‘Chua a professional valuer now?’

DAP's Teresa Kok says that Chua claims that only his land valuation of the UYGCC is accurate while those made by professional valuers are inaccurate.

SHAH ALAM: It appears that MCA’s Chua Tee Yong wears many hats. The latest one is that of a valuer, claims Teresa Kok of DAP.

Kok was referring to Chua’s land value calculation of Ulu Yam Golf and Country Club (UYGCC).

On Tuesday, MCA Young Professionals Bureau chief Chua and team went to Ulu Yam and told the media that the Selangor government-owned Menteri Besar Incorporated (MBI) had acquired 60% of the shares in Ulu Yam Golf and Country Club Sdn Bhd for RM4.2 million in 2010.

The remainder 40% is held by a subsidiary of Selangor-owned Kumpulan Hartanah Selangor Bhd (KHSB).

Chua also claimed that the Selangor government had apparently bought the 60% shares at an overvalued price. He said that the asset of the company was only hill slope and it would only be worth RM3 million. Thus Selangor government has over paid Talamby RM1.2 million.

However Kok, who is a senior state exco, today rubbished Chua’s valuation of the shares.

“On Chua’s repetitive claims that Selangor has over-valued the Talam’s land, I wish to ask whether Chua now has changed his profession to that of a professional valuer.

“It seems that all valuations made by the Selangor government and other certified professional valuers are derided by Chua as inaccurate. That only those provided by him are accurate,” she said in a statement.

Kok added that the truth of the matter was that the 199 acres of land at Ulu Yam was alienated by the previous Selangor BN government to a subsidiary of KHSB.

“Thereafter, a joint venture company known as Ulu Yam Golf and Country Club Sdn Bhd was formed between the subsidiary of KHSB and Talam to develop the said land wherein Talam invested RM4.2 million into the company and controlled 60% of the shares and KHSB controlled 40% of the shares.

“However, after the Pakatan government came into power in 2008, it rejected the development of the said 199 acres of land at Ulu Yam as the said land was classified a class 3 and class 4 hill slope,” she said.

“When the Selangor government initiated the debt settlement with Talam, KHSB took back the land and refunded RM4.2 million to Talam.

“There was never at any time any formal sale and purchase agreement signed between KHSB and Talam on the said Ulu Yam land,” she added.

Kok said she regretted that Chua deliberately chose not to attend the briefing on Talam’s debt yesterday but instead continued to distort the debt recovery exercise on the Ulu Yam land.