No backing down for Teng, stands firm on dubious land deal purportedly made by Guan Eng

GEORGE TOWN: Penang Barisan Nasional chief Teng Chang Yeow will not bow to possible legal action by Chief Minister Lim Guan Eng against him for raising questions on the sale of Pulau Jerejak land.

Teng said a notice of demand for alleged defamation in local English daily, The Star, would not stop him from making more exposé on dubious land deals made by the state government.

“I understand that a legal notice will be served on me to shut me up. However, that would not deter me from exposing further on Pulau Jerejak and other land deals,” Teng said in a statement today.

He was commenting on a press statement by Lim who had claimed that the daily was printing lies by Teng and had sent the media company a notice of demand.

Lim said Teng to-date had failed to show proof that he had rejected a deal worth RM220 million of profit guaranteed to state investment arm Penang Development Corporation (PDC).

Asked if he would sue Teng, Lim, who is also DAP secretary-general, said he had given the BN chief until today to show proof but declined to confirm on any legal proceedings against the Penang Gerakan chief.

Teng said PDC had in its statement stated that the sale of the share in Tropic Island Resort Sdn Bhd (TIRSB) to Ideal was done this year.

“Ideal is a listed company on Bursa Kuala Lumpur but subsequent checks have failed to find the announcement of the transaction in its website.

“We also cannot find such announcement on Bursa Kuala Lumpur’s website. We wonder why such a simple question as to the actual date of the transaction was done, could not be immediately make available,” he said.

Teng also said contrary to Lim’s statement that PDC is a minority shareholder, it is a substantial holder.

“The Companies Act 1965 clearly defines that a shareholding of more than 5 per cent shares in a company is called a substantial shareholder. PDC had 49 per cent share in TIRSB so it is not a minority shareholder but a substantial shareholder in TIRSB,” Teng said.




Source: http://www.nst.com.my/news/2016/11/191573/no-backing-down-teng-stands-firm-dubious-land-deal-purportedly-made-guan-eng

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