Selangor Govt’s controversial move upsets PKR leader


Wednesday, 18 November 2009 Super Admin
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(The Star) - The Selangor Government’s controversial buyover of Talam Corp Bhd’s RM391mil debt has stirred an hornet’s nest in PKR.

A furious party secretary-general Datuk Salehuddin Hashim has despatched a strongly-worded e-mail to all PKR MPs and assemblymen in the state questioning why Mentri Besar Tan Sri Khalid Ibrahim has kept them in the dark over the move.

Some who read the e-mail told The Star that Salehuddin, who described the move as an old trick used by crooks in the corporate sector, wanted them to seek an answer from Khalid.

"We are using the full might of the state to recover the amount due" ELIZABETH WONG

The State Assembly had on Nov 9 approved a supplementary budget of RM391mil for the state investment arm, Mentri Besar Incorporated, to buy over debts owed by Talam Corporation to several state agencies.

Talam is a major player in the Malaysian property sector, involved mostly in building affordable homes.

The RM391mil was owed to subsidiaries of Selangor Development Corporation (PKNS), Kumpulan Darul Ehsan Bhd (KDEB), Permodalan Negeri Selangor Bhd (PNSB) and Universiti Selangor (Unisel).

Some have also questioned the need for the state to buy over the debts, as the multiple transactions involved might incur additional costs including consultancy charges.

Rumours are rife that certain quarters were making a quick buck out of the “round-tripping” procedure involved in the buyover.

Explaining the procedure, former Selangor Mentri Besar Dr Mohd Khir Toyo said the Selangor Industrial Corporation (SIC), a subsidiary of PKNS, had been directed to buy over the RM391mil owed by Talam Corp to the state agencies.

SIC would then apply for a bank loan from CIMB to buyover the debts, and channel the funds to the state government as payment.

“The state government would then offer a grant of RM391mil to Mentri Besar Incorporated which will then channel the fund to SIC, which will later pay off its debt to the bank,’’ he said, adding that the SIC would also have to bear a RM70,000 daily interest until it settled the debt.

A PKR MP said the matter was never discussed during political bureau meetings.

“We view this matter very seriously as it is against the spirit of Pakatan Rakyat,’’ he added.

Selangor executive councillor Elizabeth Wong, when contacted, defended the move, saying the state had to buy over the debts from three government-linked companies which had failed to recover the RM391mil owed to them by Talam for a period spanning over a decade.

“Now, we are using the full might of the state to recover the amount due,’’ she said.

Wangsa Maju MP Wee Chee Keong, who said he was not aware of the e-mail, said Salehuddin should know what he is talking about as he had experience in the corporate sector.

State Umno leaders have also jumped on the bandwagon to criticise Khalid over the controversial buyover.

Dr Khir said companies listed on bourses usually resorted to the round-tripping tactic to give a false sense of profit to impress investors.

“But it is dangerous when a state government resorts to such a tactic, as they may have a tendency to overspend under the false impression that they had generated revenue,’’ he said.

Brushing aside Dr Khir’s claims, PKR vice-president Azmin Ali said SIC should be able to settle the RM391mil bank loan within 24 hours.
Comments (11)Add Comment
...
written by Fart Fart Wah, November 20, 2009 00:56:44
Talam was sucking up to Mat Tahi...the biggest project one time was the one in Bukit Beruntung which became a disaster after Taib was thrown out for raping the Princess and stealing the rakyats money and running to Australia. It looks like if we dig back..Maat Taahi has a lot of shit to explain to the Malays in Selangor...WE have a MOOOlayu in Selangor cheating the real Malays...of the State as the former MB..another baby of Mahthir the CORRUPTION KING MAKER.
...
written by advocatusdiaboli, November 19, 2009 19:05:41
If Talam owed RM391 to the PKNS and so on and so forth, winding up Talam will not give you anything. Maybe what they are trying to do is to stop the winding up procedure so that Talam can be made to pay whatever debt owed. Correct me if I am wrong but it will be better if the MB explained more about what he plans to do and how he plans to recover the debt that is owing. I stand corrected here.
As for that barger of a Toyol, Talam was set up during the reign of BN and Talam screwed up big time during the reign of BN. So what did Toyol do during that time? Bn is the guilty party for the sorry state of affairs that are prevalent at this moment. So, shut the fcuk up Toyol. Bastard!
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written by sydput, November 19, 2009 10:10:12
whether it is Talam Corp, PKNS or other state govenrment and federal govenrment agencies, the amount of mismanagement and misappropriation of money is considered as normal. This includes PUNB, MARA etc.
So why must the selangor state govenrment save TALAM from probable bankruptcy? Better close down inefficient department and let the workers be laid off for nothing. No worries.
...
written by Ghifarix, November 19, 2009 09:34:04
ELIZABETH WONG TS Khalid Ibrahim and a few are kowtowing to BN Corporate power. People who for years funded and franchised UMNO/BN.
I'll say it again- we need radical leadership for change and not Corporate back door for exchange.
Elizabeth Wong wants to tell us that PR Selangor Gomen has the power and can use this power to go after UMNO/BN Corporation protected by the Federal Gomen.
Sorry Miss Elizabeth Wong you're either very naive or deliberately attempting to hoodwink the RAKYAT.
Lets pretend for a moment what Elizabeth Wong says is sincere why have PR Selangor yet to recover BALQIS and prosecute criminals. BALQIS is trivial compare to the subject at hand.
I am now convinced now more than ever that Anwar have to take some very unpopular decisions within the party and rescue PR from its weakness - otherwise dog eat we supper.
...
written by Common Man, November 19, 2009 01:20:06
I am not taking sides but I think PKR Secretary-General is wrong. He should know the difference between party and state.Unbelieveable. MB don't have to inform all PKR members of what he decides, no matter how important the decision. If the Sec-Gen wants to question him on the feasibility of the take- over move,then it is all right. Every one of us has that right.
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written by rocky, November 19, 2009 00:01:43
Khir 'Disney' Toyo do not forget who caused the problem in the 1st place and act all innocent and care for openness and accountability of tax payers money. if you did, you would have negotiated a win deal for the rakyat with true great returns unlike your kelentong returns and the deal will be water tight where we do not need to bail out anyone. and with all these lost making deals, you spend how much to go to Disneyland all over the world?
...
written by SocratesI, November 18, 2009 23:33:18

These debts were the result of Chan Ah Chai's and aKhir-nya jadi Toyol's plundering of Selangor. Where can trust these b@st@rds one ?? They should prosecute Talam and all the Directors individually after this exercise, and bankrupt all of them. I can loan the rope with which to hang them with !
.
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written by No nonsense, November 18, 2009 23:27:16
Sabahfan, do we need to answer that question? Even kider-garden kids can answer that. This is Apa pun Boleh-land.
...
written by toroono78, November 18, 2009 23:15:45
But everything is okay when the AMNO/BARISAN NAJIS government uses our money to buy MISC,MAS and many more cause they don't want the former owners to commit suicide.TO HELL WILL TOYOL INDON.And what about the reforestation project which the TOYOL started the SANUSI JUNID.Where is the profit.TOYOL claimed rm800m in 20 years so average should be rm40m per year but until now it has now even touched rm1m.
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written by onnetline, November 18, 2009 22:40:36
This fcukking Khinzir TOYOL Shah Alam mansion should be torn down or consficated.

As usual, the bloody MACC will find no illegally accumulated wealth by this ex-dentist.
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written by Sabahfan, November 18, 2009 21:57:29
Which govt caused the debts in the first place, was it PKR or was it the debt from the time of the TOYOL govt? CAN ANYONE ANSWER THIS QUESTION PLEASE ????

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