Selangor's investment arm Menteri Besar Incorporated (MBI) has recovered more than RM300 million of the monies owed to the state by Talam Corporation, Menteri Besar Abdul Khalid Ibrahim said today.

khalid ibrahim pc 171111 The amount, in cash, was already in MBI's account, unlocked from the various properties that were acquired from Talam in lieu of cash.

"On the latest status of the debt recovery, I was informed by MBI officers that we have obtained RM302,711,391, with more than RM80 million more still outstanding," Khalid ( right ) told the state legislative assembly during Question Time today.

Answering a question from Sungai Burong assemblyperson Mohd Shamsudin Lias, Khalid said the amount would grow as the money would soon be invested to accrue interest.

Talam Corporation was found to be owing millions of ringgit to Selangor through various state-owned companies and subsidiaries, with payments long overdue.

azlan Khalid had spearheaded an effort to identify, confirm and then began to actively recover the debts by assigning these to MBI for collection.

The process began in 2010 with the signing of a master agreement with Talam Corporation to acknowledge the debts as well as obtain its undertaking to pledge properties as payment and guarantee the value of the pledged real estate.

MBI will also submit its debt collection activities for the scrutiny of five credible audit firms to vet through prior to tabling a White Paper on the transactions when the 2013 state budget is tabled in November.

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