Selangor Menteri Besar Khalid Ibrahim declined to discuss in the Selangor state assembly today the totality of transactions that state investment arm Menteri Besar Incorporated undertook in the restructuring of Talam Corporation debts.

Khalid told the state assembly that it would be best to leave the matter to professionals, so that all details would be looked into properly and enumerated.

NONE "Let's leave it to the professionals. They will explain whether it was done properly. I will not explain now. This is not the place. I will let them do it," Khalid told the assembly.

Talking about it in the state assembly with sketchy information from either side would be a "waste of time" he said.

"Or else, if you know only a quarter of the story here and there, and just shoot (in the dark), there will be no end to it."

Winding up the debate on the state's Supplementary Budget Bill, Khalid explained that the state would appoint five reputable local audit firms with proven international links to study and report on the MBI transactions to prevent any further misunderstanding.

Former federal audit chief to be roped in

Speaking to reporters at a press conference after the state assembly sitting for the day ended, the menteri besar said former federal audit chief Md Salleh Mahmud would be roped in to evaluate the five firms to be selected and to oversee the entire process.

"This is to maintain the independence of the exercise," he explained.

Khalid made the announcement flanked by state secretary Mohd Khusrin Munawi and state financial officer Mohd Ariff Abdul Rahman, who along with himself make up the three-man board of MBI.

NONE The five firms, he added, would produce a White Paper in which the entire workings and transactions of the debt restructuring exercise would be disclosed. This, for the layman, "will be quite difficult to understand, even for the MCA".

The Chinese component party of the BN had levelled allegations that Selangor misappropriated RM1 billion in the deal with Talam, a claim Khalid contended is as yet unproven by MCA, most notably by its Labis MP Chua Tee Yong ( right ), who spearheaded the effort questioning the state government on the financial exercise.

Khalid also said the White Paper would be tabled in the state legislature in November this year, along with the 2013 budget.

As of now, he said, most of the transactions were still in the final stages and needed time to be resolved.

Only after the transactions were completed could the entire process be explained to satisfaction, for the White Paper should portray the complete exercise.

Related stories

Chua Jr told to prove 'RM1bil scandal' claim

Yes, white paper on Talam - and Scorpene, too