Dr Wee: When did BUCG ever own 10% of SPV?

Published on 8 Feb 2018 8:03:00 PM

MCA deputy president Datuk Seri Dr Wee Ka Siong revealed on Thursday that Beijing Urban Construction Group (BUCG) never owned a 10% equity in the special purpose vehicle (SPV) for the Penang undersea tunnel and three roads project as claimed by the Penang government. At a press conference, Dr Wee showed that BUCG only held less than 1% of shares — 0.00571% to be exact — in the SPV, before it was eventually left out of the project.