Wednesday August 8, 2012
Selangor under fire again
ULU YAM: The Selangor government has come under fire again over a land deal in Ulu Yam as part of its efforts to recover RM392mil from Talam Corporation Bhd that ended with questionable deals worth over RM1bil.
The latest expos involved 80.6ha of Class 3 and 4 hillslope land near Ulu Yam through a RM4.2mil acquisition of 60% share from Talam's subsidiary Ulu Yam and Country Club Sdn Bhd (UYCC) in 2010.
“The state offered the shares to its subsidiary of Kumpulan Hartanah Selangor Bhd (KHSB). which owns 40% stake in the company but it was rejected in May that year,” MCA Young Professionals Bureau chief Datuk Chua Tee Yong said at the site here.
Thorough check: Chua examining a plan involving the hillslope land in Ulu Yam. “KHSB later carried out a valuation of the land in 2011 by Sulaiman & Co where the land was valued close to RM5mil.”
He said the valuation meant that the 60% share was worth RM3mil although the Selangor Government had paid an access of RM1.2mil for it.
To further compound the deal, he noted that UYCC had yet to start operations as of Jan 31, 2010 and was straddled with liabilities of RM807,000.
“The deal raises questions as to why the Selangor state government overpaid RM1.2mil for the shares and was a proper valuation done by the state valuers beforehand?” he said.
He chided the state for failing to carry out due diligence before purchasing the shares from UYCC.
“We are not against the state governments from recovering debts but it must be done in a responsible and transparent manner as it involves the rakyat's money,” he added.
Chua said the Selangor Government was involved in five property and share deals with Talam (now known as Trinity Corporation Bhd) and had paid between RM107mil and RM165mil in over-valuation.
“We have asked them (the state government) to show the state valuation reports for the deals but to date they have failed to respond and continue to remain silent,” he said.
He noted that Pakatan leaders were merely trying to hoodwink the rakyat by diverting attention away from the issue.
He cited Selangor executive councillor Teresa Kok's inconsistent statement over a RM18mil deal involving a separate plot of land in Ulu Yam as an example of Pakatan leaders defending the state government's questionable deals with Talam.
DAP leaders had defended the Selangor Government's bid to recover the RM392mil debt owed by Talam to three state entities Unisel, SAP Holding and PNSB.
On July 3, Chua challenged the Selangor Government to explain how its exercise to recover the RM392mil debt from Talam ended in questionable deals worth over RM1bil.
The state government is said to have obtained a RM392mil grant and acquired additional assets worth RM284mil from Talam bringing the total acquisition to RM676mil. This RM676mil purchase of assets was said to be part of the RM1bil questionable deals.
- Ex-judge calls for rebranding of vernacular schools
- Berapit rep assaulted after advising woman not to conduct open burning
- Penang freak storm: Video clip of lightning arrester collapse uploaded on YouTube

- No brotherly love - man attacked and robbed by his twin
- Black 505 rally supporters stage another flash mob in KL
- Subramaniam: Health Ministry to set up operation rooms where API exceeds 200
- Penang freak storm: Police complete probe, no human remains found in car wreckage
- Delays in KLIA2 opening affecting AirAsia's expansion plans, says CEO
- Open sale of sex stimulants in Sabah worries Kiulu rep Bangkuai
- Seven out of 12 Opposition reps in Sabah want Lajim as chief
- Robbery at sea of cargo ship being investigated, unsure if pirates involved, say police
- Fire and Rescue Department: 14 areas highly susceptible to forest fires identified
- Judicial Review application filed to declare appointment of ministers unconstitutional
- Lock-up deaths: Permanent coroner's court for each state to deal with deaths in custody, says Shukri
- Want a gun? Just print it out

- Kulim suspended on Thursday for corporate announcement
- Petronas Dagangan eyes regional airports to expand jet fuel biz
- KLCI ends in the red, BAT, UMW down (Update)
- Gloom lifted from MRCB Southern Link as ratings upgraded
- Malaysia's May inflation rate up 1.8% on-year
- Nazir: Bank of Commerce talks to conclude shortly
- Japan's exports pick up pace, give economy momentum
- Asia business sentiment rises in second quarter, global growth risk still dominates
- Moody's: Outlook on China's life insurance industry stable
- AIA and Public Bank offer new insurance plans
- Tambun Indah plans RM200m capex to expand landbank
- Tune Ins sees healthy growth as air travel, tourism pick up
- Nazir Razak: Rising likelihood of major reversal of hot money out from Asia
- Blue chips edge higher in volatile trade (Update)
- Eversendai tendering for RM8b of projects
- India monsoon floods leave 138 dead
- Turkey's 'silent man' vigils go on as protests fizzle out
- French floods claim first victim, Lourdes remains closed
- Thousands evacuated after blasts at Russian arms depot
- Bieber off hook after car hits photographer
- Mexico arrests man on FBI's top 10 Most Wanted list
- Disabled woman, US child held captive with snakes
- World's largest all-solar-powered boat shines in NYC
- Samoan airline introduces 'XL' class
- West Africa has world's worst piracy rate
- Congolese teacher admits killing elephants for ivory: WWF
- NASA enlists public in hunt for major asteroids
- Nadal seeded five at Wimbledon
- NBA: Heat beat Spurs to force game seven
- FedEx eyes record win at Wimbledon
- Brazilian Massa looking ahead to team’s revival
- V Shem-Khim Wah face tough opener in Singapore Open
- Springboks’ De Villiers may miss final
- Results worldwide
- Former world junior champ Zulfadli in main draw
- Star Wallaby winger fit to face Lions
- Hesson laments NZ’s failure to grab chance
- Omega Pharma pin Tour hopes on Mark
- Shahidan needs Cabinet nod to hold posts, says Khairy
- Direct flight now to Naypyitaw for Malaysian SEA Games squad
- Aussie Kulacz hopes to repeat 2009 Selangor Masters triumph
- India’s Anirban relying on short putter for success
- Two-year-old makes touching request at her dad’s funeral
- Rush to escape storm proves deadly
- Boy nabbed for buying air rifles
- CCTV to shed light on missing hawker
- Airsoft guns are easily available online
- Medium threatens couple with black magic
- Mentally disabled man missing since Sunday
- New DAP man turns on his party after elections
- Four times as many hotspots in Sumatra now
- Want a gun? Just print it out
- Inter-Pacific Research values AirAsia X at RM1.66
- Want a gun? Just print it out
- Boy nabbed for buying air rifles
- Ex-judge calls for rebranding of vernacular schools
- Penang freak storm: Video clip of lightning arrester collapse uploaded on YouTube
- Nazir Razak: Rising likelihood of major reversal of hot money out from Asia
- Airsoft guns are easily available online
- Talks on the proposed M’sia-Spore Rapid Transit System still going on
- Hong Kong probes HSBC, other banks for alleged misconduct
- EPF being courted by mid-cap companies

