After 1 week of being challenged by its rivalry on the valuation and rationale for Talam’s “bail out”, Selangor government is still unable to explain to its Selangor People why Selangor government wanted to take over the lands which are fully/partially submerged in the water above the market value.
From the defamation suit to appointment of audit firm, Selangor government had clearly shown to Selangor People that the government is resorting to all types of method to avoid justifying the questionable valuation and rationale in Talam’s “bail out” saga.
Selangor MB Khalid refused to divulge into details but just told the People that the government had managed to recover the debt of RM392 million from Talam. If this is so easy and straightforward, why Selangor government failed to release the White Paper as promised 2 years ago?
From what Chua Tee Yong revealed last week, the lands being settlement in the deal are far below the market value. Bestari Land is overpriced by RM42 million as admitted by DAP Tony Pua. Danau Putra Land is RM28 million more than the auction price in the open market. Selangor People have questioned repeatedly why the government is so generous to Talam but this has fallen on the deaf ears of Selangor government who refuse to comment.
To make the deal worse, Selangor goverment have assumed the liability of Talam from the banks. In other words, Selangor government have to bear the bank borrowing interests and principal repayment. Undeniably, the deal is perfectly covered under the “fair” valuation given by Talam and Selangor government until it is exposed last week by Chua Tee Yong. Stripping off the cover of the deal, the actual scenario will be illustrated in the diagram below:
Selangor People strongly urge Selangor government not to give any excuse from justifying the valuation and rationale. Since Selangor government said it is just a simple debt recovery plan, why Selangor government has failed to clarify the valuation and rationale after many weeks. Please tell us how much bank borrowings are assumed by Selangor government and how much interests suffered by Selangor.