More ‘dodginess’ and cost-shifting in Penang Tunnel Project

Lim Sian See

More dodginess and cost-shifting in the Penang Tunnel project revealed in latest announcement.

Firstly, the loss-making local fashion company Voir Bhd is now taking a 13% stake in the Consortium Zenith, the company awarded the RM6.34 billion Penang Tunnel project. Latest financial statement shows that Voir Bhd has RM5.93 million in cash as at 30th June 2017.

At first they sold the project to the Penang people saying that two giant and experienced China construction group will be building the project.

Both China companies are now no longer in the picture and has zero shares. In their place, you get a loss-making local fashion company instead.

Penang people are damn easy to cheat. Tokong gohmen tapau the Penang rakyat habis-habis.

Secondly and very suddenly, the cost of construction for the 3 roads portion of the project has jumped!

And the cost of construction for the Tunnel portion has dropped significantly.

For example, the 12km Teluk Bahang-Tanjung Bungah paired road with 70km/h speed limit which previously cost RM772mil to construct has now jumped to RM1.11 billion.
(worse is that in a Sept 2011 speech, Tokong said the cost of this road was RM580mil – but now it is RM1.11 billion).

All other roads have jumped in price too while the tunnel portion has dropped in price – indicating the budget has now shifted from the tunnel to the roads.

Only in Penang can a 12km of normal roads cost RM1.11 billion but a 7.2km of undersea tunnel cost RM2.8 billion.

But what if they build the now inflated-price roads but no longer want to build the tunnel later?

Note:

The new figures for construction cost comes from the filing of Voir Berhad to Bursa Malaysia. If the costs are wrong then Voir Berhad would have committed a crime to deceive Bursa and investors.

The construction costs in the filing completely contradicts the answer given in the Penang DUN in March 2017
http://disclosure.bursamalaysia.com/Fi…/apbursaweb/download…

Source: www.facebook.com/lim.siansee

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