Former Transmile chairperson Dr Ling Liong Sik has broken his silence - sort of - over the financial troubles of air cargo carrier Transmile, which is caught up in alleged accounting irregularities dating back to 2004.

Ling, the former MCA president and transport minister, had issued a statement stating he had resigned from the board of Transmile Group Bhd effective on Monday.

Yesterday he called a press conference to clarify that he had wanted to leave earlier but had postponed the decision in view of the scandal which had surfaced in May . The company was informed his decision at a board meeting on Aug 28.

Ling, 65, said he was made chairperson in 2004 because he had "good relations with the aviation authorities" in the region.

During the 30-minute session at the Utar campus in Petaling Jaya, however, he refused to provide details sought by reporters.

"I don't want to go anywhere near that," was his response when asked if he had been aware that the company officials had allegedly made misleading statements about the accounts in the financial reports.

On why he has not made a public statement on the alleged fraud to date, he said this was because the "the matter was (being) handled by professionals" in the company.

"I didn't need to come forward (at that point in time)," he said.

He would not take questions about the company's financial viability given that it is said to have 'over-estimated' its revenue by more than RM500 million in 2005 and 2006 cumulatively.

In 2006, Transmile losses were RM126.3 million instead of a profit of

RM157.5 million while in 2005, its losses were RM369.6 million instead of a

profit of RM84.4 milllion.

"The matter is in the courts (as three company officials have since been charged with misleading the public on the accounts). It would be subjudice for me to comment. Don't put me in that (position)," Ling said.

"I still believe that Transmile has a good business model because it has the equipment, landing rights (in the Asia-Pacific region) and personnel."

Asked if his decision to resign was made after the scandal broke, Ling said: "Maybe after the incident. I could not leave, I (had to) put things in order."

"I tried my best. I told the board (that) if I can help from the outside, (they should not) hesitate to ask me. There was nothing I could do any more, so I undur diri (withdrew)," he said.

"I have tried my best to develop the company. I don't believe in overstaying. When you do anything, just find the right time to leave."

He also refused to comment on speculations that he quit his chairman post to avoid facing angry shareholders at the company's annual general meeting which is to be held today.

Mum on PKFZ scandal

Ling was further asked the whereabouts of Transport Minister and MCA deputy president Chan Kong Choy, who has been on two weeks' medical leave since last Thursday.

"I don't want to add to any speculation. Not fair. It is sensitive. I don't want to add. I don't know where he is," he said.

Chan is said to be seeking medical attention in Australia for a rather serious ailment.

Ling was also reticent on issues linked to approval of the Port Klang Free Zone during his tenure in the cabinet.

"I have already clarified. I told them (reporters) all that I know, beyond which I have no other comments," he said.

On Aug 26, Ling had said the cabinet had jointly approved the purchase of more than 400ha of land for the project, which has since run into controversy on several fronts.

While acknowledging that the Transport Ministry had approved the purchase of the land, the evaluation was carried out by the Finance Ministry.

The land was bought from politically well-connected Kuala Dimensi at RM1.09 billion in 2002. The company, which was also appointed as the turnkey contractor for the mega-project, had earlier purchased the site in 1999 at RM95 million.

PKFZ was conceptualised as a regional export and transhipment hub for manufactured goods, modeled after the successful Jebel Ali Free Zone in Dubai. Six months after its completion and about RM4.6 billion worth of input later, however, it resembles a ghost town .

Unable to repay its loans to the banks, the government has stepped in to provide a multi-billion ringgit soft loan to bail out the troubled company.