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Thursday, February 27, 2014

OXFORD PUA turns the table on UMNO FAIZAL: Shows proof its the Tadmax CEO who's the IGNORAMUS!

OXFORD PUA turns the table on UMNO FAIZAL: Shows proof its the Tadmax CEO who's the IGNORAMUS!
Two days ago on 27 February 2014, I held a press conference on 1MDB's purchase of the 310 acres of Pulau Indah land for RM317.3 million because it was 136.7% higher than what the land was valued at just 2.5 years ago. I had claimed that Tadmax Resources Bhd valued it at RM9.93per square foot (psf) in 2011 while 1MDB paid for the land at RM23.50 psf last week.
In an immediate response yesterday reported in Malaysiakini, Tadmax Chief Executive Officer, Dato’ Faizal Abdullah said "I am very surprised, and I'm not being sarcastic here, that with Tony Pua - he has a degree in economics from Oxford - but still doesn't know this… When we are speaking of properties under ‘stock and inventory’ we don't do a valuation. We carry it base on historical cost".
Faizal, who is also the UMNO Kapar Deputy Division Chief claimed that “the land had not been re-valued since it was purchased in 2005. Therefore, the inflation in price was over eight years, not 2.5 years.”
Thankfully after I dug up the old Tadmax Annual Reports again, I breathed a sigh of relief to discover that I did not lose my abilities to read and count properly.
AISEH, it's you Umno Faizal who doesn't even know how to read your own report
Attached an extract of the Tadmax List of Properties as at 31 December 2012 (Filename: Tadmax Properties List 2012.png).
As very clearly stated in the Tadmax Annual Report, the land involved – Title 7375 Lot No. 72779 in Klang – measures 153.39 hectares is valued at RM163,860,000. The “Date of Revaluation” is clearly stated as 4 August 2011. This valuation works out to RM9.93psf. Hence, perhaps Dato’ Faizal’s don’t know how to, or don't read his own Annual Financial Report.
To further strengthen my case, I looked into the Tadmax 2010 Annual Report, and the extract on the List of Properties as at 31 December 2010 is attached (Filename: Tadmax Properties List 2010.png).
As at 31 December 2010, it was clearly stated that the same piece of land was last revalued on 11 May 2007 at RM163,091,000. The valuation worked out to RM9.88 psf.
Thanks to Dato’ Faizal shooting blanks at me, the above discovery actually raised more interesting questions for the 1MDB acquisition!
Between 11 May 2007 and 4 August 2011 (4 years 2 months), the valuation of the piece of vacant land increased by a miniscule 0.5% from RM9.88psf to RM9.93psf.
However, for some yet-to-be-explained reason, between 4 August 2011 to 24 January 2014 (2 years 5 months), the valuation suddenly shot up from RM9.93psf to RM23.50psf or 136.7%, which is the value 1MDB paid!
I did not make up the above numbers. The figures were published and clearly explained in Tadmax’s Annual Reports signed off by Dato’ Seri Faizal Abdullah himself. I would however leave it to Dato’ Seri Faizal to explain if he actually read and understood what he signed off.
Cannot beat Umno Faizal in selling land to govt entities at HUGE PROFITS
More importantly and perhaps unfortunately, while “Oxford” Pua can still read and count, he is unmatched to “UMNO” Faizal in his ability to dispose of land to government-related entities to make massive profits.
First, his company sold the controversial 753 acres piece of land in Pulau Indah to PKA at the astronomical price of RM1.09 billion in 2004, resulting in the RM12.5 billion PKFZ scandal, where the Tadmax Group were also involved as the turnkey and main contractors. Now, he managed to sell an adjacent piece of 379 acres land to 1MDB for RM317.3 million.
The above questions for 1MDB are additionally pertinent because the latest sale will ease the debt burden for Tadmax which has only RM124,000 in cash reserves against borrowings of RM220.5 million as at September 2013. Tadmax is also bleeding financially with a net loss of RM8.52 million on revenue of only RM3.55 million over the same period.
Given the history of Tadmax, its legal entanglements with the Government authorities and the state of its financial affairs, as well as the sudden increase in the valuation of the transacted land, 1MDB must explain why it bought the land, and immediately assure Malaysian tax-payers that this is not a bailout for Tadmax and its shareholders.
Tony Pua is the MP for PJ Utara

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