'MB wrong, China firm has stakes in mine'
Ram AnandPublished: Nov 25, 2014 3:57 AM | Updated: Nov 25, 2014 8:36 AM
The Chinese firm whose director had admitted to engaging in corrupt practices in Malaysia to acquire project approvals, does have a stake in a prospective mine in Terengganu, despite the state’s assertion that no such contracts were awarded.
The Chinese firm whose director had admitted to engaging in corrupt practices in Malaysia to acquire project approvals, does have a stake in a prospective mine in Terengganu, despite the state’s assertion that no such contracts were awarded.
DAP's Petaling Jaya Utara MP Tony Pua told a press conference at the Parliament lobby today that CAA Resources, though its subsidiary Capture Bukit Besi Sdn Bhd, had entered into a binding Memorandum of Understanding (MOU) to acquire a 60 percent interest in Red Sun Resources Sdn Bhd.
The latter company owns parcels of land surrounding Bukit Besi in Terengganu. This was based on a disclosure made to the Hong Kong stock exchange on Oct 3 2013.
"Unless CAA Resources is lying to the Hong Kong Stock Exchange and its investors, the above documents clearly showed that the company's involvement in mining Bukit Besi is real," he said.
He also said that according to CAA's financial statement, it had spent US$15.1 million on the transaction regarding the Bukit Besi mine, including US$10 million set aside to obtain necessary approvals to mine at the prospective site.
"(Terengganu Menteri Besar) Ahmad Razif (left) should perhaps conduct more detailed due diligence with his officers first before issuing such immediate denials and accusations of lies," he said.
The company already has an iron ore mine in Pahang.
Pua yesterday urged the federal government, along with Pahang and Terengganu state governments, should cancel all contracts given out to CAA Resources or any of its subsidiaries.
DAP's Petaling Jaya Utara MP Tony Pua told a press conference at the Parliament lobby today that CAA Resources, though its subsidiary Capture Bukit Besi Sdn Bhd, had entered into a binding Memorandum of Understanding (MOU) to acquire a 60 percent interest in Red Sun Resources Sdn Bhd.
The latter company owns parcels of land surrounding Bukit Besi in Terengganu. This was based on a disclosure made to the Hong Kong stock exchange on Oct 3 2013.
"Unless CAA Resources is lying to the Hong Kong Stock Exchange and its investors, the above documents clearly showed that the company's involvement in mining Bukit Besi is real," he said.
He also said that according to CAA's financial statement, it had spent US$15.1 million on the transaction regarding the Bukit Besi mine, including US$10 million set aside to obtain necessary approvals to mine at the prospective site."(Terengganu Menteri Besar) Ahmad Razif (left) should perhaps conduct more detailed due diligence with his officers first before issuing such immediate denials and accusations of lies," he said.
The company already has an iron ore mine in Pahang.
Pua yesterday urged the federal government, along with Pahang and Terengganu state governments, should cancel all contracts given out to CAA Resources or any of its subsidiaries.
View Comments0