Kuala Lumpur - MCA young professionals bureau chief Chua Tee Yong has demanded a rewrite of the Selangor government's White Paper on the Talam Corporation debt, claiming that RM121 million has "gone missing".

He compared the information in the document to an announcement to Bursa Malaysia on Nov 28 by Kumpulan Hartanah Selangor Bhd (KHSB), which he revealed at a press conference today.

"In the KHSB announcement ,the auditor AKN Arif was appointed to conduct a review of the debt settlement by Talam," he said.

Talam's total debt and late payment penalty to KHSB should be RM236 million and not RM115 million, Chua said.

He claimed that RM121 million had been written off in the debt-recovery exercise, as the sum is missing in both the White Paper and a report by the auditor engaged by the state government.

He said the auditor had also commented that a further investigation was needed to determine if the proper procedures were followed relating to the debt settlement.

"If everything is cleared in the white paper and KPMG report, why is further investigation now required?" he said.

Since July, MCA has been attempting to make an issue out of Selangor's debt recovery exercise, alleging, in the words of Chua, a "RM1 billion questionable deal".

The Selangor government has tabled its own White Paper over the Talam RM392 million debt recovery exercise, that further proved to critics that the state had not bailed Talam out.

However, Chua still insisted that the debt recovery exercise is meant to bail out and assist Talam, and alleged that the white paper and KPMG report were a smokescreen to hide the truth.

"Rewrite the White Paper, otherwise the Selangor Pakatan government is hiding the truth from the rakyat," he said, adding that the Securities Commission also needs to probe the debt settlement exercise.