Penang BN chief Teng Chang Yeow will not yield to Penang Chief Minister Lim Guan Eng's threats to sue the former over allegations surrounding a Penang Development Corporation (PDC) deal.

Lim had imposed a 48 hour deadline on Teng to show proof of his allegations that the PDC rejected a deal in 2013 that would have guaranteed profits for the state-owned firm. The deadline expires tomorrow.

At a press conference today, Teng said that he had the proof and that Lim ought to be patient.

“The deadline is of no significance to me. Whether I show proof or not, he will use the law against me. This is his way to silence me,” said Teng.

He said Lim should not accuse BN of revealing information “bit-by-bit” because Lim's party, DAP, had done so in the past when they were the opposition.

The subject of contention was PDC decision to divest its 49 percent stake in Tropical Island Resort Sdn Bhd (TIRSB) to Q Islands Development Sdn Bhd in March.

Teng argued that there was a better deal in 2013 which PDC rejected. Both Lim and PDC general manager Rosli Jaafar had denied that such a deal exist.

'Asset selling chief minister'

During the press conference today, Teng alleged that firm which acquired PDC's stake was a “listed company” and was allowed to make payment over eight years.

"This is not selling of land but shares. A listed company has many ways to raise funds to buy over the shares.

"Why should this sale by PDC be an exception? How did PDC arrive at the value of RM156 million for its 49 percent stake in TIRSB?

"Was the calculation based on land value or profit guarantee?" Teng asked.

Teng also raised suspicion regarding the fact that he could not find any information through Bursa Malaysia on the deal between PDC and Q Islands Development

Q Islands Development is one of Ideal Development Group's many subsidiaries. According to the group's website, only two of its subsidiaries are Bursa listed companies.

Teng said Penang BN will continue to pursue this issue and other land deals involving the state government since DAP came to power.

"Suffice to say that as of now, the chief minister should be given an award of 'Asset Selling Chief Minister' for the record number of land sales over eight years," said Teng.

When contacted, Lim said he would respond to Teng's allegations tomorrow.