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Millionaires and paupers in the Penang Exco

Fri 2012-Jan-13 @ MYT 13:17:51 pm

» FULL DETAILS: Who owns what: the Penang Exco asset list

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Law Choo Kiang went from owning only a Perodua Myvi to becoming an asset millionaire with a house in Bandar Cassia and 609,000 shares in 12 companies, according to the public declaration of assets by Penang state executive councillors on Thursday.

Among other startling disclosures, Prof P Ramasamy changed his Proton Perdana for a Mercedes-Benz 230E making him the only one on the list with his own Mercedes-Benz.

Abdul Malik Kassim owns nothing (he lives in his wife’s house, he said) but bought a second car, Honda CRV, to add to his Proton Tiara. Law Heng Kiang bought a Honda Civic car, his only other asset being joint-ownership of an Island Glades flat.

Phee Boon Poh, the rich man in the Exco, bought a flat in Bagan Ajan and a RM349,000 plot of bungalow land in Batu Kawan, to add to his property holdings which include a house and land in New Zealand. He increased his fixed-deposit holdings by RM150,000 but his substantial investments remain unchanged: 1.2mil units of shares, 2mil units of unit trusts, and a holding in a family business. He also changed cars, from a Nissan Serena to a Toyota Alphard.

Chow Kon Yeow, who has two flats, settled the loan on his Proton Waja and increased his unit-trust investments by 41,500 units. He also bought a RM600,000 house in Balik Pulau, and so did Wong Hon Wai, who has a flat in Paya Terubong.

Life remained unchanged for Lim Hock Seng, the other well-off executive councillor, according to the asset declaration. He owns two flats, a house and some land, and inherited an interest in a shophouse and a factory. He’s the only kapcai-owning Exco member, with a Honda EX5 (but he also has a Volvo, Perodua Myvi and Honda CRV).

Mansor Othman gained RM50,000 in his unit trust investment.

Lim Guan Eng added 27,000 units to his unit-trust investments, and added RM53,000 to his fixed deposits.

» FULL DETAILS: Who owns what: the Penang Exco asset list

March 2011: Socialist Party leaders declare assets

» PSM reps declare assets (Free Malaysia Today)

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2 Comments
  1. calvin permalink
    Fri 2012-Jan-13 @ MYT 13:58:06 pm 13:58

    what is the ‘startling’ disclosures about Prof P Ramasamy’s Benz…he took a loan right….

    • uppercaise permalink*
      Fri 2012-Jan-13 @ MYT 14:24:58 pm 14:24

      it wasn’t meant literally

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