Talam Corp land valuation poser

(NST) – The valuation of 13 parcels of land sold by Talam Corporation Bhd to Selangor government has been put under further scrutiny as it was not approved by the Securities Commission (SC) or Bursa Malaysia Securities Bhd.

MCA Young Professionals Bureau Chief Datuk Chua Tee Yong yesterday said Talam Corporation Bhd was noted to have retracted its online statement on July 11 which claimed that the two financial regulators had approved the valuation report of the land parcels.

Talam, in a statement posted in its website the next day, had admitted that its previous statement was wrong.

The company, which is now also known as Trinity Corporation Bhd, had then stated that “the debt settlement exercise for Talam Corporation Bhd was not subject to the approval of SC or Bursa”.

However, under Bursa’s listing requirements, Talam was required to ensure the valuation reports submitted were in compliance with SC’s Asset Valuation Guidelines.

Chua said it was also revealed that the Selangor state assembly Hansard from 2010 and last year did not indicate whether the valuation was conducted by Talam or state valuers.

“The purchase price of Talam assets sold at RM676 million by the Selangor government is, therefore, incorrect and misleading.”

The debt-ridden Talam had disposed of these assets between March and April 2010 as part of a debt settlement exercise with the Selangor government.

Chua added that the Hansard also did not provide answers as to whether the state valuations had been conducted on each asset purchased, or if the total assets purchased should be at RM676 million or lower.