COMING soon onto this screen -- maybe sext week if I survive a tsunami which may hit Malaysian shors anytime, according to my devout Buddhist matey SC, because Malaysia will have to pay for its BAD National Karma! -- YL, Desi, knottyaSsusual
PS: Now be a GOoD boy and go back to read the first TWO parts, OK!
It's NOT OFTEN for former chief editors of mainstream media to break their silence on ongoing "sensitive/controversial" subjects involving the Government's CEO of the day. I say this becasue as a news watcher it's never without fail these editors got to the top of their positions in the heydays TOEING THE OFFICIAL LINE -- which means they did take instructions, explicitly or subtly issued, by the big shots at the Prime Minister's Office.
One of them is now a journo-blogger whom I know -- I won't calim very well because we never made dates to tehtarik on any occasion though we bumped into each other at media events -- is Abdul Kadir Jasin. Here's The Sribe's latest TWO blogposts at kadirjasin.blogspot.com:~~
IT is confirmed beyond a shadow of doubt that Prime Minister
(Datuk Seri) Mohd Najib Abdul Razak is not lonely.
[REMINDER: No anonymous comments will be
published.Please use Google Account,
OpenID or Name/URL. Pseudonym is accepted. Please be respectful .. No swearing. Thank you]
In the first instance, nobody had said that he was lonely or
alone. In the second, the man himself told the high-level Invest Malaysia
Conference in Kuala Lumpur on April 23 that he did not feel lonely.
This is how The Star newspaper in its April 24 quoted him:-
“Well, I can tell you that I don't feel lonely standing here
in front of you today."
He
added: "And when so many respected international bodies, individuals, and
institutions have confirmed their belief in Malaysia's success and have
honoured us by rating us so highly - I don't feel lonely at all - in fact I
feel in a very good company."
The not-lonely PM at Invest Malaysia Conference
I
think he had intended to take a swipe at (Tun) Dr Mahathir Mohamad, but as
always, he got it wrong.
I
have no clue where the Prime Minister got this idea that people think he was
lonely. Instead most Malaysians know just how merry and jolly their PM is.
I
think he misunderstood what Dr Mahathir had written in his blog on April 13. In
that post, Dr Mahathir said “saya sedar saya keseorangan” (I realise that I am
alone). Dr Mahathir was referring to his quest to seek the truth about 1MDB and the murder of Altantuya Shaariibuu.
Unless
Mohd Najib is speaking Kazak (the predominant language of Kazakhstan), he would have realised that Dr Mahathir did
not say he was lonely. He said he was alone. So when Mohd Najib said he did not
feel lonely, he once again misunderstood what Dr Mahathir said.
Still
we thank Mohd Najib for making doubly clear that he wasn’t feeling lonely.
How
Can He Be Lonely?
He
had just returned from leading a glittering wedding party of his daughter (with
(Datin Paduka Seri) Rosmah Mansor) to Kazakhstan, which, according to Dr
Mahathir, comprised some 300 merrymakers.
Also
some 160 Umno divisional chiefs had pledged their unequivocal support for him.
The Umno Youth had held him up so high up that he could see eternity. The
Wanita Umno had wildly waved the “I love PM” banners and sang “1M4U”. I can’t
recall what the Puteri Umno did. But I am sure those pretty faces too did something
soothing for him.
The Macho Men and the Princesses
We
have also not heard of his armies of advisers, consultants, special officers
and hangers-on abandoning him. I would not dare suspect that any of them are
playing “kayu tiga” with him. The
mainstream media and the Mohd Najib-linked bloggers (ULB) - paid or voluntary,
“bangang” or brilliant – continue to singing praises for him and maligning his
critics. But some of them are saying that plots are being hatched in Umno to
oust Mohd Najib although this was denied.
So
how could he be lonely?
Sharing
Prosperity
At
the same conference he said prosperity must be shared. (Read here). We have no
problem with that except that in the last two decades Malaysia has become less
equal.
The
rich are getting richer and the poor are getting nowhere but backward. Even
some in the lower middle class are falling off the ledge.
That’s
probably why Malaysians are only mildly happy. We are ranked 53 out of 158
countries featured in the most recent World Happiness Report published by the
United Nations Sustainable Development Solutions Network. The Switzerland is
the happiest country and Togo is the saddest.
Apart
from 1Malaysia People’s Assistance (BR1M), Mohd Najib recently shared the wealth
of the country with fellow members of the Dewan Rakyat and Dewan Negara by
agreeing to a hefty pay rise.
Lower House members had their monthly salary from RM11,500
to RM16,000 and those of the Upper House from RM7,000 to RM11,000. It
happened almost at the same time as the rakyat – the wealthy and the pauper –
are making sense of the GST.
According
to an economist/researcher, that raise catapulted our Yang Berhormats to the
top one-per cent of the income band – to be exact the top 0.6%.
Income
inequality is growing despite the economy expanding at a respectable high rate,
signalling the failure of the wealth distribution in the post-NEP period.The
lowest paid civil servants earned under RM1,300 a month after adding cost of
living and housing allowances. The situation is worse in the private sector and
among the self-employed.
Yet we were recently told by Rosmah Mansor that her hairstylist charged her
RM1,200 for hair colouring at home and she blamed it on the GST. A society lady
told me that its costs double that to do facial at a beauty outlet like Aster
Spring. Today even men visit beauty parlours. Of course these are not the ordinary
men in the street.
Even Men visited beauty parlour like this one
The
2014 report of the Amanah Saham Bumiputera (ASB) showed that 72% of unit
holders had an investment of only RM536. This represented a decline of 12.3%
from 2012. The dividend they received was only RM45 a year or RM3.75 a month.
And
look at Tabung Haji, the pride and joy of Malaysian Muslims. The bottom 87% of
savers have average investment of only RM567 in 2013 according to the UNDP
Human Development Report 2013 authored by economist (Tan Sri) Kamal Salih, Dr
Mohamed Abdul Khalid and Dr Lee Hwok Aun. Less than 40% of Muslims have
accounts at Tabung Haji.
Then
what has happened to Mohd Najib’s call on April 10, 2014 for better
representation of gender, ethnicity and age in the Malaysian corporate sector?
He said he would like to see a greater number of Malaysian-listed companies
producing sustainability reports that include these features. Where is the
update or is this another empty transformational promise? (Read here).
1MDB
Stayed Away
The
conference was organised by Bursa Malaysia with Khazanah Nasional Berhad and CIMB
banking group being key participants. 1MDB was invited “to give its side of the
story” but declined.
As
a bona fide government strategic investment company it should not have shied
away from the gathering whose keynote speaker was the Prime Minister himself.
If 1MDB’s board of advisers, directors and management are so darn sure of their
modus operandi and transparency, they should have attended the conference.
In
another development, the company had declined to entertain inquiries from the
media saying that “1MDB does not comment on speculation and market rumours.”
According
to the report, The Malaysian Insider news portal had asked 1MDB to comment
on claims that it had provided falsified bank statements concerning a
subsidiary.
Maybe
its President and Group Executive Director, Arul Kanda Kandasamy had learnt a
bitter lesson when he told the Mingguan Malaysia on Feb. 15 (read here) that the talks of
T.Ananda Krishman lending RM2 billion to 1MDB were “mere speculation”.
Then
about six weeks later, on March 25, according to Second Finance Minister Datuk
Seri Ahmad Husni Hanadzlah, Ananda through his power company, Tanjong Energy
Holdings, “had arranged the funding with the help of private investors.”
So what Arul Kanda said in the interview with
the Malay newspaper amounted to lying. So rather than perpetuating the lies, it
would be better for 1MDB to keep its mouth shut and open its books to the
investigators.
I was taken aback when, a couple
of days ago, several senior Umno leaders, including ministers, who were
previously staunch supporters of the Prime Minister, told me a different story.
One told me that some of them had
seen and examined 1MDB documents, and are sharing the information with party
members to ensure no
further damage is done to government finances and the culpable parties be held
responsible.
So, while the Prime Minister does not feel lonely, Dr
Mahathir too is not alone in his fight to get the Prime Minister to leave
Putrajaya.
TUN Dr Mahathir asked (about 1MDB, Altantuya Shaariibuu’s
murder and who ordered her killers to commit the crime.
[REMINDER:
No anonymous comments will be published.Please use Google Account, OpenID or Name/URL. Pseudonym is accepted.
Thank you]
According to the mainstream media, Mohd Najib Abdul Razak
answered all the questions (the RTM and TV3 way).
Dr Mahathir and his
supporters said that were not the answers they wanted.
They did not accuse Mohd Najib of complicity in Altantuya’s
murder but he swore by the Quran repeatedly that he did not even know the
Mongolian victim.
So today, in his latest blog post, Dr Mahathir “answered” the questions he asked Mohd Najib about
1MDB.
Among other
things Dr Mahathir noted that 1MDB has a paid-up capital of RM1 million with
neither assets nor collaterals ended up borrowing 42,000 times more than its capital.
It was able to do so only because of Government guarantees.
In other
words, he said, it is Government which is borrowing the money. If 1MDB loses
money, the Government will bear the loss. Yet the operation of 1MDB is not
overseen by Government officers responsible for the management of Government
funds.
Dr Mahathir also noted that out of RM42 billion debt that
1MDB had amassed as a result of asset purchases, some RM27 billion is still
unaccounted for.
"These are all the purchases known. They add up to RM14.7 billion. So
there is approximately RM27 billion left.
"More than US$1 billion was said to be paid to Petro
Saudi without verification as to the value of this company or its assets.
"Where is the rest of the money?" he asked.
Mahathir had listed several purchases "as far as can be ascertained"
which were made by 1MDB including:
1) Tanjong Energy (now known as Powertek Energy Sdn Bhd) for RM8.5 billion;
2) Genting Sanyan Power (now known as Kuala Langat Power Plant) for RM2.3 billion;
3) Jimah Energy for RM1.2 billion;
4) Seventy acres of land in Jalan Tun Razak (For Tun Razak Exchange) for RM320
million;
5) Four hundred and ninety five ( 495) acres of the Sungai Besi TUDM base (renamed
Bandar Malaysia) for RM363.5 million; and
6) The purchase of 234 acres of land in
Air Itam, Penang for RM1.38 billion.
He added that no one knows exactly where is 1MDB's RM2 billion which was
supposedly brought back from the Cayman Islands and parked in Singapore.
Dr Mahathir said the government also
lost some RM25 billion in income opportunity by selling the lands cheaply to
1MDB.
"It should be noted that TRX land is close to land recently sold at
RM7,000 psf.
"Assuming the market price is RM3,000 psf, the true value of this land is
RM6 billion.
"The government has therefore lost RM5 billion plus
because 1MDB paid only RM320 million," said Mahathir.
Dr Mahathir estimated that the government lost around RM20 billion in opportunity cost for the Sungai Besi
land which he estimated to be at RM1,000 psf but was only charged RM91 psf for a total of RM363.5 million.
"It is this disappearance of a huge amount of borrowed money by 1MDB and
the inability to answer questions regarding what happened to the funds that
disqualifies Najib from being prime minister of Malaysia," Mahathir said.
Dr Mahathir
asked why the 1MBD bond managed by Goldman Sachs cost more than was usual for
Government borrowings. The interest rate at 5.9% was too high. Government loans
usually attract about 3% or below.
In addition,
he said, the 10-per cent commission went to Goldman Sachs which meant that 1MDB
received only 90% of the money borrowed yet has to pay interest on 100%,
raising the interest rate to 6.6%. Averaging at 6%, yearly interest on the RM42-billion
debt is about RM2.5 billion. Since 2009 there has been no income from all the
assets. And 1MDB had to borrow RM2 billion to pay the interest.
Meanwhile Umno sources said many key leaders of the
party had seen and examined the 1MDB figures and are sharing what they know with
party members to ensure no further damage is done to the company and the
culpable parties are held responsible.
DESIDERATA: There's a lot of TRUTH is what the protagonist (ex-PM Dr Mahathir) had recently alleged wrt the wrongdoings and unaccountability of the current PM Najib Tun Razak. I am no big fan of Dr M though most Malaysians either HATE OR LOVE HIM, seldom any feelings falling in-between. BUT ALL NEWSDOGS LOVE HIM, for he maketh excellent news copies, though I know he had many times let known his disdain for the fourth estate. Now he has joined the fifth estate, and may be he has some more fondness of bloggers, and I had the honour of gifting him a *BUMmer souvenir. BUM + Bloggers Universe Malaysia...)
What has gripped the nation when Dr M first broke his silence on Najib-Altantuya, many Malaysians HELD THEIR BREATH, including thiswriter named Desi. WE thought he would NOW GIVE THE MUCH SPECULATED EVIDENCE of a photograpah of the current PM and the Mongolian beauty and a go-beween or in-betwin CONsultant now hiding in the UK named Razak Baginda. I won't say much because many of you ER know more than Desi!
Let me just say that I had sighted one SATIRE pictorial -- exercising POETIC LICENCE like BUM=bloggers often do? --in MP of Batu Tian Chua's blog once upon a time/dime?
But two weeks after Dr M first referred to some connection of Najib-Altantuya -- after eight years had flowed under the Mongolian beauty's bridge -- HE HAD TODATE NOT PRODUCED THE PHOTO EVIDENCE MANY OF US, including Desi, expected him to deliver, like playing the last/lust winnnnning card in a poker game.
Are we going to be tested for our patience how the curtain will come down on this murder of a foreign beauty on Malaysian soil ? Well, if you believe what some Immigration authorities told us, the Mongolian/s never set foot on Tanah Melayu, so Desi's THINKING ALOUD/ALLOWED, How could there/dare be a murder charge in the first instance? I even saw Sherlock Holmes and his assistant Dr WHATSON nodding their heads in agreement, OR IS IT BEWILDERMENT?
PS: To The Scribe I left this INVITE at his esteemed blog:~~~
Datuk Kadir Jasin,THE ScRIBE: greAtings to fellow BUMmer; just reproduced your latest 2 posts at my humble Midnight Voices, "Terima Kasih" for the borrowings for which I will offer endless rounds of tehtarik at the Seremban's De Miang Corner, just behind KFC along Jln Temiang le!:) Chow! -- YL, Desi, knottyaSssual
Some
senior leaders in Umno are spreading information about debt-ridden
1Malaysia Development Bhd (1MDB) within the party in a bid to prevent
further damage to Putrajaya’s finances, veteran journalist Datuk A.
Kadir Jasin said in his blog today. The
former chief editor (pic, right) of Umno-controlled English-language
daily The New Straits Times said he was shocked to discover that 1MDB
documents had been sighted by Umno leaders who formerly supported Najib,
and that the information was being shared in attempts to bring light to
the scandals surrounding the Finance Ministry-owned fund. "I was taken aback when, a couple of days ago, several senior Umno
leaders, including ministers who were previously staunch supporters of
the prime minister, told me a different story. "One told me that some of them had seen and examined 1MDB documents,
and are sharing the information with party members to ensure no further
damage is done to government finances and the culpable parties be held
responsible," Kadir said.
Kadir took such developments as signs that former prime minister Tun Dr
Mahathir Mohamad was "not alone in his fight to get the prime minister
to leave Putrajaya". Dr Mahathir, who has been criticising Najib since last year, recently
said that he felt alone in his quest to get answers from Najib over
1MDB's scandals and other national issues such as Putrajaya's policy of
giving cash handouts to people and the murder of Mongolian woman
Altantuya Shaariibuu. Despite bringing in other issues, including the "lavish lifestyle" of
Najib's wife Datin Seri Rosmah Mansor, Dr Mahathir has kept the bulk of
his criticism on Najib focused on 1MDB, its massive debts and opaque
operations. The former prime minister recently said Najib, who is chairman of the
fund's advisory board and the finance minister, could not be forgiven
for 1MDB's RM42 billion debt. Kadir in his blog post today also said 1MDB had been given a chance to
explain its dealings at a recent gathering of investors in Kuala Lumpur,
but had not been present. "As a bona fide government strategic investments company, it should not
have shied away from the gathering whose keynote speaker was the prime
minister. "If 1MDB’s board of advisers, directors and management are so darn sure
of their modus operandi and transparency, they should have attended the
conference," Kadir wrote of the Invest Malaysia 2015 forum held on
April 23. At the forum, CIMB Group chairman Datuk Seri Nazir Razak had also
expressed disappointment that 1MDB had declined to attend the event. Nazir, who is Najib's brother, said the fund's absence was "not
helpful" as it only furthered negative perceptions about scandals
surrounding 1MDB. “We invited 1MDB but they turned us down. They declined to participate.
I am disappointed because I think they would have been an important
element of Invest Malaysia, given the backchat on the topic. “It's important for us to put the elephant in the room behind us. This
whole 1MDB issue, the earlier it is cleared up, the better for everyone.
When issues are not cleared up, people tend to expect the worse,” Nazir
had said, according to news reports. – April 27, 2015. - See more
at:
http://www.themalaysianinsider.com/malaysia/article/umno-seniors-moving-against-1mdb-says-veteran-newsman#sthash.UTXddU59.dpuf
Umno seniors moving against 1MDB, says veteran journalist
Published: 27 April 2015 11:05 AM
Senior
Umno leaders are reportedly sharing information about debt-ridden 1MDB
in attempts to prevent any further damage to government finances. – The
Malaysian Insider file pic, April 27, 2015.Some senior
leaders in Umno are spreading information about debt-ridden 1Malaysia
Development Bhd (1MDB) within the party in a bid to prevent further
damage to Putrajaya’s finances, veteran journalist Datuk A. Kadir Jasin
said in his blog today. The
former chief editor (pic, right) of Umno-controlled English-language
daily The New Straits Times said he was shocked to discover that 1MDB
documents had been sighted by Umno leaders who formerly supported Najib,
and that the information was being shared in attempts to bring light to
the scandals surrounding the Finance Ministry-owned fund.
"I was taken aback when, a couple of days ago, several senior Umno
leaders, including ministers who were previously staunch supporters of
the prime minister, told me a different story.
"One told me that some of them had seen and examined 1MDB documents,
and are sharing the information with party members to ensure no further
damage is done to government finances and the culpable parties be held
responsible," Kadir said.
Kadir took such developments as signs that former prime minister Tun Dr
Mahathir Mohamad was "not alone in his fight to get the prime minister
to leave Putrajaya".
Dr Mahathir, who has been criticising Najib since last year, recently
said that he felt alone in his quest to get answers from Najib over
1MDB's scandals and other national issues such as Putrajaya's policy of
giving cash handouts to people and the murder of Mongolian woman
Altantuya Shaariibuu.
Despite bringing in other issues, including the "lavish lifestyle" of
Najib's wife Datin Seri Rosmah Mansor, Dr Mahathir has kept the bulk of
his criticism on Najib focused on 1MDB, its massive debts and opaque
operations.
The former prime minister recently said Najib, who is chairman of the
fund's advisory board and the finance minister, could not be forgiven
for 1MDB's RM42 billion debt.
Kadir in his blog post today also said 1MDB had been given a chance to
explain its dealings at a recent gathering of investors in Kuala Lumpur,
but had not been present.
"As a bona fide government strategic investments company, it should not
have shied away from the gathering whose keynote speaker was the prime
minister.
"If 1MDB’s board of advisers, directors and management are so darn sure
of their modus operandi and transparency, they should have attended the
conference," Kadir wrote of the Invest Malaysia 2015 forum held on
April 23.
At the forum, CIMB Group chairman Datuk Seri Nazir Razak had also
expressed disappointment that 1MDB had declined to attend the event.
Nazir, who is Najib's brother, said the fund's absence was "not
helpful" as it only furthered negative perceptions about scandals
surrounding 1MDB.
“We invited 1MDB but they turned us down. They declined to participate.
I am disappointed because I think they would have been an important
element of Invest Malaysia, given the backchat on the topic.
“It's important for us to put the elephant in the room behind us. This
whole 1MDB issue, the earlier it is cleared up, the better for everyone.
When issues are not cleared up, people tend to expect the worse,” Nazir
had said, according to news reports. – April 27, 2015. -
See more at:
http://www.themalaysianinsider.com/malaysia/article/umno-seniors-moving-against-1mdb-says-veteran-newsman#sthash.s72oF9z2.dpuf
Umno seniors moving against 1MDB, says veteran journalist
Published: 27 April 2015 11:05 AM
Senior
Umno leaders are reportedly sharing information about debt-ridden 1MDB
in attempts to prevent any further damage to government finances. – The
Malaysian Insider file pic, April 27, 2015.Some senior
leaders in Umno are spreading information about debt-ridden 1Malaysia
Development Bhd (1MDB) within the party in a bid to prevent further
damage to Putrajaya’s finances, veteran journalist Datuk A. Kadir Jasin
said in his blog today. The
former chief editor (pic, right) of Umno-controlled English-language
daily The New Straits Times said he was shocked to discover that 1MDB
documents had been sighted by Umno leaders who formerly supported Najib,
and that the information was being shared in attempts to bring light to
the scandals surrounding the Finance Ministry-owned fund.
"I was taken aback when, a couple of days ago, several senior Umno
leaders, including ministers who were previously staunch supporters of
the prime minister, told me a different story.
"One told me that some of them had seen and examined 1MDB documents,
and are sharing the information with party members to ensure no further
damage is done to government finances and the culpable parties be held
responsible," Kadir said.
Kadir took such developments as signs that former prime minister Tun Dr
Mahathir Mohamad was "not alone in his fight to get the prime minister
to leave Putrajaya".
Dr Mahathir, who has been criticising Najib since last year, recently
said that he felt alone in his quest to get answers from Najib over
1MDB's scandals and other national issues such as Putrajaya's policy of
giving cash handouts to people and the murder of Mongolian woman
Altantuya Shaariibuu.
Despite bringing in other issues, including the "lavish lifestyle" of
Najib's wife Datin Seri Rosmah Mansor, Dr Mahathir has kept the bulk of
his criticism on Najib focused on 1MDB, its massive debts and opaque
operations.
The former prime minister recently said Najib, who is chairman of the
fund's advisory board and the finance minister, could not be forgiven
for 1MDB's RM42 billion debt.
Kadir in his blog post today also said 1MDB had been given a chance to
explain its dealings at a recent gathering of investors in Kuala Lumpur,
but had not been present.
"As a bona fide government strategic investments company, it should not
have shied away from the gathering whose keynote speaker was the prime
minister.
"If 1MDB’s board of advisers, directors and management are so darn sure
of their modus operandi and transparency, they should have attended the
conference," Kadir wrote of the Invest Malaysia 2015 forum held on
April 23.
At the forum, CIMB Group chairman Datuk Seri Nazir Razak had also
expressed disappointment that 1MDB had declined to attend the event.
Nazir, who is Najib's brother, said the fund's absence was "not
helpful" as it only furthered negative perceptions about scandals
surrounding 1MDB.
“We invited 1MDB but they turned us down. They declined to participate.
I am disappointed because I think they would have been an important
element of Invest Malaysia, given the backchat on the topic.
“It's important for us to put the elephant in the room behind us. This
whole 1MDB issue, the earlier it is cleared up, the better for everyone.
When issues are not cleared up, people tend to expect the worse,” Nazir
had said, according to news reports. – April 27, 2015. -
See more at:
http://www.themalaysianinsider.com/malaysia/article/umno-seniors-moving-against-1mdb-says-veteran-newsman#sthash.s72oF9z2.dpuf
I have not been writing much for the past ixs months, especially so when I find the POLITICS of CORRUPTION is NOT GOING AWAY when you have the same political party i.e. UMNO, leading the government. Corruption is ingrained in the UMNO genes, so unless you get the good doctor to excise all the cancerous cells, don't expect the present corrupt regime to change. But some key people have broken their silence, some elegant for many years.
Let me recount some news-watchers like Desi's catching the "words" of 3 recent important people/Malaysians:~~~
FIRST from the Star Online dated 2 April 2015, and perhaps later from the original blogpost from chedet.cc,5-starred ***** below:~~
PETALING JAYA: Tun Dr Mahathir Mohamad (pic)
fears that Umno and Barisan Nasional will lose the 14th general
election if Datuk Seri Najib Tun Razak remains as the Prime Minister.
In a strongly worded statement posted on his blog, chedet.cc on
Thursday, Dr Mahathir said many members and leaders from Umno supported
Najib blindly.
“When Umno loses, Malays will criticise the leadership for making the
sacred party weak until it is rejected by the Malays themselves.
“Once Umno loses, it can never recover,” warned Dr Mahathir.
The former premier added that he is loyal but his loyalty is only for the party and the Malays representing it.
“It is not easy for me to write this blog, but from the people and the country, I have to reveal all this.
“I am not senile although I am nearly reaching 90 years old. Those who say I am senile are just lying to themselves.
“Malays will only be safe if they care for their community instead of themselves,” he said.
Dr Mahathir claimed that people from all races would no longer trust
Najib because he did not answer the accusations hurled at him.
Among the accusations were those involving the murder of Mongolian
model Altantuya Shaariibuu, the 1Malaysia Development controversy and
the purchase of a private jet for VVIP use.
On the murder of Altantunya, Dr Mahathir said it was tied to the
purchase of submarines and now two police officers were freed of the
charge, then later found guilty after the court ordered a re-trial.
Dr Mahathir asked why was it that only one of the accused was in custody
(awaiting the death sentence imposed by the court) while the other
accused, Sirul Azhar Umar, was now in Australia.
Sirul Azhar, Dr Mahathir pointed out, had made a statement that he was
under orders to commit the killing of Altantunya and the public had been
asking "who ordered the killing."
Dr Mahathir said as Sirul was a personal bodyguard of Najib, his claims had to be investigated as to who ordered the killing.
He asked why no investigation was carried out on the claims.
On IMDB, Dr Mahathir said there were many allegations and questions
against the firm which was set up by Najib as the adviser that have not
been answered.
Among others, Dr Mahathir said questions remained unanswered as to
the low purchase price of government land that was bought by 1MDB.
The government incurred massive losses on the prices that did not reflect the market value, he said.
He also said if 1MDB was profitable why should it borrow just to pay
interest of RM2bil. Why was government funds given to the firm, he said.
He also wrote about the deal with little-known oil company,
PetroSaudi International, Najib's stepson Riza Aziz and Malaysian
businessman Low Taek Jho - topics which he had dealt with in a previous
posting.
On the new jet, Dr Mahathir said the purchase of the luxury jet was
made eventhough the government was now faced with shortage of funds.
He noted that it was public knowledge that government aircraft were
not only used for official functions but for the personal use of "Datuk
Sri and Datin Sri."
In these present uncertain economic times, when the people had to pay
higher taxes and with the value of the ringgit depreciating, Dr
Mahathir questioned as to why the government was spending hundreds of
millions of ringgit on the jet when it already had a fleet at its
disposal.
1. Ramalan oleh masyarakat sekarang ialah UMNO dan BN akan kalah
Pilihanraya Umum ke-14 kerana terlalu banyak tuduhan yang dibuat
terhadap Najib yang tidak dijawab olehnya.
2. Ia bermula dengan kes pembunuhan Altantuya, wanita Mongolia yang terlibat dengan skandal pembelian kapal selam.
3. Dua orang anggota polis dituduh menembak mati wanita berkenaan,
dibicara, didapati bersalah, kemudian didapati tidak bersalah dan
dibebaskan. Kemudian dibicara semula dan dikena hukum bunuh.
4. Seorang daripada mereka berada dalam tahanan tetapi Sirul seorang
lagi berada di Australia. Dia membuat kenyataan bahawa dia diarah untuk
membunuh.
5. Rakyat tertanya-tanya siapa yang memberi arahan. Sebagai pengawal
peribadi Dato Sri Najib, dakwaan Sirul perlu disiasat untuk menentukan
siapa yang memberi arahan. Tetapi selain daripada Najib berkata Sirul
“merepet”, tidak ada siasatan yang dibuat. Ini adalah nyawa manusia.
Amatlah zalim jika Sirul dibunuh kerana menjalankan arahan.
6. Kemudian kes 1MDB. Tuduhan penyelewengan dalam urusan wang
berbillion Ringgit oleh Jho Low telah dibuat dengan bukti-bukti yang
jelas. Tuduhan ini tidak dijawab selain dari berkata ia adalah
pembohongan.
7. Kononnya aset 1MDB berjumlah 52 billion sedangkan hutang hanya 42
billion. Aset tidak jadi keuntungan sebelum dijual (dicairkan). Kenapa
untuk membayar faedah sebanyak 2 billion pun terpaksa hutang dari Ananda
Krishnan. Kalau 1MDB tidak rugi kenapa terpaksa hutang. Kenapa wang
Kerajaan sebanyak 1 billion diberi kepada 1MDB setelah hutang dibayar?
8. Kononnya wang yang disimpan di Cayman Island sudah dibawa balik.
Tetapi separuh disimpan dalam bank Swiss (BSI) di Singapura. Di mana
pergi separuh lagi dari 6 billion? Kenapa wang ini tidak diguna untuk
bayar faedah 2 billion.
9. Kononnya disimpan di Singapura kerana Bank Negara akan menyoal
simpanan lebih dari 50 juta. Jikalau duit itu duit kita yang hanya
disimpan di Cayman, apa masalahnya menjelaskan kepada Bank Negara punca
wang itu. Lagi pun duit ini dimiliki oleh 1MDB yang dikuasai penuh oleh
Perdana Menteri yang juga Menteri Kewangan.
10. Soalan-soalan lain berkenaan 1MDB tidak dijawab selain daripada
berkata asetnya besar. Soal harga tanah Kerajaan yang dibeli oleh 1MDB
tidak dijelas. Sudah tentu jika dibeli dengan harga yang murah dan
dinaik nilai berkali ganda, aset ini menjadi besar. Tetapi Kerajaan rugi
banyak dengan tanah miliknya dijual dengan harga yang tidak mencermin
harga pasaran.
11. US$700 juta dibayar kepada Petro Saudi untuk apa? Sudahkah
ditentukan Petro Saudi memiliki konsesi kawasan minyak dan gas di
Argentina dan Turkmenistan sebelum membayar wang yang begitu banyak.
12. Jho Low dilapor dalam New York Times, London Times dan Sarawak
Report terlibat dalam pengurusan berbillion Ringgit duit 1MDB. Siapa
dianya Jho Low yang begitu dipercayai oleh Dato Sri Najib. Pegawai
Malaysia yang dilantik mengurus dana 1MDB mengaku mereka diarah oleh Jho
Low yang mendakwa ia mendapat kepercayaan penuh dan arahan dari Dato
Sri Najib.
13. Gambar-gambar Jho Low dan kelakuannya, umurnya yang amat muda
serta cara hidupnya tidak menggambarkan peribadi yang menyakinkan orang
ramai. Tetapi dia dilapur membeli rumah di New York dan Hollywood
beratus juta Ringgit. Kemudian rumah-rumah ini dijual kepada anak tiri
Najib dengan harga ratusan juta Ringgit bagi setiap satu kerana kononnya
Jho Low telah jumpa rumah yang lebih indah di Hollywood yang harganya
lebih tinggi.
14. Dari mana datangnya duit beratus juta kepada Riza Aziz tidak
dapat dijelas. Keluarga Tun Razak termasuk Najib menafikan duit ini
adalah dari keluarga. Pelaburan ratusan juta dalam filem “Wolf of Wall
Street” oleh Riza datang dari mana?
15. Dan banyaklah lagi tuduhan dan soalan terhadap 1MDB yang ditubuh
oleh Dato Sri Najib dan dikuasai sepenuh olehnya sebagai penasihat yang
tidak dijelas dan dijawab selain dari menafi dan mendakwa semuanya
bohong belaka. Laporan-laporan dalam akhbar di New York dan London amat
memalukan negara.
16. Sementara itu, walaupun Kerajaan menghadapi kekurangan wang yang
besar dan terpaksa hutang, Dato Sri Najib sebagai Perdana Menteri
membeli sebuah lagi pesawat mewah. Umum mengetahui pesawat ACJ319 yang
sedia ada diguna bukan sahaja untuk tugas rasmi tetapi sebagai kenderaan
peribadi untuk Dato Sri dan Datin Sri.
17. Dalam keadaan ekonomi tidak menentu, dalam keadaan rakyat
terpaksa bayar cukai yang lebih tinggi, dalam keadaan nilai Ringgit yang
menurun teruk, dalam keadaan kos sara hidup meningkat dan rakyat
dilanda banjir dan kehilangan ratusan juta Ringgit, Kerajaan membazirkan
wang ratusan juta untuk pesawat mewah walaupun sudah ada
pesawat-pesawat milik Kerajaan.
18. Cara pembelian tidak dapat menyembunyi bahawa akhirnya Kerajaan
terpaksa menanggung beban pembelian ini. Jika syarikat bukan Kerajaan
yang secara rasmi membeli, bayaran melalui lease (sewa) lebih tinggi
daripada belian secara langsung kerana terpaksa memberi keuntungan
kepada pemilik dan faedah yang dimasukkan.
19. Selain daripada ini dasar-dasar pemerintahan Dato Sri Najib
terhad kepada pemberian wang percuma, menimbul kemarahan orang Melayu
dengan mengenepikan Dasar Ekonomi Baru kerana ingin mendapat sokongan
orang Cina. Namun penolakan BN dalam PRU 13 membuktikan orang Cina tolak
pemerintahan Najib.
20. Sesungguhnya rakyat, baik Melayu, Cina, India atau suku kaum
Sabah dan Sarawak sudah tidak percaya lagi kepada Dato Sri Najib. Ahli
UMNO dan pemimpinnya perlu sedar bahawa UMNO dan dengan itu BN akan
kalah jika Dato Sri Najib memimpin UMNO hingga PRU 14. Apabila UMNO
kalah, orang Melayu akan kutuk kepimpinan yang menjadikan parti keramat
ini begitu lemah sehingga ditolak oleh bangsa Melayu sendiri. Sekali
UMNO kalah, ia tidak akan dapat dipulih semula.
21. Ramai juga ahli dan pemimpin UMNO yang setia secara buta tuli
kepada pemimpin. Saya juga setia tetapi kesetiaan saya ialah kepada
parti dan orang Melayu yang diwakili olehnya. Bukanlah mudah bagi saya
menulis blog ini. Tetapi demi bangsa dan Negara saya terpaksa dedah
semua ini.
22. Saya belum nyanyok walaupun umur hampir 90 tahun. Sesiapa yang berkata saya nyanyok sebenarnya menipu diri.
23. Melayu hanya akan selamat jika bersikap bangsa lebih utama daripada diri sendiri.
Public
Accounts Committee chairman Datuk Nur Jazlan Mohamed has demanded
transparency from the Finance Ministry and said it should be kept in the
loop over decisions made following its recommendations. — Picture by
Saw Siow FengPETALING JAYA, April 13 — The Public Accounts
Committee (PAC) said it should cease to exist if it is not taken
seriously by the government. As
the committee grows impatient for answers from the Finance Ministry
over its failure to abide by the Treasury Orders, PAC chairman Datuk Nur
Jazlan Mohamed demanded transparency and said it should be kept in the
loop over decisions made following its recommendations.
He was also unimpressed with the revelation by Chief Secretary to the
Government Tan Sri Dr Ali Hamsa that action had been taken against 132
civil servants over various cases of misconduct highlighted in the 2013
Auditor-General’s Report.
Ali Hamsa had disclosed this at a town hall session last Tuesday.
“We want details... not general figures. Our job at PAC is to uncover
wastage, mismanagement and corruption. If we cannot answer to the people
on what action has been taken, then there’s no point in having the
PAC,” Nur Jazlan said.
The Pulai MP said transparency in naming and shaming public officials
would discourage civil servants from abusing taxpayers’ money.
He took issue with the ministry, which was recently placed under the spotlight for failing to abide by the Treasury Orders.
“The ministry has not given a proper explanation as to why it failed to
abide by the Treasury Orders. I know ministries tend to take time in
answering such questions but if they take too long, then PAC will have
to haul up the ministry,” he said.
Under the Treasury Order 304(B), the ministry is supposed to report to
PAC if recommendations made by the committee were carried out.
Unfortunately, according to Nur Jazlan, the ministry had only reported
verbally, without details, if and when action was taken.
“It is high time PAC is taken seriously by the government,” he said.
Nur Jazlan has been training his guns on government agencies in recent
weeks, especially after the first series of the Auditor-General’s Report
was released last Monday. On Thursday, he lashed out at critics and
insisted the PAC was neither a “toothless tiger” nor a “drama
committee”.
He said the public had a right to know about the action taken by the
authorities over mismanagement of funds and administrative flaws in
government agencies.
On Friday, Minister in the Prime Minister’s Department Datuk Paul Low
Seng Kuan said he would raise the recommendations made by PAC during the
Cabinet meeting to ensure corrective measures were taken.
Low, whose ministry is responsible for good governance, integrity and
human rights, said he would expand his ministry’s scope to function as
an extension of PAC to improve its effectiveness.
-
See more at:
http://www.themalaymailonline.com/malaysia/article/pac-take-us-seriously-or-we-might-as-well-close-shop#sthash.gZIrGkwb.dpuf
*****************************************
W'LE Desi prowls his recent days' readings, please meanwhile ENJOY a fellow BUMmer DonPlayPuks aka ES Shankar's commentary on ONE of the THREEE focused on -- namely ex-PM Dr Mahathir Mohamad, PAC's chairman Nur Jazlan Mohamed and Suhakam's chairman Hazmi Agam....
by lease-con , donplaypuks® intrepid correspondent for bumiputra con-struction con-tracts
One
sometimes wonders if Nur Jazlan knows his job as Chairman of The Public
Accounts Committee (PAC). Should we have some respect for hisposition
as a watchdog and caning master or should we just lump him and write
him off and the PAC as another shortcoming of the Najib administration.
Seeing
as to how he is the son of former Information Minister Mohamed Rahmat,
could we really expect him to crack the whip at the civil service and
government for what now seems to be the same litany of woes, only
increased in number and monetary value, tabled year in year out by the
Auditor General? Can an UMNO/BN MP be neutral in heading the PAC and
work totally in the interest of the Rakyat? Shouldn't the PAC be headed
by an Oppoistion MP or retired one? Put facetiously, can Dracula be the
auditor for the blood bank?
For
example, The MAHB blew its budget for KLIA2 by some RM2 billion. Sure,
the PAC held an inquiry. But what has the PAC done to ensure LAD is
collected from the delinquent contractor and punished those at MAHB who
were responsible for this financial fiasco? Have the MAHB Chairman/CEO
and Board of Directors been charged in court with dereliction of duty or
let off through silent inaction or a slap on the wrist ("You naughty
boys!")
For
one, a PAC should be judged by what it has exposed and the action
actually taken against offending civil servants and Ministers, and not
by the number of meetings and inquiries it has convened. Should the
Taxpayer accept that the PAC cannot hear this or that because it would
be sub-judice Parliamentary inquiry or court cases on some stupid police
or MACC investigation? Independent bodies are set up to precisely to
step in before the shit hits the fan and the horse has bolted, where
dodgy dealings seem to be afoot concerning massive public funds.
Why are PAC hearings held behind closed doors and not open to the public?
Should a PAC Chairman be publicly gushing over the improbable explanation by MoF Chief Secretary Mohamad Irwan Serigar Abdullah, presumably the main architect behind the whole Pembinaan Private Finance Initiative S/B (PFFI) scheme, that it is "innovative financing"? CLICK HERE
for my earlier blog post on the PFFI scheme and concerns. This kind of
"innovative financing" would seem, and I hope I am wrong, to border on a
kind of fraud by cooking up fancy agreements and valuations, and
playing around with semantics.
Basically,
the Government borrowed RM30 billion, 20 from EPF (Employees Provident
Fund) and 10 from KWAP (Kumpulan Wang Amanah Pencen or Government
Pensioners' Fund) at "commercial rates of interest", and used it to
fund, so they say, some 886 projects, for infrastructure, schools etc.,
employing "small" Bumiputra contractors.
EPF
has for long been the government's perennial whipping boy for all kinds
of government bailouts and fire-fighting. KWAP was also the whipping
boy for the 2001 RM900 million bailout (by Diam Diam) of TimeDotcom and
the more recent RM4 billion in 1MDB's coal mining venture whose value
has shrunk by more than 50%, necessitating the government taking over
the investment (read as nailout).
PFFI
secured the loans by pledging 186 parcels of land valued at RM 30
billion transferred to it by the Federal Land Commissioners (FLC) from
government-owned land, which PFFI then sub-leased back to the FLC for
RM30 billion payable semi-annually over 15 years. The lease payments are
utilised by PFFI to service loan interest to EPF and KWAP.
The
curious thing about this whole precarious set-up is that the Bumiputra
Contractors' Association (PKMM) seems to know nothing about this mega
spending by PFFI. If Nur Jazlan thinks that his answer that "PKMM’s
membership is not all-encompassing among the country’s
contractor pool and that the projects may have gone to qualified
non-members" will wash with the thinking public, he'd better think
again. How does he explain that not even a singe project was awarded to a
member of PKMM?
When
asked if the contracts were awarded by open tender, or direct
negotiations (the BUMNO/SCUMNO/Barang Naik preferred method), he did
Najib and the PR spindoctors from Boston Consulting, McKinsey and Apco
proud with his reply:
"All projects were awarded through normal ministry procedures and may involve a mixture of both processes as needed."
"Normal
Ministry procedures"? What is normal and who has oversight? How many by
open tender and how many by direct negotiations, the preferred
BUMNO/SCUMNO/Barang Naik non-transparent method? Did Nur Jazlan direct
that important question to Serigar Abdullah and PFFI, or is that
information Unconstitutionally classified under the Official Secrets
Act?
Perhaps,
Nur Jazlan should also ponder over the following questions too, and get
straight answers from Serigar Abdullah and the MoF and PM Najib since
he's the Finance Minister:
1. Where are the exact locations of these 186 parcels of land?
2. Who did the valuation of the land to arrive at RM30 billion?
3.
To secure RM30 billion loan at a margin of say, 70%, the land value
would have to be RM43 billion. What is the acreage of land involved and
what is the per square foot valuation? Were independent private-sector
real estate valuers engaged or was it all done by the government?
4.
Did the EPF and KWAP carry out their own independent land valuations,
as any self-respecting bank or lender would, and if so, where are the
reports and what were the valuations?
5.
How does borrowing from EPF and KWAP, both managed and controlled by
the government, constitute private funding? Who are you kidding?
6.
If the FLC is paying lease rentals of about RM2 billion a year for 15
years (total RM30 billion) what value is it getting for it? The rental
payment must give FLC a right to enjoy something. What is that thing,
that benefit? Or is it a fictitious arrangement which would then
constitute open fraud by the MoF, the Government and PM Najib since he
is also the Finance Minister?
7.
Why is the list of projects a big secret? Surely the public is entitled
to know the names of the contractors, what were the projects, whether
they were awarded by open tender or direct negotiation and how much each
was paid. Most importantly, were the projects completed and was there
value for money audits done by the MoF or the Auditor General?
8.
Malaysian Government Security (MSG) interest rate +15 basis points is
about 4% per annum. How can this be called competitive loan rates for
EPF and KWAP? Why should EPF and KWAP lend at this low rate when it has a
duty to its members to maximise its income and profits? Does this not
constitute arm-twisting EPF and KWAP to the financial detriment of its
members?
9.
Ultimately, it is the Taxpayer who will be funding the project and not
the private sector. The FLC will have to keep coughing up, on average,
RM2 billion a year for 15 years. The interest on RM30 billion @ say 4%,
is RM1.2 billion, leaving RM800 million a year to service loan capital
and operating overheads. So, where will the government get some RM 18-20
billion to repay EPF and KWAP the balance of the loan when it
eventually matures in 2023?
10.
Is the MoF using part of the RM30 billion to service what appears to be
its "cooked up" lease payment obligation of RM2 billion a year with
PFFI? Is this proper and in the public interest?
11.
Doesn't this resemble the 1MDB situation, where basically government
guarantee is being used to raise capital, in this case 100% borrowing,
and the cash flow shortage is being financed by rolling loans over again
and again? Is this an acceptable business model, where there is grave
doubt that the land pledged is worth anywhere near RM30 billion?
12. “The PAC was also asked on the risks born by the ministry and how the funds are managed and utilised,” said Nur Jazlan.
What was their answer? Don't worry, there's is absolutely no risk? Easy to say that when it's not your money or risk, isn't it?
Look at the 1MDB mess, and then say "absolutely no risk" again!
I
shudder when PAC officials, politicians and Chief Secretaries to the
Government nonchalantly dismiss RM30 billion and RM46 billion debts
which ultimately the Taxpayer/Rakyat will have to foot, as though we are
talking about peanuts.
Who
do we have heading these important government posts with their
multi-billion rinngit budgets - financially savvy Warren Buffet-types or
Monkeys/Chimpanzees?
Donplaypuks® with fictitious lease arrangements and mysterious RM30 billion projects, man!
*************************************
Sorry for the delay in undating now, 2 days later, April 19 745PM on the TWO SUBJECTS under contention:) or :( -- YL, Desi
SECONDLY, and THIRDLY from the Malay Mail Online:~~Ooops, be patient OK, I failed in Cut&Paste from mmail.com.my!:(
IN
GIST, the two Malay Mail reports news reports confirm what we the public know all along -- the
Public Accounts Committee headed by Pulai MP Nur Jazlanand the Human Rights Commission (suhakam) headed by Hazmi Agam are essentially "toothless tigers" as the BBN/UMNO Government which appointed them don't pay much attention on what they uncovered of failings in the two areas under jurisdiction, and have not been taking effective and substantive measures to address the problems and scandals disclosed by the two WATCHDOGS year aftaer yaer, ad nauseum. ~~ Cheers, YL, Desi, knottyaSsusual, going back to my hiberNATION until and unless Tun Dr Mahathir Mohamad "shows" us photograph/s of the much talked about PM, and the Mongolian beauty and the go-between hiding away in London, what Defence CONsultant involved in purchase of two Scorpene submarines for RM500million commissions? And one of the two subs reportedly refused to go under water until one mamasan, according to a Zunar artoon I sighted, decided to add her weight to it!:(:(:(H2O:):):)
UPDATED 1.05PM
Political cartoonist Zunar has claimed trial at the Sessions Court in
Kuala Lumpur to nine charges of sedition for nine tweets on the outcome
of Anwar Ibrahim’s Sodomy II trial
Dear esteemedreaders. please first read my earlier long post (deem as part 1) of
Saturday, March 07, 2015
Why I say Malaysia Is Moving Towards the Abyss... (See +++++++later)
I was delighted to read that Love-him-OR-Hate him ex-PM Dr Mahathir (Read **** which comes later...)I read it first from its print edition:~~
Thursday April
2, 2015 4:09:00 PM
Dr M lets loose on BN's future, Altantunya murder, jet purchase
BY T.
AVINESHWARAN
PETALING JAYA:
Tun Dr Mahathir Mohamad (pic) fears that Umno and Barisan
Nasional will lose the 14th general election if Datuk Seri Najib Tun Razak
remains as the Prime Minister.
In a strongly
worded statement posted on his blog, chedet.cc on Thursday, Dr Mahathir said
many members and leaders from Umno supported Najib blindly.
“When Umno
loses, Malays will criticise the leadership for making the sacred party weak
until it is rejected by the Malays themselves.
“Once Umno
loses, it can never recover,” warned Dr Mahathir.
The former
premier added that he is loyal but his loyalty is only for the party and the
Malays representing it.
“It is not easy
for me to write this blog, but from the people and the country, I have to
reveal all this.
“I am not
senile although I am nearly reaching 90 years old. Those who say I am senile
are just lying to themselves.
“Malays will
only be safe if they care for their community instead of themselves,” he said.
Dr Mahathir
claimed that people from all races would no longer trust Najib because he did
not answer the accusations hurled at him.
Among the
accusations were those involving the murder of Mongolian model Altantuya
Shaariibuu, the 1Malaysia Development controversy and the purchase of a
private jet for VVIP use.
On the murder
of Altantunya, Dr Mahathir said it was tied to the purchase of submarines and
now two police officers were freed of the charge, then later found guilty after
the court ordered a re-trial.
Dr Mahathir asked why was it that only one of the accused was in custody
(awaiting the death sentence imposed by the court) while the other accused,
Sirul Azhar Umar, was now in Australia.
Sirul Azhar, Dr Mahathir pointed out, had made a statement that he was under
orders to commit the killing of Altantunya and the public had been asking
"who ordered the killing."
Dr Mahathir said as Sirul was a personal bodyguard of Najib, his claims had to
be investigated as to who ordered the killing.
He asked why no investigation was carried out on the claims.
On IMDB, Dr
Mahathir said there were many allegations and questions against the firm
which was set up by Najib as the adviser that have not been answered.
Among others,
Dr Mahathir said questions remained unanswered as to the low purchase price of
government land that was bought by 1MDB.
The government
incurred massive losses on the prices that did not reflect the market value, he
said.
He also said if
1MDB was profitable why should it borrow just to pay interest of RM2bil. Why
was government funds given to the firm, he said.
He also wrote
about the deal with little-known oil company, PetroSaudi International, Najib's
stepson Riza Aziz and Malaysian businessman Low Taek Jho - topics which he had
dealt with in a previous posting. On the new jet, Dr Mahathir said the purchase of the luxury jet was made
eventhough the government was now faced with shortage of funds.
He noted that it was public knowledge that government aircraft were not only
used for official functions but for the personal use of "Datuk Sri and
Datin Sri."
In these present uncertain economic times, when the people had to pay higher
taxes and with the value of the ringgit depreciating, Dr Mahathir questioned as
to why the government was spending hundreds of millions of ringgit on the jet
when it already had a fleet at its disposal.
Dear ER, WHY don't you learn about the subject from the horse's mouth by surfing to:
chedet.cc
**********************************
IF TOU BE PATIENT. I will be back here to lend more of my thoughts as the intervening period form my last opost has seen many exciting developments which lent credence to my SUBJECT; Yes, we are headed towardes the ABYSS!
************************************
++++++++ as I deliver on my promise earlier -- see how I pamper my ER, like babes just our of bath H2O:)!
NOW I will just Cut&Paste my first section of blogspot dated 7 March 2015:~~~
The Impending Unravelling of IMDB could
lead towards the UNRAVELLING OF NAJIB RAZAK, described by many quarters
as the "weakest PM" Negaraku ever had, including by none-other-than Dr
Mahathir Mohamad -- love or hate hime PM who ruled Malaysia for 22
years, no joke! As a journalist-blogger for past 10 years, Desi takes
Mahathir seriously, at least he quotes Shakespeare occasionally!
Mahathir's nemesis now in-jail-on-trumped-up-sodomy-charges second time
around, Sdr Anwar Ibrahim -- also quotes Shakespeare often enough, more
than the good doctor around the Putajaya house!
Now the Opposition Leader once oppressed by Mahathir, continues to be
persecuted by the current UMNO regime, but Anwar's salvation may come
from a surprising quarter -- from the infighting within UMNO. The
almigthy Vitamin M may save Najib from the EGM called by his "bodeking"
division heads/supporters for tomorrow, but the looming national crisis
brought on by the falling world oil prices, (and casuing Petronas to
report its first loss of some RM8billion in the closing quarter of
2014), and the concurrent dwindling ringgit excahnge rate, is now
compunded further by the UNRAVELLING OF THRE FIVE-YEAR-OLD 1MALAYSIA
DEVELOPMENT BERHAD (1MDB).
The entry of an international banker about two months ago in the form of
KANDASAMY KANDA sparked a national spotlight on this new CEO, but his
initial bravado of trumpeting how 1MDB is an entity full of profitable
potential, hardly lasted two months -- he started the DISMANTLING OF
THE 1MDB, leaving only one bright spot in the sinking mess/mass,
potentially listable but questionable oil unit called... (I will fill in the blank, later cun?) EDRA ENERGY, HERE IT IS!.
RECENT REPORT from REUTERS :~~~
KUALA LUMPUR: Malaysia's indebted and
controversy-ridden state investor 1MDB will be left as a skeletal
structure and possibly dissolved under a debt repayment plan in which
most of its assets will be sold, sources with direct knowledge of the
matter told Reuters.
The power and property fund, a pet project of
Prime Minister Najib Razak with assets worth US$14 billion, was hit by
losses last year and nearly defaulted on a loan payment. The near-miss
drove down the ringgit currency and Malaysian government bonds and
prompted calls from opposition leaders to make the fund's accounts more
transparent.
The state fund's 42 billion ringgit (US$11.6 billion)
debt includes a US$3 billion bond sale in 2013 that was one of the
largest global issues from Southeast Asia.
Under the aggressive
restructuring plan, crafted by new boss Arul Kanda and blessed by the
government, the fund will sell 80 percent of its power unit Edra Energy
via a stock market listing, three sources with direct knowledge of the
situation told Reuters.
More than 18 billion ringgit of 1MDB's
debt linked to its power assets would go under Edra Energy ahead of the
listing, which is due to be kickstarted in 6-9 months time, the sources
said.
The fund, which has Najib as chairman of its advisory board,
will also sell the bulk of its land assets and stakes in two
high-profile property projects, Tun Razak Exchange (TRX) and Bandar
Malaysia, after splitting them into separate entities, as already
partially indicated in a strategic review unveiled last month.
The Finance Ministry, which is headed by Najib and is the sole owner of 1MDB, did not respond to a request for comment.
"HOT POTATO" 1MDB
said in an email that Edra Energy would be "monetized" in 2015 and the
TRX and Bandar Malaysia projects would be ultimately owned by the
finance ministry.
This process would turn 1MDB into a skeletal
structure that could eventually be dissolved completely, said one
person, who spoke on condition of anonymity because of the sensitivity
of the issue.
"It's become a hot potato for the Malaysian government. It was just too much to handle," said another source.
1MDB
said on Wednesday that its plans to list Edra Energy were on track. It
said the fund would re-submit an application for an initial public
offering after cancelling a submission made in November. It did not
elaborate.
Arul, appointed in January to revamp the fund, has
carried out a strategic review of 1MDB's finances and announced last
month the fund would monetize Edra Energy this year, run real estate
projects as standalone entities and sell assets to repay lenders. He did
not disclose any financial details.
A respected former investment
banker who was previously at Abu Dhabi Commercial Bank, Arul was
brought in to see if it was possible to salvage the fund, but decided it
was best to wind down its businesses after carrying out a thorough
6-week review.
"A KNOWN UNKNOWN"
1MDB, which analysts view
as a cross between a sovereign wealth fund and a state-backed strategic
fund, was established in 2008 as the Terengganu Investment Authority
with 10 billion ringgit to manage oil royalty payments to the
resources-rich northern state of Terengganu.
But as Najib came to power in 2009, he renamed it 1MDB and turned it into a fully-fledged investment fund.
1MDB
expanded by purchasing pricey power assets from Malaysian tycoon Ananda
Krishnan and gaming-to-plantation conglomerate Genting Bhd , and large
plots of land in the capital and other regions of Malaysia, racking up
debt in the process until it plunged to a loss last year.
Krishnan
also lent 2 billion ringgit to 1MDB last month, pulling the fund back
from the brink of the possible default on a bank loan payment, sources
said. Officials at Krishnan's investment vehicle Usaha Tegas were not
immediately available to comment.
Political leaders, including
former prime minister Mahathir Mohamad, have demanded an inquiry into
1MDB's finances and are also calling on the government to explain
transactions that they allege resulted in siphoning off public funds.
Najib
said on Wednesday he had instructed the Auditor General to
independently verify 1MDB's accounts after the allegations. But question
marks remain on whether investors would be interested in the fund's IPO
and sale plans.
"On 1MDB, it really boils down to the lack of
transparency which cements it as a known unknown," said Weiwen Ng, an
ANZ analyst based in Singapore.
"Greater transparency and
accountability of the 1MDB issue would certainly help for future sales
of assets and any such possible restructuring."
(US$1 = 3.6350 ringgit)
(Additional reporting by Saeed Azhar in Singapore and Umesh Desai in Hong Kong; Editing by Lisa Jucca and Raju Gopalakrishnan)
A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
Jho Low denies allegations over state investment firm
Published: 7 March 2015 7:34 AM
Media
investigations have raised mounting questions over 1Malaysia
Development Berhad (1MDB)’s financial dealings and whether public funds
have been abused. – The Malaysian Insider file pic, March 7, 2015.A
Malaysian businessman has strongly denied a report by a website that he
benefited from alleged improprieties in a complex 2009 financial deal
involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at
the centre of growing calls for a full investigation of the controversy,
said the allegation was "false, materially misleading and is
categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak
Report, a UK-based site run by a former BBC journalist that focuses on
Malaysian corruption allegations.
The report, parts of which also appeared in the UK's Sunday Times and
on Friday in The Economist, published a series of alleged internal
emails that it said showed US$700 million (RM2.5 billion) involved in
the deal between the state-owned Malaysian firm, 1Malaysia Development
Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank
account belonging to a company controlled by Low.
London law firm Schillings, which represents Low, said in a letter to
AFP that he was "consulted" on the deal, "but has never been involved in
criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday,
contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting
out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the
deal have raised mounting questions over 1MDB's financial dealings and
whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and
critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining
that it received back all of its investment of US$1 billion in the deal,
plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or
retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as
former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in
recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency
International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to
"independently verify 1MDB's accounts", with the findings to be passed
to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born
former BBC journalist and sister-in-law to former British prime minister
Gordon Brown. – AFP, March 7, 2015. - See more at:
http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.tfPLnC0r.dpuf
**************************************
Money
1MDB said to be planning to resubmit application for power IPO by May
KUALA
LUMPUR, March 6 — 1Malaysia Development Bhd, set up by the government
five years ago to build infrastructure, is preparing to submit an
application for initial public offering for its Edra Energy Bhd unit by
May, people familiar with the matter said.
1MDB plans to raise as much as US$3 billion (RM11 billion) from the
domestic share sale, said the people, who asked not to be identified as
the details are private.
The state investment company is listing its energy unit as part of a
strategy announced last month to dismantle its assets and wind down the
company. It has drawn criticism from lawmakers for its rising
borrowings, which totalled RM41.9 billion (US$11.5 billion) through
March 2014.
The Kuala Lumpur-based company’s US$3 billion of 4.4 per cent notes due
2023 fell 0.8 cents to 85.75 cents on the dollar as of 5.32pm in Hong
Kong, a record low, to yield 6.73 per cent, according to prices compiled
by Bloomberg. The notes were sold to investors at par, or 100 cents on
the dollar, in March 2013.
1MDB has 3,112 megawatts of local generating capacity and 2,482MW
overseas, its website shows. Last March it won a bid to build an
RM11-billion coal-fired power plant in Malaysia, known as Project 3B,
with Japan’s Mitsui & Co, according to its latest annual report.
The company won’t include Project 3B in the power asset IPO, as
potential returns from the greenfield project are not as high as its
other energy assets, the people said. An official from 1MDB, who asked
not to be named citing company policy, declined to comment when
contacted by phone. Independent verification
1MDB won’t undertake any new investments or projects after it sets up
standalone entities for its two major property projects and raises cash
from selling its power business, it said in a February 18 statement. The
firm, whose advisory board is headed by Prime Minister Najib Razak,
said it expects to implement the plans over the next 12 months.
Najib has instructed the Auditor General to “independently verify” the
accounts of the state investment company, his office said in a statement
on Wednesday. The Auditor General’s report will be passed on to the
parliament’s Public Accounts Committee for inspection, and the law will
be enforced “without exception” if any wrongdoing is proven, Najib said.
1MDB and their auditors Deloitte met the Cabinet this week to address
recent media reports on the company and the use of its funds. The
company has been the target of “politically motivated” attacks that
“could potentially harm the economy”, 1MDB president and group executive
director Arul Kanda said on Wednesday.
The firm said on February 13 it settled RM2 billion of loans owing to
Malayan Banking Bhd and four other banks, paving the way for the delayed
power IPO to go ahead. Oil royalties
1MDB has its origins in Terengganu Investment Authority, which was
created in 2009 to invest oil royalties from the state of Terengganu.
When Najib became prime minister that year, it was renamed 1MDB, became a
national entity and its funding source was changed to government-backed
debt instead of oil income.
It built an energy business by acquiring assets from Malaysian
billionaire T. Ananda Krishnan and Genting Bhd, and planned a new
financial district in Kuala Lumpur known as Tun Razak Exchange with land
purchased from the government. 1MDB is also developing Bandar Malaysia,
a 200-hectare mixed-use project that will include a terminal for the
proposed high-speed train to Singapore.
The company came under scrutiny from parliament in 2013 after singling
out Goldman Sachs Group Inc to manage the sales of US$6.5 billion of
conventional dollar bonds. Opposition politicians said the amount the US
investment bank made in commissions and trading gains were excessive.
Goldman Sachs made about US$500 million for managing the sales, a person
familiar with the matter said in May 2013. — Bloomberg
- See more at:
http://www.themalaymailonline.com/money/article/1mdb-said-to-be-planning-to-resubmit-application-for-power-ipo-by-may#sthash.PmL8liQJ.dpuf
So meanw'ile, can I long-windedly Cut&Pastry something olde, but in my mind, goldish...:)~~~
Friday, December 12, 2014
Malaysians would get a double whammy when world oil price falls further!
When world oil prices rose from around USD70 per barrel to above USD100,
the Malaysian government raised pump prices by 20 or 30sen per litre,
CITING HIGHER SUBSIDIES. The world price hit a high of USD145per barrel
and so we Malaysians were "suckered" again and again by HIGHER pump
prices. I had argued then that Malaysians should "enjoy" the benefits of
a lower price at the pump when the world oil price rose every time
BECAUSE MALAYSI A PRODUCES MORE OIL, and THE PRICE OF OUR SWEET CRUDES
ARE SOLD AT A PREMIUM OVER THE PRICE OF IMPORTED OIL.
We enjoyed a 4sen decrease in pump rpices recently, BUT THE GOVERNMENT
RAISED PRICES BY20SEN OR 30SEN for several occasions over the past few
years.
The government thinks it can fool the people ALL THE TIME?
Read the following news report today:
Oil closes below $60, 1st time since July 2009
A late session dip pushes oil below $60 for the first time since July 2009
By The Associated Press | Associated Press – 7 hours ago
The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.
Benchmark U.S. crude oil dropped 99 cents, or 1.6
percent. Oil has fallen steadily for nearly six months, and is down 44
percent since reaching a high for the year of $107.26 in late June.
"We don't see a price bottom," wrote energy analyst
Jim Ritterbusch in a note to investors. He expects oil to fall further,
toward $55 a barrel, in the short term.
The drop is a result of rising global oil
production, especially in the U.S., at a time when demand has weakened
because of slowing economies in Asia and Europe.
OPEC said this week that higher production from
non-OPEC members and global economic growth will reduce demand for its
oil to 28.9 million barrels a day next year. That's the lowest level in
more than a decade, and far less than the 30 million barrels per day
that the group says it plans to produce next year.
The price collapse has pushed down prices for
gasoline, diesel and other fuels, lowering expenses for drivers,
shippers and airlines and giving a boost to consumer-driven economies
like that of the U.S.
The average price of gasoline in the U.S. fell to
$2.61 a gallon Thursday, according to AAA. That's 64 cents below last
year at this time, saving U.S. drivers $7 billion a month. The Energy
Department predicted this week that lower gasoline prices next year will
save a typical U.S. household $550 over the course of the year.
Lower crude prices have sent the share prices of
oil companies and drilling services companies spiraling lower, though,
and caused many to cut back drilling projects.
As a result, the Energy Department this week
trimmed its forecast for oil production growth in the U.S. for next
year, though it still expects a sizeable increase. BP announced a $1
billion restructuring plan this week that analysts said could result in
the elimination of thousands of jobs.
The lower prices are also pressuring government
budgets in oil-producing U.S. states and cash-hungry oil exporters such
as Iraq, Iran, Russia and Venezuela.
************************************************
DESIDERATA: So now WHAT happens?
Hey, our national oil corporation will now report a fall in revenues and
profitsd; so my prediction is the government will use the argument that
SINCE OIL REVENUE CONTRIBUTION FROM PETRONAS TO THE NATIONAL COFFERS
WILL "FALL" NEXT YEAR (2015), the pump prices will see a rise to
compensate for the government's decrease in revenue from Petronas.
EITHER WAY, THE RAKYAT WILL PAY as the subsidies argument will be ngated
by the nett decrease in Petronas' contribution to government coffers.
So don't celebration the 4-sen decrease in oil price at the pump.
We the Rakyat should have been GIFTED ower prices when the world oil
prices rose to dizzyting heights nearing USD150per barrel, FOR WE ARE A
NETT OIL PRODUCER-cum-EXPORTER.
No, the government would compare our oil pump prices with those in OTHER "Non-oil Producing" countries.
Desi asks my ER to be patient while I temporarily take leave and later
retrieve relevant arguments form my OLDER posts, cun? "ENJOY" thy lunch
break, OK! Tapau fishhead curry for me, can?:)
Tun Dr Mahathir Mohamad makes interesting copies for the media, and
that's why the members of the Fourth Estate love him very much. I know
not of other Malaysians -- I hear feedback it's mostly a case of "either
you love him or hate him", there's no in-between.
History will
hail his many achievements -- putting Malaysia on the international map
with his loud and frequent voice, not often welcomed, but arresting
enough notice; progressing our country's status as a trading nation
nearing in line with World Trade Organisation criteria, so we rank at
the Top10 in world trade and commerce. His Multi-Super Corridor (MSC)
initiative was timely and far-sighted, though the project's success was
compromised by much red-tape and misplaced resources, both financial and
manpower, and, of course, continues to face stiff competition from
other rival centres in the United States and India.
Indeed, Dr
Mahathir's record spanning 22 years as Prime Minister has its supporters
and detractors. But always, he remains a favourite media personality,
for his often contrarian views, and even highly controversial
off-the-cuff repartees with press-men representing various agendas (both
local and foreign, especially the latter).
Even after his
retirement about a year and a half ago, Dr Mahathir still catches the
media limelight, more often than other political retirees in the region.
Yesterday's is a prime example when the good doctor shared his
experiences with the International CEOs Conference, inKota Kinabalu, Sabah.
Dr
Mahathir painted a "gloomy picture" of the US dollar, saying that the
greenback will probably never recover its old strength, the NST March 30, 2005 reported. I shall rely substantially on the NST's report in writing this commentary.
The
former PM said the US dollar may continue its slide, especially under
the Bush presidency which regards deficits as not worth reducing. The
dollar is not backed by anything, and given
given America's USD7 trillion debts, the backing is actually negative.
Dr
Mahathir said only the fear pf a worldwide economic catastrophe if the
dollar is rejected provides the greenback the value it has now.
"But
the catastrophe will come one day because even the most powerful
country in the world cannot repay loans amounting to USD7 trillion," he
said. (The emphasis is desiderata's.)
Fielding
a question from the floor, Dr Mahathir said the uncertainties in the
exchange rate of the UD dollar against other currencies must be handled.
He also described currency trading as "trading in nothing", adding that the dollar's decline of 50 percent against the euro and quite a lot against the yen shows that the US currrency is not stable after all.
Dr
Mahathir argued that when one is paid in US dollar, he is paid less
because the currency has been devalued by 50 percent. He said when the
world starts rejecting the dollar as a trading currency, it will
collapse, adding: "It is certainly on the way to collapse."
"The
time will come when you have to move away from the US dollar," he said,
referring to his earlier suggestion for the use of gold as the standard
currency in place of the greenback.
The media, especially the
international ones (I'd reserve my comment of the local ones lest I be
...) love "controversy" -- be it personality- or opinion-generated. And
Dr Mahathir has obliged, and continues to do so, which brings a smile
back to many a journalist's face, for news by definition, thrives on the
out-of-the-ordinary, and a seasoned politician, practising or reitred, knows it. Dr Mahathir definitely knows it.
To
recap, many quarters who have longer memories than the silent majority
will recall the colourfull exchanges between the then Prime Minister Dr
Mahathir and George Soros, whom Dr Mahathir blamed in large part for
destabilising the region's economies with his "currency specultaive"
activities. The 1997/98 financial crisis started off with Thailand's
destabilised baht, falling rapidly, followed in quick
succession, (like a Tsunamai?) by similar domino effets in Indonesia,
Malaysia and other Southeast Asian countries.
Supporters
attribute the country's relatively quick recovery to Dr Mahathir's
prompt adoption of "non-conventional" measures to fight off the threat,
such as capital controls, and the ringgit-to-Us dollar peg (RM3.8 =
USD1), the latter still in place today. Neighbouring countries like
Indonesia which followed the International Monetary Fund's remedy
package definitely paid a price, but Malaysia's own action also earned
it a lot of scorn, including a media label as "pariah" in the
international financial community.
However, there are also
certain quarters who claimed that if Malaysia had not gone Dr Mahathir's
way in meeting the crisis, the financial hurdle would still find its
way to a solution, maybe at a greater price and needing a longer
recovery period. In fact, I have also heard some quarters say that Dr
Mahathir should have made a good candiadte for the Nobel Prize for
Economics, but I remind them that such "capital control" initiatives
were really not novel, just adapations on what Hong Long and mainland
China had been practising all the time! It of course does not diminish
the success of a leader's ability to select the "appropriate and most
effective" remedy for his country's economic prblems.
History
will judge Dr Mahathir not just on his economic policies, but also on
his political actions, which is not the subject of my post today.
Nevertheless, we are entertained, maybe enlightened by his exquisite use
of the English language, calling Soros a "moron", and the American responded with an equally quotable that Dr Mahathir was a "menace" to his own country.
Senior
Umno leaders are reportedly sharing information about debt-ridden 1MDB
in attempts to prevent any further damage to government finances. – The
Malaysian Insider file pic, April 27, 2015.Some senior
leaders in Umno are spreading information about debt-ridden 1Malaysia
Development Bhd (1MDB) within the party in a bid to prevent further
damage to Putrajaya’s finances, veteran journalist Datuk A. Kadir Jasin
said in his blog today.
The
former chief editor (pic, right) of Umno-controlled English-language
daily The New Straits Times said he was shocked to discover that 1MDB
documents had been sighted by Umno leaders who formerly supported Najib,
and that the information was being shared in attempts to bring light to
the scandals surrounding the Finance Ministry-owned fund.
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