x hot pun..sengaja nk alih isu...padahal nk kalah dah UMNO tu.hahahahahahahaha
July 28, 2012 10:27 PM
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Isu apa pula? Isu kerajaan PKR Selangor membeli tanah yang 80 % bawah air ke? Atau isu pembohongan menifesto PRU 12 yang 80% tak terbuat hingga sekarang ni, apa cerit?
Menifesto PRU 12 korang, aku petik sebahagian saja, berlambak lagi yang korang tak buat:
1. Bantuan RM 1000 untuk anak Selangor yang berjaya ke univesiti, hingga kini satu sen pun tak dapat.
2. Janji untuk mengurangkan sewa rumah murah kerajaan negeri, tapi yang terjadinya adalah sewa dinaikkan 100%, malahan penyelenggaraan tak dibuat.
3. Bantuan untuk kanak-kanak tadika dan pra sekolah RM 150 seorang, satu sen pun tak dapat.
4. Pendidikan percuma, kepala otak korang sajalah, asrama untuk anak selangor di Kuala Lumpur pun korang jualkan.
5. Mengurangkan cukai PBT, langsung tak dikurangkan, dinaikkan lagi adalah.
6. Menghapuskan rasuah, tapi dalam isu penyelewengan projek kerajaan negeri di DUN Seri Kembangan apa cerita, itu penyelewengan projek tidak dipedulikan, yang sibuk dipolitikkan adalah kematian Teoh Beng Hock yang tak ada bukti pun dia diainaya oleh SPRM, ada video, ada DNA, ada CCTV, malahan malam sebelum Teoh Beng Hock mati, dia ada bergaduh dengan seorang atas DAP, apa cerita?
7. Nak memperkuatkan hak asasi manusia, tapi lihatlah sekumpulan pelajar sekolah yang sedang berlatih bola sepak telah diganggu oleh gerombolan Penipu Rakyat yang diketua oleh Latifah Koya dan kuncu-kuncuya berdemontrasi di padang itu, apa cerita?
Malahan lihatlah kezaliman Penipu Rakyat yang lain pula:
1. Hutang YBK (Yayasan Basmi Kemiskinan) dalam cukai tanah berjumlah hampir RM 6 juta yang hendak dibayar oleh Yayasan Melaka tidak dilayan oleh Kerajaan Penipu Rakyat Selangor, malahan mereka merampas tanah milik YBK yang dalam perancangan YBK dan kerajaan pusat untuk menubuhkan UiTM Kampus Serendah.
2. Tapi dalam isu Talam Corporation, boleh pula Kerajaan Penipu Rakyat Selangor membeli hutang Talam Corporation, tak cukup dengan itu beli tanah dari Talam Corporation yang mana tanah itu 80% di bawah air dengan harga RM 87 juta.
Lihatlah, dalam isu Talam Corporation Kerajaan Penipu Rakyat boleh beri bantuan beli hutang dari syarikat tersebut dengan harga hampir RM 400 juta, kemudian beli pula tanah yang 80% dibawah air milik syarikat itu dengan harga RM 87 juta sedangkan hutang cukai tanah milik Yayasan Basmi Kemiskinan berjumlah hanya hampir RM 6 juta tidak diberi belas kasihan oleh Kerajaan Penipu Rakyat Selangor.
Sekarang ni Penipu Rakyat Selangor yang dah nak mampus, peristiwa di Terengganu dalam PRU 11 akan berulang di Selangor di mana dalam PRU 10 Barisan Nasional kalah teruk di Terengganu, tapi kerana PAS yang kononnya parti Islam itu bila dapat kuasa, jadi macam komunis menindas orang ramai yang tidak separti dengan mereka, akhirnya Terangganu kembali ke pangkuan Barisan Nasional semula dalam PRU 11 dan dalam tsunami politik PRU 12 pun orang Terengganu dah serik dengan Penipu Rakyat ni, indah khabar dari rupa. Peristiwa ini akan berlaku di Kedah dan Selangor, malahan di Pulau Pinang juga.
Penipu Rakyat hanya gemar berpolitik siang dan malam, tapi Barisan Nasional sibuk berusaha demi kesejahteraan negara dan rakyat. Jelas Barisan Nasional jauh lebih berkualiti berbanding Penipu Rakyat yang sekadar bertaraf longkang di kandang babi sajalah, betapa teruknya Penipu Rakyat.
PRU 13, undilah Barisan Nasional demi agama, bangsa dan tanah air. Takbir! Allahuakbar.
PR ramai yg anggap sbg Penipu Rakyat, tapi sebenarnya yg lebih tepat adalah singkatan kpd "PORNO REGIME" (REJIM LUCAH) krn banyak pemimpin2 tertingginya tergulung dlm kategori KUAT SEKS membabi-buta.
Mengapa Porno Regime memilih sykt TALAM utk dibantu kewangannya bagai menjaga 'minyak yg penuh'? Mungkin kerana rejim lucah Khalid Gagap ingin "Mengkronikan duit rakyat Selangor" sebanyak mungkin sebelum PRU13 ini. Lagi pun rejim porno Selangor dibantu oleh Punaisihat Ekonomi yg tidak pun faham apa itu 'double-entry book-keeping' apatah lagi utk membuat unjuran ekonomi dlm jangkamasa panjang.
Apa2 pun pemimpin2 PR adalah jenis bukan hanya TALAM DUA MUKA, tapi bermuka-muka. Depan rakyat cakap lain, belakang rakyat buat lain.
baru-baru ini pihak trinity edar surat terbuka pada para penganutnya. antara kandungannya ialah panduan menghadapi pru 13.
panduan tersebut menyenaraikan kriteria yang bakal ditolak. apa yang pihak trinity tertinggal ialah amalan berikut;
1. nepotisme peringkat tertinggi -- bapa/isteri; anak/menantu; sepupu/sepapt
2. buak dek terhadap percambahan premis penggalak gejala mungkar
3. penggunaan dana negeri untuk selamatkan TALAM kroni
4. bla, bla
dengan itu diharapkan pihak trinity dapat menambah baik kriteria persediaan berdepan pru 13 agar panduan nampak lebih bersangkut paut elemen anutan dan bukan yang umum saja.
PEKAN - Datuk Seri Najib Tun Razak akan memutuskan kedudukan Datuk Lajim Ukim sebagai Timbalan Menteri Perumahan dan Kerajaan Tempatan akan diputuskan esok.
Dipetik Bernama, Perdana Menteri berkata, keputusan Lajim melepaskan jawatannya sebagai ahli Majlis Tertinggi (MT) Umno, Ketua Umno Bahagian Beaufort dan Pengerusi Barisan Nasional (BN) Bahagian Beaufort adalah sesuatu yang telah dijangkakan oleh beliau dan parti. ...................... LAJIM NAK JADI KETUA MENTERI SABAH, BARU BIAN NAK JADI KETUA MENTERI SABAH.. BODOH,,, ANGAN2 MAT JENIN
PEKAN - Datuk Seri Najib Tun Razak akan memutuskan kedudukan Datuk Lajim Ukim sebagai Timbalan Menteri Perumahan dan Kerajaan Tempatan akan diputuskan esok.
Dipetik Bernama, Perdana Menteri berkata, keputusan Lajim melepaskan jawatannya sebagai ahli Majlis Tertinggi (MT) Umno, Ketua Umno Bahagian Beaufort dan Pengerusi Barisan Nasional (BN) Bahagian Beaufort adalah sesuatu yang telah dijangkakan oleh beliau dan parti. SORY''LAJIM NAK JADI KM SABAH, BARU BIAN NAK JADI KM SARAWAK..NGANCIT WAI
Azrin Aziz Abdul Karim · SubscribeSubscribed · Chief Executive Officer at Coca-Cola kita tak boleh cakap apa2... kami penyokong DSP Lajim, tapi tak semestinya kami akan ikut jejak langkah dia... ini adalah kerana kami punya kuasa mutlak untuk menjatuhkan atau membangunkan beliau. kami kenal siapa dia dan karenah pengundi sekitar kawasan... tunggu sahaja pru13 apa yg akan terjadi dengan dia... biar rakyat yg tentukan.... bn akan terus kekal di sabah...
PLUS milik kroni UMNO?..cuba la tunjuk fakta skit..aku nak tahu jugak...setakat cakap dari celah kangkang je ,kongkang pon bole buat....esok hujan tak turun pon korang kata UMNO salah..
Kepala hotak PORNO REGIME yang mengatur purak puranda dinegara ini. Jelas sangat kerana perkara yang baik dan betul tapi dikata salah juga. benda lucah, sesat nak digalakkan. APA GUNA LGBT? APA GUNA BERSIH? semua ini hotak jamban ketua pembangkang negara. sangat bodoh sangat banggang sangat tolol sangat nyanyuk pilih ketua pemnbangkang kaki juburit, jika berkuasa nanti membiaklah syaitan dan afrit tanpa terkawal.
COMMENT “Confusing” probably describes most of our initial attempts to get to the bottom of what the deal was between Talam Corporation and Selangor.
With a little diligence, clear thinking and attention to detail however, most mysteries can be unravelled and articulated efficiently.
This article attempts to explain in easy to understand terms the background and context of this issue, how Selangor recovered the debt owed to it by Talam, and how this debt recovery differs from the bailouts we have seen at the federal level.
In the beginning
The story begins in the late eighties and early nineties, with an engineer and project manager who worked in Selangor state subsidiary PKNS - one Chan Ah Chye.
This man later goes on to form Talam Corporation, and before long - possibly due to close connections with the ruling elite in Selangor, then headed by BN menteri besar Muhammad Muhammad Taib - becomes a major player in the Selangor property and development scene.
Over time, an extremely large amount of state land is alienated to Talam, who basically gets it for free. A strong imagination is not required to speculate in whose pockets any resulting profit eventually ends up.
Talam’s modus operandi seems to be to pledge this land to the bank in exchange for huge loans, which they then use to finance their development and profit making projects. In essence, since they got the land free, they have successfully achieved money for nothing (it is uncertain as to whether “chicks for free” were involved).
The ‘wise’ businessmen of that era believed in the dictum of never using your own money when you can use someone else’s. This heavy lending continued to characterise Talam’s business approach, and their loans consistently kept getting bigger and bigger.
Tumbling down
Of course, no student of recent economic trends is unfamiliar with the concept of a bursting bubble.
The financial collapse of the late nineties brings Talam’s debt-ridden house of cards crashing down. An overgearing of loans and inability to service them halts various half-completed projects, rendering them idle, half-built ruins.
Incredibly however, this does not prevent Talam and their political patrons from altering their basic modus operandi.
In 2001, under BN menteri besar Khir Toyo (right), three parcels of land are alienated by Selangor to Talam via their subsidiary Maxisegar Sdn Bhd, who undertakes to construct Unisel’s campus at an estimated cost of RM750 million.
It will probably come as no surprise that Talam failed to complete this project. By September 2006, the company had been classified as an affected company under Practice Note 17 (PN 17), indicating dire financial straits.
New sheriff in town
In 2008, when Khalid Ibrahim assumes the menteri besar’s post, he inherits a situation in which Talam owes the state and its subsidiaries (among other creditors), a great deal of money.
Urban legend has it that when Talam was called in to explain why they have never endeavoured to pay their debts, the sheepish reply given was, “No one ever asked us to.”
Thankfully for the citizens of Selangor, there was a new sheriff in town.
Corporate finance is not only an area of expertise for Khalid (left) - it is a passion. With great gusto, he set out to solve this problem, and recover that which was owed by Talam to the people of Selangor.
The problem was undoubtedly challenging, but after some work and careful strategising, a plan was set into motion.
The end goal was simple: to leverage the assets still held by Talam to repay the debt Talam owed to the Selangor and its state subsidiaries.
The technical nitty-gritty
Making this happen was a technically complicated process that required considerable financial acumen.
The summary is this: firstly, the debts that were owed by Talam to Selangor state subsidiaries were properly booked and accounted for - something that, very suspiciously, had not been done before. Once these debts were acknowledged by all parties, the debts were consolidated and transferred to one state subsidiary - Menteri Besar Incorporated (MBI), which was then responsible for collecting the debts from Talam in the form of land and cash.
The rest of this section explains how this was done. It is a boring and complex explanation, but I list it here for the record and for those interested.
Talam owed RM392 million in debt to three Selangor state subsidiaries: KHSB, PIYSB, and PNSB. After acknowledging and booking these debts, the next step was to have another state subsidiary, Selangor Industrial Corporation (SIC), purchase these debts from the other three companies.
A loan from CIMB Bank of RM 392 million was given to SIC to complete this purchase. In November 2009, the state exco and legislative assembly both approve a grant of RM392 million to MBI, who then use the funds to purchase the original consolidated debt from SIC. SIC then uses those funds to pay off their CIMB loan.
The end result is as simple as the transaction itself is complex - without any major or excessive transactional expenses, Talam now owes the same amount of money to just one state subsidiary, instead of the original three.
It is important to note that at no point are funds transferred from taxpayer monies to Talam. Funds have instead only been transferred from one pocket of the state to another.
This differs wildly from federal bailouts of corporations like Indah Water Konsortium, MAS, or the Putra/Star LRT, where taxpayer money was injected directly into companies that had probably lost untold amounts via mismanagement, corruption and plundering.
The transfers in the Talam debt restructuring allowed for a structure in which there is a clear acknowledgement and accounting for the RM392 million owed by Talam, and a single company for them to pay it to.
The story does not end there.
Another extremely important milestone in this tale is that MBI has in fact already succeeded in recovering all RM392 million in debt owed by Talam.
For those who would like to keep score, this recovery came in two forms.
RM340.88 million was recovered via acquisition of land and assets: 1,322 acres of land in Bukit Beruntung worth RM150.28 million, 2,264 acres of land in Bestari Jaya worth RM105.3 million, 400 acres of land in Ulu Yam and 60% equity in Ulu Yam Golf & Country Resort worth RM22.2 million, 134 acres of land in Danau Putra worth RM52.1 million and five office units in Menara Pandan worth RM11.1 million.
The remaining RM51.12 million was collected in cash: RM12 million from sales of land in Puncak Jalil, RM5 million in cash assignments from EON, RM7.68 million in payments by Unisel for earthworks, RM9.04 million from the sale of 25.94 acres of land in Bukit Beruntung, and RM17.4 million from sales of 218 acres of land in Bestari Jaya.
Go ahead, count it - it's all there.
Facts trump hype - again
How can we summarise this? For more than a decade under BN, one corporation owed the state hundreds of millions of ringgits.
Within a year or two of taking over, Khalid managed to collect on these debts, instantly increasing the amount of money available to spend on welfare programmes throughout Selangor.
Scandal?
Yes, it’s a scandal that Talam was allowed to get the free lunch it did under BN, and it’s a scandal it took this long for to create the change in government that succeeded in cleaning up the mess.
It would be insulting to suggest that this article is titled specifically in the hopes that Chua Tee Yong (left) would take the time to carefully peruse the facts within. Nevertheless, perhaps he may find the exercise beneficial in his longer term efforts to maintain what little credibility he has left.
Said credibility is shrinking at about the same rate at which he is reducing the amount of money claimed to be ‘misused’ by Selangor - from RM1 billion, to RM260 million, to RM42 million. Before long, he may have to measure in sen instead.
Perhaps Chua fancies himself a Rafizi Ramli. What he fails to understand however, is that Rafizi’s exposes are not just all about ‘glamorous’ press conferences and big numbers. Behind every expose is a ton of hard work and solid research.
Behind Chua appears only to be blind ambition that extends far beyond ability, and a shameful mainstream media that think that hype can overturn facts.
23 comments:
x hot pun..sengaja nk alih isu...padahal nk kalah dah UMNO tu.hahahahahahahaha
Anonymous said...
x hot pun..sengaja nk alih isu...padahal nk kalah dah UMNO tu.hahahahahahahaha
July 28, 2012 10:27 PM
--------------------------------------
Isu apa pula? Isu kerajaan PKR Selangor membeli tanah yang 80 % bawah air ke? Atau isu pembohongan menifesto PRU 12 yang 80% tak terbuat hingga sekarang ni, apa cerit?
Menifesto PRU 12 korang, aku petik sebahagian saja, berlambak lagi yang korang tak buat:
1. Bantuan RM 1000 untuk anak Selangor yang berjaya ke univesiti, hingga kini satu sen pun tak dapat.
2. Janji untuk mengurangkan sewa rumah murah kerajaan negeri, tapi yang terjadinya adalah sewa dinaikkan 100%, malahan penyelenggaraan tak dibuat.
3. Bantuan untuk kanak-kanak tadika dan pra sekolah RM 150 seorang, satu sen pun tak dapat.
4. Pendidikan percuma, kepala otak korang sajalah, asrama untuk anak selangor di Kuala Lumpur pun korang jualkan.
5. Mengurangkan cukai PBT, langsung tak dikurangkan, dinaikkan lagi adalah.
6. Menghapuskan rasuah, tapi dalam isu penyelewengan projek kerajaan negeri di DUN Seri Kembangan apa cerita, itu penyelewengan projek tidak dipedulikan, yang sibuk dipolitikkan adalah kematian Teoh Beng Hock yang tak ada bukti pun dia diainaya oleh SPRM, ada video, ada DNA, ada CCTV, malahan malam sebelum Teoh Beng Hock mati, dia ada bergaduh dengan seorang atas DAP, apa cerita?
7. Nak memperkuatkan hak asasi manusia, tapi lihatlah sekumpulan pelajar sekolah yang sedang berlatih bola sepak telah diganggu oleh gerombolan Penipu Rakyat yang diketua oleh Latifah Koya dan kuncu-kuncuya berdemontrasi di padang itu, apa cerita?
Malahan lihatlah kezaliman Penipu Rakyat yang lain pula:
1. Hutang YBK (Yayasan Basmi Kemiskinan) dalam cukai tanah berjumlah hampir RM 6 juta yang hendak dibayar oleh Yayasan Melaka tidak dilayan oleh Kerajaan Penipu Rakyat Selangor, malahan mereka merampas tanah milik YBK yang dalam perancangan YBK dan kerajaan pusat untuk menubuhkan UiTM Kampus Serendah.
2. Tapi dalam isu Talam Corporation, boleh pula Kerajaan Penipu Rakyat Selangor membeli hutang Talam Corporation, tak cukup dengan itu beli tanah dari Talam Corporation yang mana tanah itu 80% di bawah air dengan harga RM 87 juta.
Lihatlah, dalam isu Talam Corporation Kerajaan Penipu Rakyat boleh beri bantuan beli hutang dari syarikat tersebut dengan harga hampir RM 400 juta, kemudian beli pula tanah yang 80% dibawah air milik syarikat itu dengan harga RM 87 juta sedangkan hutang cukai tanah milik Yayasan Basmi Kemiskinan berjumlah hanya hampir RM 6 juta tidak diberi belas kasihan oleh Kerajaan Penipu Rakyat Selangor.
Sekarang ni Penipu Rakyat Selangor yang dah nak mampus, peristiwa di Terengganu dalam PRU 11 akan berulang di Selangor di mana dalam PRU 10 Barisan Nasional kalah teruk di Terengganu, tapi kerana PAS yang kononnya parti Islam itu bila dapat kuasa, jadi macam komunis menindas orang ramai yang tidak separti dengan mereka, akhirnya Terangganu kembali ke pangkuan Barisan Nasional semula dalam PRU 11 dan dalam tsunami politik PRU 12 pun orang Terengganu dah serik dengan Penipu Rakyat ni, indah khabar dari rupa. Peristiwa ini akan berlaku di Kedah dan Selangor, malahan di Pulau Pinang juga.
Penipu Rakyat hanya gemar berpolitik siang dan malam, tapi Barisan Nasional sibuk berusaha demi kesejahteraan negara dan rakyat. Jelas Barisan Nasional jauh lebih berkualiti berbanding Penipu Rakyat yang sekadar bertaraf longkang di kandang babi sajalah, betapa teruknya Penipu Rakyat.
PRU 13, undilah Barisan Nasional demi agama, bangsa dan tanah air. Takbir! Allahuakbar.
.
Merokok merbahayakan kesihatan ... kurangkan merokok .
.
PR ramai yg anggap sbg Penipu Rakyat, tapi sebenarnya yg lebih tepat adalah singkatan kpd "PORNO REGIME" (REJIM LUCAH) krn banyak pemimpin2 tertingginya tergulung dlm kategori KUAT SEKS membabi-buta.
Mengapa Porno Regime memilih sykt TALAM utk dibantu kewangannya bagai menjaga 'minyak yg penuh'? Mungkin kerana rejim lucah Khalid Gagap ingin "Mengkronikan duit rakyat Selangor" sebanyak mungkin sebelum PRU13 ini. Lagi pun rejim porno Selangor dibantu oleh Punaisihat Ekonomi yg tidak pun faham apa itu 'double-entry book-keeping' apatah lagi utk membuat unjuran ekonomi dlm jangkamasa panjang.
Apa2 pun pemimpin2 PR adalah jenis bukan hanya TALAM DUA MUKA, tapi bermuka-muka. Depan rakyat cakap lain, belakang rakyat buat lain.
SEJARAH 2008 BERULANG LAGI
baru-baru ini pihak trinity edar surat terbuka pada para penganutnya. antara kandungannya ialah panduan menghadapi pru 13.
panduan tersebut menyenaraikan kriteria yang bakal ditolak. apa yang pihak trinity tertinggal ialah amalan berikut;
1. nepotisme peringkat tertinggi -- bapa/isteri; anak/menantu; sepupu/sepapt
2. buak dek terhadap percambahan premis penggalak gejala mungkar
3. penggunaan dana negeri untuk selamatkan TALAM kroni
4. bla, bla
dengan itu diharapkan pihak trinity dapat menambah baik kriteria persediaan berdepan pru 13 agar panduan nampak lebih bersangkut paut elemen anutan dan bukan yang umum saja.
ATAS PAGAR
tak pyh nak jd hero la pasal isu Talam UMNU woi...muka tak tau malu ka..? ini taik ko org jugak...
dah tau taik..yang pembangkang pergi cium dan jelat wat pa hah, hik hik
PEKAN - Datuk Seri Najib Tun Razak akan memutuskan kedudukan Datuk Lajim Ukim sebagai Timbalan Menteri Perumahan dan Kerajaan Tempatan akan diputuskan esok.
Dipetik Bernama, Perdana Menteri berkata, keputusan Lajim melepaskan jawatannya sebagai ahli Majlis Tertinggi (MT) Umno, Ketua Umno Bahagian Beaufort dan Pengerusi Barisan Nasional (BN) Bahagian Beaufort adalah sesuatu yang telah dijangkakan oleh beliau dan parti.
......................
LAJIM NAK JADI KETUA MENTERI SABAH, BARU BIAN NAK JADI KETUA MENTERI SABAH.. BODOH,,, ANGAN2 MAT JENIN
PEKAN - Datuk Seri Najib Tun Razak akan memutuskan kedudukan Datuk Lajim Ukim sebagai Timbalan Menteri Perumahan dan Kerajaan Tempatan akan diputuskan esok.
Dipetik Bernama, Perdana Menteri berkata, keputusan Lajim melepaskan jawatannya sebagai ahli Majlis Tertinggi (MT) Umno, Ketua Umno Bahagian Beaufort dan Pengerusi Barisan Nasional (BN) Bahagian Beaufort adalah sesuatu yang telah dijangkakan oleh beliau dan parti.
SORY''LAJIM NAK JADI KM SABAH, BARU BIAN NAK JADI KM SARAWAK..NGANCIT WAI
Azrin Aziz Abdul Karim · SubscribeSubscribed · Chief Executive Officer at Coca-Cola
kita tak boleh cakap apa2... kami penyokong DSP Lajim, tapi tak semestinya kami akan ikut jejak langkah dia... ini adalah kerana kami punya kuasa mutlak untuk menjatuhkan atau membangunkan beliau. kami kenal siapa dia dan karenah pengundi sekitar kawasan... tunggu sahaja pru13 apa yg akan terjadi dengan dia... biar rakyat yg tentukan.... bn akan terus kekal di sabah...
AKU SETUJU BAH LAGIPUN LAJIMPUN BUKAN BERJASA SANGAT, INGAT DIA OK, SEBOK NAK AMBIK PROJEK, DAPAT SIKIT NAK MERAJUK,,JAMBAN
bila org lompat ke pakatan mula kutuk2..tapi bila lompat ke BN bukan main puji...losers...!!
eh? sama jugak dengan puak2 pakatan kan? siap pijak2 gambo laie eh.. losers!!!
MENGAPA PLUS (syarikat milikan kroni UMNO) TAK BOLEH TURUNKAN KADAR TOL?
PLUS milik kroni UMNO?..cuba la tunjuk fakta skit..aku nak tahu jugak...setakat cakap dari celah kangkang je ,kongkang pon bole buat....esok hujan tak turun pon korang kata UMNO salah..
Kepala hotak PORNO REGIME yang mengatur purak puranda dinegara ini. Jelas sangat kerana perkara yang baik dan betul tapi dikata salah juga. benda lucah, sesat nak digalakkan. APA GUNA LGBT? APA GUNA BERSIH? semua ini hotak jamban ketua pembangkang negara.
sangat bodoh
sangat banggang
sangat tolol
sangat nyanyuk
pilih ketua pemnbangkang kaki juburit, jika berkuasa nanti membiaklah syaitan dan afrit tanpa terkawal.
COMMENT “Confusing” probably describes most of our initial attempts to get to the bottom of what the deal was between Talam Corporation and Selangor.
With a little diligence, clear thinking and attention to detail however, most mysteries can be unravelled and articulated efficiently.
This article attempts to explain in easy to understand terms the background and context of this issue, how Selangor recovered the debt owed to it by Talam, and how this debt recovery differs from the bailouts we have seen at the federal level.
In the beginning
The story begins in the late eighties and early nineties, with an engineer and project manager who worked in Selangor state subsidiary PKNS - one Chan Ah Chye.
This man later goes on to form Talam Corporation, and before long - possibly due to close connections with the ruling elite in Selangor, then headed by BN menteri besar Muhammad Muhammad Taib - becomes a major player in the Selangor property and development scene.
Over time, an extremely large amount of state land is alienated to Talam, who basically gets it for free. A strong imagination is not required to speculate in whose pockets any resulting profit eventually ends up.
Talam’s modus operandi seems to be to pledge this land to the bank in exchange for huge loans, which they then use to finance their development and profit making projects. In essence, since they got the land free, they have successfully achieved money for nothing (it is uncertain as to whether “chicks for free” were involved).
The ‘wise’ businessmen of that era believed in the dictum of never using your own money when you can use someone else’s. This heavy lending continued to characterise Talam’s business approach, and their loans consistently kept getting bigger and bigger.
Tumbling down
Of course, no student of recent economic trends is unfamiliar with the concept of a bursting bubble.
The financial collapse of the late nineties brings Talam’s debt-ridden house of cards crashing down. An overgearing of loans and inability to service them halts various half-completed projects, rendering them idle, half-built ruins.
Incredibly however, this does not prevent Talam and their political patrons from altering their basic modus operandi.
In 2001, under BN menteri besar Khir Toyo (right), three parcels of land are alienated by Selangor to Talam via their subsidiary Maxisegar Sdn Bhd, who undertakes to construct Unisel’s campus at an estimated cost of RM750 million.
It will probably come as no surprise that Talam failed to complete this project. By September 2006, the company had been classified as an affected company under Practice Note 17 (PN 17), indicating dire financial straits.
New sheriff in town
In 2008, when Khalid Ibrahim assumes the menteri besar’s post, he inherits a situation in which Talam owes the state and its subsidiaries (among other creditors), a great deal of money.
Urban legend has it that when Talam was called in to explain why they have never endeavoured to pay their debts, the sheepish reply given was, “No one ever asked us to.”
Thankfully for the citizens of Selangor, there was a new sheriff in town.
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Corporate finance is not only an area of expertise for Khalid (left) - it is a passion. With great gusto, he set out to solve this problem, and recover that which was owed by Talam to the people of Selangor.
The problem was undoubtedly challenging, but after some work and careful strategising, a plan was set into motion.
The end goal was simple: to leverage the assets still held by Talam to repay the debt Talam owed to the Selangor and its state subsidiaries.
The technical nitty-gritty
Making this happen was a technically complicated process that required considerable financial acumen.
The summary is this: firstly, the debts that were owed by Talam to Selangor state subsidiaries were properly booked and accounted for - something that, very suspiciously, had not been done before. Once these debts were acknowledged by all parties, the debts were consolidated and transferred to one state subsidiary - Menteri Besar Incorporated (MBI), which was then responsible for collecting the debts from Talam in the form of land and cash.
The rest of this section explains how this was done. It is a boring and complex explanation, but I list it here for the record and for those interested.
Talam owed RM392 million in debt to three Selangor state subsidiaries: KHSB, PIYSB, and PNSB. After acknowledging and booking these debts, the next step was to have another state subsidiary, Selangor Industrial Corporation (SIC), purchase these debts from the other three companies.
A loan from CIMB Bank of RM 392 million was given to SIC to complete this purchase. In November 2009, the state exco and legislative assembly both approve a grant of RM392 million to MBI, who then use the funds to purchase the original consolidated debt from SIC. SIC then uses those funds to pay off their CIMB loan.
The end result is as simple as the transaction itself is complex - without any major or excessive transactional expenses, Talam now owes the same amount of money to just one state subsidiary, instead of the original three.
Restructuring and successful collection
It is important to note that at no point are funds transferred from taxpayer monies to Talam. Funds have instead only been transferred from one pocket of the state to another.
This differs wildly from federal bailouts of corporations like Indah Water Konsortium, MAS, or the Putra/Star LRT, where taxpayer money was injected directly into companies that had probably lost untold amounts via mismanagement, corruption and plundering.
The transfers in the Talam debt restructuring allowed for a structure in which there is a clear acknowledgement and accounting for the RM392 million owed by Talam, and a single company for them to pay it to.
The story does not end there.
Another extremely important milestone in this tale is that MBI has in fact already succeeded in recovering all RM392 million in debt owed by Talam.
For those who would like to keep score, this recovery came in two forms.
RM340.88 million was recovered via acquisition of land and assets: 1,322 acres of land in Bukit Beruntung worth RM150.28 million, 2,264 acres of land in Bestari Jaya worth RM105.3 million, 400 acres of land in Ulu Yam and 60% equity in Ulu Yam Golf & Country Resort worth RM22.2 million, 134 acres of land in Danau Putra worth RM52.1 million and five office units in Menara Pandan worth RM11.1 million.
The remaining RM51.12 million was collected in cash: RM12 million from sales of land in Puncak Jalil, RM5 million in cash assignments from EON, RM7.68 million in payments by Unisel for earthworks, RM9.04 million from the sale of 25.94 acres of land in Bukit Beruntung, and RM17.4 million from sales of 218 acres of land in Bestari Jaya.
Go ahead, count it - it's all there.
Facts trump hype - again
How can we summarise this? For more than a decade under BN, one corporation owed the state hundreds of millions of ringgits.
Within a year or two of taking over, Khalid managed to collect on these debts, instantly increasing the amount of money available to spend on welfare programmes throughout Selangor.
Scandal?
Yes, it’s a scandal that Talam was allowed to get the free lunch it did under BN, and it’s a scandal it took this long for to create the change in government that succeeded in cleaning up the mess.
It would be insulting to suggest that this article is titled specifically in the hopes that Chua Tee Yong (left) would take the time to carefully peruse the facts within. Nevertheless, perhaps he may find the exercise beneficial in his longer term efforts to maintain what little credibility he has left.
Said credibility is shrinking at about the same rate at which he is reducing the amount of money claimed to be ‘misused’ by Selangor - from RM1 billion, to RM260 million, to RM42 million. Before long, he may have to measure in sen instead.
Perhaps Chua fancies himself a Rafizi Ramli. What he fails to understand however, is that Rafizi’s exposes are not just all about ‘glamorous’ press conferences and big numbers. Behind every expose is a ton of hard work and solid research.
Behind Chua appears only to be blind ambition that extends far beyond ability, and a shameful mainstream media that think that hype can overturn facts.
Talam for Dummies . Read and understand it, otherwise go and get english class.
LUU OLANG SEMUA GILA
tak pyh nak jd hero la pasal isu Talam UMNU woi...muka tak tau malu ka..? ini taik ko org jugak...
"Talam for Dummies"<==Read it,understand it,and respect it!
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