FINALLY I KEEP MY WORD, though the timing is still not the best as much information on the nation's ECONOMY and the related national indexes are not forthcoming. Desi promised ye the third instalment if I survive a tsunami which may hit Malaysian shore anytime soon, according to my devout Buddhist matey SC, because Malaysia will have to pay for its BAD National Karma! The Gods somehow spared NegaraKu and took their anger on poor Nepal: as I write this on May 12, a second earthquake of 7.3magnitude hit the country after the BIG ONE on 25April which took some 8,000 lives and still counting.-- YL, Desi, knottyaSsusual

First please Now be a GOoD boy and go back to read the first TWO parts, OK!

* https://www.blogger.com/blogger.g?blogID=11493162#editor/target=post;postID=2535473368816246783;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=17;src=postname

** https://www.blogger.com/blogger.g?blogID=11493162#editor/target=post;postID=2837539081636979560;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=5;src=postname

LET ME TRY MY BEST TO PUT IN LAYMAN's TERMS OK -- this article is ongoing as the BIG PICTURE CHANGES. Some wise man says: There are two constants in life -- one is death, the second is CHANGE. Yes, Malaysia's national landscape undr UMNO-oh-No " changes like mad"!

This update article carries FOUR -- sei loh! -- MAIN POINTS, with some subtexts being elaborated on to show context:~~

MALAYSIA'S LEADERS ARE A BUNCH OF "neros" WHO PLAY THE "untung-untung tak untung" DRUMS AND RONGGENG while negaraku burns.

IN GIST, DA 4 CORE POINTS ARE:

(1) The top leaders are burying their heads deeper into the sand like all the ostriches from Down Under have joined the top ranks of UMNO. Methinks the PM and his cronies should "PINDAH" to live along the Nile. I think it's OK for Desi to advise thus because the HOME MINISTER just after the GE13 did advise us, Oppositionist people, to "PINDAH" (TRANSLATION: MALAYSIAN CHINESE GO BACK TO CHINA WHEY!) if we no like the CARA PILIHANRAYA NEGARAKU, remember?! I likewise did NASIHAT HIM if he did not like PR/PKR politics, he whould also PINDAH -- balik to Indonesia? Acheh mayhaps?!

(2) Petronas reporteds its first quarterly loss of RM7billion plus in the Oct-Dec 2014 quarter, and in about that SAME PERIOD, I sighted some of the local media reporting the debt-to-GDP ratios having risen from 55percent to 65percent. So in the past THREE MONTHS compounded by the implementation of the GST from April 1, I believe the percentage would have gone up another 5-10percent. (DESI"S REQ: IF one of my ER has reliable economic sources who can update us on such figures and other KEY ECONOMIC INDEXES, pls email me at: chongyl2000@yahoo.com, or leave they email addie at my COMMENTS SEction, OK!)

(3) The person who can CHANGE the direction of Malaysian politics,and arrest Malaysia's economic downwards spiral, is the cruel victim of the UMNO Regime, now languishing at Sungei BUloh prison.a And yet the Rakyat did not rise up in revolt to bring down Putrajaya (AKAN DATANG< mayhaps? HOPE runneth perrenial in this writHer's hati...). For the THIRD TIME DS ANwar IBrahim is put behind bars on the most cruellest of wayward ways -- hey, DSAI and DEsi are Shakespearean fans, so we can use some poetic licence eh? -- on the most spurious of reasons -- EVEN THE BAR COUNCIL HAD DESCRIBED ANWAR IBRAHIM'S SODOMY 2 CASE AS POLITICAL PERSECUTION, Not Criminal Prosecution, and...

(4) This will come up when I update with a PART 4, cun? Sei loh, I know some of my Esteemed Readers can't wait, are they mostly of the Instant Gratification Gen?

To be continued while I search for some archive materials which have been "moved" (yah, pindahlah!!) by some knotty people, in the steal of the night (though my assistant ***+++DR Whatson has NO proof it's by UMNO-Oh-No! peeps).

***+++THis character is my Alter ego when I play Shylock Holmes sometimes eg on Altantuya's mystery....)
*************************************************************

Contd on May 13, a "bad" day in Malaysia's history, if thy memory serves ye well -- you recall 1969 yes!

POINT 1: Malaysia's top leaders are living out of this world

The current PM-cum-FInance Minister is always IN DENIAL; his Ministers are all BODEKERS (Tripod or ball carriers, in crude terms, or PSYCOPHANTS< IN proper English. They keep telling the people they know best; when elected MPs like DAP"S TOny Pua, PKR's RAFizi RAmli and TIAn CHua express their DISSENTING VIEWS anchored on FACTS AND FIGURES, the AG's OFfice acts super-fast with hammering them down with the SEDITION CHARGES. (Digressing a byte, cun? Note that NO PAS WAKIL HEAR! THEY are too lost in the dark ages of the HUDUD, don't believe in using electricity, the wooden torches would do lah!)

I've writ earlier about the Unravelling of 1MDB Which will be the main cause of NAjib's fall from grace. BUt this is JUST ONE Of many CAUSES> When one guy named JHO LOW keeps popping up in the scandals surrounding the five-year-old 1MDB< all NAjib did was TO DENY KNOWING JHO LOW! Does this line sound familiar?! He said he did not know of wan Altantuya also. LIke he also did deny his deputy -- linking up or following up with DR M's recent attacks on the1MDB, and calling on NAjib to answer all the HARD QS only the former PM dared ask!( et tu, Khairry JAmaluddin...)

I am NOT Going to bore you with well publicised, almost daily, attacks led by TUN DR MAhathir -- for once DEsi seems to be on his side!-- what I can add is the 1MDB disaster is getting BIGGER By the day Some past highlights are TElco boss Ananda KRishnan stepped up with RM2bln to aid 1MDB, of course, the 1MDB Boses will continue to deny it's a BAILOUT. Now see how the TAbung HAji CEO wan AZzeessss fellow ARROGANTLY Defended the RM188.5mln paid to 1MDB For a piece of land at the Tun Razak Exchange. This guy loudly proclaimed on PM"S advice, Tabung HAji will sell it, and one bidder will pay TAbung HAji a sum yielding a RM5million profit, hence a good deal. IT's NOT A bailout -- good clarion call/answer repeated by PM a few days later. He MUDAH LUPA OR CONveniently omitted to JUSTIFY OR account for the profit factor to 1MDB selling to TAbung HAji Buying at over RM2,700per squarefoot when 1MDB got it from the Government at RM64psf!

But the spoilsport, knotty MP for PJ Utara Tony Pua revealed also a few days later a year-old loan, BIG I\in the BILLIONS -- let me cite the figures later OK! -- taken by 1MDB IS due for repayment a few months from now. Let me check out the heart-working MP"s blogsite to report the figures in detail, K! So this time, WHICH (MIC?MCA) CRONY WILL STEP UP TO DO NATIONAL SERVICE? Hey, it's no bail-out OK! ONLY those red-eyed PEmbangkang and moneyless NGO ACtivists are shouting this chorus "BAIL-OUT" -- we just ignore them lah, would be the chorus line answer from the PMO! (YOU aRsEking who's PMO? OOOps, you Ignoramus, it's short for Prime Minister's Office...can I get a free MIlo for educating ye ah?)

HEre's reprising what mGf KIMQ wrote as far back as MArch, and yet NAjib said he did not know of this guy named Jho LOw -- so a CHairman of 1MDB< he was all along sleeping on the job?!

Has Najib been compromised by Jho Low?

By Kim Quek

20.03.2015

Is Prime Minister Najib Razak entangled in the now infamous 1MDB-PetroSaudi grand scam, billed as “The Heist of the Century”?

Disturbing as the question may be, it is nevertheless justified.

This is because Najib has persistently denied Low Taek Jho (Jho Low) has played any role in 1MDB’s affairs, despite concrete evidence of Jho Low having master-minded and driven through the entire fraudulent 1MDB-PetroSaudi joint venture, through which he siphoned off with lightning speed US$700 million cash (out of the US$1 billion) injected by 1MDB into the joint venture.

I have described the evidence as concrete, because the shocking revelation presented by the Sarawak Report website, in conjunction with London’s Sunday Times, is substantiated by pertinent emails and documents (out of thousands browsed through), none of which have been categorically contradicted or denied of their authenticity by Jho Low through his several statements/interviews or by Najib through his various statements, since the story’s publication on Feb 28, 2015.

THE JOINT VENTURE IS A FRAUD TO SIPHON US$700 MILLION

This joint venture cannot be anything but a fraud, as PetroSaudi International is a cashless shell company, whose assets are multi-billion dollar paper valuation of oil concessions that did not belong to it. So, on what solid basis could it ask to partner 1MDB, not to mention claiming 60% share of the joint venture, while 1 MDB which injected US$1 billion cash was given only 40%?

And on what basis could PetroSaudi International lay claim under the agreement to an immediate repayment of a loan of US$700 million when there was no tangible evidence that there was such a loan transaction previously?

So what we essentially have is PetroSaudi’s fictitious assets of US$2.5 billion and repayment entitlement arising from a fictitious US$700 million loan.

And finally, why did 1MDB pay US$700 million of its agreed contribution of US$1 billion to a third party company controlled by Jho Low, namely Good Star Ltd, which had nothing to do with the joint venture?

Isn’t it obvious that the entire joint venture deal is a scam, designed for Jho Low to lay his hands on the US$700 million cash from 1MDB, with PetroSaudi acting as a front? That PetroSaudi had agreed to act as a front for Jho Low was indeed confirmed in an email dated Sept 9, 2009 from PetroSaudi point man Patrick Mahony to Jho Low and his aides, following the two parties’ first joint meeting in New York the previous day.

JHO THE MASTERMIND, 1MDB THE BY-STANDER

Available documents have shown without a shadow of doubt that Jho Low was the grand maestro who pulled the strings from both the Malaysian and Saudi ends to accomplish the feat of ramming through the whole deal in miraculous time.

Above all, it is his ruthless exploitation and misrepresentation of his well-known special relationship with PM Najib and his family that enabled him to get the top management of 1MDB to seal the deal that the latter seemed to have played no meaningful part.

That 1MDB had neither initiated nor participated in shaping or even negotiated for the joint venture is evident from the fact that 1MDB’s CEO Shahrol Hamil was brought into the picture only two weeks before the signing of the joint venture agreement on Sept 28, 2009.

When Shahrol and his team arrived in London to meet their counterpart for the first time on Sept 23, he was presented with an agreement already completed and drafted by Jho Low’s team, and even after signing the agreement, he was still asking Patrick Mahony through an email for a copy of PetroSaudi’s company profile to help him account to his board of directors. These events point conclusively to the fact that 1MDB was relatively a stranger to the deal even up to the time of sealing the partnership.

It is hence pertinent to ask: Is it conceivable that 1MDB could have sealed a multi-billion dollar joint venture in such bizarre fashion if “Low Taek Jho has never worked for 1MDB and all 1MDB decisions and transactions are made by the management and the Board of Director of 1MDB” as claimed by Najib, and coincidentally or otherwise, echoed by Jho Low?

Shouldn’t the answer be obvious?

MACC & POLICE MUST MOVE IN

And is it also conceivable that as chairman of 1MDB’s advisory board and as finance minister which wholly owns 1MDB, and above all as family friend, PM Najib has no inkling of Jho Low’s role in !MDB’s transactions all these years?

The question is not whether Najib has been protective of Jho Low; the real question is what motivates Najib to do so. Therein lies the uneasy question: is Najib complicit in these affairs of Jho Low?

Najib should know the serious criminal implications for himself, if he continues to knowingly cover up for Jho Low.

If he is a responsible top leader of the country with integrity, he should have no hesitation to order MACC and the police to move in without delay to launch a full scale criminal investigation on Jho Low in particular and the scandal-ridden 1MDB in general covering its entire operations.

Kim Quek

*************************************************

NOW be a GOoD boy and visit what another of mGF ES SHANKAR wrote -- I extract one general description of these daylight robbers!
FRom donplaypuks.blogspot.com:)~~~

14/05/2015

WHY 1GDB LAND SALE TO THE POOR PILGRIMS FUND & OTHERS IS A BAILOUT CRIME BY GROSSMELDAJIB!

by snake oil salesman, donplaypuks® intrepid correspondent for bail out affairs

:
:
:

"By hiving off bits and pieces to criminally service debt, not only will there not be a properly planned integrated development, but 1Malaysia in its entirety, will no longer be the full beneficiary of the profits. Just look at Singapore's centrally government planned and brilliantly executed built-up scintillating skyline. Compare that with our pathetic CBD and its haphazard wismas and towers in KL. We have gone astray because we have employed the crooks, the thieves, the robbers, the con artistes and ponzi scheme specialists, the racists, the religious bigots, the lame, the incompetent, the lazy, the low IQ Ministers and the quasimodos. The result - utter chaos, financial ruin and 4th world developments. The Maha Firauns and Grossmeldajib have sacrificed meritocracy on the altar of mediocrity and short-term gains. "

:
:
:

********************************************************

I will rest a byte and try to Reproduce an interesting detour of PMO's boys work being cut out for them, sourcing from THE SCribe fellow BUMMer KAdir JAsin. PAtient cun?

POINT 2: THe EConomy IS Doing Fine, IF YOU BELIEVE THE PM and BAnk Negara WHey

Here's reprising olde reports FOR CONTEXT which I will be doing LOTS< so be warned >>> if you don't have the patience, pls get the here out of Hell!

From bloomberg.com~~~~

Petronas Turns to $2.7 Billion Fourth-Quarter Loss on Oil Slump

Don't Miss Out —

by Pooi Koon Chong

5:31 PM HKT
February 27, 2015

(Bloomberg) -- Petroliam Nasional Bhd., the Malaysian state oil company preparing for a leadership transition in April, reported a loss in the fourth quarter following crude’s plunge.
The loss was 9.9 billion ringgit ($2.7 billion) in the three months through Dec. 31, compared with a 9.6 billion ringgit profit a year ago. Revenue dropped 6.4 percent to 79.4 billion ringgit.(NB: DESi's emphasis)
Wan Zulkiflee Wan Ariffin will succeed Shamsul Azhar Abbas as president and chief executive officer at a time when the slump in crude is eroding earnings needed to narrow the state budget deficit. Oil is rebounding from the lowest prices in almost six years as U.S.-based drillers, pumping crude at a record pace amid a shale boom, reduce the number of active rigs.
“Petronas Group is taking steps to reduce its planned capital investments and operating expenditure in order to mitigate the potential adverse effect on its profitability and cash flows,” the company said in a statement today.
Natural gas futures dropped to $2.58 per million British thermal units on Feb. 6, the lowest since 2012, while Brent futures are down 44 percent since June. Petronas derived 21 percent of its revenue from gas and an equal amount from crude, with petroleum products being the biggest contributor to its revenue, according to 2013 annual results.
Brent for April settlement climbed $1.08 to $61.13 a barrel on the London-based ICE Futures Europe exchange at 4:30 p.m. in Kuala Lumpur. Brent will average $55 per barrel in 2015, Shamsul told reporters in Kuala Lumpur today, revising his November estimate of $70 to $75 per barrel this year.
Shamsul will step down at the end of next month after leading the company for five years.

Dividend Challenge

Wan Zulkiflee, currently chief operating officer and head of Petronas’ downstream business, oversees the company’s $27 billion spending plan in a refining and petrochemicals project in the southern Johor state bordering Singapore. A challenge he faces this year is to balance the company’s investment needs and the government’s request for dividends as profit drops.
Petronas will pay Malaysia’s government, its sole shareholder, a dividend of 26 billion ringgit from 2014 profit of 37 billion ringgit, Petronas Chief Financial Officer George Ratilal told reporters in Kuala Lumpur. Planned capital spending will be cut by as much as 30 billion ringgit over the next two years, he said.
Petronas won’t generate enough cash from operations this year to cover capital spending and dividend commitments, said Vikas Halan, a Singapore-based vice president at Moody’s Investors Service Inc., estimating the shortfall to be at least 10 billion ringgit.
The Kuala Lumpur-based company plans to sell as much as $7 billion of dollar-denominated Islamic bonds in what may become its biggest such sale to date, people familiar with the intention said this month. The last time Petronas sold dollar notes was in 2009, when it issued $3 billion of bonds payable in 10 years.

Deferred LNG

Petronas deferred its final decision to build a C$36 billion ($29 billion) liquefied natural gas project in Canada’s British Columbia in December, citing low oil prices. While BG Group Plc also delayed its proposal, Exxon Mobil Corp. is pushing ahead with plans to spend as much as C$25 billion to export LNG from Canada.
Petronas has sold a 15 percent stake in the so-called Pacific NorthWest LNG project to China Petrochemical Corp., or Sinopec, in April. This followed earlier stake sales to Japan Petroleum Exploration Co., Indian Oil Corp. and Brunei National Petroleum Co. Petronas has said it aims to reduce its share in the development to as low as 50 percent.
To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net Indranil Ghosh, Niluksi Koswanage

DESIDERATA: I await the full year financials reporting by Petronas so we can get a "Better/badder?" picture after some THREE Months later to see if the downward trend continues, or will correct. What I can report is that last week's crudes price was around USD65to70 per barrel; this means Petronas' situation is NOT AS DIRE AS of last February when the press conference was held as reported, contrasted with Bloomberg's d by Bloomberg above. (However, I also sighted other local press reports as saying the Q4 2014 loss amounted to RM7.3bln, lower by 9.9minus 7.3bln = RM2.6bln. Well, journalists also are human OK! I have even sighted one MSM editor replacing BILLION with Million in her report, and that's INExcusable!)

Digressing another byte, pls go back to digest my post of April 27, via:
http://desiderata2000.blogspot.com/2015/04/a-former-msm-top-editor-has-revealing.html

**************************************************
Pre-BF at 745am, MAy 15:

NOW, I pick up another newer post at kadirjasin.blogspot.com, cun? Remember THE SCRIBE<>>>>>often reflecting ex-PM DR Mahathir's thoughts?

Tuesday, May 12, 2015

Quixotic Gallantry of PMO's Public Relations

A Kadir Jasin

LATEST, May 13 – Cash-strapped 1Malaysia Development Bhd (1MDB) today announced that it has sold land at Tun Razak Exchange (TRX) in Jalan Tun Razak for RM665 million to the Mulia Group of Indonesia to build a “signature tower ".

The 1MDB statement claimed that the land was earlier rejected by Tabung Haji despite being priced at only RM578 million. Instead, TH bought a 0.64-hactare site for RM188.5 million.

Eka Tjandranegara: 17th Richest Indonesian According to Forbes

Mulia Group proprietor, Eka Tjandranegara , in a statement issue by 1MDB said: “As one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become the new landmark of Kuala Lumpur city. Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond."

More sales are expected as 1MDB rush to raise cash to service and pay off its massive RM40-billion plus debts.

ORIGINAL POST

ALL of us who are cybersurfers can raise our hands to the heaven and thank the Almighty that we now have this tool called the Internet.

[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]

Through it we are able to know that the mainstream media (MSM) editors do not want us to know and say what the MSM editors would not publish even if we write to them.

If they did not entertain (Tun) Dr Mahathir Mohamad’s replies to their erroneous reports, why should they bother about us the nobodies and the has-beens?

Despite his brave posturing, The Prime Minister, (Datuk Seri) Mohd Najib Abdul Razak was so intimidated by the cyber community that he “advised” Tabung Haji to sell the TRX land it bought from 1MDB although he said it was a good buy.

If it was a good buy and would bring good returns to Tabung Haji depositors, why didn’t he go on TV3 to convince the Muslims that it was good for them and that their money is safe? He can then issue a “wahyu” to all government-licensed media to reproduce his TV3 statement.

TV3 PM's favourite platform

Or has the PM lost confidence in his ability and the ability of the MSM to convince the people?

Do not also misread his repeated “sumpah” that he would not resign for as long as Umno and the people support him. All past leaders who were shown the door by their people had said the same thing. Saying otherwise would mean a quick end to their career.

For Mohd Najib, his current mandate as PM started on May 6, 2013 when he won the general election. The next occasion to gauge the support for his leadership is at Umno election next year. Attempts will most certainly be made not to have the election or to stop him from being challenged. The ultimate test will then be at the GE in 2017 or early 2018.

Behind The Emergence of Rizal Mansor

In the meantime, defending the PM appears to be getting harder. That could be the underlying reason why lately defending him, his administration and his family is left in the hands of an unfamiliar face like Encik Rizal Mansor.

And I am told even his most respected and professional media promoter has resorted to writing articles on 1MDB under pseudonym while others have resorted to personal attacks on his critics.

Their targets have widened to include the Deputy Prime Minister, (Tan Sri) Muhyiddin Mohd Yassin, and other Umno leaders who are seen as no longer supporting the PM.

As for the lone wolf Rizal, some debaters think I had been unnecessarily harsh on him while others say I had given him too much credit in the May 6 posting entitled “Pejabat PM Kata Saya Tak Tahu Adat”.

Since that article was written in the Malay language, I trust that those who understand the language and its rich nuances would have realised that I was being instructive rather than vengeful.

From the outset I said I was grateful to Allah that some one from the PMO heard us and was willing to debate with us.

In fact, I think we generally have a very constructive debate. Now we know better how wealthy people use different methods to fund grand wedding receptions of their children. Mohd Najib was partly funded by his the family of his son-in-law.

Could Rizal be the lone wolf of the PMO?

The question now is, why, out of the blue, Encik Rizal became the Prime Minister’s gallant Don Quixote? Why not or where are the Prime Minister’s many press secretaries, media advisers and communications consultants? Where are the National Communication Team (NCT) and the Mat Salleh-led media think tank?

Why didn’t they come to the Prime Minister’s defence? I am sure they are better trained and better known to the public than Encik Rizal. Naturally they are in a better position to argue with us and convince the public. Also that’s what they are paid for.

Doing a caricature of me and calling me names will not help Mohd Najib. I am not the Prime Minister and not gunning for his job. In any case, like Almarhum Tunku Abdul Rahman Putra famously said, “bukan saya mintak duit pak depa!”

Or, as the case of their recent response to the foreign media have shown, they are not any better? Telling the New York Times that Mohd Najib was wealthy because of his family legacy is not exactly a clever or truthful thing to say.

Except for one or two, I know all the Prime Minister’s media handlers personally. Some were my co-workers at the NSTP Group and Bernama. They were then bright and capable men and women.

Or have they come to admit that the task of defending the Prime Minister and promoting him as a “transformer” has become so monumentally impossible that even their collective brilliance and intellectual prowess are of no help so they keep quiet?

Out of respect for them and for the memories of the good old days, I shall not name names. I know that they know what the rakyat out there are saying. I wonder if they now dare to introduce themselves as officers of the PM.

Post-JJ Communications Strategy

Or, is the emergence of Encik Rizal as a spokesman an indication that an entirely new communication strategy is being implemented at the PMO?

This is entirely possible following the demise of the Prime Minister’s chief-of-staff, (Tan Sri) Jamaluddin Jarjis in a helicopter crash on April 4 last.

Several fellow bloggers asked me if Encik Habibul Rahman Kadir Shah is back as the PM’s propaganda chief following Jamaluddin’s death?

Executives of Umno-linked media organisations told me that they reported business matters to Jamaluddin. They haven’t yet been told to whom they would now report.

Habibul is a close ally of the Prime Minister and holds director’s position in several private sector companies like Lotus UK Limited, the subsidiary of Proton Berhad.

Or could Encik Rizal have taken upon himself to answer me and, by extension, all of us because he was appalled by the silence or/and the ineptitude the Prime Minister’s media people?

Media guru, the late Marshall McLuhan, said the medium is the message. To him, the medium itself is the message. In another word, if the medium is credible, the message he or she carries will be credible too.

Failing PR on 1MDB Bailout

Whatever the truth is, the fact remains that the Prime Minister is yet to answer seriously and truthfully many pressing questions posed to him.

And what he had so far said about 1MDB has not ended allegations of improprieties. Instead many people linked to 1MDB and its subsidiaries are known to have met top Umno leaders to confess their fears that situation is worse than what is being assumed.

For instance, if an initial public offering (IPO) is not done soon, 1MDB will run out of money and a full-blown bailout will become necessary.

It is for this reason that information about Tabung Haji’s purchase of 1MDB TRX land was leaked to the public and instantly become a rallying point for Mohd Najib's critics and other concerned parties.

So an entirely new media strategy that further shields the Prime Minister from his critics may be in the offing and it could be a vicious one – kill the messengers if you can’t kill the message!

LATEST - Tabung Haji said it invested RM920.8 million in 1Malaysia Development Bhd’s (1MDB) Bandar Malaysia sukuk issuance in February last year because “it is a secured investment” on which it expects to earn RM626.5 million in profit.

In a statement yesterday, its chief investment officer Abd Kadir Sahlan said the sukuk is secured against parcels of land in Bandar Malaysia, with a security cover of at least 1.67 times.

Wallahuaklam.

PS: MEanwhile, since u cunt join DEsi for BF in Furong, surf to ZUNAR's for visual delite or desserrt hear!:~~~
https://www.zunar.my/animations/bila-bik-mama-pakai-celana/

After socialist BF -- NASI LEMAK AT 70SEN A PACKET, KUIH-MUIH AT 40 SEN A PIECE -- but foregoing capitalist lunch since I follow wanfatlady's NASIHat, "tighten your belt" as she shopped for cheap shoes at petaling street ONCE UPON A TIME, I was nevertheless HAPPY TO read this, from The StarBiz section, page 1 lead item:~~

Business News

Home › Business › Business News

Nazir takes 1MDB board to task

Friday, 15 May 2015

By: CECILIA KOK, M. SHANMUGAM

“The problem now is that there is a huge trust deficit of the company and its board has all gone silent. It is urgent for 1MDB to get to the bottom of what its assets, liabilities and cash flow are to bring back the trust so that it will no longer be toxic,” said Nazir. To address the growing mistrust in the financials of 1MDB, he said the board should take steps immediately to handle the matter or resign to allow others to take over.

SINGAPORE: Prominent banker Datuk Seri Nazir Razak (pic) took the board of 1Malaysia Development Bhd (1MDB) to task and said that its directors should resign if they were unable to come clean and explain the poor financials of the fund.

He opined that the fundamental problem with 1MDB was that the board and management were not facing the public and instead were waiting for the Auditor-General (AG) to verify the books, something that he described as being irresponsible.

“Why should 1MDB wait for the AG to do it?” he asked. “It is the responsibility of the board to do it. I think what 1MDB should do now is to go and appoint an independent audit firm to audit its assets, liabilities and future cash flow so that we can get to the bottom of what the issue is.

To address the growing mistrust in the financials of 1MDB, he said the board should take steps immediately to handle the matter or resign to allow others to take over.

“It is your basic responsibility. There’s a complete mistrust in your financial situation. You have to responsibly deal with that,” said Nazir.

“But instead, you sit there and wait for the AG. To me, that’s irresponsible. If you do that, then it’s better for you to step down and let someone else come in and take over.

“If I am a board member and I can’t explain, I would appoint someone who is independent to audit my numbers or I should quit,” the CIMB Group Holdings Bhd chairman told reporters during a luncheon at the Asean Business Club forum here yesterday.

1MDB, a fund established by the Finance Ministry in 2009 and has its business concentrated on property development and power generation, is saddled with debts to the tune of RM42bil.

The chairman is Tan Sri Lodin Wok Kamaruddin, and so far, he and his board members have not explained why the fund took on “expensive” borrowings and the reasons for its cash-flow problems.

In March this year, Prime Minister Datuk Seri Najib Tun Razak ordered the AG - Tan Sri Ambrin Buang - to audit the books of 1MDB to verify the accounts, with its report to be handed to the Public Accounts Committee for scrutiny.

Although 1MDB has assets in excess of RM51bil to back the debts, 1MDB is facing cash-flow problems to meet its debt obligations.

“If there are any concerns about CIMB’s financials today, what I would do immediately is appoint an independent auditor (who is not my auditor) to have a look at the numbers so that I’ve two credible people saying my numbers are legitimate.

“That’s what should be done. I don’t know why they have to wait for the AG to do it.

“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign,” said Nazir.

This year, 1MDB has obligations of RM5.1bil to meet and the bulk is in the form of a US-dollar term loan amounting to US$975mil (RM3.5bil) that matures on Aug 31.

In relation to the US-dollar term loan, a report from Singapore on Tuesday stated that a consortium of banks led by Deutsche Bank had asked for the repayment of the loan four months ahead of its due date.

According to the report, the lenders were jittery after doubts arose on the collateral of the loan held in a foreign bank based in Singapore.

Nazir said that the board had gone silent when there was a lot of noise coming from the social media and the public.

“And then, you have the Lembaga Tabung Haji (LTH) transaction that is making the public edgy … just get to the bottom of it. Get to the truth quickly,” he said.

Last week, LTH came under fire for purchasing a piece of land in the Tun Razak Exchange (TRX), which is being developed by 1MDB, for RM188.5mil cash. It was viewed as LTH coming to 1MDB’s rescue because the fund was facing cash-flow problems and the deal was conflicted because 1MDB and LTH had three common directors.

After coming under fire, the board of LTH came out to say that it was selling the land to ready buyers for a profit of RM5mil.

On 1MDB’s debts of RM42bil, Nazir felt that there were a significant amount of assets in the books to back the liabilities.

“The question is how significant (are the assets). They have power plants, the TRX land and cash … although there are questions about whether the cash is really there,” said Nazir, who is well-known in the region as an investment banker.

DESIDERATA: IT -- HARD Qs posed to the CURRENT PM by former PM DR MAHATHIR>>NOW the PM"S own brother banker Nazir also has called on the whole 1MDB BOard, which must include NAJIB the Chairman, TO RESIGN AS THEY HAVE INCURRED A HUGE "TRUST DEFICIT". YEs, the UNRAVELLING OF The 1MDB IS almost reaching its highpoint; we all give the entire board a little nudge at the cliff edge, and down into the ABYSS THEY go. WAY2GO, AZeeeeeeez, arrogant wan boasting about RM5million he would make for TAbung HAji, as if it's a HUGE PROFIT FOR the poor man's pilgrimage fund, MUST ALSO JUMP OVER THE CLIFF FOR causing a HUGE TRUST DEFICIT among the pilgrimage depositors!

A good term I must memorise from today-- trust deficit: ALL THE EMPHASIS IN BOLD bLACK OR rED ARE MINE, desI'S, CHIEFLy THIS:

To address the growing mistrust in the financials of 1MDB, he said the board should take steps immediately to handle the matter or resign to allow others to take over.
***************************************

NOTE FROM BUMMER YL CHONG, DESi

I am moving the INtro of PArt IV of this series to the following to close off PARt III as I intend to starting A new PArt IV by next MOnday, Wit' or without thy permission, dear ER, YL< DESi, knottyaSSusual:) or :(

Why I say Malaysia Is Moving Towards the Abyss... IV

COpy tasting, as I tried to Cut&PAstry from THe Malaysian INsider for latest news break -- (A) another 1MDB expose by PANDAN MP PKR"S RAFIZI RAMLI and (B) a catchup older post by THE MAlay MAIl ONline of a few days olde>> A Few attempts failed me, so be patient OK!~~~ MAaf if my computer is mixing up the Caps and LOwer case as I do speed typing and all my subs and typists have deerted DEsi when the monies fail to flow in,only going heading for EXits, I did say PArt for is SEi-LOh in CANtonis, didn't I?

(A) LATest report from THE MALAYSIAN INSIDER HEAded

PKR REVEALSS MORE LOSSES FOR TABUNG HAJI IN DEAL WITH OIL AND GAS COMPANY

via LINK:

http://www.themalaysianinsider.com/malaysia/article/pkr-reveals-more-losses-for-tabung-haji-in-deal-with-oil-and-gas-company

(B) from the MAlay MAIl, a news report headed
GERMAN BANKS SEEK EARLY REPAYMENT OF 1MDB LOAN>>>

via LINK:

www.themalaymailonline.com/malaysia/article/german-banks-seek-early-repayment-of-1mdb-loan-could-trigger-default-on-rmblogg

For 1MDB, The saying applies: IT never just rains, IT POURS (ANd POURS! HEy, I practise POetic LIcence in the month of MAY OK< SO I vary the sayings a few bytes! THAnks to knotty MPS like TONY PUA, RAFIZI RAMLI AND TIAN CHUA, WHOM THE REPRESSIVE BN REGime is trying to shut up with SEDITION ACT OR DEFAMATION suits, so that by GE14 coming around, they would ALL BE DISQUALIFIED FROM CONtesting! "BRING it on, babe!" Is a good rebuttal to these UMNO GOONs.

************************ INTERLUDE, CUN?! ***********************

PS: DESI will try a few more times to C&P THE two items again after TEHTARik -- wanna buy me endless rounds pls meet with DESi&COy at DE MIAng COrner, CHOW, which can mean either SE YA LATER, OR COMe, LEt's MAkan!:)

Published: 27 February 2015 5:39 PM

State-owned oil firm Petronas reported on Friday a US$2 billion quarterly loss and a planned cut in spending over the next two years, hit by a slump in global oil prices.
Petronas posted a net loss of RM7.3 billion in October-December 2014 compared to a profit of RM12.8 billion in the same period in 2013. The loss, which Petronas's CEO said was its first quarterly loss in at least five years, was also caused by impairment charges.
The company announced plans to cut capital expenditure by 10% and operating expenses by up to 30% this year. The 2016 capital expenditure would also be trimmed by 15%, it said.

"Since we began reporting our quarterly earnings five years ago, in my memory we have never reported a quarterly loss," outgoing Petronas chief executive Shamsul Azhar Abbas said at a press conference to announce the results. Malaysia, a net energy exporter, relies heavily on Petronas for most of its oil and gas revenue. But weaker global oil prices have dented its income, and left the Southeast Asian nation faced with a devalued currency and risk of a sovereign downgrade due to mounting debt from its struggling state fund 1MDB.
Unlisted Petronas said government payments in the form of dividends would be about RM26 billion in 2015. It had said in November that government dividend would be 37% lower in 2015 if oil stays at US$75 a barrel.
Brent rebounded to US$61 a barrel on Friday, on hopes of better oil demand, after slumping to as low as nearly US$45 in January. Between June and January, crude oil prices had crashed 60%.
Shamsul said the company sees crude oil prices averaging US$55 a barrel in 2015.
"This current scenario of $50-$60 band is going to be there over the next at least two years. We are going to do a midterm review of this budget and come up with a revised number in the month of May or early June to come up with what possible new numbers there are," he said.
Petronas has appointed former chief operating officer Wan Zulkiflee Wan Ariffin as its new president and chief executive effective April, replacing Shamsul.
Under the helm of Shamsul, the country's only Fortune 500 company has expanded abroad to shore up future earnings as output slows at home. It bought Canada's Progress Energy Resources in 2012 in a deal worth around US$5 billion that gave it shale gas properties in northeastern British Columbia. – Reuters, February 27, 2015.

- See more at: http://www.themalaysianinsider.com/business/article/petronas-posts-rm7-billion-quarterly-loss-amid-global-oil-slump#sthash.S7XCX0zv.dpuf

Business

Petronas posts RM7 billion quarterly loss, cuts spending on oil slump

Published: 27 February 2015 5:39 PM

- See more at: http://www.themalaysianinsider.com/business/article/petronas-posts-rm7-billion-quarterly-loss-amid-global-oil-slump#sthash.S7XCX0zv.dpuf

My Anthem

Tuesday, May 12, 2015

Why I say Malaysia Is Moving Towards the Abyss... III

14/05/2015

WHY 1GDB LAND SALE TO THE POOR PILGRIMS FUND & OTHERS IS A BAILOUT CRIME BY GROSSMELDAJIB!

Petronas Turns to $2.7 Billion Fourth-Quarter Loss on Oil Slump

Dividend Challenge

Deferred LNG

Tuesday, May 12, 2015

Quixotic Gallantry of PMO's Public Relations

A Kadir Jasin

Behind The Emergence of Rizal Mansor

Post-JJ Communications Strategy

Business News

Nazir takes 1MDB board to task

Why I say Malaysia Is Moving Towards the Abyss... IV

Petronas posts RM7 billion quarterly loss, cuts spending on oil slump

No comments: