MB: MCA clueless about Talam situation

MCA’s allegation that the Selangor used state funds bail to out Talam Corporation Bhd displays the party's ignorance in understanding the firm’s debt restructuring exercise, said Selangor Menteri Besar Abdul Khalid Ibrahim.

“As I have said recently, we have shown everything we have done as a result of Talam’s restructuring, including the projects we will carry out and the property development we have done.

“It shows how lacking MCA’s understanding of Talam’s restructuring is,” he told reporters at a press conference in Subang Jaya this evening.

Earlier today, MCA central committee member Chua Tee Yong (left) revealed documents alleging that Selangor used over RM260 million to bail out ailing construction firm Talam Corporation Bhd through complicated accounting.

However, Khalid said the state government would only respond in full after a state cabinet meets tomorrow.

“I will give them more time to think it over,” he said to laughs from the reporters.

“Based on what I heard, (the amount) has lessened,” he said, referring to Chua’s earlier boast that he will reveal a RM1 billion scandal affecting the Selangor government.

Khalid also clarified that he expects the white paper on the Talam debt restructuring exercise to be tabled alongside Selangor’s Budget 2013.

“This means we will have a report based on the restructuring of Talam’s debts, what has been done, what will be done, and so on,” he said.

The white paper was supposed to be tabled at the end of 2010 but never materialised.

Talam, once a Klang Valley property giant, owed numerous Selangor government agencies large sums of monies after a series of failed joint-ventures during the previous BN administration.

Upon taking over in 2008, the Khalid administration had embarked on a debt restructuring exercise to buy over RM392 million in debts.