To recap: In April 2013, a vast swathe of land, covering 1,172 acres – that lies close to Kota Kemuning, Putra Heights & Bandar Rimbayu with accessibility to 4 major highways - was sold to Tropicana/ Danny Tan for RM1.297 billion, payable over a period of 20 years and only RM 50m Deposit need be paid as 1st payment.
Less than 10 months later, in Jan 2014, Tropicana sold 25% of this land ( just 308.72 acres) to Eco World for RM470.67 million cash. Up to that point, the only payment it had made to Permodalan Negeri Selangor Bhd (PNSB) was a deposit of RM50 million.
Upon hearing this, on March 29th, 2014, Khalid the MB became fuming mad and requested accelerated payment from Tropicana for agreed upon RM1.3 billion over 20 years.
The full sum is however yet to be paid.They were able to make this outrageous sale because under the agreement, some smart fool ( allegedly the Selangor Economic Advisor Anwar Ibrahim) had decided to transfer the full power of attorney to all the land to the buyer despite only receiving RM50 million out of RM1.3 billion. Word on the market is that MB Khalid is making it hard for this ridiculous sale to both Tropicana and EcoWorld to proceed unless Selangor receives full payment first.
Tropicana is still negotiating with MB Khalid for this but Khalid is insistent on the full amount to be paid first before allowing the transfer :http://www.bursamalaysia.com/market/listed-companies/company-announcements/1581685
BTW, Tropicana is owned by Danny Tan the brother to Vincent Tan.
BOTH Danny Tan & brother Vincent Tan are now doing big-time property development in Penang including in the RM10 billion GDV Bayan Mutiara Penang World City project (where they bought the land at a very cheap price of RM240 psf payable over 5 years fr the Penang State Govt) and also the IK
EA Batu Kawan deal thru Ivory Properties Group. Vincent Tan is also involved in the multi-billion redeveloping of the Penang Turf Club.
So, other than a common big-time property developer,why is DAP so concerned with removing Khalid as Selangor MB? Perhaps an article from more than one year ago before GE13 by RPK regarding this land sale can shed some light. Search in Malaysia Today.( who got bribed for cheap land sales in Selangor? )