CM: Change PKNS Management Traditions

SHAH ALAM, 22 Nov: Chief Minister, Tan Sri Abdul Khalid Ibrahim informed that the State Government will now change the management traditions of the Selangor State Development Corporation (PKNS) to be more competitive compared to the Umno-BN era.

He said that previously, the culture of withdrawing PKNS assets and giving them to a third party happened under the Umno-BN administration.

“For example, previously PKNS had acquired a few hundred acres of land in Kota Damansara however, only developed 10 percent of it. The rest were developed by different party,” he said.

He explained that previously, PKNS had more assets than Sunway and SP Setia but now, PKNS has been long left behind by the two developers.

This problem arose because PKNS accounts were not managed properly.

“Only when they receive money, should they write it down. There were times that PKNS did not pay the State Government. When they receive money, then only should they write it down. Only then will we they have records.”

“Because of that, I want to change the old ways, I want to change the Umno-BN ways. I have managed to develop Permodalan Nasional Berhad previously, even before PKNS. But now look, the investment is exponentially more than PKNS because the records are correct.”

“So do not say that I am not being concerned about bumiputera development,” he said when answering questions from Sulaiman Razak (BN-Permatang) regarding the total amount of PKNS assets that were assumingly ‘lost’ from PKNS during the Umno-BN administration previously.

Further answering additional questions regarding the sales of PKNS assets by Umno-BN, Abdul Khalid stressed that PKNS will not sell five of their commercial assets at the price of RM321 million as claimed.

Instead, all of the assets collected will be transferred to a new wholly-owned subsidiary corporation; Private Real Estate Company (PREC).

“This is a form of reshuffling. The assets will be put into the company. If it involves a corporation, it is not selling because it involves the same company, a joint account. No issue of selling.”

“We will combine the assets to develop the assets. It is common practice in the management of assets.”

“According to the old tradition, when it (assets) is already in the company, there are ‘ghosts’ who want to be share partners. This is no longer so because we are transparent. I purposely want to let everyone see this, let everyone be smart (about it).”

“So if Kuang and Permatang is interested, I can ask the Chief Director and the Deputy Director of PKNS to explain it to whoever wants it to be explained to,” he said.

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