The Talam fiasco requires a good financial and
accounting background person to fully understand or digest the spirit of the
whole issue. I will present the surface of Talam scandal without involving
complicated financial calculation or explanation.
1. What's the fuss about Talam?
· Selangor
Pakatan Rakyat government has been fishy(red = underlined):
defensive) in so far as Talam Scandal is concerned.
2. Why are they being fishy?
· Imagine
today, a seller values a house at RM 139,000 and yet somebody were to purchased
the house at RM 181, 000. If the figure is lower of RM139,000 then it still
make sense but RM181,000 for a RM139,000 house is something that is very
unusual. How many times we ever heard of people buying things way higher than
the seller's price? Much worse if you have a friend who owned a house in
similar area and his value is only RM81,000!
· The
example above is a good starting point to digest how come and why Selangor
Pakatan Rakyat government purchased different land, property, office, shares
and etc in extremely ridiculous price from what they are
actually worth? And the total of overvaluation amount up to hundreds of
millions.
· If
1 or 2 purchase(s) are being overvalued or ridiculously priced, then maybe it
is acceptable where human may overlook or being careless or whatever you name
it. But then, there are easily more
than 5 of their purchases that are overvalued. Would
you call that a coincidence still?
· Just
imagine your friend has a house worth RM 81,000, but I buy a nearby house from
your neighbor at RM 181,000 even though seller values it at RM139,000. You want
to sell a car that is valued at RM 113,000, but I buy from you the same car at
RM 345, 000. Your watch is worth RM 8,000, but I buy from you at a staggering
RM 27,000. Will there be so many coincidences that whenever I purchase things
from you, they will always be overvalued? Will
it still be a coincidence, or a mistake, or in reality, I actually do it on
purpose with the intention of buying everything from you with at an overpriced
value?
· Then
may be, you will come to a conclusion that I actually do it on purpose -- and
what is the ultimate intention of me doing so? That alone should give you a
cogent reply as to why Pakatan is so fishy about this whole Talam Scandal.
· I
mean, who -- in the right frame of mind -- would buy anything at double or
triple than its actual worth? Would you?
3. How did Selangor's Pakatan Rakyat gain anything if
the purchases are being overvalued?
· Imagine
the one buying your house just now is actually a company, and the one buying
from you is one of the company director. He buys it using the company money,
not his own money. I repeat, it is the
company money. If not, you would think that who will
be so stupid to buy things at such an extreme overvalued rate?
· I
am just pointing out a possibility here.
· Do
you think it is possible for the company director to spend RM181,000 of his
company money to buy your house to strike a deal with you since the property is
only valued at RM139,000? For instance, let 's say I use my company money to
buy from you the house at RM 181,000 and in return, you to have to reimburse me
back RM21,000 and keep the remaining RM21,000 for yourself. If that's the deal,
don't you think that you will actually agree to it since you can earn RM21,000
for doing nothing? Is a win-win situation, is it not?
· Don't
you think it is also possible for the same scenario to happen in Talam's
overvaluation issue?The company here is Selangor Pakatan Rakyat,
meanwhile the directors are also Pakatan Rakyat's politicians.
That also gives the answer why they purchased properties at an overvalued
price.
4. What is the White Paper?
· When
Datuk Chua Tee Yeong (MCA) found out about the whole overvalued purchases's
fiasco -- where the company money is actually Selangor's tax-payer money which
is being abused -- he started questioning why this company never revealed its
financial report during the company's meeting as promised two years ago?
· The
metaphor of a company's financial report is actually the equivalent of the
White Paper for a government. When you run a company you will then have to
provide your company financial report during the company's meeting; similarly
when you are running a state government, you will be required to present your
White Paper during the State Assembly's meeting.
5. The overvalued properties are proven to be of low
commercial value?
· Datuk
Chua Tee Yeong (MCA) has proven to us that all the overvalued purchases of
Talam have low commercial value. That
is why they mainly sell it only to their brothers and sisters, you can't sell
it to outsiders who will not get higher price -- or any ROI -- after two years.
· As
to date, they have bought an empty hill slope land, a mining pond, few vacant
office lots (which can’t be let out on tenancy basis) and underwater land in
bad location.
6. Valuation Issue?
· Let's
say today you want to buy a house.
· Will
you buy the house based on your own research and market valuation or based on
what your vendor told you?
· If
the house you are interested in buying is worth RM81,000, and yet the vendor
told you it is RM181 000, what would you do? Would you blindly pay the
downpayment or would you instead start asking around to verify your vendor's
information?
· That
is why, in Talam fiasco - one of the main questions is: WHO
ARE THE VALUER?
· They
are supposed to engage JPPH (a neutral valuer) to value any particular house,
land or property that they are interested to purchase. A department
specializing in doing just the valuation.
· Now,
as a state government, who do you trust most? The JPPH department or the
seller's personal valuation?
· 2
Bukit beruntung piece of land were valued by JPPH at RM113 million, but you
decided to buy the land at RM345million. Why?
7. Talam fiasco, despite being proven to be fishy, why
the company directors still threaten to sue anyone who continues exposing and
accusing them of wrongdoing?
· This
is called a psychological attack. They take calculated risk to threaten you,
and hopefully you will stop raising the scandal in the company.
· But
then at the end of the day, even after he has threatened you, but you still
march ahead to expose his fishy wrong doings -- he won't sue you.
· Why?
The answer is simple, he already knew he has no case against you. Another
reason will be, he does not want you to further expose his wrongdoings in the
court of law, because if any issue were to be brought up in court, there'll
bound to cause an extreme, detailed, investigation. What
that they do not want you to find out is why and where the overvalued money
goes to. The person I am talking about here will be none other than the
Selangor Chief Minister Tan Sri Khalid Ibrahim.
8. If they are innocent as claimed, what did they send
one of the company worker to debate with Chua?
· When
they know they can't sue you, they will then seek another approach to spin the
wrongdoings in Talam. They are just trying to 'create' the perception that they
are 'innocent'. So when they challenged you for a debate, automatically people
will think that there are really innocent otherwise they wouldn't dare
challenged you. Moreover the one challenging you is not the company director
himself. He might as well just send one of his company's toilet cleaner to
provoke you for a debate.
· You
just imagine yourself in this situation now. You go all out to expose the
wrongdoings of the company directors, but he ended up asking his office cleaner
to challenge you for a debate. Will you accept it? I am sure you won't, because
even if you accepted and won the debate, you will never get anything out of it.
· The
company director was very sneaky since he already preempted all these, and that
is why he sent his least-qualified people to debate with you.
· And
when you ignore this debate, he will score on the opportunity to tell people
that he is innocent and you are indeed scared to debate with him.
· You
do not want to fall into his trap, therefore you end up challenge the company
director for a debate. Subsequently, you make your stand very clear that you
will never debate with anybody other than him because he is the one that should
be responsible and answerable to all the problems that is happening is his
company.
· This
company director ended up during the day of your scheduled debate to travel to
Bangkok and he openly told people that he
got no time to debate with you (but he got time to travel to Bangkok?).
· Therefore
he appointed another 4 people from his company to debate with you. Those 4
people he appointed are not even the company managers . There are so many
company managers in Talam, yet none of them were taskedto debate with you. The
manager I am talking about now is Selangor State Exco. Selangor State Exco are
the 2nd line in hierarchy of the State after the Chief Minister. He is like
after our Prime Minister, then our Minister will be the biggest in the country
administration .
· You
already told the company director clearly, you will only debate with him and
none others. He already knew this fact.Yet he was adamant that the 4 people he
appointed were never be accepted for the debate, that is just a show to create
the perception that he is innocent .
· During
the debate day, 4 of them came just to walk away when you finally shocked them
by allowing them to take part in Q and A session. They knew that they do not
have the expertise to be involved in the Q and A session to defend the
directors in this whole scandal. Therefore they quickly walked away and told
the press that you did not allow them for a debate.
· 1
of the low class company workers even claimed that you got no rights to debate
with his director ( Chief Minister). In reality you are a CFO of your company (
Federal Deputy Minister ). Even if you are not qualified to debate with their
director ( just an excuse) then they are even smaller than their own company
manager( state exco ) to debate with you.
9. Why did KPMG claim that there was no wrongdoing in
Talam?
· Every
company do have their own auditors and accountants to make the company's
account seemingly right. Therefore, as a corporate person, the director knew
that he coulnd't just present his own financial statement and documents to seek
for an advisory review.
· He
again predicted the outcome of the review when the audit firm came out and
claim that there nothing wrong with this account. When you present something
that you have already adjusted and seek for another person's opinion on it --
will they tell you that anything is wrong with it?
· Those
who are in auditing business will know that there's a
huge difference between Forensic Auditing and Advisory Review.
· They
are actually seeking for advisory review to clear out the allegations in their
game plan of creating the perception of they are not guilty. And in Advisory
review opinion will be given base on whatever document or financial statements
that is being presented to them. As I said earlier , if I were to just present
everything that I have already fixed and adjusted, and asked you to find
mistake wit it, will you be able to find any? That is the reason why KPMG came
out and say there nothing wrong with the Company (State Government).
· That
is why they dare not seek for Forensic Auditing where their entire transactions
and account will be investigated in way
much more complex and detail and the investigation will not only based on the
documents that is given to you.
10. Why the KPMG Director, when asked is there
anything wrong, she said 'no'. But when asked again if there's anything that
being overvalued, she claimed 'yes'?
· There
is nothing wrong with her answer. This whole issue in certain point of view in
auditing and accounting is not technically wrong.
· So,
if your house is worth RM139, 000 but I want to buy it at RM181, 000 what we
often termed as'willing buyer and willing seller'.
Technically, there is nothing wrong with it.
· Just
like when 2 unmarried couple is having a consensus sex. Since it is consensus,
then technically it's not wrong in law. But in terms of morality, is it right
to have sex before marriage?
· So
in this case of hundreds of millions of Selangor's tax payer money are being
abused, can we claim there is nothing wrong with it, just because it is not
technically wrong?
· The
question remains: Why is it being overvalued?
· Where
did the extra money goes to? Who benefited the most from all the dealings? That
is why it is a politician's job is to stand up and voice up what's right for
the people. So politically speaking, Datuk Chua Tee Yong is right to question
the company and its director.
· Transmile
and silverbird company have audit yearly and the report did not show any
problem in their company, but then when finally there is a special
investigation going on in the company, then they start to find out a lot of
problems with the accounts -- even fraud sales.
· Therefore
Selangor Pakatan Rakyat government should prove their innocence by seeking for
a special auditing service and just limited scope of work.
10. Why did Tony Pua claim that the state government
is earning money from their purchased?
· The
seller told the Selangor state government is RM685 000, and Tony proudly told
the whole world that they earned RM9000 out of it because they purchased it at
RM676 000. Problem is, based on JPPH report, it should
only be RM300,000 only
From: Raymond raylee@raymondlee.net
Komen: Adeh, email aku kena spam politik. Macam - macam la bila mau mengundi suda ni.
