SHAH ALAM: Based on records provided by the state, the audit review on the Selangor government's debt recovery exercise with Talam Corporation had been completed and found to be in order.
KPMG advisory unit executive director Chan Siew Mei said the company took about a month to complete the audit review .
“Our scope of work was strictly to check the transactions and documents based on records of the state,” she told reporters at a joint press conference with Mentri Besar Tan Sri Khalid Ibrahim here yesterday.
However Khalid said a detailed report would only be made public after it was tabled at the next state assembly sitting in November.
The review stated that the RM392mil debt recovery exercise was “purely a debt settlement arrangement” comprising nine plots of land, two property and 60% shares in a subsidiary of Talam and “cash/debt assignment”.
The review stated the state government made a “sound commercial decision” under the circumstances at that point in time in relation to the settlement arrangement.
The settlement process is still ongoing and based on currently available information, the gross consideration is sufficient for Menteri Besar Incorporated (MBI) - recovering the debts on behalf of the state government and its subsidiaries - to recover the Talam debts, with no debt waiver by MBI, it said.
Khalid said the review showed that there was no bailout of Talam as alleged by some parties.
LA: Haish,what happened MB:)
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