If there's something to take home positively from a series of "exposs" from Datuk Chua Tee Yong as well as his rope of Selangor MCA cheerleaders, it is which he will doggedly persist with making increasingly ludicrous allegations opposite a Pakatan Rakyat state government, even if it is during a responsibility of exposing himself as a half-baked accountant.
To date, he has not even responded to a billion ringgit mega-blunder he has made, or alternative purported scandals over a land item recovery by a Selangor state which were exposed as unscandalous. He right away alleges which a Selangor state subsidiary Permodalan Negeri Selangor Bhd (PNSB) was forced to take a supersized RM230 million loan to take land from Menteri Besar (Incorporated) as partial of a Talam debt allotment agreement.
From bad to worse
Firstly, it does not during all have any clarity for PNSB to take a RM230 million loan just to redeem superb debts of RM22 million from Talam. Secondly, Datuk Chua himself certified which he was not means to discern which PNSB had taken a large loan to purchase a plots of land in a Hulu Selangor constituency as a state firm's 2011 audited accounts are not yet available. Hence he's unequivocally just shooting in a dark!
But even if you were to assume which he is spot-on, which a RM230 million loan was in truth taken by PNSB to take RM450 million value of land assets, as audited, valued as well as recognized in a PNSB 2010 financial accounts, where is a incorrectness in that?
In case Datuk Chua isn't aware, PNSB is a ski! ll growt h company. It has to take land to develop as well as construct, in order to sell as well as have a lapse for a company. It is no opposite from any skill growth company, secretly held or publicly listed or supervision owned. And if Datuk Chua isn't familiar, it's a judgment called "land-banking". Hence a acquisition of land for future intensity growth is a normal march of business for a skill growth company! Where exactly is a "scandal" in a upon top of transaction?
What's more, as a trained accountant, Datuk Chua should know which getting in to debt is not in itself an adverse eventuality for a company. Otherwise, Malaysia's largest skill developers SP Setia Bhd, Sunway Bhd or IOI Corporation Bhd contingency be between a worst run companies since they lift debts of RM2.44 billion, RM2.42 billion as well as RM5.46 billion respectively in their books.
What is important is either a liabilities which a association undertakes are sufficiently backed by a assets, as well as either these resources can generate aloft returns than a cost of funds. In this particular case, it is clear which a RM450 million of additional resources as forked out by Datuk Chua himself, is value scarcely double which of a debt. So what's a problem?
End a annoyance for a MCA: Let's debate
Datuk Chua has turn an annoyance for a MCA as he stumbles from a single mega-blunder to another. we call upon Datuk Chua to finish his misery once as well as for all, with a open as well as open discuss in any language, during a time as well as place of his choosing, even if it is held during Wisma MCA over a "Talam Debt Recovery: A Billion Ringgit Bailout or a Billion Ringgit Mega-Blunder".
Given Datuk Chua's unwavering confidence over a issue, as well as a dedicated support of The Star in highlighting all of his press conferences upon a front page of a paper, we am sure which a open will be looking brazen to see how a greatest taking flight star of MC! A demoli sh, once as well as for all, a reputation of a Pakatan Rakyat state supervision in Selangor.
While a MCA Presidential Council has barred a President Datuk Dr Chua Soi Lek from serve debates, we am confident which there is no sweeping ban opposite all MCA leaders from participating in debates opposite DAP leaders. we really most look brazen to Datuk Chua's favourable reply.
Tony Pua is a DAP MP for PJ Utara
More Barisan Nasional (BN) | Pakatan Rakyat (PR) | Sociopolitics Plus |
Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
No comments:
Post a Comment