Change for a better Tommorow?

PKFZ : Deal consistent with JPPH valuation but Talam : Deal never follows JPPH valuation

In July 29 last year, former transport minister Dr Ling Liong Sik was charged with misleading the cabinet into approving a land deal at an inflated price.

Dr Ling, 68, is charged with cheating the government by not disclosing to the Cabinet an additional interest rate of 7.5 percent per annum on the purchase price of the land for the PKFZ project, which had been fixed at RM1,088,456,000 by the Valuation and Property Services Department (JPPH) based on RM25 per sq ft inclusive of the coupon/interest rate.

He also faces two alternative charges, of cheating and intentionally omitting from the Cabinet that the 7.5 percent per annum was an additional interest rate on the land price.

The offences were allegedly committed at the fourth floor of the Prime Minister’s Office, Perdana Putra building in Putrajaya, between Sept 25 and Nov 6, 2002.

The case has since been tried before High Court Judge Datuk Ahmadi Asnawi.

On Thurs, 21 March 2013, it was reported that an expert has testified in the trial of Tun Dr Ling Liong Sik, that the sale and purchase agreement (SPA) for the Port Klang Free Zone (PKFZ) land was consistent with the valuation done by the Valuation and Property Services Department (JPPH).

Earlier in the trial, Dr Mahathir has also testified that the figure given in Dr Ling’s letter in June 2002 is actually lower than the figure stated by JPPH.

“Figure given by JPPH is actually bigger than figure stated by Datuk Seri Ling Liong Sik,” Dr Mahathir said.

He disagreed that this could be taken to mean that there was an attempt to cheat or mislead him.

Dr Mahathir said that if Dr Ling had given a figure that was higher than the Valuation and Property Services Department(JPPH)’s figures, he would agree that there was a bid to mislead.

Upon reading this, people in Selangor cannot help but relate it to the Talam land deal structured by the MB Selangor in year 2010.

Wong Koon Mun (BN-Kuala Kubu Baru) has highlighted that the Property Services and Valuation Department (JPPH) was not used to valuate Talam’s assets and the state government had instead used the services of a private appraiser.

He further claimed that most of Talam’s 160 hectare land in Ulu Yam had grade 3 and 4 slopes, which were unsuitable for development and had been forfeited by the State Government after purchasing it from Talam.

Sulaiman Razak (BN-Permatang) has also posted a question which has never been answered why the 539.2 hectare Talam land in Bukit Beruntung was taken over by the Selangor government at RM262 million whereas the land was only assessed at RM113 million by JPPH.

In reply during the winding up of State Assembly, MB Abdul Khalid had merely confused all including himself by saying that the Talam land evaluations were based on commercial rates to speed up the process of acquiring the debt as the company’s financial situation was critical and categorised as PN17 in BursaMalaysia.  He added that the decision was based on the commercial and not administrative aspect.

The lack of trustworthiness of MB Selangor in Talam land deal has been confirmed when MCA Young Professionals Bureau chief Datuk Chua Tee Yong said in December last year that Kumpulan Hartanah Selangor Bhd (KHSB)‘s  announcement on Bursa Malaysia shows discrepancies in the Selangor government’s debt recovery exercise involving Talam Corporation Bhd. The announcement confirmed that the amount owed to KHSB by Talam Group had been reduced from RM236mil to RM115mil and the reasons are still pending further investigation by auditors.

It is disappointing to say that with election so near, there are many unanswered questions regarding the Talam land deal and there is more to be unravelled and unearthed.  How could we expect to see a change for a better tomorrow?

 

Tee Yong: DAP trying to divert attention from Talam issue

Malaysia People strongly reprimand Selangor PR government for its latest attempt to divert the public attention from Talam’s alleged overvaluation and bail out.

Since MCA Chua Tee Yong exposed the overvaluation and “disappearing” of debt in Talam’s “sweetheart” bail out, Selangor PR government have attempted to bring up other issues to divert the public attention.

This tactic used by Selangor is a dirty and irresponsible political act to fool the people.

Malaysia People demand MB Khalid and his state administration to answer immediately the audit findings highlighted by KHSB, a subsidiary of Selangor GLC which it revealed that RM121 million debt from Talam had been generously waived by the state government but this was not mentioned at all in the Talam White Paper.

http://thestar.com.my/news/story.asp?file=/2012/12/9/nation/12435897&sec=nation

Tee Yong: DAP trying to divert attention from Talam issue

 

LABIS: The DAP is trying to divert public attention from the Talam issue when it made an accusation on a purported land scandal involving the former Barisan Nasional state government in Selangor, said MCA Young Professionals bureau chief Datuk Chua Tee Yong.

“Who forms the state government now? If they found issues or discrepancies, they should report to the authorities because all the information is in their hands.

“The allegations indicate that they are trying to divert attention from Talam transactions,” he said after visiting development projects here yesterday.

Chua was commenting on claims by the DAP on the sale of 24 plots of high-value commercial land purportedly made to Barisan component parties at lower than market prices.

He said a recent statement by Kumpulan Hartanah Selangor Bhd (KHSB) to Bursa Malaysia showed discrepancies in the Selangor Government’s so-called debt recovery exercise involving Talam Corporation Bhd.

He said KHSB indicated there should be further investigation involving the RM121mil that was not mentioned in both the Selangor Government’s White Paper on Talam’s debt and the KPNG audit report.

“This shows that the questions raised on Talam transactions are not wrong because there are many transactions that raise doubts.

“Until today, there are no explanations on the core issues on how they got discounts, how land is chosen and how the prices are quoted and evaluated,” added Chua.

He said the DAP should also scrutinise the Kelantan Government’s transfer of land worth RM318mil to a private company without securing any bond of guarantee.

According to the 2011 Auditor General’s Report, part of the 290ha land was now mortgaged to a bank to secure a RM75mil loan.

On July 3, Chua had questioned how an exercise to recover RM392mil from Talam ended up in questionable deals worth more than RM1bil.

The deals included Talam assets accepted at RM676mil, and a RM392mil grant obtained by Mentri Besar Incorporated to facilitate the debt recovery exercise.

KHSB has denied the creditability of Selangor government in Talam White Paper!

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?

RM

Discount given as per Unisel settlement agreement                             36million

Reduction of debt per per KHSB auditors                                           121million

Total                                                                                                    157million

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!

http://thestar.com.my/news/story.asp?file=/2012/12/3/nation/20121203164224&sec=nation

KUALA LUMPUR: Kumpulan Hartanah Selangor Bhd (KHSB)‘s recent announcement on Bursa Malaysia shows discrepancies in the Selangor government’s debt recovery exercise involving Talam Corporation Bhd.

MCA Young Professionals Bureau chief Datuk Chua Tee Yong said the report revealed that the amount owed to KHSB by Talam Group had been reduced from RM236mil to RM115mil.

“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.

蔡：揭民联七宗罪，达南白皮书证明民联拯救朋党！！

人民等了两年的达南白皮书，不幸地，变成了达南包庇书。

这份达南“包庇”书企图掩盖拯救朋党的真相，不要让人民看到州政府如何透过超高估价，收购朋党的土地以及银行贷款，以至朋党可以减少贷款而脱离PN 17公司。

马华专才蔡智勇今天针对雪州民联的达南“包庇”书，以专业的角度，揭发民联在达南“包庇书”里所干的七宗罪！

1. 雪州政府于2010年3月及4月与达南签署债务解决协议，原本属PN 17公司的达南脱离PN17公司。
2. 过高的土地估价，导致雪州政府必须用人民的钱缴付2亿6600万令吉给达南的借贷银行。
3. 达南没有根据债务解决协议里的期限解决债务，但雪州政府应该给予3千600万令吉的“奖励”。
4. 债务重组计划要把达南的资产，90%售给雪州产业公司(KHSB)，但KHSB拒绝接受。(之前，郭素芯指KHSB必须听从雪州政府指示，她的做法完全违反上市公司指令)
5. 雪州政府以不合理价格接受达南的资产，还要支付达南欠银行的2亿6600万令吉。
6. 达南每年省下银行利息2千400万令吉，可是雪州关联公司 (PNSB)却要支付8千600万令吉，滥用人民的钱。
7. 债务重组后，雪州政府的关联公司不但欠银行巨款，雪州政府也变成拖欠达南3千万令吉。

蔡智勇在中国报披露，雪州政府的白皮书揭发雪州民联没有采用州政府本身的房屋评估及服务局(JPPPH)的估价，完全违反州政府的程序。

JPPPH的估价非常低，雪州民联却选择了私人估价师的估价，相关估价比JPPPH的估价高出整整3亿令吉。

人民希望反贪委员会尽快完成调查，告诉人民雪州民联政府是否有根据JPPPH的估价，或是“愚蠢”地滥用人民的钱，以高价收购土地，“慷慨解囊”地为达南解决贷款，脱离PN 17， 股票蒸蒸日上。

达南白皮书经不起疑问？

人民等了两年的达南白皮书，终于看到了一丝曙光。

到底姗姗来迟的白皮书是否能洗脱雪州民联政府的救朋党和过高估价罪名，还是它纯粹是另一个毕马威 (KPMG)的报告，企图转移视线人民的视线，掩盖雪州政府给予不实估价的弊案。

人民希望白皮书可以解释之前由马华蔡智勇提出的种种疑问， 而不是一个瞒天过海欺骗人民的白皮书。

人民希望白皮书可以解答以下问题：

1. 郭素沁曾指出有关1亿8千万令吉的Bestari Land的交易和买卖合约，都是在2006年1 月12日签署，那时雪州是由国阵执政。雪州民联不过是遵守由雪州前朝政府所签署、并获高庭批准的的协定。 这是否属实，还是谎言？
2. 为何雪州民联政府给予Bestari 土地1亿8千万令吉的估值，而市场价值只是8千万令吉而已， 雪州民联政府是否有聘请自己的估价师？
3. 蔡智勇曾揭发雪州政府透过PNSB向银行贷款2亿3千万令吉并支付利息8千6百万利息以拯救达南。 白皮书是否有交代这笔明显在拯救达南脱离穷籍的银行贷款与利息？
4. 雪州民联政府在这宗交易中，以高于市价的行情收购烂地和空楼，这都是难以脱售的不动产， 包括租用率不到5巴仙的吉隆坡班登大厦5个单位以高于市价327%购入；购买属第三及第四级别的乌鲁岩斜坡地。400英亩中超过55%不能用于发展用途（雪州政府早2009年冻结所有涉及第三级别（25-35度）和第四级别（超过35度）的土地发展计划。在八丁燕带的“水淹地”，其中有80至100尺深度的废矿湖，以及八十巴仙长期积水的达挠布特拉水中地。 白皮书是否有交代为何雪州民联政府要收烂地以承担银行贷款与利息？

人民希望白皮书可以让人民看到雪州民联政府没有滥权，随心所欲地提高估价来拯救朋党，毕竟这些都是人民的血汗钱，雪州民联政府不能瞒天过海，欺骗人民。

Tee Yong: Selangor fooling rakyat with flawed Talam audit

The People waited for 2 years.

Finally, the White Paper on Talam was released by Menteri Besar Khalid yesterday, with the objectives to clear the name of Selangor State Government from the allegations of bailing out Talam and cheating the public with improper valuations.

The People want to see whether the White Paper would address all the questionable overvaluations exposed by MCA Chua Tee Yong or it is merely another paper like the KPMG report which is trying to divert the public’s attention from the overvaluation and bail out.

Malaysia People hope the Selangor State Government will not disappoint the people again this time.

PUTRAJAYA: The Selangor state government came under fire for deceiving the public with a KPMG audit report to absolve itself of the Talam Corporation debt recovery exercise controversy.

MCA Young Professional Bureau chief Datuk Chua Tee Yong said the report prepared by a private entity was a waste of taxpayer money, as the scope of work did not include valuation aspects and legal implications.

“The main issue is valuation,” he said, explaining that the KPMG report showed that the State Government did not provide JPPH (Property and Valuation Services Department) valuation reports to enable KPMG to make a comparison with the valuation made by private surveyors.

“This shows that the Pakatan Rakyat government is not being transparent,” he told a press conference at Wisma Tani here Wednesday.

On the White Paper tabled at the Selangor state assembly, Chua said he would comment later.

“The matter is still being debated at the assembly,” he said, adding he would provide feedback after the report was finalised.

雪州达南丑闻与2011年总稽查司报告

2011年稽查司报告终于提呈国会！

当中，占了头条新闻的非打印机莫属。一台打印机700令吉，维修费却花了5万多令吉。媒体肯定没有放过这个机会，大骂一场，因为有头脑的人都知道这是愚蠢的行为。

5万令吉维修费可以让媒体骂了再骂，可是看看雪州达南，用高过市价1亿令吉收购一块淹水地，还要承担银行贷款与利息，奇怪媒体却默不作声。

如果5万令吉是天价，涉及达南丑闻的烂地就是超级天价。 6亿7千6百万令吉！！ 这个数目相等于12万个5万。 不但如此，雪州政府每年还要承担8千万令吉的利息，等同于1千600个5万。

用5万元维修700令吉的打印机是愚蠢，那么用高于市价1亿令吉买烂地就是超级愚蠢。

媒体是不懂得计算5万与1亿令吉的差别，还是媒体偏爱民联，不愿把达南丑闻放上头条新闻！

 

Selangor Sultan to blame for further delay in Talam and Water Restructuring White Papers?

Menteri Besar Khalid promised again that the Selangor government will table two white papers – the restructuring of Talam debt and water services industry – at a special session of the state assembly on Nov 19 at the latest.

The People do not know whether should believe his words or not this time as there are too many unfulfilled promises. The promise to release the Talam white paper two years, the promise to appoint 5 audit firms to audit Talam “bail out”, the promise to offer a price to acquire the water assets in commercial manner, and many more, are all empty promises.

This time, Khalid said he was awaiting the consent of the Sultan of Selangor on the proposed special session.

He said the white paper on Talam debt restructuring had been submitted to the Selangor State Assembly office along with an audit report by KPMG Transaction & Restructuring Sdn Bhd and documents related to Talam debt repayments to the state government.

On the water restructuring, the deadlock is expected to remain unresolved as Khalid’s priority now is to present to a white paper supposedly to explain how the federal government has not cooperated with his propositions.

“The white paper on water restructuring exercise entails documents on the outcome of discussions with the federal government and all correspondence that prove the state government is committed in taking over water services from concession companies,” he told reporters after chairing the state executive council meeting here Wednesday.

There have been lots of allegations against the Selangor State Government in the handling of two issues which remain unanswered.  Khalid should answer the allegations without delay instead of attempting to shift the responsibility to do so to the Sultan of Selangor when he suggests that he cannot do so until the special state assembly is approved by His Royal Highness.

The People do not know what will be the next excuses for the Selangor State Government to blame others or to delay their deliverables.  But one thing for sure, the creditability of the Selangor State Government had collapsed since they resorted to the strategy of distorting and manipulating the fact.

雪政府动用10亿拯救！ 反贪会调查达南！ 潘俭伟应该协助调查？

 

 

反贪污委员会副主席拿督苏克里指出，当局已针对雪州政府被指涉嫌动用10亿令吉拯救达南集团（现易名为Trinity Corp）一案，展开初步调查。

 

 “我们已根据投报无惧无私的展开调查，若是违反贪污委员会法令，我们将会采取进一步行动。”http://chinese.cari.com.my/news/news.php?id=287933

人民很奇怪为何反贪委员会副主席会发表如此的言论，什么是无惧？  到底反贪委员会惧怕什么东西？ 

 

难道是惧怕之前赵明福的堕楼事件，所以反贪委员会这几个月来，对蔡智勇所揭发雪州以高价收购达南的淹水地的弊案视若无睹？

 

若是身为反贪委员会的副主席，本身已经有潜意识的惧怕心理， 人民相信这个调查将会是一场秀而已，根本不会把任何雪州政府所涉嫌的人物绳之以法，结果将会是像之前的雪州偷沙事件一样，宣布没有人涉及。 

 

人民对这种惧怕被人诬赖是国阵的手下的心态感到失望。  毕竟，蔡智勇已经拿出证据及合约证明雪州政府以高出市场价格收购一些淹水地以及山坡地，而且一些土地收购价格也没有根据政府评估部门 (JPPPH)的评估，在这种证据确凿的情况下，反贪委员会应该立刻行动，保护人民的利益， 而不是惧怕这个，惧怕那个，迟迟不敢采取行动。

 

反贪委员若是要保护自己的形象，那么人民建议他们好好“咨询”潘俭伟，如何在不符合JPPPH的评估价格，证据确凿下，依然可以自圆其说地这些烂地都是物有所值， 到时，反贪委员会肯定可以被反对党的支持者称赞是最“公正”，他们也不会再提起赵明福攻击反贪，而反贪也可以无惧了， 雪州政府也不需要一直被要求出示白皮书及JPPPH的评估价值了。

 

 

 

 

MACC Says No Case to Talamgate?

After three months of revelation by MCA Young Professionals Bureau Chief Datuk Chua Tee Yong that the Selangor Government had bailed out financially distressed Talam and had acquired Talam’s assets in a debt restructuring exercise at much higher prices than officially valued, the Malaysian Anti-Corruption Commission (MACC) finally conducted its preliminary investigations.

 

 

In fact, anyone with little financial knowledge can tell that the bail out of Talam by Selangor goverment is clear  which involved Bestari Jaya land (overvalued by RM100mil), Danau Putra land (overvalued by RM57mil), Menara Pandan Office lots (overvalued by RM1.9mil), Ulu Yam land on steep hillslopes (overvalued by RM5.3mil), 60% shares in Ulu Yam Golf and Country Club (overvalued by RM1.2mil) and six parcels of land in Bukit Beruntung 2 (overvalued by RM232mil).

 

 

But what took MACC so long to commence their investigation?  Is MACC scared of the pressure after Teoh Beng Hock incident which had put a halt to their investigation?

No doubt, the Selangor government have been trying all means to convince the People that there is no misuse of public funds and it is a “commercially sound” debt recovery process.

However, the People are not as foolish as the Selangor government thinks they are.

The problematic lands and bank borrowings taken by the Selangor government to offset against the debt owed by Talam is as “naive” as the Selangor government took a Proton Saga at the valuation of RM1 million to offset against a debt of RM1 million.  On top of that, the Selangor government assumed millions of bank borrowings which cost RM86 million interests.  Can there be another sweetheart deal like this in the world?

Other than the questionable overvalued land deals, on 3 Oct MCA Young Professionals Bureau Chief Datuk Chua Tee Yong further revealed that two Selangor-owned companies, Universiti Selangor (Unisel) and Permodalan Negeri Selangor (PNSB) were paid only RM10 each in the Talam debt recovery exercise despite being owed RM248 million and RM28 million respectively.

Chua has questioned on the rationales of the Talam debt collection exercise led by the Selangor government when the move is believed to have caused millions of losses to the University. Selangor Umno recently revealed that Selangor MB Tan Sri Khalid and the state financial officer had signed the audit report of the university on Aug 27 which showed Unisel had sustained losses in the past three years with a deficit of RM1.63mil in 2008, RM13.55mil in 2009 and RM39.68mil in 2010.

“Unisel’s financial condition has worsened as Unisel only received RM10 for the Talam debt collection exercise instead of RM248 million,” Chua said, adding that a RM36 million discount was also given to Talam although it did not fulfil a settlement agreement that expired in 2008.

Besides that, Chua has also questioned the financial wisdom of Selangor State government when PNSB is apparently now saddled with multi-million debts for some land alleged to be overvalued.

“PNSB has received only RM10 and is now having a loan of RM230 million with interest and costs of RM86 million while Talam Corp saves RM24 million yearly.”

MCA Chua also claimed that the state government had breached the govrenment valuation procedures. He said the state government was supposed to use the valuation by the Finance Ministry’s Valuation and Property Services Department (JPPPH) but the assets (Bukit Beruntung II) were still acquired at grossly inflated prices.

“Of the total assets accepted or acquired by the state government amounting to RM676mil, there is an apparent overvaluation of RM339mil to RM397mil,” he said.

On July 3, Chua had challenged the Selangor government to explain how its exercise to recover a RM392mil debt from Talam ended in questionable deals worth over RM1bil.

Meanwhile, Selangor MB Khalid insisted his administration had not relieved Talam Corp of its debts as claimed, but instead had recovered monies that the troubled property developer owed the state’s subsidiaries.

Khalid’s administration had appointed KPMG Transaction and Restructuring Sdn Bhd (KPMG) in July to review its RM392 million debt recovery exercise following allegations by MCA that the state government’s dealings with Talam.

Khalid said from the review exercise, KPMG is of the view that the Selangor state government made a sound commercial decision under the circumstances at that point in time in relation to the settlement arrangement.

But Khalid said the audit firm did not scrutinise the alleged misuse of public funds as it was deemed irrelevant.

It should be noted however that KPMG admitted that some of the plots of land in the settlement had been overvalued, but that there are circumstances and details explained in the full report.

What is obviously missing and remain unanswered today is the basis of adopting the RM676m by Selangor government, how the values of each assets are determined or negotiated, why the Selangor government has to end up owing to Talam a sum of RM30.5m from the debt collection exercise and why wasn’t KPMG engaged to check if the allegations of misuse of public funds were true.

The People want MACC to reveal the truth whether the valuation through the JPPPH was conducted for each of the assets acquired or accepted by the Selangor government.  The People hope the Selangor government will not demonise or interfere in MACC’s investigation as the Selangor government have been granted enough time to disclose the White Paper and the failure to comply with valuation from JPPPH which they had failed to do so.