Penang state council approved transfer of ownership of state lands to developers as payment for work done in undersea tunnel project, says witness

KUALA LUMPUR (July 16): The Penang state executive council led by former chief minister Lim Guan Eng (pictured) in 2014 had approved the transfer of ownership of the two lands connected to the Penang undersea tunnel project to two third-party companies, in return for the work that has been done by Consortium Zenith BUCG Sdn Bhd, the Sessions Court heard today.

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Lim Kang Hoo-linked shares slip as Bandar Malaysia deal lapses

KUALA LUMPUR (July 15): Share prices of Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd, both of which are linked to businessman Tan Sri Lim Kang Hoo (pictured), fell in Bursa Malaysia morning trade today after IWCity’s major shareholder Iskandar Waterfront Holdings Sdn Bhd (IWH) said yesterday the share sale agreement for the planned acquisition of a 60% stake in Bandar Malaysia Sdn Bhd by IWH’s joint venture (JV) had lapsed on May 6, 2021.

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