Chua Tee Yong Misleads Again: GLCs Should Follow State’s Instruction

Pess statement by Teresa Kok, Exco for Selangor Government On 27th July 2012 at Shah Alam 

Chua Tee Yong Misleads Again: GLCs Should Follow State’s Instruction

 I am shocked by the accusation made by Chua Tee Yong yesterday that KHSB was forced to buy the RM44.7 million worth of properties from Talam Corporation.  
KHSB as a state subsidiary is required to follow or adhere to policies stipulated by the state government.
In this context, Chua’s argument makes no sense as KHSB would not have bought the said properties.

I wish to point out to Chua that the previous settlement agreements entered with Talam & Selangor BN state government, involved only a portion of debts with Unisel and not the other State agencies. Although, an agreement was reached but it could not be concluded due to the land encumberence and the previous government  was not as innovative as Pakatan to look at ways and means on how to secure  land ownership from the bank to the State or State agencies.

On the RM30 million excess fund issue repeatedly raised by Chua, the actual usage of the excess fund is for statutory expenses required to perfect the transfer of the land to the State or State agencies or buyers.  
In addition, due to the time required for Talam shareholders’ approval, the bank redemption sum may increase, and thus, the excess sum is to cover this as well as to ensure that the State will get back no less than RM392 million at the end of the exercise.
Teresa Kok

Posted on July 27, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

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