Talam is on Bursa's radar.

KUALA LUMPUR : The Securities Commission Malaysia said Bursa Malaysia is currently scrutinising the context and basis of statements issued by Talam Corp and its officials.

The SC said this in its response via email to The Mole when asked whether the regulators are going to take any action against Talam Corp (now known as Trinity Corp) for its statement on July 11 that the SC and Bursa Malaysia has approved the valuation of 13 parcels of land it sold.

However, Talam retracted its statement a day after making the announcement by admitting that the land valuation was actually not given any approval by either of the financial regulator.

In its email SC wrote: "Listed companies are required to ensure that disclosures made comply with Bursa's Malaysia's listing requirements. In the event of any breach of the listing requirements Bursa Malaysia as the frontline regulator, will take the appropriate action.

“Bursa is currently examining the context and basis of the statements issued by Talam and by its officials.”

A blog post in Malaysia People wrote that the Selangor government's statement will mislead one into believing that the questionable valuation was actually " fair and reasonable."

And this is done even after MCA's Datuk Chua Tee Yong revealed that Bestari Land was overpriced by RM42 million and Danau Putra Land was RM28 million more than the auction price in the open market.

On July 11, it was reported in a press statement that Talam (now known as Trinity Corporation) announced the land valuation had been approved by the SC and Bursa.

Prior to this, another blogger Stop The Lies said SC should have started investigation on the improprieties of the RM1 billion deal involving Talam and the Selangor government.

“Why is the SC still keeping quiet and snoring away when one of the biggest land scandal has exploded?’’ the blogger questioned.

The blogger highlighted that the SC in the past had hauled companies and jailed businessmen and even the press for smaller violations but is now keeping silent about investigating Talam.

“Your job as a regulator is to protect the market from dishonest public listed companies. Wake up Datuk Ranjit Singh, the new SC chairman, show us you can crack the whip,’’ the blogger wrote.

Prior to Talam's retraction, Selangor Mentri Besar Tan Sri Abdul Khalid Ibrahim told the state legislative assembly that five reputable international audit firms will be invited by the state to review the Talam controversy.

The reputable firms will be invited to check through the state government’s handling of the RM392 million Talam debt settlements.

Khalid had also said that the state government will not waste “its time and resources” responding to MCA’s ill-advised plan to damage its reputation.

He said: “I do not want to waste my valuable time to teach MCA (about accounting). What I have done is to get internationally (reputed) local auditing firms to look at it so that the (auditing) will be done properly.’’

Former Selangor Mentri Besar, Datuk Seri Dr. Mohamad Khir Toyo in his blog last week, defended the former BN-led Selangor government after being accused of allowing Talam Corp to incur debt of RM392 million.

Mohamad Khir referred to a statement made by the state executive councillor, Teresa Kok that the previous Selangor government had agreed to enter into a debt settlement with Maxisegar Sdn Bhd, a Talam subsidiary because the company was under threat of being wound up.  

She said, "In 2006 the Barisan Nasional state government agreed to a settlement that involved 694.4ha of land in Bestari Jaya and five leasehold office lots in Menara Pandan, Pandan Indah.

“Pendidikan Industries YS Sdn Bhd (Unisel) and Kumpulan Darul Ehsan Berhad (KDEB) entered into settlement agreements with Maxisegar as it owed Unisel money to set off the debts via contra arrangement,” she said.

Kok added the first agreement, dated July 29, 2005, “was for 1,715.9 acres (694.4ha) of land in Bestari Jaya, valued at RM80,000 per acre”.

The second was dated Jan 10, 2006, for five office units at Menara Pandan at RM2,723,900, and a retail lot measuring 2,745 sq m at Ukay Perdana for RM7.8mil.

Mohamad Khir said: "Doesn't this statement shows that the current Selangor administration are liars who are banking on sentiments and the emotions of the public who do not know the goings-on in the state administration.

"It is true, all leaders make mistakes and have their own weaknesses, but lying especially involving state administration is not a weakness but an offence," said Mohamad Khir.

Source: MOLE