YOURSAY 'Chua Tee Yong, even if your allegations are true, you lose credibility, believability and goodwill for your exaggerations.'
Tee Yong: S'gor used state funds to bail out Talam
Kosongcafe: Labis MP Chua Tee Yong's talent is being wasted in MCA, having to concentrate on finding faults with Pakatan Rakyat state administration, while ignoring bigger BN issues like NFC (National Feedlot Corporation), Felda, etc.
Talam started big as a crony company during MB Muhammad Muhammad Taib's time and got into financial problems. Pakatan has to sort out the mess one way or other.
That this involves the state government is inevitable because of exchange deals signed before, and one party could not deliver. For example, the state has to think of solving the stalemate to help buyers of failed housing projects.
Compare this with NFC, this is honourable rather than fraudulent act.
Telestai!: This little puppy hasn't shed his puppy fat yet but has learned how to bark. Unfortunately, he is barking up the wrong tree.
Obviously, he has no clue what transpired nor has he the intellectual capacity to understand the complex nature of the terms of settlement.
My senior at work used to tell me to study the facts carefully and understand the context of the situation before I open my mouth to criticise.
ACR: The information is in public domain. Talam owed several Selangor GLCs (government-linked companies) a sum of RM391 million. This was a result of years of carrying out property JVs (joint ventures) with the Selangor government.
Khalid Ibrahim, upon becoming MB in 2008, repaid the various Selangor GLCs the sum of RM391 million and novated Selangor MB Incorporated (MBI) into the position of the Selangor GLCs, hence making Talam obligated to repay Selangor MBI instead of the individual Selangor GLCs.
Logically, Selangor MBI is a more powerful entity vis-a-vis the various standalone Selangor GLCs and was thus in a better position of strength to deal with Talam.
Talam has repaid the entire RM391 million in two instalments - RM241 million and RM150 million - settled in cash and properties. The properties received as settlement were valued by Selangor state valuer.
Talam's 2010 annual report has no information on Selangor paying RM667 million to purchase Talam assets. In fact, Talam's net cash position has dwindled from the previous year.
PKR strategic director Rafizi Ramli is still best.
Anonymous_3f55: CTY (Chua Tee Yong), I don't think you know how to read financial statements.
First of all, the deal with MBI is not even completed and only partially completed. So far, Trinity (that's the new name for Talam) has only completed RM221.53 million worth of properties to be dispose to MBI to settle outstanding debts.
Trinity remains very much in debt, it has more than RM400 million debts and very little cash in the kitty. Your assertions are all false.
Based on the circular to shareholders, Trinity total settlement amount with MBI was RM676.1 million. Of these, RM266.3mil will be settled by MBI with lenders and the balance RM392 million is amount due to MBI itself. In fact, Trinity had made a payment of RM12.7 million to MBI.
Also Talam got out of PN17 not because of the land deal, but because it went through a regularisation plan.
Read this part: "In compliance with Paragraph 3.2 of PN17/2005, Talam wishes to inform that the proposals under the Regularisation Plan as approved by the Securities Commission ("SC") on 29 April 2008 has been completed upon the listing and quotation of the RCPS, RCSLS-B, RCSLS-C and RCSLS-D on the Main Board of Bursa Malaysia Securities Berhad ("Bursa Securities") on 1 July 2009.
"Talam's proposed divestment programme, which did not require the approval of the Securities Commission, is still on-going, and in this respect, Talam had entered into agreements with Menteri Besar Selangor Incorporated through which a portion of the proceeds will be used to make partial settlement of the Term Loan Facilities granted by TA First Credit Sdn Bhd and Insas Credit & Leasing Sdn Bhd respectively."
Galpasqueen: It was good for Selangor to bail out Talam. In so doing, Selangor have saved thousands of house buyers from the prospect of not getting their homes.
Many Talam projects were left uncompleted and many buyers bear the burden of paying bank loans - some still paying for over 10 years - for an uncompleted apartment.
A good example is the Ukay Bistari Apartments. After 10 years of home buyers paying for uncompleted houses, the whole project is now back in full swing again. In fact, Block A and D has just been completed.
1Melayu 1Bahasa 1Malaysia: Chua, if you have nothing concrete to say, just shut up. We, the house buyers, suffered because Talam was in trouble.
Now at least we see light at the other end of the tunnel. So do your homework first. No wonder people are abandoning MCA.
Ferdtan: Chua Tee Yong, there two types of bailout. One is to save the Umno cronies and sons of ministers and prime minister by using taxpayers' money. One example is Mahathir's son Mirzan - his shipping company, Konsortium Perkapalan was bailed out using Petronas money.
The other is more honourable - bailing out a company with the intention to ensure jobs are saved. It is an impersonal decision that does not benefit the decision-makers. US President Obama did the same with the federal bailout to banks and Wall Street to prevent economic collapse.
Anyway we await for the better explanation from the Selangor government. As usual, BN politicians would get a day or two of limelight with their exposure, and after the appropriate explanations from the former corporate figure, who is MB Khalid, the joke would be on the MCA Chua junior.
Changeagent: Chua Tee Yong, even if your allegations are true, you lose credibility, believability and goodwill for your exaggerations. Don't just quote figures loosely. Stick to the subject.
If you're accusing the state government of using RM266 million to bail out Talam, then show us the proof. Don't foolishly claim a RM1 billion scandal just because it is more attention grabbing than RM266 million.
XXX: Chua is trying to copy Rafizi but is a poor ‘celup' version. Earlier, he shouted "RM1 billion scandal" but his logic does not even pass Year One arithmetic.
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