Businessman Patrick Lim, dubbed 'Patrick Badawi', has brushed aside claims that he secured a mega-project in Penang because of close ties with the First Family.

"Just because someone says something doesn't mean it is true," Lim ( right ) said in the latest edition of financial weekly The Edge , in relation to claims that he had procured the Penang Global City Centre (PGCC) project because he is closely linked to top politicians.

The RM25 billion PGCC is the country's largest private sector development project.

The ambitious project, unveiled by Prime Minister Abdullah Ahmad Badawi last week, will be undertaken by Abad Naluri Sdn Bhd - an associate company of Lim's Equine Capital Bhd.

Equine Capital holds 25 percent of Abad Naluri. The project will comprise, among others, hotels, condominiums, commercial centres and a central park.

Penang-born Lim, 42, denied that the premier's son Kamaludin Abdullah is a shareholder in Abad Naluri, adding that he found the question 'distasteful', according to The Edge .

"What is the basis of this (allegation)?" he asked.

Lim explained that Abad Naluri had obtained the land in Batu Kawan land and won the tender for the Penang Turf Club, the site where the PGCC will be developed, even before Abdullah came into power in November 2003.

The PGCC is the single-biggest component of the Northern Corridor Economic Region, launched early last month.

Questions have surfaced as to how Lim and Equine Capital - which is not in the big league of developers - can undertake the PGCC development, which may also turn out to be the country's largest private property project.

The media spotlight shone on Lim last year after former premier Dr Mahathir Mohamad branded him as one of the two individuals allegedly "ruling" the state of Terengganu.

Mahathir had then referred in jest to Lim - who was also in charge of the Monsoon Cup - as 'Patrick Badawi' . He named the other individual as Khairy Jamaluddin, the prime minister's son-in-law.

The Monsoon Cup is an annual sailboat race conceived by Abdullah and which is held in Pulau Duyong, Terengganu. The RM200 million project, which has attracted celebrities like Jackie Chan and Michelle Yeoh, includes the building of chalets on the island.

Asked how he felt about being called 'Patrick Badawi', Lim replied: "People give me names and all that, I don't know. I also go racing with Mokhzani (Mahathir) but nobody calls me Patrick Mahathir.

"At the end of the day, I have a job to do. I have a responsibility. I've got inspiration - we want to turn Equine into Ayala Corp (a conglomerate in the Philippines). We want to be an ongoing entity, with good recurring income and prime assets.".

RM488 million required

Lim brushed off suggestions that the PGCC project was a "sweetheart deal".

He defended a deal that is seen as hugely favourable to him and the two companies - including the rather low price of land at the PGCC site. He explained that the companies have taken major risks and would face uncertainties before the deal goes through.

"People said we got a sweetheart deal... gosh, we went in to revive an area (Batu Kawan) that wasn't doing well," he noted, adding that the Penang government has imposed the additional condition that 40 percent of the site will have to be set aside for low- and low-medium cost housing.

"We went into an area that was not moving."

He said Abad Naluri would be required to raise RM488 million and carry the financing over the next two to three years, before the PGCC project starts contributing.

To a question on how soon PGCC can start contributing, in order for Abad Naluri to refinance the RM488 million, Lim said it need not wait for completion of the project.

"We have attracted interest from not only local institutions but also international firms. They are interested in taking up equity, providing financing, forming joint ventures or to purchase plots," he added.

Who's Patrick Lim?

According to the Edge , Patrick Lim's grandfather, Pillay, is a Sri Lankan Tamil who came to work in Malaysia as a postmaster. He married a Chinese woman in Penang whose family name was Lim.

Pillay chose to give his children the Lim surname so that they could have the kind of support network other Chinese Malaysians enjoy.

Lim's father grew up to become a veterinarian for the Ipoh Turf Club, and later married an Australian.

Lim was sent to a boarding school in Australia but failed to obtain a degree in accounting. He also failed a second attempt in studying economics and finance.

After dabbling in the Australian stock market in which he first made some money but later suffered a crash, he returned to Malaysia.

He first went into doing small housing projects - mostly turning around abandoned projects - but eventually made it big with his signature Equine Park in Kuala Lumpur's Sri Kembangan.

But critics have pointed out that PGCC is many times bigger than Equine Park and only time will tell whether Lim will be successful.

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