Press Conference Statement by Parliamentary Opposition Leader, DAP Secretary-General and MP for Petaling, Lim Kit Siang, in Johore Bahru on Saturday, June 20, 1981.
Call on Datuk Tan Peng Khoon and Datuk Teo Ah Khiang to declare whether they are still directors of Matang Holdings Bhd
There is in Malaysia today too much dishonesty and too many unscrupulous men who are prepared to make rich quick at public expense. Thus there are bogus housing developers who are prepared to capitalise on the people’s housing hunger by collecting from $1,000 to $30,000 of booking fees and ‘tea money’ for houses which are non-existent. And when my colleague, Sdr. Lee Lam Thye, DAP Deputy Secretary-General and MP for Kuala Lumpur Bandar, took up the cause of the victims of these bogus housing developers, he had been threatened with ‘death’! But DAP leaders cannot be cowed or intimidated into silence so easily.
The Matang Holdings Bhd. scandal, where MCA State Committee Johore and MCA Divisions collected some $30 million form MCA members and the public in the form of interest-free loans through purportedly for shares in Matang Holdings Bhd., is another public shocker.
Up to now, both the MCA Johore and Divisions and the Matang Holdings Bhd. had been keeping very quiet, which betray a guilty complex. If what they had done is habove-board, then they could easily explain and account to the public why:
Firstly, the MCA State and Divisions invited the members and public to subscribe to Matang Holdings Bhd.; but
Secondly, when it came to paying the money over, it was in the form of interest-free loan to the respective MCA Division.
When MCA members asked why the money was not paid direct to Matang Holdings Bhd., and whu no receipts were issued in the name of Matang Holdings Bhd., they were told that Matang Holdings Bhd. had not been registered yet.
I have had caused a search in the Registry of Companies, and discovered the following data:
On 26th January 1978, an application was made by Chua Peng Len I/C 3734849 of No. 10, Jalan Sri Gelam, Johore Bahru, to reserve the name of Matang Holdings Bhd., the nature of business was given as realty development and investments.
The company was incorporated on April 3, 1978 (No. Syarikat 1387/78 Tempatan 38557), registered office given as Room 2-G, Foh Chong Building, Johore Bahru.
The subs original subscriber-directors were:
Dato Tan Peng Khoon, 160-2 Jalan Kluang, Batu Pahat
Dato Teo Ah Khiang, 16 Jalan Hulubalang, Johore Bahru
Dato Pang Choon Kong, 5 Jalan Bumiputra, off Stulang Laut, Johore Bahru
Lau Kheng Lay, 171 Jalan Abdul Rahman, Muar
The authorised share capital is $50 million divided into 100 million shares of 50 cents each.
As of 30th June 1980, the shares allotment is a mere one share of 50 cent each of each subscriber-director, bringing paid-up capital to $2!
The above facts and figures bring the Matang Holdings Bhd. and the MCA Johore State Committee and Divisions actions into a greater mystery.
Incidentally, with the now law requiring State Executive Councillors to be full-time officers, and barred from holding any remunerative office in business or private sector, both Datuk Tan Peng Khoon and Dato Teo Ah Kiang as both State Excos member should explain whether they are still directors of Matang Holdings Bhd.
The people of Johore is clearly entitled to a full and frank explanation by Matang Holdings Bhd. and the Johore MCA.