1. Past week or so, the Selangor government deals with its GLC hits the limelight. If it was not highlighted by PKR secretary-general Datuk Salehuddin Hashim in a strongly-worded” email to PKR representatives, the matter became a media interest as well as being used by BN Selangor to attack Khalid. The fact would show that this is a state matter and not a party matter. The state matter should have been addressed at the State Assembly.
2. For those who are not clear of the matter, I did some research on my own by talking to people in the right places and analyzing some materials in the public domain. The current situation arises because the State GLC has been used as a vehicle previously for the purposed of business. In most cases, the previous administration of the State gave away large tract of land to Talam Corp in exchange for some development projects. One such example is the University Selangor project. In most instances, Talam did not deliver its part of the bargain completely. Most of these deals are above board and the politicians that controls the GLC makes it happen in a magical way. It goes without saying that Chah Ah Chye and the past Selangor government have a hand in glove relationship.
3. The impact of the debt has led to the GLC not able to declare profits. Since it did not declare profits, it cannot pay divided to the State. In past, it is not important for the State to make money but it is important that key political figures and party continue to benefit from it. The total debt has ballooned to RM391 million and the GLC is not able to recover the money. They are stuck between politics, making profit and inability to collect debts.
4. The action of the State Government of centralizing the debt to the State 100% owned agency (MB Incorporated) would relieve the various GLC to recover its debt. It gives the companies the much needed liquidity to return to profitability. At the same time, the State Government can use the laws at their disposal to acquire the various assets belongs to Talam if Talam failed to settle the debt in the required time. To me, this is a smart move. It gives the State Government a chance to recover its debt in the fastest way and takes Chan Ah Chye (of Talam Corp) to task.
5. The problem with PKR secretary-general Datuk Salehuddin Hashim (DSH) is that he is not able to differentiate the differences between party matters and state matters. DSH questions on why there is no briefing to the State PKR top brass? In my opinion, there isn’t a need in the first place to consult or brief the PKR, the political party. This is a state matter and it should be addressed at the Exco and State Assembly level. All State Representative in the State must be given a briefing in the State Assembly for them to understand the deal. It is not a party matter. It sounds funny but the way DSH acted points that he has hidden agenda.
6. I am studying the development of this matter and on how the state plans to acquire properties and manage the various banks where the property is being charged. I have a specific interest here as I hope to get the state to assist in the same modus operandi in solving the abandoned housing projects in the State. The State can start with the Ukay Bistari project where I and several friends are reviving the projects. Even in Ukay Bistari project, Khir Toyo played a role which actually led to the abandonment of the project several years ago.
References:
(1) The Edge
(2) PKR reps uncertainty
(3) Anwar Ibrahim view
Looks like BN/UMNO is interested in putting state money into their own pockects.
Do the people of Selangor is still keen to put them back into power ?
ADA..orang yang masih berfikiran bahawa mereka terhutang budi dengan BN kerana kerajaan BN telah memberi mereka dan anak2 mereka pendidikan serta pembangunan juga mereka yang berfikiran bahawa BN perlu ada untuk memastikan kebajikan generasi mereka akan datang akan lebih terjamin e.g. kemajuan Malaysia akan terbantut atau muflis jika BA menerajui Malaysia.
puuuuuittttt PORAHHHHHH
lagi satu nak tambah…takkan dekat Malaysia ini orang bijak pandai dalam ekonomi dan lain bidang hanya ada di BN sahaja..selain dari BN semuanya Bodoh-sebodohnya
Is there any connective ” story ” with all this Talam=Damai Besttari=Ah chai=buy debt over=Ah chai reborn/
are we all in the same recipe belacan bussiness,i mean after all , the belacan without it strong ‘odour’ is not belacan.
YBhg TS Khalid.
Saya setuju pengambilalihan harta drp syarikat Talam. Tapi kalau bolih minta GLC yg berkaitan mengambilalih harta ini dgn cara undang-undang sebagai melupuskan hutang tidak berbayar drp Talam sebanyak RM391juta. Dgn ini MB Inc. tidak terlibat secara langsung dan tidak perlu membuat pinjaman bank membayar balik pinjaman olih GLC. Tentu juga wang rakyat Selangor tidak digunakan sekiranya berlaku apa-apa kegagalan.
Hrp YBhg TS Khalid pertimbangkan cadangan ini.
Ahmad
Izinkan saya untuk perjelaskan
(1) Jika GLC mengambil tindakan undang undang, saya pasti ianya tidak berhasil kerana proses mahkamah mengambil masa yang lama. Dalam masa yang sama, GLC kena berebut dengan pemiutang lain
(2) GLC adalah milik Negeri selangor (walaupun bukan 100%). Ianya di tubuhkan dengan wang negeri.
(3) Kaedah TS Khalid ialah membayar GLC iaitu memindahkan duit dari tangan kanan ketangan kiri. Duit masa dalam tangan kerajaan. MB Inc mengambil hutang. Kelebihan MB Inc ialah ianya milik kerajaan negeri 100% dan ini bermakna kerajaan boleh menggunakan undang undang pengambilan tanah di bawah kerajaan
(4) Penilaian saya ialah
(A) ianya tidak merugikan kerajaan
(B) Duit masih dalam tangan kerajaan (iaitu malului GLC)
(C) Hartanah Talam kini di dalam jangkauan
(D) Kalau gagal, duit dalam tangan GLC, tanah dalam kerajaan negeri.. apa yang saudara bimbangkan?
Selama ini, Talam tak layan pun sesiapa yang minta hutang dia.Macam macam cara dia selindungi. Kini tak leh lari.
Dr. Rafick,
Don’t go far they owe our suppliers and associates.. in the millions……,untill contra property pun orang tak nak.
Navi, you are right, actually its only the tip of the iceberg
It’s a huge scam as usual by those who held the right positions
I have friends and relatives who lost money on abandoned puncak jalil property developments
It is just a huge scam especially after PR took over Selangor Gomen
Everyday we heard of massive corruptions (stealing rakyat’s money) and what about those that we dont know
With all these corruption and money stealing, wonder how long Malaysia will last before it collapse
Dear Dragonfly,
Malaysia is in the verge of collapsing…., if we have these political goons with no sense of resposibility running the government.
Just ask yourself this question………, ” How can SPNB , as we call Syarikat Perumahan Negara Berhad… , a company incorporated under the Finance Ministry owe Sub -Conts by the billions……, if not that the money they had been syphoned out for political purposes…!
To be frank….., a joker like me can understand simple logic….that points that this country of ours is going to the dogs if not the drain…….or the the coffers are going into the pockets of political idiots you want to save it for their afterlives. ( Better pay them in Hell Notes )
Apa kata kumpul semua mangsa2 TALAM dan buat DEMO comdemn itu SeTAN SRI Chan Ah Chai dan previous goverment dan memberi sokongan atas decission Kerajaan Selangor .
mesti ke nak buat demo! Hantar surat pun boleh kan
Surat hanya certain orang sahaja yang tahu akan sesuatu perkara itu tetapi jika berdemo maka lebih ramai lagi akan lebih tahu akan perkara yg dibawa itu. Selain itu , berdemo akan membuat rakyat akan lebih berani bersuara dan juga ia secara tak langsung mengubah kita menjadi lebih patriotik (bukan pada kerajaan tetapi MALAYSIA)
Dr. Talam’s involvment with the state government started with the MB with two Mohameds to his name. He involved Brisdale, a state owned company in the formation of Europlus together with Larut and TA Properties. He than sold Brisdales share to Larut, who also bought over TA ‘s share. The man behind Larut then was Chan Ah Chye. We now know that Europlus has also absorbed Talam and other Chan Ah Chye related companies.
During this time, Chan Ah Chye was also appointed into the boards of state owned GLCs. When Abu Hassan took over, more state lands were given to Chan Ah Chye and Talam for handsome rewards.
When Khir Toyo became MB, Chan Ah Chye was at hand to corrupt him further and thousands of acres of stet land went to Talam, (in Dengkil and Batang Berjuntai.) Khir Toyo could afford his multi million ringgit bungalow now.
From records we know that Talam never delivered on their promises of quality homes. Look at Bukit Beruntong and Bukit Sentosa. Cheap homes and poor infrastructures. The poor get ripped off all the time.
We should congratulate the current Pakatan Government for putting a stop to all this relationship with Talam and ending the epidemic of corruption. As a resident of Selangor, I fully support the steps being taken by the current State Government to recover money from those who owe them. I only hope that Khir Toyo would be likewise prosecuted.
If u dig deeper, u will realised that CAC in cahoots with PKNS made hundreds of millions and subsequent development like puncak jalil is a big con job.
Any developer who does not act responsibily and does not honour his commitment should be chastisied. it is a mockery for CHC to be made a Tan Sri & Datuk and worse still awarded as the property man in 1998.
Ak,
You should remember it was during……Who’s time?
By the way most filty rich chinese cannot live without these titles….., they believe they can use it in the nether world.
What if the exercise fail n the state has utilise the RM391m. Who will take the blame? State? No ! It’s PKR that lead the state gov….. that will be the instant reaction of the public.
KB
Firstly, RM391mill did not go to Talam but to State related GLC where the State has majority shares. If Talam fails to pay MB Incorporated, the State will use its powers under land acquisition act to acquire the many landbanhk that is owned by Talam. Of course some of it is charged to the bank but I am sure if we use the law and do valuation properly, the state will be on top. Not many realize that Talam has been negotiating with the State and asking for the State to take over their land bank at 3x the market value. The state has decided to call for 2 independent valuer to value the properties.
In a nutshell, if Talam fails to pay, the state money went to the its own GLC and the State will get their returns in the form of asset.
Trust this clarifies.
It is a right move indeed. And it is not a party matters, it is state matters.
So far , PR selangor is doing a positive move, espcially desclasifed all the docs.
Selangorian like me will be able to know the truth ..
To CSI
Please note that the Malays do not eat chicken feet. It is the poor chinaman eating chicken feet. By the way chicken feet are expensive too and now the middle class chinaman has joined in feasting chicken feet.
nicer guy.. chicken feet …it is really a delicacy anyway….should have read as “CHICKEN FEED” o blind me 1000 apologies sir !
Dear nicermannson,
Can I beg your pardon…..? Malay’s don’t eat chicken feet?
Want me to bring one thousand of them to face you or you would do with one thousand signatures.
Are you talking through your rear, nicermannson.
You datang dari negeri mana ?……, in Selangor districts.., I have friends who would finish chicken feet by the dozen’s.
You want me to prove it…..? If yes, What’s the stake that you want to offer.
Salam Dr. Rafick,
I think DSH raise up the issue because of party members who will help and defend the ‘PR state(s)” action. I agree on your clearification that it’s a state matter and not political party but I disagree on ‘hidden agenda’ that you try to put on it.
May be DSH should explain
ONE MORE THING FOR OUR GOOD DOCTOR RAFFICK
ALL BANKS THAT GAVE OUT LOANS…CHECK WHO OWNS THEM…WHO WAS THE APPROVING MANAGER,,,….WHICH BRANCH….WHEN WAS IT APPROVED….WHAT ARE THE TERMS AND CONDITIONS TOO….
TENDER BOARDS…TECHNICAL BOARDS…ASSESSMENT BOARDS…..WHAT EVER BOARDS ….MUST MAKE SURE ALL ABOVE BOARD !
NOT THAT DIFFICULT UNLESS ALL CLASSIFIED AS “TOP SECRET”…
THE THESE CROOKS ALL WORK “HAND IN GLOVE”…NOT DIFFICULT TO NAME NAMES……
FROM THE FIRST MAN TO THE RESERVES…INCLUSIVE THE POSTMAN…BAG MAN….CARPET MAN…..KOPITIAM MAN ALSO…
DOC DO ALL THE CHECKING AND LET US ALL KNOW…!
MALAYSIA BOLEH
ONE MALAYSIA LAGI BOLEH
SEMUA BOLEH BOLEH
IF YOU GUYS HAVE A BIT OF MEMORY !
MAHATIR SAID MELAYU MUDAH LUPA
HOPEFULLY ALL READERS ARE NOT BN AND UMNO SUPPORTERS BECOS THEY WILL FORGET
MELAYU’s WILL FORGET
BUT I CANT!
LOOK – ALL CONTRACTS THAT COMES OUT FROM ANY MINISTRY OR ANY FEDERAL OR STATE GOVT WILL HAVE SOMEBODY TO SIGN OFF…CAN BE A COMMITTEE OR A TEAM OR WHATEVER LAH !
CHECK WHO PUT THEIR NICE THUMB PRINTS ON IT?
CHECK WHERE ARE THEY NOW?
CHECK HOW MANY HOUSES AND CARS THEY HAVE?
WHAT ARE THEY DOING NOW?
CHECK ALL THESE SUPPLIERS AND CONTRACTORS!
ASK BANK NEGARA TO OPEN ALL THEIR ACCOUNTS INCLUDING THEIR FAMILIES, NOBODY TO BE SPARED AND SEE…WHERE AND WHO HOLDS THEIR MONIES..INSIDE AND OUTSIDE…
SEE HOW MUCH MONIES THEY HAVE?
WE CAN CHECK EASILY HOW THEY ALL COLLECTED THE RICH BOUNTIES ?
TO DO THIS WE NEED TO CHANGE THE RULING GORMEN FIRST..OTHERWISE WE AIN’T GOING NO WHERE…
ALL PR STATES MUST GET IN DONE FOR STARTERS… THEY CAN BURN FILES AND HIDE FILES BUT WE STILL CAN DIG…
THE CHINA MAN IS A BOGEY MAN..AS ALWAYS ///\\\
WHY ……BECOS FIRSTLY THEY HAVE THE MONEY THE MACHINE THE PEOPLE..THE RESOURCE…THE EXPERIENCE…THE KNOW HOW…THE TECHNOLOGY….THE CONNECTIONS….THE GANGS…. ALL TO WORK FOR THEM AND IN THEIR FAVOUR!
THE MALAYS HAVE ONLY A VERY IMPORTANT PIECE OF PAPER…..THE CONTRACT !
SO ALI is the BABA’s ALL THE WAY !
The Malays eat chicken feet and peanuts and drink teh tarik at mamak stalls …….watch EPL!
The China man eat Exotic Steam Fish and Drink 1st Class Brandy…..in HONG KONG & Beijing! They have Real 1st Class China Dolls inside the restaurants!
So, who is to be blamed?
FACT 1. – FOR EVERY MALAY WHO BECAME A MILLIONAIRE IN THIS COUNTRY….WHICH AT ONE TIME TUN MAMAK SHOUTED AND WAS SO PROUD OF! LOOK MELAYU BOLEH JADI JADI ….KAYA KAYA…RAYA-RAYA!
FACT 2. THERE ARE ALREADY ABOUT 500 CHINA MAN WHO BECAME MULTI MILLIONAIRES FIRST…
THAT IS THE SYSTEM HERE…TELL ME I AM WRONG!
N.E.P – ACTUALLY IT MADE THE CHINA MAN RICH AND THE POOR MALAYS POORER !
HOW COME THE CHINA MAN ANGRY WITH MELAYU IN UMNO & BN?
THE RICH CHINA MAN ALL BELONGS TO BN AND MCA/GERAKAN !
THE POOR CHINA MAN IS IN DAP !
SEE THE STORY NOW!
STILL NOT CLEAR !
LETS GO TEH TARIK LIKE A POOR MELAYU AT KEDAI MAMAK STALL AT CHOW KIT ROAD!
can you relate more how Toyo is involved in the abandoned project, Ukay Bistari?
Dear Aca
(1) The zooview landslide occurred about 500meters from the Ukay bistari site
(2) Khir Toyo ask Chan Ah Chye to repair the slope and in exchange he gave Chan Ah Chyea 5 acre prime land near Ukay Bistari
(3) Chan Ah Chye use the money in DBSB (Ukay Bistarri developer) account to repair the slope and this affect the cash flow of DBSB. Since then Ukay Bistari project has failed.
(4) Dr Khir should not have done the direct nego. The land sale and cost of repair should be handled separately.
drrafick,
my first comment here.
you make it so simple to understand.
time the state government take back the land.
Doc,
That’s for making things simpler to articulate. At least, this come from a person who have no interest in any of those deals.
Hopefully, the PR government can correct the wrong-doing of those thieves and robbers of Selangor. Off course, those thieveas and robbers had made their millions, but the action taken by the PR government can ease the public that fall into the scams.
Sorry, typo error.
First line … That’s should be Thanks
If you are going to go all out on this, take note of this developer – Dataran Mantin.
If I were the Sultan of Selangor I would immediately banish Khir Toyo from the state and confiscate his assets. But I am not… and I hear reports that Khir ensured that the Sultan also got his share. How pathetic!
doc thanks for the explanation. agree DSH should stay out. This is not like UMNO who runs the govt and the BN supreme council rubber stamps everything.
i do hope Selangor can the GLCs around.. this decision is good for the state. time people make good decision for the state instead good decision for their cronies and themselves.
Talam is indeed a problem left over from the previous administration. I do not see how debts can be recovered quickly by the state when I am sure whatever assets remaining are pledged to the banks who have the first right of disposal. The only way to take Chan Ah Chai to task is to recover debts in the courts. He is sitting prettily because he knows debtors will not resort to this method due to the huge size of his debts. I doubt the state can get anything from him, it is better he be sued for bankruptcy. Only way is to shame him. Once declared a bankrupt can he still carry the Tan Sri? This is for screwing up all those who believed in him and bought his products. Let Sgor state take the first step and tell him not to mess around with the citizens.
So DHS wants to be informed whatever the state government does. Who does he think he is?
This is the problem with PKR. Anwar should put them in place.
If a sec-gen cannot differentiate between party and state affairs then he should resign and open a coffeeshop.
In the first place why would anyone buy anything from any TALAM connected company? This company is famous for not delivering what it promises.
kok
we got your point… we, the buyers are bunch of trusting idiots!
THe “BN” style thinking is what got us into trouble al ot of time.. state=party. state/fed money=party funds. That thinking doesnt cut it anymore (or shouldnt have in the 1st place).
So DSH shld get it right. No need to discuss wt the PKR top brass. Is he an ADUN/exco within Selangor?
Kudos to the Selangor govt for this move!
See , I always have faith in Tan Sri Khalid more than anyone else for the MB of Selangor post. As a former head of Guthrie , he is of course above anyone else or at least on par with the very best economic minded politicians. Another great fella to mention is Tony Pua of course.
Cheers Tan Sri Khalid !
typical state umno leaders plundering state resources (lands and money) using state fronting companies.these state ‘vehicles’ are totally incapable,fully mis-managed,corrupt to the core!these sick state owned companies are/were umno leaders’ platform to distribute wealth among themselves……!the taking over is a state matter and not a party matter indeed.hope that tan sri khalid,in the case of Talam, could embark a forensic accounting review,trace the root of the problem,make a professional decision either to continue or liquidate them,try to salvage as maximum as possible…and most importantly TO PROSECUTE those responsible bringing in the mess!….surely all the umno’s selangor previous MBs had their hands in it!BTW PR govt.should check that datuk sallehudin coz i can smell another rotten egg about to rot within PR!!
Dr, u are right to say that the present Selangor Gov’t had done the right thing. The move will enable the three GLCs to have liquid funds to carry out new projects, considering Selangor, being PR-held, is being squeezed financially.
I had not heard any noises from PAS nor DAP, and that is encouraging.
This is the s@@t and mess the previous BN govt left behind and all under the official secrets act. What so secret about land deals. Only to hid their scheming and stealing from the people. MACC where are you still Zzzzzz. WHY are you not going after the thieves,who are now staying in Balinese palaces nd enjoying themselves. Still going after chicken feed. Wake up and do what your paid for. No use issuing statements. Actions speak or are you still hoping to throw somwone out of the window.
I am one of the purchasers of Maxisegar Sdn Bhd (a paper company of Talam)’s Taman Puncak Jalil house. If I’m right there are currently four abandoned or some sort of ‘hanging projects’ just in Puncak Jalil. You can check this out at puncak-jalil.com/forums.
One of the famous project and being highlighted in tv news and paper is the low cost. They stopped on this project long time ago and in 2007, it promised to make the refund to all purchasers but until now only a very small portion of the purchasers got their refund. Numerous complaints have been lodged to Housing Ministry with the help of HBA. And yet promise remain promise. The thing is Housing Ministry seem to take this lightly and let them postponed indefinitely.
This does not include other projects where Maxisegar purposely make them ‘hanging’ with just 10% uncompleted. The reason, buyers have to let go the LAD claims by signing paper before the 10% could be completed.
Now, how good this is! Is Talam fault or the previous gov?
I agreed with your analysis. However, if the bondholders of Talam has to take haircut and the house buyers are still waiting for their homes and have to forego LAD, I hate to imagine how much the State can collect from Talam for the RM391M. Many of its contractors have to contra payments with its lands. The State can only hope to contra cash due with some “not nice” lands. All the good lands probably have “left” Talam. E.g. I understand Ukay Bestari is not under Talam but under CAC’s private companies and his name do not appear but most of the staff are Talamers.
There appeared to be non efforts by previous State Govt and officers to collect those debts.Under normal circumstances, a landowner would not have allowed his lands to be charged or a BG must be issued first to the landowner if its needs to be charged pursuant to the JV terms or privatisation terms. I am sure the State can afford the best lawyers to protect its interests but does the past top guys wanted it ? We all know of the “gravy trains”, botox,expensive cars etc . Its sad but I hope Pakatan can put a stop to all this corrupted practices so that it won’t happen again, I dont trust another Toyol to be the next MB.
Agree with Mag Quek.
Purchasers of UkayBistari were conned into thinking TALAM was the Master Developer with TALAM logo on the sales brochure. How did DamaiBistari got the syndicated loans from bondholders is also guestionable . The practice of opening a special vehicle company and then charging land without guarantee from a reputable holding company must stop.
As it is now many of abandoned projects cannot be turned-around as the assets are worthless and without father christmas coming in to inject cash, additional fund can only come from the purchasers if they want to see their property completed.
Lawyers must find ways of disentangling the corporate veil and banks and financial institutions must be careful in providing loans in future because lands charged as collateral are in fact useless with myriad of issues with the purchasers .