Monday, August 6, 2012

UNISEL - Selangor State Government Talam Debt Recovery Revisited

Let me get this out of the way first, the failed businessman turned politician had this to say on the Talam issue,
"Datuk Chua must enlighten me as to how taking RM676 million worth of property with net asset value of RM379.2 million bailing out Talam? We are taking assets away from Talam, not giving them more assets!"

Please YB (Yang Berputarbelit) Tony Pua, as I had disclosed earlier, in settling it's debts Talam Corp had SOLD land to the tune of RM676,093,918 by way of two agreements:

1st Agreement* - Selangor State Government buys Talam Corp land - RM241,367,000 contra debt owed and PAYS banks (to free encumbrances) RM101,764,000  sub-total RM330,461,000

2nd Agreement - Selangor State Government buys Talam Corp land - RM150,619,156
contra debt owed and PAYS banks (to free encumbrances) RM164,500,000 and pays cash RM30,513,762 sub-total RM345,632,918

Breakdown summary of land purchase from Talam Corp by Selangor State Government

Total cost of land Selangor State Government buys from Talam corp - RM330,461,000 (1st Agreement) + RM345,632,918 (2nd Agreement) = RM676,093,918

Of the total cost, the Selangor State Government contras Talam Corp debt - RM241,367,000 (1st Agreement) + RM150,619,156 (2nd Agreement) = RM391,986,156

Of the total cost, the Selangor State Government PAYS Talam Corp's banks (to free encumbrances) - RM101,764,000 (1st Agreement) + RM164,500,000 (2nd Agreement) = RM266,264,000

Selangor State Governement PAYS Talam Corp cash - RM30,513,762 (2nd Agreement)
* Talam Corp pays Selangor State cash - RM12,670,000

The spin, or putar belit as we Malaysians say, is the Selangor State Government BOUGHT the land from Talam Corp on "a willing-buyer and willing-seller basis" NOT "taking" it.

The spin is, the Selangor State Government could have just "taken assets away" from Talam Corp "worth RM379.2 million" according to YB Tony Pua, and NOT pay cash RM30,513,762 to Talam Corp and Talam Corp themselves settle the RM266,264,000 with their banks to free encumbrances of the land "taken".

So, if that is not bailing out, I don't know what is.

Sorry, I got carried away and coming back to what I had intended to post.

In his same putar belit post, YB Tony Pua elaborated,
"What the Selangor government did was to have Menteri Besar Incorporated (MBI) legislated to takeover the debts Talam owed to UNISEL (RM255 million), Kumpulan Hartanah Selangor Bhd (RM115 million) and Permodalan Negeri Selangor Bhd (RM22 million). This means that MBI will do the collection for the above debts amounting to RM392 million directly from Talam.
Well the "MBI (who) will do the collection for the above debts amounting to RM392 million directly (??) from Talam" has already done so and of which the "debts Talam owed to UNISEL (is) RM255 million" has been recovered .

A day earlier you had to swallow some spit but still bragged about it,"Pua: Selangor overpaid for Talam land but profited overall".

So please explain, "S’gor govt to take over Unisel’s debt, says MB" -
"Mentri Besar Tan Sri Khalid Ibrahim, who did not disclose when this would take into effect, said the process of doing so would take some time."

"Unisel cannot afford to pay the company managing the hostels because collection received from student intakes alone were not enough. The state government will take over this cost in due time," he told reporters at the Masjid Nurul Huda Sunday.
Over to you YB Tony Pua.

1 comment:

Snuze said...

Labyrinthin bait and switch ...

:p