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PNSB thriving under Pakatan, says Pua

 | July 17, 2012

The DAP man shows that the state firm was losing money under BN, refuting MCA’s charges.

KUALA LUMPUR: Contrary to allegations by MCA, Permodalan Negeri Selangor Berhad (PNSB) has done well since Pakatan Rakyat took over the Selangor state government, according to DAP publicity chief Tony Pua.

Armed with documents obtained from the Companies Commission of Malaysia (SSM), Pua showed that the state subsidiary had total assets of RM761 and RM823 million in 2010 and 2011 respectively.

He compared the recent figures to those of 2008 and 2009, which were RM111 million and RM115 million.

He showed that PNSB’s cash reserves were roughly RM83.9 and RM92.9 million in 2010 and 2011.

Pua was responding to MCA Young Professionals Bureau chairman Chua Tee Yong’s allegation that PNSB had been burdened by having to buy Talam land from the Selangor state government.

On July 12, Chua said PNSB had bought plots of land from Bukit Beruntung 2 and Bestari Jaya for RM450 million.

He said that in doing so, it seemed to have pledged much of its assets to borrow RM230 million from Maybank, with an interest of RM86 million.

At the time, Chua said PNSB’s audited 2011 accounts were not out yet.

Pua today asked Chua how PNSB was being burdened by the purchase of the RM450 million land, which he said was part of the normal course of business for a property development company.

He also showed that PNSB’s profits rose after Pakatan Rakyat took control over the state government.

Pua showed that the company had made RM8 million, RM23.4 million and RM28.4 million in after-tax profits in 2009, 2010 and 2011.

This was compared to RM0.9 million, RM7.5 million, RM1 million and RM15.6 million in losses after tax in 2005, 2006, 2007 and 2008, the DAP man said.

Pua was not able to disclose PNSB’s financial performance during the BN-led years on paper, however, adding that this information was available through the SSM.


Pua reiterated his challenge to Chua for a debate on the matter, pleading with the latter not to reject the “offer”.

“Despite the initial rejection by Chua, I hope that he will reconsider the offer to debate the Talam debt ‘scandal’ which he has raised, perhaps at least to teach me how to do proper accounting,” he said.

Two weeks ago, the Labis MP started on a series of exposes against the Selangor state government, claiming that the administration had used RM1 billion to bail out Talam Corporation Berhad.

He claimed that Selangor had done so through a RM392 million supplementary budget passed in the state’s legislative assembly in 2009.

Chua added that the state bought an additional RM676 million worth of assets from Talam.

Following the MCA expose, the Selangor state government has said it would appoint five independent audit firms to go through Selangor’s handling of Talam’s debts.

Menteri Besar Khalid Ibrahim also said the state would present a White Paper on Talam.


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