The son gives a slap in the face when his father is lying?
PR ‘s claim of successful recovery of Talam debts and the white paper on the debt settlement exercise received a slap in the face by its own Glc, namely KHSB
MCA young professionals bureau chief Chua Tee Yong has demanded a rewrite of the Selangor government’s White Paper on the Talam Corporation debt, claiming that RM121 million has “gone missing” from the original debt.
Chua said in the KHSB announcement, appointed auditors Messrs AKN Arif had discovered a RM15 million write-off, a RM58 million penalty interest for late payment as provided in the 2008 settlement but was not taken into consideration, and RM48 million which was excluded from the debt.
He compared the information in the document to an announcement to Bursa Malaysia on Nov 28 by Kumpulan Hartanah Selangor Bhd (KHSB), which he revealed at a press conference today.
Chua said apart from the “magical reduction” of RM121mil, Talam also enjoyed a RM36mil discount in the Unisel settlement agreement, bringing the total waived to RM157mil.
Both the White Paper and KPMG report fail to highlight and address this.
“This shows it was a bailout to assist Talam,” he said.
The auditors mention that all this warrant further investigation as to whether proper procedures were followed when confirming the amount due to talam.
Malaysiapeople want to remind the Selangor government that there is an urgent need to answer the allegations exposed by MCA Chua:
First, did the Selangor Government help to reduce talam debt ‘magically’ which is not mentioned in the white paper as follows?
Discount given as per Unisel settlement agreement 36million
Reduction of debt per per KHSB auditors 121million
Second, has the Selangor Government or anyone benefited from the giving of waiver of RM157m?
Third, how did Selangor Government ensure the waiver is not detrimental to the financial condition of the Glcs namely UNISEL and KHSB?
Forth, why did KPMG fail to report this but a smaller audit firm like AKN Arif manage to pick up this important information?
Fifth, why is the information hidden from the White paper when all the three GlC including KHSB should be involved in the preparation of the white paper which took two years to complete?
Malaysia People reprimand Selangor government for its failure of answering all the questionns related to Talam bail out and its attempts to divert the attention of Selangor people with other allegations.
Selangor government must answer the questions immediately or its creditability is totally denied by KHSB, which is a subsidiary of Selangor GLC!
“But this debt reduction amounting to RM121mil was not mentioned in both the White Paper and the KPMG audit report,” Chua said at a press conference on Monday.
Chua pointed out that KHSB’s auditor AKN Arif had called for further investigation to ascertain if proper procedure was followed, including compliance with the main Market Listing Requirements.
“If an auditor calls for further investigation two years after the transaction, it goes to show that something is not right,” he said.
He said this in response to the KHSB announcement on Bursa on 28 Nov.
In view of the recent development, Chua called on the Selangor Government to rewrite the White Paper.
“If not, they are only hiding the truth from the rakyat.”
“If the Pakatan Rakyat-led Selangor government truly exercises its CAT (competency, accountability and transparency) policy, they should have the political and moral courage to do what is right by taking into consideration the announcement in Bursa and all the queries posed by MCA,” he said.