The purchase of five leasehold office lots at Menara Pandan to Talam in 2010 as Accused by Chua Tee Yong is a deal signed by previous Selangor BN Government

Press statement by Teresa Kok, Exco Selangor on 25^th July 2012 at Shah Alam

===================================================================

Yesterday MCA Young Professionals Bureau chief Datuk Chua Tee Yong accused the Selangor state government of overpaying RM1.89 million to acquire five leasehold office lots on Level 17, Block A, Menara Pandan in 2010.

This latest accusation shows that he did not do background checks on the deal, as the sales and purchase agreement was signed on 12^th January 2006, when Selangor was ruled under BN.

Pendidikan Industries YS Sdn Bhd (Unisel) and Kumpulan Darul Ehsan (KDEB as Attorney) entered into a settlement agreements with Maxisegar (which owe Unisel money) to set off the debts via contra arrangement.

The properties involved are:-

1) 1^st settlement agreement dated 29 July 2005 – 1,715.9 acres of land in Bestari Jaya at RM 80,000/acre  (same land where Chua Tee Yong made noise earlier)

2) Letter dated 10 January 2006 agreeing to contra 5 units completed properties at Menara Pandan- Pandan Indah at RM 2,723,900.  These are the properties Chua Tee Yong  mentioned in today’s press. On top of that they also agreed to take a retail lot measuring 2,745.83 sqm at Ukay Perdana for RM 7.8 million.

All the Sales and Purchase agreements were signed on 12^th January 2006. Hence, how can Chua Tee Yong compare the transacted price in 2006 with the auction price in 2010?

3) A supplemental agreement dated 8^th March 2007 to extend the previous agreement and contra another 12 acres of land in Puncak Jalil at RM 11 million, 400 acres of land at Ulu Yam for RM 27..2 million and additional 538.96 acres of land in Bestari Jaya for RM 43.117 million.

Unisel and KDEB agreed with the settlement because Maxisegar Sdn Bhd was under winding up petition threat.

And subsequently obtained Section 176 Restraining Order protection from the High Court 28^th March 2006 and Unisel can become unsecured creditors should the agreement was not signed earlier. The settlement was accepted by the court under the S176 Restraining Order.

When Pakatan Rakyat took over Selangor, we have to commence global settlement with Talam, so we have to abide to the agreement signed by the previous government which was approved by the court.

Click to see the Agreement

Teresa Kok