The Pahang PKR Youth wing’s questioning of dealings involving a state-owned enterprise has been met with amusement from the state’s Menteri Besar Adnan Yaakob.

He said PKR Youth is welcome to carry out their threat of reporting the matter they had raised to the Malaysian Anti-Corruption Commission (MACC).

“This government is not governed by threats. We answer only to the rakyat.

“I am tickled and amused when the ignorant PKR Youth equates the deal with 1MDB. Adnan Yaakob was never directly or indirectly involved,” he said in a statement last night.

He was responding to queries regarding Pahang PKR Youth’s press conference on Monday, where the party’s state Youth chief Wong Chun Yuan (photo) raised questions regarding the sale of the Kuantan Parade shopping mall project.

Wong urged Adnan to clarify the matter in 72 hours - until Thursday morning - or he would begin taking further action, including lodging reports to the MACC.

Semambu assemblyperson Lee Chean Chung compared the matter to a ‘mini-1MDB’, and said he had raised the matter twice in the Pahang state assembly last year without eliciting any response.

Also present at the press conference was the president of the Kuantan Parade Traders’ Association, JK Pang.

The matter concerns Pasdec Realty Sdn Bhd, which was a Pahang State Development Berhad (PKNP) subsidiary until the company was wound up in 2011.

According to Wong, Pasdec Realty had been under bank receivership since 2005 due to its debts.

On Aug 8, 2008, Pasdec Realty supposedly sold the Kuantan Parade property to Premium Plaza Sdn Bhd for RM52,128,000.

On Sept 10, 2009, Premium Plaza Sdn Bhd supposedly mortgaged the property as security for a bank loan of RM38,258,779.32.

However, both transactions were only registered simultaneously at the Pahang Land Office on Oct 12, 2009 at 11.51am, meaning that the transactions were unable to proceed although the deals had been signed, until then.

Wong claimed that Pasdec Realty was yet to receive the payment of selling Kuantan Parade from Premium Plaza, before the transaction was registered.

“This means that Premium Plaza mortgaged Kuantan Parade for the transaction (in which) they are buying from Pasdec Realty, but the money was not paid to Pasdec Realty and instead it goes to another company,” Wong claimed.

‘Pasdec Realty was under bank receivership’

Since Pasdec Realty was under bank receivership, Wong said, it does not have any right to its own property or revenue. Instead, these would go to the bank for the purposes of paying Pasdec Realty’s creditors.

He questioned why loan from mortgaging Kuantan Parade had gone to Maxi Wonder, and what is the relationship between the company and the state government.

He said Kuantan Parade’s complicated ownership status has also made it difficult for strata titles to be transferred to those who have bought shop lots at Kuantan Parade.

According to the Companies Commission’s records as of Aug 8 this year, Maxi Wonder is majority owned by one Malaysian, plus two foreign nationals as minority shareholders.

One of the two foreigners is also a director and minority shareholder at Premium Plaza as of Aug 28. However, these records may not reflect the two companies’ ownership status at the time of the transaction.

Wong also alleged that another PKNP subsidiary, Pasdec Corporation, had made an application to the Kuantan High Court to wind up Pasdec Realty on Nov 1, 2010. The court agreed to this on Feb 1 of the following year.

Purported copies of Pasdec Realty’s title transfer, Premium Plaza’s mortgage, and the Kuantan High Court order to wind up Pasdec Realty had been distributed to the press. Their authenticity has yet to be independently verified.

At the time of the winding-up, Wong claimed Pasdec Realty’s debts was ‘only’ in the hundreds of thousands, although he was unable to obtain the exact figure.

He said this is despite having completed a RM52.8 million deal with Premium Plaza in 2009, and raises questions whether this is to cover up the deals.

He questioned where had the RM52.8 million gone to, and why had Pasdec Corporation applied for Pasdec Realty to be wound up.

In response, Adnan said, “PKR Youth doesn’t seem to be interested in the facts and since they think the Kuantan Parade sale is a shoddy deal. They are welcome to report it to the MACC.”

He did not answer Wong’s questions in his statement, although Malaysiakini had passed them to his press secretary on Monday.

Adnan also did not respond to Malaysiakini’s queries on whether the details of the sale and purchase agreement between Pasdec Realty and Premium Plaza can be revealed.