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Foreshore land: Pakatan gov't saved valuable land for public

I refer to the letter Foreshore land: Special circumstances' hardly special

On Penang's land conversion, I wish to draw to your readers’ attention to the fact that the law relating to foreshore land as stated in the National Land Code is upheld and is not affected by the conversion of the PDC Heritage Hotel Sdn Bhd (PHH)'s land to freehold status.

Clearly, the writer is barking up at the wrong tree and going off tangent to launch his baseless tirade against Penang Chief Minister Lim Guan Eng and the Pakatan Rakyat state government.

This prime state land was sold to PHH by the previous administration with a state agency - the Penang Development Corporation (PDC) - owning only 49% with YTL Hotel and Properties taking 51%.

To protect public interest, the present Pakatan government had successfully increased PDC's stake in PHH to 50% to ensure that the private company can no longer own and control the land and project.

Further, all costs of increasing the equity stake and the land conversion fees of RM8.3 million were borne by YTL a boost to state revenues.

Bear in mind that the freehold land is now owned 50-50 by the state agency PDC as a result of the successful intervention of the present state government as compared to the previous administration that ‘lost control’ over this valuable state land.

The writer is Special Investment Officer (Investment/Manufacturing) to Penang Chief Minister.


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