Another shocking exposure! Another deadly blow to the questionable Selangor-Talam’s RM676 million bail out!
Latest revealation showed two plots of land on the Ulu Yam hill slope were the properties acquired from Talam to offset against the RM392 million debt owing to Selangor government. And this time, the valuation offered by Selangor government to Talam is RM18 million which is RM5.3 million more than the valuation done by its subsidiary.
“From this deal, we can see that the Pakatan state government has misled the public again, for accepting a C3 and C4 hillslope land with limited developmental potential,” Chua Tee Yong said.
Chua also challenged the current state government to reveal agreements signed between 2005 and 2007 by the previous Barisan Nasional administration, which Selangor Exco Teresa claimed Selangor Pakatan government merely (and blindly?) adhering to.
“It is the standard operating procedure of Pakatan to blame the previous state government whenever they cannot explain an issue,” he charged.
Malaysia People are stunned and full of question marks in the heart. Misuse of funds? Abuse of powers? Cronyism? Negligence on administration? What else?
Why did the Selangor government offer the price which is above the market price and the valuation done by its own subsidiary?
Malaysia People have not seen the truthful answers from the Selangor government yet. So far, there are 3 version of answer from Khalid, Teresa and Tony who presumably represent the Selangor government in this questionable deal.
Let’s extract Malaysia People’s understanding from the answers given by them.
Question 1 – Why was the rationale for Selangor government to embark on this RM676 million questionable deal?
Khalid : No comment because Selangor government decided to sue MCA.
Tony : It was an effort of Selangor Pakatan government to recover the debt since former Selangor BN government did not do anything to recover the debt.
Teresa : We just abide by the contract signed by the former Selangor BN government with the efforts to recover the debt.
Question 2 – Why did the Selangor government offer RM181 million for Bestari Land? The offer price is RM42 million higher than Talam’s valuation!
Tony : The lands were overvalued but the Selangor government got an overall RM9.1 million discount for all 13 assets acquired from Talam.
Teresa : We are merely following the contract signed by the former government.
Khalid : We stood to have huge gains if the lands are developed. We have power to approve development. (Khalid seemed not taking legal action against MCA anymore and started to justify the questionable valuation)
Question 3 – Why did Selangor offer RM87.7 million for Danau Putra lands which are partially and fully submerged in water? Based on the auction price, the lands only worth RM30 million?
Tony – (Debate, debate and debate?)
Teresa – (former government’s fault?)
Khalid – The state has got enough knowledge on what to develop and enough power to approve the development.
Question 4 – Why the Selangor government failed to deliver the White Paper as promised 2 years ago?
Tony – (Debate, debate, debate?)
Teresa – (silent?)
Khalid – It was nearly complete but by chance we didn’t produce the White Paper because they will start to question the story.
Question 5 – Did the Selangor government appoint its own valuer to appraise the lands?
Tony : Refer to Talam’s announcement. (Malaysia People referred to Talam’s announcement pertaining to the questionable valuation and found out that Talam had misled the People into believing the valuation had been approved by SC and Bursa. It had been denied by SC and Bursa.)
Teresa : We merely abide by the contract signed by the former government.
Khalid : (no answer yet.)
Question 6 – Why PNSB borrowed RM230 million from the banks and incurred RM86 million interests to rescue Talam?
Tony : PNSB has shown profitability to borrow. Its total assets increased from RM111 million in year 2008 to RM823 million in year 2011. (Tony had committed sins of making comments without analysing. Firstly, the ability to borrow from bank is primarily dependent on the cash flow and not profitability. Secondly, the total assets in year 2008 was not RM111 million which Tony later admitted that he read the figures wrongly.)
Teresa : (PNSB is subsidary of the Selangor government and it must follow the instruction from the Selangor government?)
Khalid : (no answer yet.)
Malaysia People are extremely disappointed with the answers given by the Selangor government who seemingly assume Malaysia People have no financial knowledge and no common sense to analyse the questionable deal. Now, Chua revealed another questionable valuation pertaining to the Ulu Yam hill slope land. Malaysia People strongly demand the Selangor government to be truthful and honest to provide the answers in order to salvage its battered creditability.
Please honestly tell us if Selangor government use the People’s money to bail out Talam?