Aik Hua: History repeats itself
Ex-MCA admirerPublished: Jan 2, 2004 7:52 AM | Updated: Jan 29, 2008 6:21 PM
Hot on the heels of Multi-Purpose Holdings, a few state MCAs also rushed in to start investment holding companies - Pahang, Johor, Selangor and Perak.
In the case of Aik Hua, something like RM20 million was raised. The first chairman was Yap Peng and managing director, Lee Shin Cheng. Within months, the money raised was used to acquire a piece of land at the Golden Triangle from Tan Lai Kim.
Debts were incurred to build Wisma Aik Hua. Aik Hua is believed to have been placed under receivership not long after. The building has since then been sold - to repay the debt of course. Tan Lai Kim made a huge killing in this deal. And you know, Tan Lai Kim was, and still is, a close buddy of Lee San Choon.
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