Asset disclosures: Guan Eng clarifies

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Guan Eng has made the following clarifications regarding the asset declarations of the Penang exco.

Guan Eng clarifies:

Yesterday the Penang state government publicly declared the assets of Penang State EXCO members. Today, the Penang state government officially uploads the information of their assets on our government website http://www.penang.gov.my/. Penang State EXCO members holding positions of public trust believe that the rakyat has a right to demand accountability from public officials.

The public declaration of assets fulfils the personal obligation of PR leaders and political commitment of the Penang PR State government towards reinforcing leadership with integrity in line with the CAT principles of Competency, Accountability, Transparency principles.

For the first time in Malaysian history, this public declaration of assets was conducted not by the state government but by an independent audit company. I regret that this important piece of information was not published by certain media and blogs and hope that this can be corrected.

The Penang state government has chosen the internationally renowned accounting firm, KPMG and its senior partner Chartered Accountant Ooi Kok Seng, for the verification exercise and to formulate the template and presented to the public. As an independent audit firm, KPMG is required to uphold the highest standards of professional standards ensuring that it complies with the principles of objectivity, independence and no conflict of interest before undertaking any task.

I also express the hope that the media can publish the information of our assets in full. I regret that basic financial knowledge appears to be lacking when some print the value of assets without stating the loans taken out to purchase them. Or confuse the number of units in unit trusts(10,000 units) with value (RM10,000) as number and value of unit trusts are not equivalent. Most unit trusts are valued be between 30 cents to 50 cents per unit.

The Penang state EXCO members wish to stress that they have no other sources of income except from their public allowances as public officials and ADUNs. Their allowances can be obtained from the Enakmen Anggota Pentadbiran dan Ahli Dewan Undangan Negeri(Saraan) 1980.

Good that they have got a well known audit firm to verify the statements. Other points I mentioned yesterday still merit consideration.

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Kevin

In this issue I more than support Eu Soon’s views. A monthly income of 16k is a lot. But to save enough to pay a housing loan and a car loan and feed a family and acquire so many shares all in 3 years seems to be quite unbelievable especially considering his previous history of no savings of any form. Nobody is accusing him of being corrupt, but he should give further details as to the purchases.

ong eu soon

YB Law clarified in Kwongwah newspaper that his take home pay (I have to assume it is a take home pay after deduction of tax and EPF) of RM16,000 is sufficient for him to have saving of RM10,000 per month. His monthly expenditure is only about RM6,000 with monthly installments for a housing loan of RM355,000 and a car loan of RM35,000. For the last 4 years, he easily can save RM480,000. Guess he no need to pay for his service centers, his assistants, no contribution to PKR. Question is he never dare or bother to reveal when he purchase… Read more »

ong eu soon

This so called asset disclosure without the detailed monthly expenditure is meaningless. It still open for abuse. The voters need to know the cash flow of those politicians to see whether they are involved in any unhealthy practices or not.
For a guy to spend more than RM250,000 within 3 years to acquire shares and property, it is important for us to know his monthly expenditure to estimate his purchasing power.

ong eu soon

TMC Life 50,000 X RM0.33= RM16,500
ETI Tech 35,000X0.17=RM5,950
StemLife 49,000X0.28=RM13,720
Faber Group 20,000X1.8=RM36,000
Mulpha Int 30,000X0.385=RM11,550
Ramunia 100,000x.355=RM35,500
PA Resources 50,000 X0.055=RM2,750
Dufu Technology 20,000X0.345=RM690
Hexagon 20,000X0.19=RM3,800
Eden Inc 35,000X0.325=RM11,375
Poh Kong 100,000×0.445=RM44,500
MNC 100,000X0.16=RM16,000

This YB has a strange taste for junk shares! YB Law should explain when he bought the share at what cost. Those junk shares may not worth a lot of money, with the state of finance of YB Law before and after 308, he still owe Penangites an explanation how he end up buying those junk shares with what sort of financing.

ong eu soon

YB Law Choo Kiang should explain how over the last 3 years that he could bought the following sharest: 1) TMC life 50,000 2) Eti Tech 35,000 3) StemLife 49,000 4) Faber Group 20,000 5) Mulpha Int 30,000 6) Ramunia 100,000 7) PA Resources 50,000 8) Dufu Technology 20,000 9) Hexagon 20,000 10) Eden Inc 35,000 11) Poh Kong 100,000 12) MNC 100,000 For someone who has no history of FD or saving, suddenly after assuming the post of exco can acquired such a huge volume of shares, YB Law need to come out clean on his share acquisition. What… Read more »