The Selangor government has been able to recover all the RM392.02 million in outstanding debt owed by Talam Corporation Sdn Bhd, Menteri Besar Khalid Ibrahim said today.

Answering a question from Muhammad Bushro Mat Johor (BN - Paya Jaras) in the state assembly, he said that the amount was paid in land, assets and cash.

The decade-old debt, which was previously never recorded by the corporation, was incurred through joint-property development with Selangor state agencies like Kumpulan Hartanah Selangor Sdn Bhd, Universiti Industri Selangor and Permodalan Negeri Selangor Bhd.

NONEThe Selangor assembly had last November approved a supplementary budget awarding a grant of RM392.02 million to Menteri Besar Incorporated (MBI) for the debt recovery exercise.

The grant allowed the Selangor government to buy over the debts owed by Talam to the various state agencies.

Responding to an additional question by Abdul Shukur Idrus (BN - Kuang), Khalid (above, right) said that the land and assets paid by Talam had been valued by the state valuer.

He also pointed out that the state government did not manipulate the numbers as any valuations above RM30 million would have to be approved by the Finance Ministry.

Of the RM340.88 million of land and assets acquired from Talam, three blocks of land were valued at RM150.28 million, RM22.20 million and RM52.10 million respectively.

‘Discrepancy’ explained

"In Bestari Jaya, the state’s valuation was lower than some private valuations but we still have to accept it (the state’s valuation)," he said.

Other assets include 400 acres of land in Ulu Yam and 60 percent of shares in the Ulu Yam Golf and Country Resort and five office lots in Menara Pandan.

A total of RM51.12 million was paid in cash through money raised from land sales and payments due from several projects.

Khalid, however, sidestepped Muhammad Bushro’s question about a discrepancy in the amount of the debt recovered.

Bushro said media reports in March noted that Talam had paid back only RM241.3 million of the debt to Menteri Besar Selangor Incorporated (MBI).

"The explanation for that is too lengthy to go into now. We will prepare a white paper on it and distribute it to all state assemblypersons," Khalid replied curtly.

Speaking to reporters later, Khalid explained that the ‘discrepancy’ is because part of the debt was recognised under Kumpulan Khazanah Berhad and not MBI. All RM392.02 million has been accounted for by the Selangor government, he added.