Lifting the corporate veil on Nusmetro Ventures

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It’s time to lift the corporate veil on the developer of the Oasis project, Nusmetro Ventures (P) Sdn Bhd, to find out who the people behind it are. The company was previously known as Nusmetro Ventures Sdn Bhd, until the name was changed in 29 April 2005 – around the same time the previous state government entered into an agreement with the Penang State Government Officers Cooperative to alienate the High Chaparral land.

The Nusmetro Group website is very “shy” when it comes to revealing the names of the top people in the company. So we need to look elsewhere.

The three directors of Nusmetro Ventures (P) Sdn Bhd, according to information from registered company documents as at 3 February 2009 filed with the Companies Commission of Malaysia, are as follows:

  • Mohamad Faridz bin Karim from Balik Pulau
  • Lim Lai Cheng @ Lim Choh Poh from PJ
  • Au Chee Kuan from PJ

Lam Chung Fatt from Batu Caves is the company secretary.

According to a PKR source, Mohamad Faridz is believed in Balik Pulau circles to be allegedly linked to a Penang Umno bigwig.

Although the status of the company is described as “existing”, the nature of business is described as “dormant”.

Imagine: the nature of business of a company involved in the multi-million ringgit Oasis project is described as “dormant”. What’s more, the firm has an issued share capital of only RM250,000.

A Nusmetro official reportedly claimed the company was losing RM6 million a year due to the delay in the project.

READ MORE:  What is Najib trying to do?

For the year ended 30 June 2008, records with the Companies Commission of Malaysia show that Nusmetro Ventures (P) Sdn Bhd posted a loss before tax of RM1.7 million. For the previous year, the loss before tax was RM348,000.

The company has non-current assets of just RM363,000 as at 30 June 2008.

Its current assets amount to RM14.1 million but its current liabilities total RM17.0 million.

Now, how did a company with a share capital of only RM250,000, with its nature of business described as “dormant” land up with a multi-million ringgit project?

Stay tuned.

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64 COMMENTS

  1. nkkhoo,
    u said:

    “I will shake hand with Najib if I meet him in Lorong Haji Taib or any place. Does this mean I like him?”

    so my question to u is do u like him???

    peace

  2. Anil, how many kampungs in Penang Island & Penang mainladin the same shape as Kapung Buah Pala?

    Its too late to go back into time. Kpg tg tokong was almost the same thing, that was how one kampung after one kampung after one kampung.

    These UMNO perbodohkan orang kampung in the name of “kena buka ruang untuk pembangunan” & Gerakan played their cards.

    UMNO fats division heads got rich and Gerakan must… kampungs make way for development…

  3. The villager win the first court case that the Land should belong to them after that when the developer appeal to High court the judgement favour the developer …
    You know past Anwar Case and Perak MB case just in favour of BN in High court

  4. lightbow on July 5th, 2009 at 11.18am

    nkkhoo , u r wrong. Penang people loves LGE . U must be not from Penang to know this. What a shame that u have not seen many folks from Penang shook hand with him whenever he was outside. Shame on you. Don’t even speak on behalf of people from people if you don’t share anything similar.

    ====

    Many grassroots will tell you, they voted PR because BN is too evil, not they like LGE or Anwar Ibrahim.

    I will shake hand with Najib if I meet him in Lorong Haji Taib or any place. Does this mean I like him?

  5. Tommy on July 5th, 2009 at 12.08pm

    Hello everybody, nkkhoo is the BN stooge!!

    ==

    If you are PR supporter, I will say sorry to PR for having this kind of low value supporter. Anyway, you are better than UMNO supporter who threaten to find my house.

  6. kingkong on July 5th, 2009 at 10.45am

    What third force/alternative? … U never offer a SOLUTION. your soultion is Third force. Making empty promises just like the rest of the politicians.

    U guys making more problems for the Government – investigate2 but at the end no action bacause BN Government/ mata2/Macca are palying Dumb bell over the affair. State Government has more things to d

    ===

    I can do a lot of thing with CM’s executive power if I were LGE.

    LGE has to do his part before blame MACC? Did LGE made any police report against KTK? NONE.

  7. lightbow

    MCA is the one not helping to solve the people problem . what did they do to help?

    When husband and wife quarrel , don’t get involve , either way you lose . Be smart , stay clear from trouble otherwise you get pulled into the mud for nothing ….

  8. donplaypuks

    Another question is who are the shareholders? The real project movers may be the shareholders who may be hiding behind nominees. Similarly, the Chinese directors from KL & PJ may be nominee directors.

    The real nominees ? one Tan Sri from Penang? Any comment on this ?

  9. nkkhoo , u r wrong. Penang people loves LGE . U must be not from Penang to know this. What a shame that u have not seen many folks from Penang shook hand with him whenever he was outside. Shame on you. Don’t even speak on behalf of people from people if you don’t share anything similar.

    hindraf are morons . If BN use to demolish and put them in ISA for such street protest than do you think BN will ever help you in this? Have they forgotten that DAP ,PKR also help the release of the Hindraf in ISA?
    I wish LGE use the same method to demolish High chaparal but i still wonder why LGE don’t do it yet.

    So if hindraf prefer the way BN demolish the temple … than wait for the next election and vote them.

  10. What third force/alternative? … U never offer a SOLUTION. your soultion is Third force. Making empty promises just like the rest of the politicians.

    U guys making more problems for the Government – investigate2 but at the end no action bacause BN Government/ mata2/Macca are palying Dumb bell over the affair. State Government has more things to do for millions of Penangites especially Indians living in other areas.

  11. The true ownership of Nusmetro must be investigated further!

    ===

    As long as Koperasi bought the land legally from ex-state government, it’s hard for you to find fault with Koperasi and developer.

    LGE shall get his PR legal team (forget the present state legal team) to invesitgate land sale and hopefully can overturn the land sale for legal irregularity reason.

  12. Ong Eu Soon on July 4th, 2009 at 11.53pm

    Yes a thrid alternative is inevitable. But LGE know very well that we need to get rid of BN first. That is why he is taking advantage of our dilemma, forcing us to choose the less-evil guy. So let he enjoy first lah until we finish our business with BN.

    ==

    Change state government in each alternative election shall be best and only option. I will not mind to see BN back to Penang in the next GE to teach LGE that do not hold rakyat ransom.

    My bet is majority Penangites will kick out PR especially DAP in the next GE.

  13. nkkhoo on July 4th, 2009 at 5.54pm

    “BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble.”

    When you pointing other people threaten you, do you know that you and your gang sounds like trying to ransom the state gov as well? You sounds like you try to force the state gov to ignore the rights of other Penang citizen and buy back the land just for the small amount of people that you think are pity. We don’t need a hero Chief Minister that might put our state in risk and limbo. We only need a Chief Minister that manages the state and the state fund nicely.

  14. Bro

    The $14.1 million assets must represent cost of land, premiums etc, while the $17 million must either be advances from directors and/or shareholders.

    Either the land has not been paid for and is represented partly in the liabilities or has been paid from directors/shareholders loans which calls into question who these guys are who have so much ‘loose change’.

    Either way paid up capital of $250,000 should not an issue as the project has not commenced.

    Another question is who are the shareholders? The real project movers may be the shareholders who may be hiding behind nominees. Similarly, the Chinese directors from KL & PJ may be nominee directors. It is quite normal for company secretaries to be nominee directors until the project actually takes off.

    The true ownership of Nusmetro must be investigated further!

  15. Yes a thrid alternative is inevitable. But LGE know very well that we need to get rid of BN first. That is why he is taking advantage of our dilemma, forcing us to choose the less-evil guy. So let he enjoy first lah until we finish our business with BN.

  16. This type of company is not an ordinary company where there (appears to be) no daily operation.in Malaysia,

    this type of comapnies are aplenty thanks to NEP… They operate on adhoc basis,once or two transactions per year but the volume of business is crazy.No much capital is needed as the company doesn’t need to do anything but just trandfer the business to the next party and collect millions.Only in malaysia you can find this type of business and our government fully endorse it.

    This is a new concept of economic activities you do not learn it in colleges but it is rampant in our country.It could create multi-millionaires and billionaires,the system really work.This is what we call”skim cepat kaya”,satu project dari kerajaan UMNO.

  17. Good job Anil! One chap said “All the Indians in Malaysia will support whoever got the Kg. Pala land for the Indians even if that happens to be BN/ UMNO.”
    Two things don’t sound right here! I don’t think the INdians would ever get the land! Fair amount of compensation would be just nice!
    WHo the hell does this fler( I guess Sanjay is his name) think he is! I dont think Inidans would ever vote for bn/UMNO!

  18. lightbow on July 4th, 2009 at 5.20pm
    yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.
    ==
    BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble. Maybe Malaysia needs a third alternative other than BN and PR.

    Exactly, vote whomever you think can do the job. Stop the blame game. Make your decision and cast your vote.

    Everyone gets his piece of say every 5 years.

  19. Yes Ronnie U r right – Don’t blame BN Vote BN in the next election and we see you will be striking lottery and get rich over the land deals. That is what UMNO and Gerakan is famous for. Get cheap land and develop it. For 50 years this is how the rich malays and rich chinese are playing and leave other behind. Good go ahaed and vote UMNO and there will be no more land for others.

  20. No it’s the fact that if LGE is not capable, than go ahead choose BN as they are better and clever to handle the problem. What Ronnie said is to solve the problem unlike the blame game but in the past BN solve the problem by demolishing the place without negotiation already. If BN can solve the problem by law, then many temples will not be demolished already in the past…. Here we only see one of the cases by the DAP and many of you already pointing fingers at him. Everybody wish to see for a solution but DAP have not give up yet. What’s wrong to blame previous govt as our Tun Dr Mahathir had also brought up the issue on Petronas Fund lately. Compare BN office holding power for the last 10 years in Penang office as compare to DAP 2 years in office, what result do you expect ? Moreover, Penang is running out of fund after all the money were siphoned away already. If there’s a third party better than DAP, it will already exist long time ago. DAP is the solution . MCA is the one not helping to solve the people problem . what did they do to help?

  21. stcin,

    guess you have not been exposed to how cronies work.

    coop is just a conduit.

    (What happens in other cases is that the) bulk of the profits (70% of development profits) could go to the developer. oh, icing on the cake (could) be the (alleged) kick back on contracts from the construction.

    frankly the conduit using the coop is Cronyism 101

  22. ronnie,

    you gotta striaghten your brains a bit.

    corruption ok coz things were done? its precisely of such tolerance that the country is now in such a sorry state with widespread corruption. abuse of power and all sorts of excesses by UMNO.

    I presume you would also tolerate the RM12billion scandal perpetrated by high level BN fellas. Afterall, buildings and facilities were also built there.

  23. aca

    isnt it fishy in that development has been approved in Dec 2007 while the land was only transferred to the coop. – like to see the documentation before I comment , but then the coop having bought the land earlier could have asked an architect to do the layout plans . Please do not get confuse with building plans and structural plans . The state govt having signed a MOU could have given a PA to the coop for them to submit their plans , nothing wrong with that while waiting for the title transfer which normally takes some time due to the approval by the various agencies as requires by the coop act .

    and the transfer price is only RM3m and suddenly viola the land value is now hundreds of millions. ?

    Hundreds of millions ? You must be kidding . for a 3 acre lot size with a price 100 ringgit per sq ft is 3 x 43560 x 100 = 13.07 million , if the land is 3 hectares ( 2.6 x 3 = 7.8 acres )at 100 ringgit = 13.06 million x 2.6 = 34 million and that is assuming the land price is 100 ringgit per sq ft from a original price of RM 10 per sq ft .
    So how did you get your hundreds of millions ? Drop from heaven ?or they found gold treasures buried underneath the land ?

    this is typical way of BN enriching their cronies. grabbing land from the poor or state land,

    Say aca , get your act right , the land was NOT given to any BN crony , but the Senior Civil Govt Officers Coop , Ok !! And not given , it was SOLD …Ok .
    And grabbing land from the poor ? When and is there a title in the possession by the villagers that said the land belonged to them ? Is there ? The land could have been taken over by the govt long , long time ago as David Brown Esquire who is the land owner died on Sept 12 1825 , nearly 200 years ago and there are many possibilities on how it ended up in the State coffers , with one that I think is the reason , non paying of quit rent . Try not paying your house quit rent for 25 years and see what happens !

  24. nkkhoo

    Maybe Malaysia needs a third alternative other than BN and PR.

    Vote for me then !!hahaha Vote for PR – Perfume ReSprayed . kekeke .

  25. lightbow on July 4th, 2009 at 5.20pm

    yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.

    ==

    BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble.

    Maybe Malaysia needs a third alternative other than BN and PR.

  26. who cares who is behind that company, stop wasting time looking for reason to blame. Blame the mainstream mediam, blane gerakan… all these blame wont solve any problem.

    LGE is worse than BN… even though they are corrupted, they get things done where LGE are only interested in blaming others… Still not too late to start working, else next general election there wont be anymore pakatan gov left. If you are afraid, then dont be a CM.. just quit.

  27. yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.

  28. perfume.

    this deal stinks to high heaven and your perfume aint gonna enough to cover the track.

    isnt it fishy in that development has been approved in Dec 2007 while the land was only transferred to the coop. and the transfer price is only RM3m and suddenly viola the land value is now hundreds of millions.

    this is typical way of BN enriching their cronies. grabbing land from the poor or state land, get development order and the cronies become instant millionaire. in this instant, its even more fantastic as the development order was approved even before the land was transferred.

    Koh, your Gerakan ought to be hang in public (of course figuratively) for (allowing the poor villagers to be robbed) to enrich the Umno cronies. Hey, you gonna wash your hands just like the RM40m fiasco on the quarry land. How about teh (alleged) land grab by your party in Bandar Utama? What a back door Minister, Koh.

    By the way, who is the fella Thomas Chan? Any info?

  29. I assume land transfer to koperasi by Jabatan Tanah after two weeks of 318 GE was totally unnoticed by PR government.

    If my assumption is correct, PR state government was not consulted for land actual transfer, LGE shall bulldozered the deal. Even state government lose in the legal battle, rakyat will vote PR again in the next GE.

    With the pathethic way of handling this scandal now, LGE alienated many Indians and fence-sitters like me. I have re-think twice to vote PR with this kind of governance performance.

  30. GUAN ENG IS GOING TO WAIT UNTIL THE LAND SINK 1.2M ,LOOK WHAT HAS HAPPEN TO THE BUILDING BESIDE THE PARAGON .HAVE THE PEOPLE NOT OBJECTED WHAT DID GUAN ENG SAY,BLAME THE PREVIOUS GOVERMENT,HE CAN’T EVEN PUT THINGS IN THE RIGHT POSITION,ONLY BLAME,BLAME,BLAME,WE HAVE NOT VOTE LGE IN TO JUST BLAME,BUCK UP

  31. Heard a director from a leading english daily (could be) involved in the company. Could you get your P’ng contacts to verify?

    Perhaps, LGE should just meet with them if no conditions are attached. That will be politically correct.

    PR is just a coalition of strange bedfellows. However, if they wish to present a united alternative to BN, they would have to get their act together!

  32. The four directors of Nusmetro Ventures (P) Sdn Bhd, according to information from registered company documents as at 3 February 2009 filed with the Companies Commission of Malaysia, are as follows:

    Until today , I still cannot understand the motive of trying to shift the blame to the developer who is totally innocent of the whole issue .
    In my mind , this is a very clear cut case of Joint Venture , meaning the developer does not own the land but has formed a joint venture with the land owners to develop the land for a ratio-ed return of investments , like for every 100 units built , the developer gets to sell 70 units and the land owner gets to keep 30 units and vice versa .
    It does not matter if the paid up capital is just RM250K , there are even worse cases of a one ringgit company buying up million dollar company or doing million dollar projects .
    And it’s unfair to bring in the directors of the company for somebody’s incompetence .
    The company could have obtained a power of attorney from the land owners and pledge the land to a bank for loans to cover the cost of vacant possession and for project start up costs including professional fees paid to architects and engineers .
    As developers they for business consideration and would always if possible get the project start off immediately for any delays would incur interest to the company for their bank loans .
    Hence their effort to get vacant possession as soon as possible .

    For DAP and their supporters they are doing their utmost to divert the issue to the developers , the land costs , the developers bank account , paid up capital , the previous govt , and what not ! What a baloney ..This logic would eventually bring down the DAP govt for Penangites are very well educated and know whats a bull ..

  33. You would be surprised developer goes around the procedures to get things done. It would normally take around 6 months to get the developer license and advertising permit. Developer are not suppose to sell before getting any of them. Follow procedures…by all means continue to develop.
    —-
    So you are already assuming they are selling ? And already assuming that developers are going round procedures to get things done ? Yeah maybe you are right , with the State Govt under DAP and the getting through round corners with the help of PR councillors in the MPPP .
    Forgot to mention that Jeff Ooi just exposed one PKR councillor for pushing the council to withdraw a stop work order for one project in Jelutong .

  34. Believe to be in dubious manner maybe but would he has the solid evidence? What if everything went according to procedures? If the new state government stop the transaction without hard evidence of fraud as they wish, isn’t this dictatorship and rule with an iron fist? By your logic, I think the a new state government should invistigate all transactions by previouse government…

    Then , if that’s the case the Penang State Govt , should be called the Penang Investigative on all matters State Govt . hahaha you are really a joker .
    As CM he could have stopped the transaction when he took office as the land title was still not transfered . Wait until problems come out , start the blame , shift the blame , shift the goal post and start the investigation . hahaha really like a kindy student talking . Idiotic logic , I would call that .

  35. Of course korpiasi bought it. If not how can it be lelong like Chow Kit Road prices. Then the land is exchanged to Cinamen and kopraisi get a very good price. Everything has to be legal otherwise, MCA and Gerakan people bought the apartments and will be kicked out if haram. Only problem is that UMNO beli harga macham Chow kit Road prices and then trade in macah second hand car – Mercedes and untung

  36. anil,

    how did a piece of land be given so cheaply for RM3m and is now valued at hundreds of millions after the transfer to the crony?

    where are you, Koh?

    where is the ACA? no cars or cows, so move like a slow loris?

  37. This is what i understand from reading from various quaters…first of all the land was already sold to the Koperasi way before LGE came into power that is in 2005(correct me if im wrong)….later the Koperasi enterd into a joint venture with Nusmetro to build luxurious condos and sadly this is where the problem arise…the land that they wanted to build those luxurious condos was already being occupied by a group of Indian community….so a tussle over ownership of the land ensure….then comes LGE with the promise to help them to find a SOLUTION to their problem( he did not promise to save their village but to find a workable solution) and it happened during the general election…LGE manage to ask for extention and work for a solution and the solution that was reach was that each family was to recieve Rm 200,000 and on top of that the developers provided accomodation rent free for 5 month(this is base on what the developer said) so if that is so….i cant understand why is it hard for those people from kampung buah pala to accept this offer??? for me, i think that this is the best solution than all other solution that was propose by Hindraf or other than them…because to buy back the land would firstly be costly(and mind you that LGE did not state the exact figure he was just speculating at first), secondly it would not be fair to other Penangite who are not involve, thirdly this would result into other problem, as we know that the Penang Government has limited in resourse couple with the Federal Governments attitude of delaying allocation towards opposition state government….if Utumaya saya 30 million is peanut why don’t he pay for the amount instead of talking to much without providing concrete solution….even if the transaction is fraudulent what can the Penang government do then to investigate and give it to SPRM to take action but again as we know when it involve UMNO everything seem to be corruption free…even if the state government cancel the project as propose by some quater they can be sued and it involve millions of dollar and the land title will still belong to the Koperasi….so for me the solution that was reach by LGE and the developers is a good solution…i mean think a bout it 200,000 can buy you a low cost house and also the extra can be invested as extra income!!!

  38. well , in business if someone sell his personal belonging below market price to clear out his closet , is it a fraud? No

    if a third person sell your personal belonging without your knowledge below the market price, is it a fraud? It’s not even a fraud, it’s stealing or robbing from the righful owner.

    Penang Govt is only acting on behalf of penang people and they don’t have the right to steal from the rakyat. this is a court case between The People vs Dr Koh.

  39. its baba ali lah.chinese (allegedly) fronting for some cronies.
    want to know more. ask the spineless pseudo educationist. he will tell you to take a hike coz he as usual will keep mum. Remember the RM40m fiasco which the state has to bear now.

    Guan Eng, let me throw you this challenge. take a suit now against that spineless man for compensation to the State. will you be also spineless, Guan Eng?

  40. My apologies for going off somewhat on a tangent.

    This Nusmetro Ventures may well be the avenue for its owners, whoever they may really be, to reap a nice big chunk of money.

    Reading through the latest news reports on this Kg Buah Pala issue, it struck me that a distinct possibility exists that the federal government may soon be announcing that is is coming in to “save” the villagers who have been “so poorly treated” by CM Lim Guan Eng.

    Already MIC is jumping on the bandwagon.

    So there is a lot for the BN to gain by coming in to buy back the land at a very nice price (hence big chuink of easy money for Nusmetro Ventures) and declaring the village a heritage-type tourist attraction. Maybe even sweeten the package for the villagers with some infrastructure improvements and amenities.

    And MIC/BN comes out smelling like roses at the expense of Pakatan/DAP.

    Never mind that it was the rakyat’s money which is used to undo the harm wrought by the previous (BN) Penang state government.

  41. A lot of spin doctoring going on here in this topic.

    Land sold in 2005, how is the transaction only finished in 2008/09 and when did the developer get building approval or conversion of land status. Everyone talking without dates or facts. I think there are quite a few here that may be spin doctors.

    Has anyone seen the S&P for this, what were the conditions??

    Opening mouth like it was a backside, so only s*** will come out.

  42. Bingo! Anil seems to have just appeared like that famous Wyatt Earp at that KBP/High Chapparal ranch with his righteous guns blazing on all cylinders like that famed scene we all know as the *”Gunfight at the O.K. Corral”.

    From that balance sheet analysis, the developer company appears to be technically insolvent as at 30 June 2008, and if I were one of its supplier creditors who was perhaps still waiting around to be paid (or considering offering it new or more credit now) I would be seriously worried by now and may even consider pulling out of prospective deals with it and perhaps even taking the available to ALL creditors action of applying to the court for a winding up order to liquidate Nusmetro Limited for its inability (unless restructured post that balance sheet date) to meet its short-term liabilities as they fall due and so pay its suppliers/creditors.

    From Wikipedia:

    Definition of inability to pay debts:
    (1) A company is deemed unable to pay its debts – […]

    (a) if it is proved to the satisfaction of the court that the company is unable to pay its debts as they fall due. This is known as cash flow insolvency. (Nusmetro has negative current assets of RM2.9m as at that balance sheet date.)

    (b) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. This is known as balance sheet insolvency. (Nusmetro has negative net total assets of RM2.5m as at that balance sheet date).

    For more on insolvency go to: http://en.wikipedia.org/wiki/Insolvent

    Anybody out there in KBP or Penang a supplier creditor to Nusmetro by any chance? Smile.

    * http://en.wikipedia.org/wiki/Gunfight_at_the_O.K._Corral

    “Imagine Power To The People” John Lennon.

  43. The longer Koh Tsu Koon and Teng Hock Nan stay silent, the longer it will take for them to win back their credibility in Penang. I am sure Penangites do not forget nor forgive so easily.

  44. The sale was done at the time of the previous State Govt. Those with connections worked hand in glove with UMNO, (allegedly) facilitated by the likes of Koh TK and Teng HN… That there was complicity and under-valuing of the land, there is absolutely no doubt.

    If the actual transfer was effected during LGE’s time, it just means the process was completed then. It takes many months, sometimes years, for our super-efficient Land Office, to complete transfers. Those stages are administrative, paperwork stages, and don’t involve the State Govt.

    When the new Govt started to look into the books soon after assuming office, they had uncovered various land scams. These had been previously highlighted by LGE. Some weren’t so obvious. In all probability, there are yet others that haven’t been uncovered, because land is a gold mine. It is unfortunate that Koh TK’s admin had conspired to do this to the poor families there. Yet they remain on the sidelines, pretending to be angels, while LGE has to unravel the mess or pay the political price.

    I think the present Govt should hit hard, get to the bottom of this. Consult a whole new team of legal experts, not the Legal Advisor they inherited from the old admin. Karpal and most of them are criminal lawyers; this requires administrative law experts, a specialised field. Hit the perpetrators hard, take on their threats of legal suits. There are so many other ways you can hurt the developers if they want to do business in Penang, squeeze them in the …..

    At the moment, UMNO can sense blood, and their proxies, cronies and … are baying for LGE’s. Hindraf has gotten into the act, much to UMNO’s delight. This has pretty much played out the way those fellows in KL wanted.

    The common man on the ground, the villager that’s about to be made homeless, cannot understand the complexities. Indeed, even Hindraf can’t. LGE will suffer a credibility crisis in future.

    So he has to come out swinging, not with angry words but with every legal and administrative trick in the book.

  45. in 2005, the Koperasi, NOT the developer, beli the land at 3 juta through mr.LGE kah ???????? bukan ! ….then why keep scolding him ?
    btw, LGE doesn’t know me at all !

  46. “…Guan Eng claims that the land which is believed to be transfered under dubious manner by the previous BN Government is the fault of the previous Government. But he must remember that the actual transfer of the said land had occured during his tenure as the Chief Minister.

    If the previous Government had made a fraudulent deal then he is part of the transaction (if he had allegedly) sanctioned the transfer after he became the Chief Minister…”

    Believe to be in dubious manner maybe but would he has the solid evidence? What if everything went according to procedures? If the new state government stop the transaction without hard evidence of fraud as they wish, isn’t this dictatorship and rule with an iron fist? By your logic, I think the a new state government should invistigate all transactions by previouse government…

  47. Nice work, Anil. I wish more bloggers did investigative journalism like you and jed yoong …

    People like this deserve not anonymity. Let them stand under the spotlight, and see if the light burns their skin.

  48. “They have not done anything wrong , Is there any basis to take action against them ? What if the court rules in their favor for any unjustified action on them ? come on are you proposing dictatorship and rule with an iron fist ? They are developers , they should know the procedures , no need for you to crack your head on this !”

    You would be surprised developer goes around the procedures to get things done. It would normally take around 6 months to get the developer license and advertising permit. Developer are not suppose to sell before getting any of them. Follow procedures…by all means continue to develop.

  49. first i thought the chinese inlvolve has no shame but thinking of it, they are just businessman wanting to invest . The one that deliberately sold the land to this Developer should be shameful of themselves. KohTsu Koon and Teng hock Nan somehow are big … Im surprised that how religious they can be, they still cannot differentiate the right and wrong. how did we voters nominate them last time? Are we at fault for not really looking at their background? Voters have to be blame too for not questioning their credibility last time. Dr Koh and Dr Teng are both medical practitioner an its proven that not all Doctor are good candidates. Time for malaysian to find out good leaders before the next election. I will still vote for LGE for his experience for this.

  50. Have) they obtained the developer license and advertising permit for The Oasis?…hmmmh wonder MOH would approve them?

    They have not done anything wrong , Is there any basis to take action against them ? What if the court rules in their favor for any unjustified action on them ? come on are you proposing dictatorship and rule with an iron fist ? They are developers , they should know the procedures , no need for you to crack your head on this !

  51. Anil,

    Can you post its Balance Sheet in pdf format here?

    Interesting to see a ‘dormant’ company with so huge losses? Any land included in the company’s property? These directors can be just proxies.

  52. Anil, by practice, Companies Commission of Malaysia would not update their records as frquent as you think la, maybe once half yearly provided the company submits its new records to them. If the company is late in submitting, it’s merely a fine of hundred bucks!

    It is also normal practice for developer to set up new company for a new project. Initial capital would be small. When the project starts, they would then pump in more funds in forms of capital or borrowings.

  53. (Have) they obtained the developer license and advertising permit for The Oasis?…hmmmh wonder MOH would approve them? The group has some pending projects in Penang…maybe Penang State Government could do something here?

  54. Hi you people out there,

    DAP have accomplished what they wanted ????? NEGERI PULAU PINANG.

    This state or negeri will never fall into BN hands anymore.

    Indians and Pas members are made to look like foooools by DAP.

    Mark what is written for your granchildren to see.

  55. More juicy revelations from hindraf…

    =============================================
    Guan Eng claims that the land which is believed to be transfered under dubious manner by the previous BN Government is the fault of the previous Government. But he must remember that the actual transfer of the said land had occured during his tenure as the Chief Minister.

    If the previous Government had made a fraudulent deal then he is part of the transaction (if he had allegedly) sanctioned the transfer after he became the Chief Minister.

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