Friday, November 20, 2009

Anwar, the people were also kept in the dark when RM391 million of their money was used to buy over Talam's debt to 'Selangor'?

Why did the Selangor state government buy over Talam’s RM391mil debt owed to subsidiaries of Selangor Development Corporation (PKNS)? Selangor government taking over debts owed to Selangor government... I really would like to know the reason for this.

How was it that PKNS allowed  Talam's debt to it to accumulate to RM391 million?

And now, is this the rakyat's money that is being used for this 'bail out'?

Wonder whether Talam's Owners, Directors, CEOs and management suffered a pay-cut or are things just the same still the same for all of them. Have Talam Directors and CEO been booted out? Does this mean that Selangor government owns part of Talam now? ...I am curious..

It was good of Anwar to state that PKR's secretary-general Datuk Salehuddin Hashim had a right to disagree and question that action of the Selangor government...

But wait ... Salehuddins anger was because the Selangor MB had kept everyone in the dark about this..

Did the Pakatan Rakyat know about this? Did the Exco know about this? Was Pakatan Rakyat also kept in the dark?

If the Selangor MB kept the PKR in  the dark ...the Pakatan Rakyat in the dark... then what about the rakyat...the people of Selangor. Yes, he also kept the people of Selangor in the dark...and this surely is not transparency and accountability...and we are talking about RM391 million here....(If a low cost house costs RM40,000 - then 9,775 houses for the poor)

Imagine how RM391 million could have been used to reduce tol rates...subsidized fuel/food...

Explain yourself MB Selangor...Explain yourself Anwar...PKR and Pakatan Rakyat...the people need an explanation..

Thank you Salehuddin Hashim ...but why did you only tell PKR MPs and ADUNs and not the people of Selangor?

Wakil Rakyat [Peoples' Representatives] first obligation is to the rakyat (the people), and not your political party..

In a move to defuse tension within the party, PKR adviser Datuk Seri Anwar Ibrahim defended Selangor’s move to acquire Talam Corp Bhd’s debts, but added that the party’s secretary-general Datuk Salehuddin Hashim did no wrong in questioning the move.

Salehuddin had despatched a strongly-worded e-mail to all PKR Members of Parliament and assemblymen in the state questioning why Mentri Besar Tan Sri Khalid Ibrahim had kept them in the dark about the move.

”At the outset, the political bureau respects and defends the right of any party leader to raise and question policy matters of any state government, including states that are ruled by a Pakatan Rakyat coalition government,” Anwar said.

Speaking to reporters at the Parliament lobby, he said Sallehuddin’s e-mail was his personal view and only meant for internal circulation.

”The secretary-general neither alleges fraud nor impropriety on the part of the Mentri Besar or the Selangor state government,” said Anwar.

He said the party leadership had discussed the issue of the loan taken by the Selangor state government to buy over Talam’s RM391mil debt owed to subsidiaries of Selangor Development Corporation (PKNS), and were satisfied with Khalid’s initial explanation on the core issues involved in the transaction.

The State Assembly had on Nov 9 approved a supplementary budget of RM391mil for the state investment arm, Mentri Besar Incorporated, to buy over debts owed by Talam Corporation to several state agencies.
Talam is a major player in the Malaysian property sector, involved mostly in building affordable homes.- Star, 19/11/2009, Parliament: Anwar defends Talam move, Salehuddin’s rights

The people elect the ADUNs and MPs but sometimes they forget they are the peoples' representatives, and hence it is important to go back to the people and consult them before voting...

When the Pakatan Rakyat ADUNs vote...did they vote blindly without questioning? Or they voted because they personally agreed with the move?

The people do not give you a 'blank check' to do as you please for your term of office - That is one of the reasons why the chose Pakatan Rakyat over BN. BN did things as they chose - and later informed people of the decisions made after the milk has been spilled..

Is Pakatan Rakyat the same? Will they enter into toll agreements, and expend large monies from the State coffers and then only tell the people -- or will they bring it to the people first, get the people's views and opinions, and then only decide...

Transparency...accountability - let us not forget this.

1 comment:

KoSong Cafe said...

Without going into the details, it is quite obvious that Talam failed as a company with huge debts. Why did it happen can be asked of any of those over-ambitious CEOs of public listed companies and the ever willing bankers and creditors who got caught up with the euphoria.

Talam is known as a beneficiary of its close relationship with the previous BN state government of Selangor, and I believe many contractual obligations were results of it.

To untangle and solve the mess of the company calls for re-structuring of the company which inevitably involves dealing with the huge debts.

We should look at the larger picture of solving Selangor state's investments, wise or otherwise, and whether it is better or even possible to write off the debts owed by Talam.

Perhaps, the state government should highlight the details, especially to the uninitiated, as to why it is best to take-over the debts of Talam. This is similar to selling Proton's European company for 1 Euro. One has to take into account the cost of taking over the liabilities as well. If the assets of Talam is worth much more than Rm391 million, and its prospects of earnings from those assets (especially landed properties) are even more, then the deal seems favourable to the state.