If there is an offence I must plead guilty to -- often enough to be goaled? Ooops, transposition, which is another offence in wordsmithry! read: gaoled -- is thievery of my frends' Posts. Today it's an repeat offence -- "an" because it qualifies "offence! a, e, i, o, u, remember the particular qualifier must not be "a" but an "an"? -- from 2020freelunch.blogspot.com who plays Mentor role todie. I had preached to her that DEsi'd rather be a mentee most times.
Tuesday, January 16, 2007
USD50billion LOAN: A fishy official letter
My reply to Raising USD50 billion for 9MP projects through two dubious companies? on Lim Kit Siang's blog.
You know the cliche: If it’s too good to be true, it probably is.
And this SCAM is too good be true.
I agree with jeffrey (another commentator). With stories this size, proper verification should be sought. Or at least cross-checked with others in the know.
USD50billion is a lot of money. Looking at the documents, I wouldn’t jump the gun.
The first question would be to ask the PM: Are these letters genuine?
Forging letters is easy. Pay a clerk. Signature also no problem la.
There is something fishy about this official letter by Reezal (Page 1, 2).
Normally at the bottom right…they have markings like these (.../2) to indicate another page? I dunno.
Also the HEADER reads funny, the language is also a bit out…
Also why is the IMPORTANT LETTER received by the JABATAN KESELAMATAN, you mean it was passed to security at reception? Aren’t they usually HAND-DELIVERED to the Deputy Governor’s office?
Also, his stamp…there is something funny about his stamp.
It just looks like a FISHY OFFICIAL LETTER.
Where is the lampiran with the PM’s handwriting?
Also contrary to what RPK claims “And the letter refers to the USD50 billion funding requirement to finance the RM200 billion Rancangan Malaysia Kesembilan (RMK9) or Ninth Malaysian Plan.” The letter only refers that the notes will be issued FOR NATIONAL development NOT the 9th PLAN specifically. It’s a different matter in COURT.
Also, it DOESN'T MAKE SENSE for MALAYSIA TO BORROW LIKE THIS, NOT USD50bil. IT CAN ALWAYS ISSUE TREASURY BILLS. I believe our sovereign ranking is quite high…we have so much resources.
I think we should verify it via the proper channels first.
For the original article on Malaysia Today, click here.
Labels: badawi, bnm, economy, fishy stories, pak lah, scandal
posted by freelunch2020 at 2:42 PM | 0 Comments
I first sighted this gargantuan scandal2B at malaysia-today.net in Raja Petra's "Corrdiors of Power" (No, not NO HOLDS BARRED column as I first attributed! To err is human, especially when 'er'ata' is partly in my name:). I often read his writes with a critical mind, after all I'm used to be a fan to his fantasy Chronicles where sometimes facts are so interwomen with fantsay a Reader would be hardpressed to sieve Arabian Nights 1,001 from CommonSENse101.
And at first reading, I though to meself: Ah, April 1 arrived a li'l EARLY in 20h0hSE7EN; most likely David Craig's special agency rubs off easily on consumers worldwide who need escapism from ondance reallife so much so they prefer to watch TV Reality shows (LOST, mGf?) than to LIVE LIFE. There has been anews report some sections of consumers have got mighty exhasuted with TV Reality shows, and if RPK coninues with this vein of story telling, I might reach a point when I must raise the alarm as was well put by Jeffrey at blog.limkitsiang.com's as commenter on the same subject.
I feel most at home with freelunch's Post as I know she's a fellow journalist (have I let the kitten out of the doggie bag? Ah, also she's fe-mail -- not that I'm gender-biased in interaction with conversationists in Blogsworld. Yesterday I was intimated by SecondO, or ThirdO, that I might be in homosexual ring not that like him/her I have any prooblems with such a group, but I must state clearly, audibly, and visually I am NOT wan (YOU, Time's Person Of the Year, have some imAgination lah! Even in Cinemascope and Kofakcolour for awe I care-esxz.
I'm digressing lots today because I'm building up with a "warning". I extarct about 3.003 percent of what Jeffrey had writ at Kit's blog, so you are adised to visit dare to hear the full account from the horses' mouths. (I put the plural forms in both the nouns precedent because I meant more than one writer, but I ain't sure it should be singular "mouth" as the animal indidually should have just wan/one. Ahyway I'm intruding into Desiderata.English; if thou art not knwoing what this is all about, don't worry. The delusion is one this hoRst!:)
Okay, Da Warning:
"Your lawyers will advise you that under the Companies Act, an insolvent company like Asasatu, in the process of winding up, cannot legally enter into borrowing arrangements and if these banks are worth their salt as “top prime bank or local prime banks”, they cannot and will not lend because to do so the borrowing arrangement is void, and they cannot recover a cent of the US$50 billion. How can Bank Negara direct banks to lend to a company in process of winding up and yet call itself a regulator of banking propriety?
Even if Bank Negara does so direct, the Banks simply won’t do it – they have internal and external auditors and have account to shareholders. You think they will agree? For what would they agree? Because the 4th Floors’ Boys scheme and require it? Come on’ be real! If you say the government requires it – it is for financing the 9MP and national interest – then ask the government of Malaysia to either directly borrow or guarantee the Loan (which of course if it does, there’s no need for this roundabout arrangement).
If I have got US$50 Billion, it must be assumed in my favour that I cannot be commercially stupid. If I were to lend US$50 Billion to the United State Government via subscription of their very secure Treasury Bills, I get a yield of some 4.6 to 4.8%, so why should I lend to a winding up company Asasatu – as proxy even for the Malaysian government – a loan which yield is only “2.88% to 3.5%” ?
Unless I were (say) the government of Singapore for which the front/proxy is Project Equity Services Group. Even then I’d be worried. We are talking of US$50 billion, maybe a quarter of my total reserves, if this were the case I would have to take a mortgage and charge over the whole of Johore especially the Southern Corridor! (Just a joke. )
But think about it. Don’t be naïve to think that everything we hear is true.
A trap may be set for those who disseminate this information if eventually proven to be totally without foundation, and the accusation will be this: why do you disseminate the information through the Internet without verifying and checking? What will be your defence – because you guys always have cover ups and getting commissions all over the place? Is that a credible defence? "
DESIDERATA: By now, you would know I am an Arthur Conan Doyle's and Agatha Christie's fan. Theirr tales od detection helped/have helped/help Desi mould his critical and analytical mind. God gave us each a unique mind, and I hope everyone uses his/hers to its best potential and not waste in wantonly on unproductive ventures, though I recommend adventurism of the literary kind.
I find Jeffrey's writings, several and properly and logically argued with, well, "rational" rationales -- and you are allowed to flame me for poor English, not aloud though, please, I don't want your shouts to wake up the neighbours who sleep in late, verily I say, very late!) -- along the path of Hercule Poirot and Sherlock Holmes, and I remain an ardent fan.
Let me part with my own WARNING. I have been intimating to my EsteemedReaders about my phobia of some visitors to Desi's Place, Yes, in da steal of the night, as an AP.But i have great resilience -- Note that I had NOT activated WORD VERIFICATION despite many Thinkings Aloud.
An AP not of the money-making sort from MITI with its crying out loud Queen bee. Oh, no, It's a far more dangerous species. It comes with a smiling face, in barnded suit like The Devil Wears Prada?; sometimes he/she befreinds and teases thee with a striptease even and hotblooded writHers like Desi let more than his guards down. (Winks, winks, NOT forty or 80 -- that's the PM's prerogative, and Desi's not even a Minister!)
This AP slyly then lays a trap, and YOU, like some nocturnal insects attracted to the fluorescent light, nears the LIGHT. You are TRAPPED by the warmth of the caress, drunk on the honeyed words, and before you know it, you are ENTANGLED IN THE www TRAP. And THE PIT AND THE PENDULUM claims another victim. You have kissed the mystic scent of death of Da Agent Provocateur.
With Desi's Kiss Of Life he learnt as a Boy Scout or Scoundrel, thy pick or pickle:
Rise If Possible, my Girl Sext Door?
mGf, where you may be;
Be Thou My Guide?