreed that Abad Naluri Sdn Bhd will have to make good the agreement signed on March 23, 2003, for the completion of the new racecourse on the mainland by that date.
PTC member Tan Sri Tan Kok Ping, who spoke to reporters after the AGM, said no extension will be given after that.
“Abad Naluri Sdn Bhd has to build the new racecourse to the satisfaction of PTC members and if they don’t deliver, there will be no extension given. If halfway through the period and nothing is done, a RM10,000 penalty will be imposed each day.
“Members raised the issue about the new racecourse following latest developments and we were told that Abad Naluri has yet to complete the sale and purchase agreement with the Penang Development Corporation (PDC) and has yet to pay a single sen to PDC; hence they don’t even own a square inch of land in Batu Kawan,” Tan said to reporters after the AGM.
The deal was for Abad Naluri to complete the racecourse after which the PTC land on Jalan Batu Gantong would be transferred to Abad Naluri for the development of the Penang Global City Centre (PGCC) project.
He said Abad Naluri paid PTC RM10 million on March 23, 2003, after signing the agreement but has yet to pay the rest of the amount due to PTC.
The PTC was bought by Abad Naluri at RM488 million. The deal was that Abad Naluri would build the RM375 million racecourse in Batu Kawan and the rest was to be paid in cash to the PTC.
Tan said members asked why no approval had been given for the PGCC project even though it was launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi in October 2007.
“Yet why was this not questioned by the Securities Commission? Nothing on this project has been submitted to the Commission,” he added.
Work on the RM25 billion PGCC project, which is included in the Northern Corridor Economic Region (NCER) blueprint, was supposed to start early 2009.
In December 2002, the PDC board approved the sale of 300ha in Batu Kawan to Syarikat Abad Naluri Sdn Bhd.
According to its principal agreement dated Jan 16, 2004, about 180ha was targeted for mixed development and the remainder for the proposed new racecourse.
To date, only land clearing and earthworks at the site had been done in December 2005. The site is located right next to that for the second Penang Bridge which links Batu Kawan on the mainland to Batu Maung on the island.
At its launch, Abdullah had said there should not be any unnecessary delays in the issuance of approvals for the project.
However, following public outcry against the project, earlier this year, ex-Chief Minister Tan Sri Dr Koh Tsu Koon said the developer had been asked to scale down the project and amend its development plans.
The fate of the project is now hanging in the balance following the trouncing of the Barisan Nasional in Penang. After he took over as Chief Minister, Lim Guan Eng had said no approval had been given for the project at all, and as such the question of reviewing the project did not arise.
Darn!! thats weird!! So nothing has been done since 2005.. PGCC was not given a head on by anyone just yet. Thus getting a lot of people going against it.. So all talks about the PGCC and the race course are just talks.. Cakap sahaja.. Rm488 Million and only paid RM10 Million..
So if it happens PGCC is a no go from CM Lim, what would happen? PTC still be moving to Batu Kawan?
But i feel there is no use for the PGCC. 0 Carbon emmission. I that there is no consideration for the cars that is accessing PGCC in the first place. We are still not driving hybrid cars and the taxes on cars in Malaysia is absurd!!
The cows grazing the grass at Batu Kawan were great and inspiring to look at. If it took them more than 3 years to even show Penangnites just cows and grass, I think PTC members should emulate the spirit of “change”. Change must happen before anything can happen. I am being very metaphorical but I believe it’s time to “jom ubah” the line up at the PTC.
Unbelievable! All these “secret dealings” involving millions that are being dragged out into the open. The “makkal” can finally see all the disgusting details that goes on behind closed doors.
Pakatan Rakyat has several times said it is not going on a witch hunt but I think they should setup a high-powered committee to do exactly that ~ open the closets and expose the skeletons, bring out the secret files and tapes and hound the culprits until they have no where to hide.
This is the apparent reason why the PM cannot resign as yet, even though he loves to go. At least he is around, there is still hope to buy time for desperate manipulations. Where will Patrick Lim and Khairy be without Badawi? There is the “wang eshan” dispute in Terengganu, his corridors, monsoon cup expenses and the list may just go on. The PM has to be removed immediately by Umno itself before “they” have more time to disguise the gravy train they are riding.
after these looters, who is next in line? Even Razaleigh said that UMNO is now infested by sharks and crocodiles. the spirit of voluteerism is now dead and UMNO is now no more a vehicle to get rich fast. Its a one way slide down since Mahatir demolished all the institutions of check and balance.
The same goes with MCA. Wait for the bomb when the announcements of the land grabbers are made by the PR State Government. Cumulatively, the losses could be more than RM4.7 billion PKFA scandal under the leadership of MCA!
whatever, the answer to the current malaise is not just to get rid of Badawi and (the) gang of looters. The answer is to kick out BN in the next election.
now that the s*** has hit the fan could we go
back to something a little bit basic;
who the hell appointed those so called PTYC commitee ?
Thank you Anil
The DAP government in Penang should draw up clear outlines and Plans.
1. Penang should be brought back to its glory.
2. It should be made a Free Port - I remember between
1950 1970 every week end I used to Penang for the
week-end and also to buy things cheaper because it
a free port. The Federal Government purposely destroyed the free port Status. Bring it back.
3. Bring back the Tramway system.
4. Do you know that in 1950 Penang was the only City
in Malaya when all other towns had town Boards and
town councils. KL was only a Town Board. In this
this respect we must praise the British.
5. Penang was the administrative Centre.
6. If the new DAP government has any sense, Penang should be back to its old glory.
The Federal Government purposely destroyed Penang. Now is a chance for the DAP rulers to re-design and replan. I remember that at the end of the Penang Road, I used to pass the bridge which my goodness used to stink like hell. Is the same situation prevails now. My in-laws house was in Jelutong so I had to pass that Bridge. Oh my God. Thank goodness we have no such Bridges in KL but we have lot a lot of “MUD” instead.
Penang has been destroyed by the BN idiots.
DAP should rebuild AND IT CAN BE A CHALLENGE TO SINGAPORE.
All the tourists can be re-routed to Penang instead of Singapore.
Regards
WHat you do not understand is how these things usually work.
Firstly you pay a small deposit (2-10%)sometimes zero and get a commitment to transfer title on “project Approval” or a minimum a letter of intent and authorisaion to negotiate the project.
The land at this stage is say RM10 per sq foot.
You enter into a number of conceptual designs and get the projects approved in Principal.(the consutlants on the Turf Club have still not been paid or paid very little, ask them)
Land Value now say RM25 per square foot.
Stage 3, You get the land conversion in principal to Tourism or say High Density Condos.
LAND NOW VALUES AT SAY RM450 per square foot.
Nice paper earner already lah!
So you bring an a couple of partners for say 40% of the NEW value, and start the project using their money and borrowings against the property value for your 60%(80% of the RM450 valuation)
That works out to about Rm19 million Per acre, so how many acres was there? We only need to put about 50 into the bank as security, kep the rest for a rainy day.
Oh, and by the way mostly these guys have a delayed payment for the land, i.e. not having to pay more than the deposit until they have to transfer title to the actual unit buyers when finished another 2 years as they have permission to fast track the buildings on what is land that they control but have not paid for.
Effectively using other peoples (the Publics) money to fill thier pcokets.
So don’t you worry about the delays, it is planned.
So where is my ferrari, no the black one today,I have a diferrent colour for every day.
The whole country was run in a corrupt way and all these while thats the way the BN was conducting its business. mahathir (has a lot to answer for). So it came to be THE WAY and many took it for granted.The vested interests can do any illegal deals because they know they can get the legal stamp by hook or crook.If all businesses are conducted in a proper leagl way all these wouldnt have happened.But tell me who is not corrupt in BN?
There are plenty of land at Balik Pulau or Seberang Prai on the mainland. Or even at Batu Kawan itself. Why not go and build the PGCC there and leave Penang Island alone. We don’t need another concrete monster. We had enough of it here. Furthermore, most of it are under-utilized. It’s all about money isn’t it - not about the betterment for the people of Penang. Go and build it in Putrajaya for all we care but leave Penang Island alone.
The whole thing, race course and bridge will not bring any good to Penang. Those who stand to benefits are those involves in the projects,the contractors, promoters and politicians.
Cancel everything.
Well, the true meaning of PGCC - P Penang, G - Graveyard, C - Cemetary, C - Crematorium.
Its sure a BIG one……
Why is everyone looking the wrong way….
NCER is a Federal Gov. Project……PGCC is a private project. How can a private project be a centre or nucleus of the entire NCER project? Whats so ’special’ about PGCC. Thats what everyone should ask MR. PM to answer.
People,,,,,,,
Why don’t we wait for the 1st bridge to be completed, as per the expectation is that, the traffic will be accomodated without hassel and than, we direct our attention to the 2nd bridge?