DreamEdge too small, running on a loss, will need gov't help, claims Wee

MCA president Wee Ka Siong has torn into Finance Minister Lim Guan Eng, claiming that the latter has broken his promise not to use public funds for the third national car project.

In a Facebook post today, Wee pointed out that DreamEdge Sdn Bhd, the Cyberjaya-based operation named as the anchor company for the third national car project, only had a paid-up capital of RM12.4mil.

Furthermore, he said its 2018 figures indicated revenue of only RM20 million and an overall loss.

 "Lim Guan Eng promised not to use the rakyat's money. He said that the money would come from private sources," said Wee.

"This kind of project will take billions of ringgit. And DreamEdge obviously does not have the financial strength to undertake such a large investment," he noted.

Wee said the direct links were clear as Venturetech Sdn Bhd was the largest shareholder in DreamEdge, and Venturetech was fully owned by the Malaysian Industry-Government Group for High Technology (Might), which is in turn 100 percent owned by the government.

"The company certainly needs a large injection of funds. And I am certain the funds will come from the biggest shareholder which is the Pakatan Harapan government, " he said.

Wee, in his posting, also questioned the government's guarantee that public funds won't be involved when the ultimate owner of DreamEdge is the government.

Furnishing a Companies Commission document, Wee pointed out that Dream Edge is 52.6 percent owned by Venturetech Sdn Bhd.

"Venturetech is 100 percent owned by the Malaysian Industry-Government Group for High Technology (Might).

"Might is also 100 percent owned by the Malaysian government.

"If this is not public funds, then is it money belonging to (DAP supremo) Lim Kit Siang?" he said.