MCA president Wee Ka Siong has questioned Putrajaya’s claim that the new national car project will not involve government funds.

He said the car’s developer, DreamEDGE Sdn Bhd, received government funds through the Malaysian Industry-Government Group for High Technology (MIGHT).

MIGHT, which is owned by the government, has 100% ownership of a company called Venturetech Sdn Bhd, which is DreamEDGE’s largest shareholder, Wee said in a Facebook post after the national car project was announced earlier today.

Wee targeted Finance Minister Lim Guan Eng, saying he was the one who had repeatedly claimed the national car project would not utilise government funds.

“He (Lim) guaranteed that it would only involve private funds.

“I see that DreamEDGE only has paid up capital of RM12.4 million as of 2018. It only recorded earnings of RM20 million and experienced losses for 2018.

“It’s clear DreamEDGE doesn’t have the financial capacity to make a big investment in something like the third national car. Funds of billions of ringgit would be required.”

On Venturetech’s website, the investment company is described as being under the purview of the Economic Affairs Ministry and is involved in aiding in the growth of high-technology industries in Malaysia. 

The website also states that it is incorporated as a wholly owned subsidiary of MIGHT.

DreamEDGE is listed under Venturetech’s portfolios and has been one of its investments since 2016.

On the MIGHT website, DreamEDGE’s CEO Khairil Amri Adnan is listed as a member of MIGHT’s board of directors.

International Trade and Industry Minister Darell Leiking earlier today announced that DreamEDGE will develop the third national car in collaboration with Daihatsu Motors in Japan.

The first model, possibly a C-segment sedan, is expected to be ready by 2021 and could possibly involve a hybrid engine. – August 9, 2019.