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Talam White Paper a ‘grey paper’

 | November 27, 2012

MCA's Chua Tee Yong claims that the White Paper tabled by the Selangor state government on Talam Corporation's debt restructuring exercise left many questions unanswered.

KUALA LUMPUR: The White Paper tabled by the Selangor state government on Talam Corporation’s debt restructuring exercise is a “grey paper” as it left out many pertinent issues.

Speaking at a press conference here, MCA’s Young Professional Bureau chief Chua Tee Yong said among others, the state government did not explain why it engaged a private valuer to assess Talam’s assets instead of the Valuation and Property Services Department (JPPH).

“The state government also did not give details on how much was paid to the private valuer for its work. Surely they did not do it for free,” added the deputy minister.

Last week, the Selangor state government tabled the White Paper on how state authorities went about restructuring Talam’s multi-million ringgit debt.

Among the issues mentioned was on the state’s decision to go ahead with valuation made by Suleiman & Co of RM375 million for land belonging to Talam instead of JPPH’s valuation of RM113 million.

The reason given was Suleiman & Co’s valuation was more comprehensive as it took into consideration of the land’s pending conversion into a mixed development status while JPPH valued them on its status as agriculture land.

Chua said that the state government went against its own regulation by referring the matter to a private valuer instead of JPPH.

“If the land was supposed to be valued as a mixed development property, why didn’t the state government advise JPPH to value it as such? All these are not explained,” he added.

Chua also pointed out that another valuer engaged by the state government gave two differing numbers, in the span of one year, but the authorities went ahead with the valuation.

“The Bestari Jaya land was valued at RM199 million in 2009 by the private valuer. However, the same valuer changed its figures to RM142 million for the same piece of land a year later.

“It was a drop of RM57 million in one year but the amount was accepted by the state government. Plus, no JPPH valuation is made available for this transaction,” he said.

Calling Selangor Menteri Besar Abdul Khalid Ibrahim a “flip-flop” leader, Chua said it was clear that the Selangor state government was not transparent as it claimed to be.

“On top of all that, the state government now owes Talam RM30 million as stated by the corporation’s circular to its shareholders,” he said.

Also read

‘Talam Corp issue not over’

Hutang Talam bukan ‘bailout’

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