In Malaysiakini.com, 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.