Has Chua Tee Yong Become A professional Valuer Now?

Press statement by Teresa Kok, Senior Exco of Selangor, 8th August 2012, at Shah Alam

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I regret that Chua Tee Yong deliberately chose not to attend the briefing on Talam’s debt yesterday but instead continues to distort the debt recovery exercise on the Ulu Yam land.

Yesterday, Chua Tee Yong and team went to Ulu Yam and told the media that Menteri Besar Incorporated (MBI) had acquired 60% of the shares in Ulu Yam Golf and Country Club Sdn Bhd for RM4.2 million in 2010. The remainder 40% is held by a subsidiary of Selangor-owned Kumpulan Hartanah Selangor Bhd (KHSB).

Chua also claimed that the Selangor government had apparently bought the 60% shares at an overvalued price. He said that the asset of the company is only hill slope and it would only be worth RM3 million. Thus Selangor has over paid by RM1.2 million to Talam on this deal.

The truth of the matter indeed and on the contrary is – the 199 acres of land at Ulu Yam was alienated by the previous Selangor BN government to a subsidiary of KHSB. Thereafter, a joint venture company known as Ulu Yam Golf and Country Club Sdn Bhd (UYGCC) was formed between the subsidiary of KHSB and Talam to develop the said land wherein Talam invested RM4.2 million into the company and controlled 60% of the shares and KHSB controlled 40% of the shares.

However, after the Selangor Pakatan government came into power in 2008, it rejected the development of the said 199 acres of land at Ulu Yam as the said land was classified a class 3 and class 4 hill slope.

Thereafter, when the Selangor government initiated the global debt settlement with Talam, KHSB took back the land and refunded RM4.2 million to Talam. This was done for the convenience of the Global settlement and to reduce further documentation, hence the return of the Ulu Yam land is thereby defined as “disposal” under the global settlement. There was never at any time any formal sale and purchase agreement signed between KHSB and Talam on the said Ulu Yam land.

On Chua’s repetitive claims that Selangor has over-valued the Talam’s land, I wish to ask whether Chua now has changed his profession to that of a professional valuer. Inferring from the flurry of statements issued by Chua, it seems that all valuations made by the Selangor Government and other certified professional valuers are derided by him (Chua) as inaccurate. That only those provided by him (Chua) are accurate. This is again clearly obnoxious.

It is obvious from the above that Chua dares not debate with Tony Pua face to face and or attend Talam’s briefing organized by the Selangor state investment centre yesterday. It is also clear that he is afraid to face the truth and he is only interested to twist facts and to use half-baked truths for personal publicity.

 

-Teresa Kok-