Monday, June 09, 2008

Tsu Koon's Mind(Less) Game

In, Penang Chief Minister Lim Guan Eng has again ticked off his predecessor, Dr Koh Tsu Koon - this time for waging a psychological warfare over the issue of foreign investments in the state.

According to the report, Tsu Koon had apparently confirmed at a business seminar last Thursday that Samsung, Naza and several other companies would be investing in Penang. He suggested rather cynically that Penang would be on the "right on track" to attract RM10 billlion investments this year since it has already secured RM4.7 billion in the first three months as a result of solid groundwork laid down by the previous government.

Tsu Koon is right about Penang's ability to attract investments even under the Pakatan Rakyat government. Hence, Penangites should be assured that the new government under the leadership of Guan Eng will do its best to deliver maximum results to the people, minus the arm-twisting of UMNO and its cronies.

In fact, if Gerakan led BN is returned to power the total investment figure will become even more impressive. Remember the RM25 billion investment 'secured' by Tsu Koon's administration through the able partnership of Equine Capital and its partners in Abad Naluri Sdn Bhd.?

Interestingly, I was told by a developer friend that 49% of Abad Naluri's shares was offered to MRCB at nearly RM526 million. Of the sum, RM300 million will be used to build the Penang Turf Club race course in Batu Kawan. Again, through the auspicious of Tsu Koon's leadership Abad Naluri was able to acquire a parcel of land measuring 1000 acres at a meagre RM46 million.

The remaining sum of RM226 million was supposed to be shared amongst several individual shareholders and Penang Turf Club members who would have enjoyed an early harvest of the project before even a single foundation is being laid. Equine's share of 21% in Abad Naluri will remain the same. Luckily, the deal was rejected by EPF which is the main shareholder of MRCB.

Tsu Koon should criticize the 'recklessness' of the present government for rejecting the RM25 billion investment by refusing to approve the project. Otherwise, Penang will enjoy a windfall of RM35 billion total investment in 2008!

If Tsu Koon is mindless, Guan Eng should just ignore him. By responding to these antics and statements the state government's focus on real issues will be distracted. Afterall, Tsu Koon did the same by refusing to answer to several queries about land scams in Penang.

It is time for Guan Eng to find his own balance and spend a bit of his busy time on strategizing the next direction for the state. What he should avoid is energy sapping political game played by his opponents.

Bukit Bendera MP Liew Chin Tong called Tsu Koon and Gerakan a 'headless chicken' during the last campaign. DAP must avoid at all cost of becoming one, hopefully with the wisdom of Liew.


Anonymous said...

someone should investigate all these "shady" deals done in the name of development. ktk should just shut up and get lost. you are no longer needed in penang. in fact, u r not even worth a fraction of our new CM's calibre..

a penangite..

Anonymous said...

Human behavior - to cover up for their fears, usually they will call the other parties names to divert the attention. In fact, from what has been shared in the press, the pressure is mounting on Pakatan and I do hope that they are able to live up to the pressure instead of resorting to names calling or blaming the predecessor.

Remember, at the end of the day, you have been given the chance and the Rakyat will soon be tired with mud slinging instead of getting down directly to work.

Khoo Kay Peng said...

I am sure Tsu Koon has no fear. Why don't you get him to come out clean on the PGCC and land scam allegations in Penang.

I would like to know why he helped to launch a project yet to receive any form of approval.

Keeping mum but willing to criticize others will make Tsu Koon lose his credibility.

Whose cupboard has more skeletons?