By KINIBIZ
Liew Kee Sin
Property man Liew Kee Sin has admitted that he faces conflict of interest issues in his various property-related interests but argued that he had been transparent over the matter, reported The Sun Daily today.
According to the news report, Liew acknowledged conflict between his role at Eco World Development Group Bhd and his chairman position at Battersea Project Holding Co Ltd, a property venture between SP Setia, Sime Darby and Employees Provident Fund (EPF) in London.
“There is conflict but I declare (to the authorities) and I’m transparent about it,” The Sun reported Liew as saying. “It is up to the shareholders (to decide).”
Liew was speaking to the media after Eco World’s annual general meeting yesterday, during which his re-designation from non-executive director to non-executive chairman was ratified by shareholders.
Also passed was a resolution to appoint his long-time associate Voon Tin Yow, who vacated his roles as acting president and CEO at SP Setia in end-December 2014, as an executive director of Eco World.
Corporate Malaysia had been abuzz about a swathe of conflicting interests relating to Liew’s various property links over the past few years, beginning with the emergence of Liew’s son Tian Xiong as a joint offeror in a takeover exercise involving then-Focal Aims Holdings Bhd in September 2013.
The takeover exercise saw the little-known Johor developer reborn as Eco World Development following a deal worth RM230.7 million for 65.05% shareholding, of which 35.05% went to Tian Xiong. A previous regulatory filing stated that Tian Xiong’s part in the shares purchase was financed by his parents.
At that point Liew was still president and chief executive officer of SP Setia, a position he had held since 1996. Liew eventually tendered his resignation in January 2014 and left the company in end-April last year, citing retirement desires, although he remained chairman of the Battersea redevelopment project as well as managing director of SP Setia’s Qinzhou project in China.
Notably less than a week after leaving SP Setia, Liew emerged as a non-executive director of Eco World, joining Tian Xiong who is executive director.
In October last year, Eco World announced its intention to subscribe to 30% of a proposed special purpose acquisition company (Spac) spearheaded by Liew, which will focus on international properties.
Named Eco World International, the Spac seeks to raise up to RM1.89 billion in initial public offering proceeds although no prospectus had been published on the Securities Commission website to-date.
In January this year it was reported that Liew’s private vehicle, Eco World Investment Co Ltd, had signed a joint-venture deal worth nearly RM12 billion with Irish developer Ballymore Group to develop three residential projects in London.
Liew later stated that he would offer the first right of refusal to Eco World Investment’s interest in the joint venture to his proposed Spac vehicle.
KiniBiz previously examined the web of conflicts centred around Liew in a five-part issue series here.
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