SHAH ALAM - The misappropriation claims involving the sale of Yayasan Selangor land in Bukit Tinggi are baseless, slanderous and misleading.
Yayasan Selangor in a statement, denied the claims made by 'Che'gubard Original' in his official Facebook account on Tuesday.
The statement said the decision to sell the land was made following standard operating procedures approved by Yayasan Selangor and its trustee board.
"The approval was based on the calculations towards the return on investment, Yayasan Selangor’s financial position as well as the risks related to the joint venture project between Yayasan Selangor and Mr Fairmore Realty Sdn Bhd (FRSB)," the statement said on Thursday.
Che’guBard Original’ Facebook shared the post, claiming Yayasan Selangor was facing financial issues that forced the foundation to sell their assets and take loans from licenced borrowers.
The letter also questioned whether it was true that the financial problems forced Yayasan Selangor to mortgage the land for immediate cash even though the land was already sold and the sale and purchase agreement had been signed.
The same post also claimed the sales purchase was made for less than the market value.
Yayasan Selangor explained the acquisition of the land involved by the central government for the LRT3 route had an impact on the land area, causing a reduction in land prices.
"For your information, Yayasan Selangor is in the process of submitting a compensation claim based on the market price and additional damages for the land takeover.
"The Yayasan Selangor Trustees have approved the management's request to obtain ‘factoring’ financing from financial institutions through CapBay to meet the operational needs of 2020 and it has received approval from the FRSB," it said.
It said CapBay financing was one of the state government's initiatives that helped the foundation organisation get upfront money for operational use.
"Yayasan Selangor must conduct its own fundraising activities to provide the best return to be channelled into education funding programmes.
"It is our practise under the new administration to ensure the company’s management has integrity and practises ‘good governance’," the statement said.
Yayasan Selangor stated it has lodged a police report and demanded for Che’guBard Original’s account owner to openly apologise and take down the post as it had tarnished the reputation of the foundation.
It was always open to providing the real explanation for parties that needed further information regarding the claims and would provide full cooperation in solving it immediately.