KLIDC: ZERO EMPLOYEES, Emphasis on Matter, negative asset values

The Chinese press have started doing their own investigations and found that even in 2010, KLIDC had net negative asset values.

Even in 2010, the auditors even questioned KLIDC and wrote in the accounts that there is significant doubt the company can continue to operate as a going concern - which led to an "Emphasis of Matter" in their accounts - essentially saying the company has negative assets and is technically bankrupt even then.

Perhaps Tony Pua can help explain this.

But still, the Penang Govt officially awarded the Taman Manggis PPR land RFP to a technically bankrupt KLIDC in July 2010 - beating out 3 other bidders that soon after the RFP closed, had strangely been dissolved, wound up or liquidated.

In fact the Chinese press even pulled out the financial statements for every every from 2010 to 2014 and found that the company have not been financially sound.

And worse - from 2013 to 2014, the number of employees dropped from 12 to ZERO. Revenue also dropped to zero.

Yes, there were zero employees in KLIDC in 2014.

But DAP YB and Penang EXCO Chow Kon Yeow recently confirmed that KLIDC had submitted an application for planning permission on Feb 12, 2014 to build one block of 24-storey building consisting of a hospital, car parks and hotel suites.

Planning approval was given by the Penang Govt on Nov 18, 2014 and the building plan as approved on April 7, 2015.



The leasehold for the Taman Manggis land also got immediately extended to the maximum 99 years term by the Penang Govt in April 2015.

Just three months later, LGE officially bought the Pinhorn Road bungalow and put it in his own name at a hugely undervalued price.

Wow.. ZERO employees and company is financially not viable in 2014 and the Penang Govt still gave approval ?

Who then applied in 2014? Ghosts from Pinhorn road applied?

No wonder Raja Bomoh needs to go there urgently.

Looks like the DAP Penang Govt and the Chief Minister has lots more new things to explain in this Skandal Banglo LGE.

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http://www.enanyang.my/news/20160404/2014%E5%B9%B4%E6%88%96%E5%B7%B2%E5%81%9C%E6%AD%A2%E8%90%A5%E8%BF%90br-klidc%E8%B4%AD%E5%B1%B1%E7%AB%B9%E5%9B%AD%E5%89%8D%E5%B7%B2%E4%BA%8F%E6%8D%9F/

http://www.themalaymailonline.com/malaysia/article/penang-exco-blames-taman-manggis-controversy-for-hospital-project-delay

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More evidence that demands a firm verdict.

You be the judge.

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GEORGE TOWN, Nov 27 ― A large tract of the sea off the southern side of Penang island will be reclaimed as a means to fund the RM27 billion Penang Transport Master Plan (TMP), SRS Consortium Sdn Bhd revealed today.

The consortium that was awarded the tender for the massive infrastructure project is now conducting feasibility studies of the area along the coast of Permatang Damar Laut under a proposed South Reclamation Scheme.

“Under the proposed scheme, we will develop two man-made islands that will have its own self cleansing system to prevent siltation,” said SRS Consortium's project director Szeto Wai Loong in a media briefing on the TMP together with local government and traffic management committee chairman Chow Kon Yeow.

Szeto said the two man-made islands will be about 2,000 acres and 1,300 acres respectively, with additional areas that may be identified to reclaim another 800 acre island next to the two larger islands.

“People have noticed us conducting site studies of the area so this is what we are doing, we need to do detailed environmental, socio-economic and sea current impact studies on the area first,” he said.

Szeto said the southern coast was chosen as the most appropriate by internationally-reputed water environment expert Danish Hydraulic Institute because of its natural embankment, limited environmental sensitivities with no seagrass bed or corals, shallow waters and sheltered from the effects of tsunami.

The proposed reclaimed land will be wholly-owned by the state government and it will be auctioned to finance the TMP, he added.

Among the amenities planned for the proposed reclaimed land included a 5km beach, 25km coastal park, 30km waterfront and 700 acres of green spaces.

“We still need to conduct several months of preliminary studies along with getting public engagement on the proposed reclamation,” he said.

After finalising the Environmental Impact Assessment (EIA) studies, the proposed project will be displayed publicly for public feedback by June 2016, he added.

The reclaimed land, touted to be a smart, green city called SRS Smart City, will provide land for housing solutions and also to allow for expansion of the industrial zone due to its close proximity to the airport and the free industrial zone of Bayan Lepas.

“The southern coast is already being developed now with housing projects being built along the area and since there is no more room for expansion for the industrial zone, the reclaimed land will provide the space needed for expansion which will further spur the state's economy,” Szeto said.

Other than the proposed reclamation to fund the TMP, SRS Consortium is also conducting preliminary studies on various components of the TMP that included an integrated highway system connecting roads and highways throughout the state, Light Rail Transit (LRT) system, Bus Rapid Transit (BRT) system, a tram system within George Town and monorail at Tanjung Tokong.

Chow said SRS Consortium will be conducting monthly media briefing on the progress of the TMP as it rolls out plans for each component.

Currently, all components are still under the preliminary study stage.

The TMP is the state's solution to Penang's growing traffic woes and it is expected to be fully completed by 2030.

- See more at: http://www.themalaymailonline.com/malaysia/article/southern-part-of-penang-island-to-be-reclaimed-to-fund-transport-master-pla#sthash.EzneLna9.GqyoKQbI.dpuf

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