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Chaah Flood Victims Have Not Gotten Their "Wang Ikhsan"

Posted by Unknown on 24 Ogos 2011 | 0 komen pembaca

Press Statement by Dr Boo Cheng Hau, DAP Johor State Chairman on restructuring of Johor Corp's debt by selling Sindora Berhad's shares and 33,800 acres of estate land to Kulim on 19th August 2011 at a press conference in Kedai Kopi Sin Chuan Fong, Chaah, Labis, Johor visiting flood victims during the big flood on Jan 30, 2011 and Tenang By Election who claimed the authorities have failed to allocate "wang ikhsan" to a substantial number of flood victims.

Dr. Boo Cheng Hau is accompanied by YB Senator S Ramakhrisnan, Johor DAPSY Secretary Andrew Chen Kai En, DAP Labis Branch Chairperson Tan Chin Guan, Bekok Branch Chairman Ng Chai Eng, Former DAP Chaah Branch Chairman Lee Ah Kaw.

In view of Johor Corp having a total debt of RM 6.6 billion by the end of 2009, with an amount of RM 2.6 billion Islamic bonds expired next year and only RM 705 million in cash reserve, I call upon Johor Corp to be transparent and prudent in its effort to restructure its financial standings.

Kulim (M) Bhd signed sales and purchase agreements with JCorp to acquire over 33,800 acres of estate land in Johor for RM 700 mil cash with an average RM 20,710 per acre.

As the Chairman for JCorp, Menteri Besar Dato' Abdul Ghani Othman is obliged to table a white paper to the Johor Sate Assembly in next September so as to the detailed valuation of lands sold to Kulim and how the actual deal would benefit JCorp and the State Government.

I call upon Abdul Ghani Othman to explain to the public as to how the land deal was not open to bidding and awarded to the highest bidder was done for the best benefit for JCorp.

As Kulim has offered RM 3 cash per share for the 21.6 million shares or 22.5 percent of Sindora Bhd.

I would like to advise JCorp and Johor State Government that any shares of JCorp and its subsidiaries should be offered to the highest bid for the best position for JCorp to restructure its debts.

Sindora share value has soared since the announcement and reached as high as RM 2.95 yesterday from RM 2.65 pre-announcement and RM 1.80 for most of this year.

I call upon Abdul Ghani also to present a white paper on winding up of Dana Johor and Amanah Saham Johor (ASJ) as to why the discrepancy exists when Pelaburan Johor Berhad offers RM 0.50 and RM 1 to buy back shares from Dana Johor and ASJ shareholders in the midst of winding them up.

I call upon Menteri Besar Johor to present a white paper on the matter detailing ASJ and Dana Johor's investments that resulted in losses of unit values and their eventual closure.
The public would like to know as to why Pelaburan Johor Bhd decided not to consider the option of letting ASJ and Dana Johor continue to float on the market or being taken over by private trust funds in view of reviving the two trust funds.

ASJ and Dana Johor have caused many pensioners in dismay and they have lost dearly to years of paying loan installments and interests to the lender banks. Therefore, the Johor state Government is obliged to be accountable to Johoreans the reasons as to why ASJ and Dana Johor has slumped.

The Johor State Government needs to impose stringent transparency in running its GLCs in order to ensure investors confidence in the future of Iskandar Malaysia.

YB S Ramakhrishnan stated that he will bring the matter to the attention of the National Security Council, Prime Minister's Department and aim to resolve the discrepancies in giving out flood relief allocations to the victims.

Up to 11am today, about 200 families have signed up for the list that flood victims have not been given wang ikhsan after January 30 big flood during the Tenang By Election.

Dr.  Boo Cheng Hau

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