The Malaysian Insight

AFTER near annihilation at the 14th general election, MCA is holding party elections next month, starting with nominations later today.

Former vice-president Yap Pian Hian, former MCA Selangor state liaison committee chairman Wai Theng Book, and former assemblyman Lim Choon Kin will be holding a joint press conference at 11am today, while nomination starts at 2pm.

The press conference is related to plans involving Wisma MCA, where the party headquarters is located, but the three have refused to elaborate further.

A source told The Malaysian Insight that the three were going to reveal alleged conflict of interest in the redevelopment of Wisma MCA.

“I don’t have all the details either, I only know they are going to expose something related to Wisma MCA’s redevelopment, particularly about how it was signed off by two top leaders without going through the central leadership,” said the source.

The source said the three had obtained proof of alleged wrongdoing and were exposing it to hold the party’s top leaders accountable.

The Edge Property reported last month that the 23-storey Wisma MCA in Jalan Ampang would be expanded, at a cost of RM1 billion, into a 70-storey tower.

The report said MCA had on July 13 revealed plans to build a basement carpark with eight levels, a 328-room hotel occupying 24 levels, and VIP penthouses and restaurants on the 68th and 69th levels. The rest of the building will be office space. Local authorities have approved the plan on August 2.

An MCA leader who did not wish to be named said party members had been kept in the dark about the redevelopment plans.

“Before the media reported it, we didn’t know about it at all. It was reported to involve about RM1 billion, and even we were surprised.

“Why is there a need for redevelopment? Who’s paying for it? Is MCA going to fully own the building upon completion?  We have many questions, so I think it is good that several leaders are taking the initiative to ask for an explanation on behalf of party members,” he said.

Wisma MCA was built in 1975 via the efforts of then party president Lee San Choon. In honour of his contribution, the party named the main hall San Choon Hall.

By 1987, MCA had accumulated huge debts with several banks due to lack of funds for the completion of the building, which had been mortgaged for RM25 million to fund its construction and renovation.

Party infighting and a slowing economy had caused MCA to owe RM36 million, with the banks ready to repossess the building.

To hold on to the party headquarters, MCA embarked on a national fundraising tour and managed to raise RM19 million. By selling 49% of the building’s shares to Korperasi Serbaguna Malaysia  for RM20.7 million, the party was thus able to fully pay off its debts to the banks. – October 15, 2018.