MCA minister Wee Ka Siong is not yet done yet with Chief Minister Lim Guan Eng on their row over the RM6.3 billion undersea tunnel project, despite saying it is pointless to argue with Lim on the issue.

In a statement today, Wee asked Lim to clarify if he was aware that Beijing Urban Construction Group (BUCG) did not own 10 percent of the shares in Consortium Zenith Construction Sdn Bhd, the special purpose vehicle for the project linking the island to Butterworth, which includes three highways.

Wee said that based on an official document dated May 2016, which was obtained from the Companies Commission, BUCG accounted for only 1,000 out of the 17,500,000 shares in the SPV.

"This is a measly 0.00571 percent of the entire shareholding, which is even lower than one percent, let alone 10 percent," Wee said.

Therefore, he asked Lim to answer: "When did BUCG’s shares ever account for a 10 percent stake in the SPV?"

"This issue does not only involve shareholding, but also the company’s financial problems," added Wee, who is MCA deputy president and a minister in the Prime Minister’s Department.

Wee said Lim (photo) had mentioned, multiple times, that BUCG is a shareholder in the SPV, owning a 10 percent equity in it.

When the Penang government signed a contract with the SPV on Oct 23, 2013, Lim was aware that BUCG was one of the shareholders and owned an equity of 10 percent, as stated in the contract.

However, BUCG was dropped from Consortium Zenith after a fatal crane accident in August 2016.

According to Wee, BUCG had long been placed in “cold storage.”

"Now that China Railway Construction Corporation is confirmed as not a shareholder but reported to be the main contractor, and BUCG was excluded from the very beginning, what say you now, Lim Guan Eng?" Wee asked.

Slated for construction in 2023 and to be completed in 2027, the 7.2km undersea tunnel is under investigation by the MACC.

Seventy individuals have so far been questioned and four top-ranking officials have been nabbed by the MACC to assist in the investigations.