Wednesday, September 5, 2012

SELCAT's real meaning SELangor Conceal, Avoid & Talk only policy.

Here goes another issue which was revealed by YB Datuk Chua Tee Yong earlier today during a press conference held in my office, how I wish if the Selangor State Government would have spend their money in developing the infrastructure in Hulu Selangor.

The detailed information of how and what happened in the TALAM debt recovery involving Bukit Beruntung 2 can be read via the following information; ENJOY.....

1. In 2010, as part of the Talam debt recovery, the PR Selangor State Government accepted 6 lots of land in Bukit Beruntung 2 totalling 1,322 acres for RM345 million (which equates to approximately RM6.00 per sq ft).

2. Based on the valuation by JPPH dated March 2010 the value for the Bukit Beruntung 2 land totalling 1,322 acres is RM113 million (which equates to approximately RM1.96per sq ft).

3. As such why is there such a huge difference between the valuation conducted by JPPH and the price accepted by PR Selangor State Government? The difference is approximately RM232 million.

4. Why did PR Selangor State Government agreed to accept the Bukit Beruntung 2 land at approximately RM232 million higher than the independent state valuation?

5. PR Selangor State Government must disclose the full details of how negotiations for them to arrive at this rather inflated price of RM345 million for the Bukit Beruntung 2 land when the independent state valuation is only RM113 million. The price accepted by PR Selangor is 305% higher than the state valuation.

6. It is common practice for state government to accept independent valuation by JPPH, in the case of Selangor, they seem to favour private sector valuation which tend to be higher.

7. In summary, under PR Selangor State Government the following asset has been accepted:

a) Overvalued land that is underwater or forest & ecology zone;
b) Overvalued land that consists of an ex-mining pond;
c) Overvalued Office units and retail lot that are vacant;
d) Overvalued Hill slope Land that is classed as Class 3 & 4;
e) Overvalued shares in a company; and
f) Overvalued land in Bukit Beruntung 2

8. Total apparent overvaluation is estimated as follows:

a) Bestari Jaya (RM42million to RM100million);
b) Danau Putra (RM57million);
c) Menara Pandan Office lots (RM1.9million);
d) Hillslope Ulu Yam land (RM5.3million);
e) 60% shares in Ulu Yam country Club (RM1.2m); and
f) Bukit Beruntung 2 (RM232million).

TOTAL OVERVALUATION: (RM339million to RM397million)

9. There is an apparent overvaluation totalling up to RM397million in respect of the Talam Debt Recovery transaction. Some of the lands prices accepted are higher than the valuation provided by Talam and even JPPH (the independent government valuation).

10. An apparent overvaluation of RM397million to recover RM392 million of Talam Debt?

11. Is the debt settlement an excuse to bailout Talam?

12. Moreover, why does the PR Selangor State Government accept all these assets at such prices? PR Selangor State Government must disclose details of how the price is arrived at for each of the assets.

13. This is a serious matter that involves the people of Selangor or the rakyat’s money. With no clear answer coming forward from the PR Selangor State Government it confirms that “CAT Policy” which is short for “Conceal, Avoid and Talk Only” has been put in place!

14. With so many questions remain unanswered, it is not unreasonable for the public at large to suspect that there may be something amiss.

15. YB Datuk Chua Tee Yong's invitation to YAB MB to debate the matter remains open. The DAP leaders do not have to apple polish YAB MB’s shoes. Little will be achieved in debating with these individuals who are not privy to all the details of the transaction.

16. To date, the DAP themselves have not been able to provide informed and direct answers to the specific questions I have asked. Rather the DAP has simply sort to fudge the issues at hand by seeking to:

a) Blame previous state government;
b) Divert attention from the issues at hand;
c) Attempt to provide partial information or conflicting statements; and
d) Resort to personal attacks

17. It is the MB who is the head of the PR Selangor State Government. Let us witness a proper debate so that the true facts come out.

18. If the MB is truly of the view that the entire transaction is above board then the MB should have no issue in entering into an informed debate with YB Datuk Chua Tee Yong.

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