Thursday, July 19, 2012

The Talam Debt Settlement for Dummies: Questions for Khalid

Gua sebenornye dah malas nak tulis blog...

I think quite a number of people have "tried" to explain this whole thing tapi macam incomplete aje...I also find this whole debate merepek

Even the man in charged wanted to get 5 Accounting Firms to write a White Paper...dude WTF you wanna waste money (here)

Selangor Menteri Besar Khalid Ibrahim declined to discuss in the Selangor state assembly today the totality of transactions that state investment arm Menteri Besar Incorporated undertook in the restructuring of Talam Corporation debts. Khalid told the state assembly that it would be best to leave the matter to professionals, so that all details would be looked into properly and enumerated. “Let’s leave it to the professionals. They will explain whether it was done properly. I will not explain now. This is not the place. I will let them do it,” Khalid told the assembly. Talking about it in the state assembly with sketchy information from either side would be a “waste of time” he said. “Or else, if you know only a quarter of the story here and there, and just shoot (in the dark), there will be no end to it.” Winding up the debate on the state’s Supplementary Budget Bill, Khalid explained that the state would appoint five reputable local audit firms with proven international links to study and report on the MBI transactions to prevent any further misunderstanding. Former federal audit chief to be roped in Speaking to reporters at a press conference after the state assembly sitting for the day ended, the menteri besar said former federal audit chief Md Salleh Mahmud would be roped in to evaluate the five firms to be selected and to oversee the entire process. “This is to maintain the independence of the exercise,” he explained. Khalid made the announcement flanked by state secretary Mohd Khusrin Munawi and state financial officer Mohd Ariff Abdul Rahman, who along with himself make up the three-man board of MBI. The five firms, he added, would produce a White Paper in which the entire workings and transactions of the debt restructuring exercise would be disclosed. This, for the layman, “will be quite difficult to understand, even for the MCA”. (here)
So here goes..

The Details of The MBI Talam Settlement is sourced from this circular to Shareholders by Talam (here)

The Payment Structure from State to SIC, MBI and the Original Debtors (UNISEL, KHSB, PNSB) can be read from the state 2009 report (here) page 15 and 19 respectively. You may also refer to Dr Dzul kindergarten attempt to explain (here)

Basically there are a set of "Settlement Assets" as per Section 2.1 of the Talam Circular

I've summarized them into Table below

What has essentially happened is that Talam selected a few assets out of their Berbillion2 Asset to be used as Settlement Assets for this transaction

Friday, July 6, 2012

The LeeviLing Guan Beng

Balik Pulau land for federal project
Posted on 5 July 2012 - 09:32pm Last updated on 5 July 2012 - 09:45pm Aaron Ngui

GEORGE TOWN (July 5, 2012): The state government today revealed that the plan for a liberal arts institution in the up and coming Balik Pulau township was a federal government project. Chief Minister Lim Guan Eng said the Asian Women Leadership University (AWLU) was an Entry Point Project (ETP) under the EducationNational Key Economic Areas (NKEA). He made the revelation following protests by land owners over the acquisition of their land in Bukit Genting on Wednesday as well as criticism that the state was taking away their land.

Citing a letter dated June 12, 2012, from Minister in the Prime Minister’s Department Senator Datuk Seri Idris Jala, Lim said the AWLU project was one of 21 new ETPs to transform Malaysia into a high income country. He quoted the letter saying that the project was expected to bring in RM492 million worth of investments as well as creating 190 new high value jobs. He said the state government has been requested to assist in transferring 40.46ha of land to the AWLU Malaysian Foundation.

“We believe the project will contribute in a significant way to transforming tertiary education in Malaysia as well as realise the plans for Malaysia as an education hub offering varied educational choices in the region,” he read from the letter. Lim also moved to soothe fears over compensation saying that the state will abide by the valuations set by the Malaysian Valuation and Property Services Department under the Finance Ministry. He said land owners unhappy with the compensation offer could also take to the matter to court.

“The state sympathises with the land owners and we will try our best to help them out,” he said while expressing that it was a hard decision to make but was made in the interests of education. In addition, Lim said there had been an amicable dialogue with about 40 land owners on Tuesday and they understood that the land was to be used for a public project and not for private gain. “Hopefully this matter will not be turned into a racial issue or be politicised as it is a collaboration between the state and the federal government,” he said. (here)

Allo Pek

What are you revealing?

A Collaboration between Federal and State on A Strategic Education Investment to improve Penang's overall competitiveness and strategic support infrastructure for Industries?

Tell us what you think of the Project? Tell us about the "hard decision to make"?

And tell us how Federal Government policies has assisted Penang in terms of drawing FDIs (here), improving tax collection efforts (here) and "reducing debts by 90 whatever percent "(here)..

Beng lu twisted siot...

Minds are like parachutes; they work best when open. -Lord Thomas Dewer