IT ｈａｓ ｂｅｅｎ ｓｌｉｇｈｔｌｙ ｍｏｒｅ ｔｈａｎ ｏｎｅ ｍｏｎｔｈ
since Ｉ Wrote the first article, so here's TIMELY to do an update with TWOＡＲＴ
FROM the MALAY MAIL Online. JUST to be fair and balanced, from two OPPOSING PERspectives...YL，Ｄesｉ
ＡＲＴ！：（
Why hide Singapore financial regulator’s findings on 1MDB, Bank Negara asked
since Ｉ Wrote the first article, so here's TIMELY to do an update with TWOＡＲＴ
FROM the MALAY MAIL Online. JUST to be fair and balanced, from two OPPOSING PERspectives...YL，Ｄesｉ
ＡＲＴ！：（
Why hide Singapore financial regulator’s findings on 1MDB, Bank Negara asked
Friday July 3, 2015
01:33 PM GMT
01:33 PM GMT
BNM said it initiates formal probes when
money approved by the bank is not used for the indicated purpose or when false
information is given, or when there is a failure to comply with the approval
conditions.KUALA LUMPUR, July 3 — A retired veteran newsman today questioned Bank Negara Malaysia’s (BNM) refusal so far to disclose the results of a Singaporean regulator’s probe on debt-ridden 1Malaysia Development Berhad (1MDB).
Datuk A. Kadir Jasin urged the Malaysian central bank to use the Monetary
Authority of Singapore’s (MAS) probe to clear off both its and 1MDB’s
reputation, if the investigations are positive.
“If the investigation results are positive for 1MDB, why is Bank Negara
not (menguar-uarkannya) publicising it (and) instead hiding behind
confidentiality?
“If the MAS report is positive, publicise it to clean 1MDB’s name and free
Bank Negara itself from accusations of oversight!” the former group
editor-in-chief of New Straits Times wrote in a blog post today.**** SEE Blogpost reproduced below from kadirjasin.blogpsot.com...HOpe thy BM IS badder than mine!:))
Pointing out that the Thailand
arrest of former PetroSaudi director Xavier Andre Justo became a “huge capital”
for the government and the prime minister’s supporters in the 1MDB issue, Kadir
questioned BNM’s silence on the MAS findings.
On May 26, BNM confirmed receiving a report from MAS on its probe of a
complaint lodged by BSI Bank about a 1MDB account, which caused controversy
here when it was revealed that the US$1.103 billion (RM3.985 billion) kept in
it was in “units” and not cash as previously claimed.
But BNM Governor Tan Sri Dr Zeti Akhtar Aziz declined to make the contents
of the MAS report public as it would jeopardise cooperation from the
international community and halt all 1MDB probes, adding that the information
will be passed to the relevant enforcement agencies in Malaysia.
Former prime minister Tun Dr Mahathir Mohamad previously insisted that the
MAS report contained information to show 1MDB lied about having cash in BSI
Bank.
On May 21 Putrajaya admitted that the US$1.103 billion redeemed from
1MDB’s Cayman Islands account had been
mistakenly described as “cash” instead of just assets by the investment firm.
Explaining the matter, Second Finance Minister Datuk Seri Ahmad Husni
Hanadzlah confirmed that the redemption, now parked in Singapore’s BSI Bank, is
in the form of “units” and not US dollars as previously claimed by 1MDB CEO
Arul Kanda Kandasamy.
The US$1.103 billion is the second tranche of funds in 1MDB’s Cayman Islands foray, which totalled US$2.32 billion.
On June 3, BNM said it has started its own formal enquiry and had issued a
legal directive for information from 1MDB to examine whether any of the central
bank’s rules and legislation had been violated, with statements taken from
those involved in the firm’s governance.
BNM said it initiates formal probes when money approved by the bank is not
used for the indicated purpose or when false information is given, or when
there is a failure to comply with the approval conditions.
1MDB, a brainchild of Prime Minister Datuk Seri Najib Razak, is currently
the subject of investigations by the Auditor-General’s Department and
Parliament’s Public Accounts Committee.
- See more at:
http://www.themalaymailonline.com/malaysia/article/why-hide-singapore-financial-regulators-findings-on-1mdb-bank-negara-a#sthash.YXUqTgfg.dpuf
****
Saya faham proses pengumpulan berita WSJ. Berita yang sesitif seperti tuduhan terhadap Mohd Najib tidak akan disiarkan tanpa disemak dan diluluskan oleh panel peguamnya. Jadi eloklah peguam Mohd Najib berdepan dengan peguam WSJ.
Tuduhan Tony Pua dan Rafizi Ramli adalah kecil dan kabur berbanding dakwaan WSJ. Kalau Mohd Najib dan isterinya telah mengemukakan saman terhadap Pua dan Rafizi, adalah wajar mereka melakukan hal yang sama terhadap WSJ.
ORIGINAL POSTING
SAYA tidak mengulas secara khusus skandal pembelian hartanah oleh Majlis AMANAH Rakyat (Mara) di Australia kerana bagi saya ia tidak sedikit pun memeranjatkan.
Cuma saya berdoa dakwaan ini
tidak betul. Tetapi jika ditakdirkan betul maka kita semua rugi sekali lagi
kerana kitalah mangsa mutakhir pengkhianatan amanah ini.
Inilah bahana apabila orang yang berkuasa berasa
bahawa kuasa menghalalkan segala-galanya. Atau apabila orang yang berkuasa
terlalu banyak makan budi dan ada rangka-rangka bergantungan dalam almari.
Jadi apa yang berlaku (atau
dituduh berlaku) di 1MDB, Mara, Felda, Felda Global Ventures (FGV) Berhad,
Tabung Haji, Lembaga Tabung Angkatan Tentera (LTAT), Pembinaan PFI Sdn Bhd, SRC
International dan mungkin banyak lagi tidak langsung memeranjatkan saya.
＊＊＊＊＊＊＊＊
ART2:)
Arul Kanda said 1MDB explained its challenges
to the global ratings agency and the steps it was taking to pare down its debts
― which comes up to a reported RM41.9 billion. ― File pic
KUALA LUMPUR, July 2 ― 1Malaysia Development Berhad (1MDB) was open about its current situation when it spoke to Fitch Ratings ahead of the agency’s revision of Malaysia’s credit outlook, the company’s chief executive Arul Kanda Kandasamy said today.
**********************************************
REPRISE/REPRISAL? of my first post on 1MDB, sorry it's all CUT&PASTRy, hey, you can have it for BF or TEA, HI OR LO, & BEHold3!
ONE full page of the STAR today PAGE 1 carries the stark headline ENLARGED BELOW;
:(
1MDB
1Malaysia Development Berhad
Winding down
AT first reaction, DESI on reading the PRINT COPY thought he was just being ignorant that the day marks either :
THE DEATH OF A DIGNITARY
or
THE DEMISE OF A NATIONAL ICON
MAYBE the Star editor-in-chief/editors do have a sense of humour after all!
THE 1MDB IS indeed an ICON, YES!
THE three-liner body paragraph follows:
The controversial 1MDB is set to wind down as early as next year in a move to stave off the
relentless attacks on the Government, particularly the Prime Minister. The plan is to reduce its debt by almost one-third with funds coming from Abu Dhabi. > SEE reports on PAGE 2
(PS FROm DESi: I have a copy for which I Paid RM1.50 this mouRning, so if any ER wants to buy it off me, hey, bank into DESi's AC RM1,500!)
PPS (DESI THInking ALoud, STill ALlowed hear!:)
A badder headline would be:
1MDB BEING WOUND UP
___I will explain WHY later cun?! HINT: READ my 4-parter >>>> "WHY I SAY MALYSIA IS HEADING TOWARDS THE ABYSS". THE KEY WoRD IS "Unravelling" from the first paragraph of PART I via http://desiderata2000.blogspot.com/2015/03/why-i-say-malaysia-is-moving-towards.html ___________________________________
FROM Page 2, The Star:
NOTE: I WILL Resume this piece peacefully IF I Survive HI-TEA!
Back the day after because I was behaving like a Kapitalist yesterday evening -- I did say DESI is socialist on most weekdays, and often become a KAPitalist on wickedends -- an outstation buddy who wanna be a KOboi like DESi the sext life came down from Kajang to FUrong to buy me Seefood; hey, didn't you know I can eat two kilos of crab at one go, what is uneaten is tapau-ed lah! PLUS endless rounds of Chinoserie TEA; NO liquor for me, as I am a teatotaller -- I totally drink ALL Teas-- especially when my matey brings the best Pu-erh from Yunnan....Sorry I Digress and make thee salivate!
*************************************
NOW back to the subject as informed by The STAR in the report reproduced above here: My reaction after the first complete reading is that the PM heading the SHIP OF FOOLS and his CRONIES heading 1MDB think we Malaysians all are still at Kindergarten! The editors of MSM may be "KINDer", but we the well read Malaysians are able to digest critically what we read, and make our own INTELLIGENT CONCLUSIONS.
LET me highlight some points as rebuttal:
1. THE smartalecks at 1MDB get a company -- from Abu Dhabi, the MIDDLE EAST again! -- to additionally invest, the first tranche to be injected into 1MDB next week of about RM4billion. TO "URGENTLY" PAY BACK RM3.6BILLION DUE SOON!
DIGRESSING, BUT RELEVANT: Did the 1MDB inform us WHY DID THE GERMAN CONSORTIUM OF BANKS LED BY DEUTSCHE BANK ASK FOR EARLY re-payment of RM3.6billion BY THREE MONTHS OF THE ONE-YEAR LOAN? My common sense CONCLUSION IS THE BANKS MUST KNOW MUCH MORE THAN WE KNOW - AND following a REVIEW, had come to a CONCLUSION that 1MDB IS a RISKY BORROWER some nine months later, and it's Desi's educated GUESS that it's GREAT MINDS THINK ALIKE! ~~ it's better and more prudent to ask for pre-payment, maybe sacrificing some or all of the interest in the process?
SO WRT to this para, *"A portion of the funds came back last year, according to 1MDB. But an amount of US$1.1bil (RM4bil) that was supposed to find its way back to help 1MDB redeem its debts was placed with BSI Bank in Singapore. The Finance Ministry has said the sum was in the form of “units”, Desi concludes: THE LAST mentioned "units" from the highlighted para are not LIQUID AT ALL! AND THE BEAUTIFUL THING IS THE PM TOLD A "LIE" IN PARLIAMENT THAT IT WAS "CASH", now RESURRECTED AS "UNITS" BY THE DEPUTY FINANCE minister who shifted the "Mistake" to 1MDB's 6-MONTH-OLD RENOWNED BANKER IMPORTED FROM YES! ABU DHABI>>>CEO ARUL KANDA KANDASAMY. DESI hopes against all hopes the "LIARS" would serve jail time for MISLEADING THE AUGUST HOUSE called PARLIAMENT, its proceedings oversighted by a pliant SPEAKER PANDIKAR WHO WANTED to resign, but said "NO", THEN ADMITTED "YES", he prepared a letter of resignation, BUT STOPPED BY THE PM FROM PRESENTING IT. DID I SAY SHIP OF SHIT OR BN FOOLS?
2. BUT DIDN"T THE INITIAL TROUBLE AT 1MDB COME FROM THE SAME SOURCE -- THAT WELL-OILED MONEY MACHINE NAMED (Petro Saudi International (PSI). BUT, AS SHOWN BY THIS PARA ** The joint venture with PSI started with an initial sum of US$1bil. But the investment later ballooned to US$2.32bil (RM8.5bil) that was parked with funds based in the Cayman Islands.
HEY, smartalecks at the 1MDB, you are getting more FUNDS to cover an impending loan whose payment is due soon, very soon! ISN'T THAT LIKE COVERING ONE HOLE AND ANOTHER LARGER HOLE APPEARS AT THE SAME TIME?
SEE, THESE IDIOTS AT 1MDB THINK WE ARE ALL STILL AT KIDERGARTEN STILL, BUT WE MORE THEY HAVE CREATED A MULTI-HEADED MONSTER -- BEWARE THE "HYDRA" OF GREEK MYTH, AND IT'S SO IRONIC THAT "GREECE IS IN FINANCIAL STATE SO DIRE THE IMF AND EU BANK HAVE TO BAIL IT OUT OF IMPENDING BANKRUPTSY!" AND OH, HYDRA RHYMES WITH ANOTHER 1MDB'S CREATIVE CREATURE NAMED EDRA (GLOBAL ENERGY) TO BE LISTED SOON! IT Is LISTING NOW - THAT SHIP OF FOOLS!
3. Ah, MORE nuggets of INFORMATION ARE BECOMING TO THE PUBLIC DOMAIN, VIA para MARKED *** ABOVE, BUT YOU SMARTALECKS AT 1MDB did not think such information is of importance to the people. THEY tried to make SUCKERS OF TABUNG HAJI, but when nuggets of data were publicised by MPs like TONY PUA and RAFIZI RAMLI, the authorities threatened them with the SEDITION ACT. AND we saw PM Directing 1MDB to quickly dispose of the land the 1MDB first sold to TABUNG HAJI put on the market, with another smartaleck whose name rimes with O" GEEZzz at TH saying they had a ready buyer at a price yielding R5Million profit over their RM188.5million cash SMART INVESTMENT. THIS 'RATTISH DEAL" FOR A MISERABLE PIECE OF LAND AT TUN RAZAK EXCHANGE WHICH THE GOVERNMENT BESTOWED TO 1MDB at a say HAI! PRICE OF RM64psf, AND PM NAJIB STRESSED IT WAS A "PROFITBLE" INVESTMENT SOUL"D TO THE SUCKERS AT TABUNG HAJI AT RM2,800psf! IF "PROFITABLE", MR PM, TELL TH TO KEEP IT LA to reap maybe RM50million a year from now, NO?!
HEY, TO my esteemed Wakil Rakyat, ZA YOU! ZA YOU! ALSO, TO THE PEEPS @"SARAWAK REPORT" , WHO HAS BEEN BREAKING LOTS OF SCANDALS BESIEGING THE PM'S PET PROJECT NAMED 1MDB, RUN BY MANY LAPDOGS, DESI TOASTS CHEERS!:)Step up the gear, the RAKYAT and PEOPLE'S POWER ARE WIT' THEE, YES, YOU ER WHO READS DESI2! yl, desi, KNOTTYaSsusual
Desi's parting: I would be starting a new series on the NELSON MANDELA OF MALYSIA, Who can stop Malaysia from careening towards the ABYSS arising from the unravelling of 1MDB and the concurrent unravelling of the NAJIB RAZAK's adminstration.
Meanw'ile, my most esteemed readers, don't be suckered again, and again,
and be a GOOD citizen,
pray very heART to thy GOD-- however you deem HIM to be -- that we remain alert and safe from blood suckers in 1MDB and its DADDY&MUM. GODbless, my fellow countrymen&women&boys&gals2, Amen.
****
Friday, July 03, 2015
Mara Dalam Jangkitan Sistemik
A Kadir Jasin
MUTAKHIR, 3 JULAI - Saman Wall Street Journal. Itu sahaja pilihan yang ada kepada Mohd Najib Abdul Razak. Kalau tidak apa yang dilaporkan oleh akhbar Amerika itu mengenai akaun beliau yang mengandungi hampir AS$700 juta, akan menjadi kenyataan. Kalau tidak betul Mohd Najib wajib mengemukakan saman terhadap WSJ.Saya faham proses pengumpulan berita WSJ. Berita yang sesitif seperti tuduhan terhadap Mohd Najib tidak akan disiarkan tanpa disemak dan diluluskan oleh panel peguamnya. Jadi eloklah peguam Mohd Najib berdepan dengan peguam WSJ.
Tuduhan Tony Pua dan Rafizi Ramli adalah kecil dan kabur berbanding dakwaan WSJ. Kalau Mohd Najib dan isterinya telah mengemukakan saman terhadap Pua dan Rafizi, adalah wajar mereka melakukan hal yang sama terhadap WSJ.
ORIGINAL POSTING
SAYA tidak mengulas secara khusus skandal pembelian hartanah oleh Majlis AMANAH Rakyat (Mara) di Australia kerana bagi saya ia tidak sedikit pun memeranjatkan.
Lagi pun kes ini masih berjalan dan lebih banyak hal didedahkan. Yang terbaru Pengerusi Mara Incorporated, Mohammad Lan Allani dan Ketua
Pegawai Eksekutifnya, Abd Halim A. Rahim digantung jawatan dan firma audit PWC
dilantik bagi menyemak pembelian harta oleh Mara Inc.
 |
| Mohammad Lan digantung jawatan |
Selepas 1Malaysia Development
Berhad (1MDB) tidak ada apa lagi yang memeranjatkan, mustahil dan luar biasa.
1MDB mencetuskan piawaian dan tanda aras baru urus niaga dan urus tadbir
syarikat dan agensi berkaitan kerajaan.
Ini cerita bapa borek anak
rintik. Kata orang Johor, “engkau garuk belakang aku, aku garuk belakang
engkau” atau kata orang putih, birds of a feather flock together –
burung yang sama bulunya berkumpul bersama.
 |
| "Birds of a feather flock together" |
Bukan rahsia lagi. Banyak orang
tahu dan lagi banyak dengar apa yang berlaku ketika peralihan kuasa daripada
Tun Dr Mahathir Mohamad kepada Tun Abdullah Ahmad Badawi pada penghujung tahun
2003.
Mereka tahu dan dengar mengenai
fail-fail segar Badan Pencegah Rasuah (SPR/ACA) – kini Suruhanjaya Pencegah
Rasuah Malaysia (PSRM/MACC) - yang diserahkan oleh Dr Mahathir kepada Abdullah.
Mereka tahu dan dengar bagaimana
kandungan fail-fail itu tidak diambil tindakan sebaliknya digunakan untuk
mengukuhkan kedudukan politik orang tertentu.
Beberapa watak dalam fail-fail
ACA itu bukan sahaja tidak didakwa malah diberi habuan lumayan dengan syarat
mereka menyokong pentadbiran baru.
Amalan “engkau garuk belakang
aku, aku garuk belakang engkau” berterusan ke zaman Mohd Najib Abdul Razak apabila
individu-individu yang dihukum dan disingkir oleh Umno pada era Abdullah kerana
politik wang kembali dimuliakan dan diberi kuasa luar biasa kerana mereka tahu
“what you did last summer”.
 |
| Poster "I know what you did last summer" |
Bila bapa borek, logiknya anak
rintik. Bila atuk borek, bapa rintik, cucu tentu tidak banya berbeza warna dan
coraknya.
Apabila berlaku persepsi dan
realiti bahawa orang di atas rasuah maka anak buah pun tidak teragak-agak untuk
rasuah juga. Apatah lagi apabila
berlaku persekongkolan ala birds of a feather flock together atau macam
dalam filem seniman agung P Ramlee Nujum Pak Belalang – “satu untuk engkau, satu untuk aku”.
Jangkitan moral itu menyebabkan
rasuah dan salah guna kuasa dalam sektor awam merebak menjadi sistemik.
Apa yang salah, korup dan
seleweng di 1MDB, Felda, FGV, Tabung Haji, LTAT, Pembinaan PFI SRCI adalah
lebih dahsyat dan hanyir apabila berlaku di Mara.
Sesiapa yang celik sejarah tentu
sedar betapa keramatnya Mara. Lagi keramat apabila kerajaan pimpinan Umno
sendiri mengubah nama asalnya kepada Mara dengan kata kuncinya “amanah”.
Amanah yang dipegang atas nama rakyat Melayu dan Bumiputera.
Mara Dalam Kontrak Sosial
Mara adalah antara manifestasi
terawal kontrak sosial di antara peribumi dan pendatang. Apabila pada tahun
1950-an Inggeris mencuba memujuk Raja-Raja Melayu untuk memberi
“kewarganegaraan negeri” kepada pendatang Cina dan India, sebagai ganti British
menubuhkan Rida (Rural Industrial Development Authority) untuk memajukan
ekonomi dan pendidikan orang Melayu.
Rida/Mara banyak berjasa kepada
orang Melayu dan penduduk luar bandar. Ada rumah Rida, kilang Rida, bas Mara
dan yang paling unggul pembabitannya dalam bidang pendidikan.
 |
| Bas Mara tahun 1960-an |
Malangnya sejak dekad-dekad
kebelakangan ini Mara sudah menjadi seolah-olah pusaka keluarga atau “fiefdom”
elit politik yang diberi amanah mengurus dan mentadbirnya.
Dalam konteks pendedahan di
Australia dan UK sekarang, kita janganlah terlalu yakin bahawa yang bersalah
akan dihukum.
Selagi orang yang
bertanggungjawab tidak dihadapkan ke mahkamah dan didapati bersalah, kita
janganlah terlalu menaruh harapan. Kita sudah terlalu kerap mendengar guruh
berdentum tetapi hujan tak jadi.
Mengapa Diam Mengenai Siasatan
MAS?
Berkenaan 1MDB saya terfikir,
kalau penangkapan Xavier Andre Justo (XAJ) di Thailand menjadi modal besar
kepada kerajaan dan penyokong Perdana Menteri, mengapakah Bank Negara berdiam
diri mengenai hasil siasatan Pihak Berkuasa Mata Wang Singapura (MAS) ke atas
simpanan “unit” 1MDB di Singapura?
 |
| Mengapa rahsiakan laporan MAS? |
Kalau hasil penyiasatan itu
positif kepada 1MDB, mengapakah Bank Negara tidak menguar-uarkannya sebaliknya
berselindung di sebalik kerahsiaan (confidentiality)?
Kalau laporan MAS itu positif,
hebahkanlah saja demi membersihkan nama 1MDB dan membebaskan Bank Negara
sendiri daripada tuduhan cuai (oversight)!
Dan adakah Bank Negara dalam penyiasatannya
berani menyeluk pekasam seperti ini? - http://www.sarawakreport.org/2015/07/sensational-findings-prime-minister-najib-razaks-personal-accounts-linked-to-1mdb-money-trail-malaysia-exclusive/
Wallahuaklam.
＊＊＊＊＊＊＊＊
ART2:)
1MDB bared all to Fitch before outlook upgraded to
‘stable’, CEO says
Thursday July 2, 2015
03:42 PM GMT+8
03:42 PM GMT+8
ICYMI
67
9 Google +0 19
Tools
Arul Kanda said 1MDB explained its challenges
to the global ratings agency and the steps it was taking to pare down its debts
― which comes up to a reported RM41.9 billion. ― File picKUALA LUMPUR, July 2 ― 1Malaysia Development Berhad (1MDB) was open about its current situation when it spoke to Fitch Ratings ahead of the agency’s revision of Malaysia’s credit outlook, the company’s chief executive Arul Kanda Kandasamy said today.
Arul Kanda said 1MDB explained its challenges to the global ratings agency
and the steps it was taking to pare down its debts, which stood at a reported
RM41.9 billion as of March 2014.
“In relation to 1MDB, we had conversations with Fitch in advance of the
upgrade, in which we discussed the company’s current situation and provided
confidence on the measures being taken.
“We were open about the challenges we face, outlined our efforts to reduce
the company’s debt as presented in our rationalisation plan, and provided
information on the various actions that have already been taken including the
repayment of a RM3.6 billion loan in June,” he said in a statement today.
Despite signalling a possible downgrade earlier this year, Fitch Ratings
maintained Malaysia’s credit ranking at the fourth-lowest investment grade
after observing that the country’s finances are improving.
In a statement Tuesday, the ratings agency also said the outlook on the country’s
A- grade was revised from negative to stable, thanks to the GST and reforms on
the fuel subsidy system here.
“Malaysia’s rating remains supported by reasonably strong real GDP growth
rates and low inflation volatility,” Fitch said.
Today, Arul Kanda said he was “proud” as a Malaysian that the country’s
rating outlook was upgraded by Fitch Ratings, adding that it resulted from an
“independent review by an external party” and represents recognition of the
local economy’s growing strength.
“Furthermore, the upgrade is evidence of the government’s success in
ensuring the continued economic stability of our country. The Ministry of
Finance and Bank Negara in particular have done a commendable job in
highlighting the positives of our economic success story,” he said.
In 2013, Fitch downgraded Malaysia’s outlook to negative. Fitch’s head of
Asia Pacific sovereign ratings, Andrew Colquhoun, had warned this March that
there was more than a 50 per cent chance of a downgrade for Malaysia, which he
said would sit more naturally in the BBB range.
According to Bloomberg, Moody’s Investors Service and Standard &
Poor’s similarly place Malaysia at their fourth-lowest investment grades, with
both giving a positive and stable outlook respectively.
In May, Moody’s told Malay Mail Online that it could not spell out
how a loan default by 1MDB would directly impact Malaysia’s sovereign
rating due to the fluidity of the situation surrounding the firm, but noted
that government guarantees for the firm’s borrowings ultimately derails efforts
by Putrajaya to narrow the country’s fiscal shortfall.
“We do not consider 1MDB’s debt liabilities as obligations of the federal
government, with the exception of the guarantees that have been provided for a
subset of 1MDB’s borrowings.
“Having said that, the provision of government support to 1MDB that
significantly derails the current trend of fiscal consolidation would be
negative for the sovereign rating,” Moody’s vice-president and senior analyst
of sovereign risk Christian de Guzman said in an email to Malay Mail Online.
- See more at:
http://www.themalaymailonline.com/malaysia/article/1mdb-bared-all-to-fitch-before-outlook-upgraded-to-stable-ceo-says#sthash.wTeU5vQw.dpuf
v
**********************************************
REPRISE/REPRISAL? of my first post on 1MDB, sorry it's all CUT&PASTRy, hey, you can have it for BF or TEA, HI OR LO, & BEHold3!
Saturday, May 30, 2015
1MDB Is Winding down...
:(
1MDB
1Malaysia Development Berhad
Winding down
AT first reaction, DESI on reading the PRINT COPY thought he was just being ignorant that the day marks either :
THE DEATH OF A DIGNITARY
or
THE DEMISE OF A NATIONAL ICON
MAYBE the Star editor-in-chief/editors do have a sense of humour after all!
THE 1MDB IS indeed an ICON, YES!
THE three-liner body paragraph follows:
The controversial 1MDB is set to wind down as early as next year in a move to stave off the
relentless attacks on the Government, particularly the Prime Minister. The plan is to reduce its debt by almost one-third with funds coming from Abu Dhabi. > SEE reports on PAGE 2
(PS FROm DESi: I have a copy for which I Paid RM1.50 this mouRning, so if any ER wants to buy it off me, hey, bank into DESi's AC RM1,500!)
PPS (DESI THInking ALoud, STill ALlowed hear!:)
A badder headline would be:
1MDB BEING WOUND UP
___I will explain WHY later cun?! HINT: READ my 4-parter >>>> "WHY I SAY MALYSIA IS HEADING TOWARDS THE ABYSS". THE KEY WoRD IS "Unravelling" from the first paragraph of PART I via http://desiderata2000.blogspot.com/2015/03/why-i-say-malaysia-is-moving-towards.html ___________________________________
FROM Page 2, The Star:
1MDB to scale down ops
 |
 |
 |
 |
 |
PETALING JAYA: 1Malaysia
Development Bhd that has come under relentless attack for its financial
transactions will be wound down by early next year.
According to sources, a programme is being crafted whereby Abu Dhabi will inject sovereign funds of up to US$4.5bil (RM16.4bil) into 1MDB – money that would be used to reduce its debts of RM42bil.
“The first tranche of the money will come in next week. The announcement is already out. The remaining amounts will come in batches and by early next year 1MDB will be wound down,” said a source.
The reduction of its debts will allow 1MDB to “downsize” its operations significantly and transfer the remaining liabilities to its three subsidiary companies, which are into property development and generation of electricity.
“The subsidiaries have assets and can hold some amount of debt. The
holding company does not have adequate assets and that is why it faces
cash-flow problems to service its debt obligations,” said sources.
The power generation company, which is Edra Global Energy, has three major power plants worth some RM13bil.
The property subsidiaries are broken into two – one holding the Tun Razak Exchange Development and the other the 200.3ha Sungai Besi airport land that is to be developed into Bandar Malaysia.
“The value of the land in TRX and Bandar Malaysia is estimated to be RM4.3bil,” said a source.
Yesterday, 1MDB announced that it had entered into an agreement with International Petroleum Investment Company (IPIC) and Aabar Investments whereby the Abu Dhabi companies would inject US$1bil (RM3.6bil) into the Malaysian fund.
By early next year, it is estimated that an additional sum of US$3.5bil (RM12.6bil) would be pumped in as part of the agreement.
In return, the Abu Dhabi companies would take over some of the assets held by 1MDB, including the “units” held in Singapore’s BSI Bank.
1MDB, established in 2009, is the brainchild of Prime Minister Datuk Seri Najib Tun Razak. It was supposed to spearhead Malaysia into projects that bring high impact to the economy.
However, it has come under scrutiny for its opaque financial transactions with companies based in the Middle East.
Among them is Petro Saudi International (PSI), which was the first joint venture partner that 1MDB locked up with in 2009.
**The joint venture with PSI started with an initial sum of US$1bil. But the investment later ballooned to US$2.32bil (RM8.5bil) that was parked with funds based in the Cayman Islands.
*A portion of the funds came back last year, according to 1MDB. But an amount of US$1.1bil (RM4bil) that was supposed to find its way back to help 1MDB redeem its debts was placed with BSI Bank in Singapore. The Finance Ministry has said the sum was in the form of “units”.
Apart from the investment with PSI, the fund has also come under fire for the high cost incurred in raising US dollar debt papers.
***It raised US$3.5bil (RM12.7bil) in 2012 and another US$3bil (RM10.9bil) on March 19, 2013 – just a few weeks before the general election.
The funds were raised with a high degree of collateral and cost, something that is not usual for an entity such as 1MDB that is fully backed by the Government.
According to sources, the Cabinet was briefed that 1MDB has become a political hot potato to the extent that it is hurting Umno.
“The party comes above everything else for Najib. That is why he is deciding to wind down 1MDB,” said the source.
Related stories:
Abu Dhabi to inject RM3.6bil lifeline
Dr M says losses must be accounted ford don't mind beinga capitalist
Shahrir defends meeting with Arul
According to sources, a programme is being crafted whereby Abu Dhabi will inject sovereign funds of up to US$4.5bil (RM16.4bil) into 1MDB – money that would be used to reduce its debts of RM42bil.
“The first tranche of the money will come in next week. The announcement is already out. The remaining amounts will come in batches and by early next year 1MDB will be wound down,” said a source.
The reduction of its debts will allow 1MDB to “downsize” its operations significantly and transfer the remaining liabilities to its three subsidiary companies, which are into property development and generation of electricity.
The power generation company, which is Edra Global Energy, has three major power plants worth some RM13bil.
The property subsidiaries are broken into two – one holding the Tun Razak Exchange Development and the other the 200.3ha Sungai Besi airport land that is to be developed into Bandar Malaysia.
“The value of the land in TRX and Bandar Malaysia is estimated to be RM4.3bil,” said a source.
Yesterday, 1MDB announced that it had entered into an agreement with International Petroleum Investment Company (IPIC) and Aabar Investments whereby the Abu Dhabi companies would inject US$1bil (RM3.6bil) into the Malaysian fund.
By early next year, it is estimated that an additional sum of US$3.5bil (RM12.6bil) would be pumped in as part of the agreement.
In return, the Abu Dhabi companies would take over some of the assets held by 1MDB, including the “units” held in Singapore’s BSI Bank.
1MDB, established in 2009, is the brainchild of Prime Minister Datuk Seri Najib Tun Razak. It was supposed to spearhead Malaysia into projects that bring high impact to the economy.
However, it has come under scrutiny for its opaque financial transactions with companies based in the Middle East.
Among them is Petro Saudi International (PSI), which was the first joint venture partner that 1MDB locked up with in 2009.
**The joint venture with PSI started with an initial sum of US$1bil. But the investment later ballooned to US$2.32bil (RM8.5bil) that was parked with funds based in the Cayman Islands.
*A portion of the funds came back last year, according to 1MDB. But an amount of US$1.1bil (RM4bil) that was supposed to find its way back to help 1MDB redeem its debts was placed with BSI Bank in Singapore. The Finance Ministry has said the sum was in the form of “units”.
Apart from the investment with PSI, the fund has also come under fire for the high cost incurred in raising US dollar debt papers.
***It raised US$3.5bil (RM12.7bil) in 2012 and another US$3bil (RM10.9bil) on March 19, 2013 – just a few weeks before the general election.
The funds were raised with a high degree of collateral and cost, something that is not usual for an entity such as 1MDB that is fully backed by the Government.
According to sources, the Cabinet was briefed that 1MDB has become a political hot potato to the extent that it is hurting Umno.
“The party comes above everything else for Najib. That is why he is deciding to wind down 1MDB,” said the source.
Related stories:
Abu Dhabi to inject RM3.6bil lifeline
Dr M says losses must be accounted ford don't mind beinga capitalist
Shahrir defends meeting with Arul
NOTE: I WILL Resume this piece peacefully IF I Survive HI-TEA!
Back the day after because I was behaving like a Kapitalist yesterday evening -- I did say DESI is socialist on most weekdays, and often become a KAPitalist on wickedends -- an outstation buddy who wanna be a KOboi like DESi the sext life came down from Kajang to FUrong to buy me Seefood; hey, didn't you know I can eat two kilos of crab at one go, what is uneaten is tapau-ed lah! PLUS endless rounds of Chinoserie TEA; NO liquor for me, as I am a teatotaller -- I totally drink ALL Teas-- especially when my matey brings the best Pu-erh from Yunnan....Sorry I Digress and make thee salivate!
*************************************
NOW back to the subject as informed by The STAR in the report reproduced above here: My reaction after the first complete reading is that the PM heading the SHIP OF FOOLS and his CRONIES heading 1MDB think we Malaysians all are still at Kindergarten! The editors of MSM may be "KINDer", but we the well read Malaysians are able to digest critically what we read, and make our own INTELLIGENT CONCLUSIONS.
LET me highlight some points as rebuttal:
1. THE smartalecks at 1MDB get a company -- from Abu Dhabi, the MIDDLE EAST again! -- to additionally invest, the first tranche to be injected into 1MDB next week of about RM4billion. TO "URGENTLY" PAY BACK RM3.6BILLION DUE SOON!
DIGRESSING, BUT RELEVANT: Did the 1MDB inform us WHY DID THE GERMAN CONSORTIUM OF BANKS LED BY DEUTSCHE BANK ASK FOR EARLY re-payment of RM3.6billion BY THREE MONTHS OF THE ONE-YEAR LOAN? My common sense CONCLUSION IS THE BANKS MUST KNOW MUCH MORE THAN WE KNOW - AND following a REVIEW, had come to a CONCLUSION that 1MDB IS a RISKY BORROWER some nine months later, and it's Desi's educated GUESS that it's GREAT MINDS THINK ALIKE! ~~ it's better and more prudent to ask for pre-payment, maybe sacrificing some or all of the interest in the process?
SO WRT to this para, *"A portion of the funds came back last year, according to 1MDB. But an amount of US$1.1bil (RM4bil) that was supposed to find its way back to help 1MDB redeem its debts was placed with BSI Bank in Singapore. The Finance Ministry has said the sum was in the form of “units”, Desi concludes: THE LAST mentioned "units" from the highlighted para are not LIQUID AT ALL! AND THE BEAUTIFUL THING IS THE PM TOLD A "LIE" IN PARLIAMENT THAT IT WAS "CASH", now RESURRECTED AS "UNITS" BY THE DEPUTY FINANCE minister who shifted the "Mistake" to 1MDB's 6-MONTH-OLD RENOWNED BANKER IMPORTED FROM YES! ABU DHABI>>>CEO ARUL KANDA KANDASAMY. DESI hopes against all hopes the "LIARS" would serve jail time for MISLEADING THE AUGUST HOUSE called PARLIAMENT, its proceedings oversighted by a pliant SPEAKER PANDIKAR WHO WANTED to resign, but said "NO", THEN ADMITTED "YES", he prepared a letter of resignation, BUT STOPPED BY THE PM FROM PRESENTING IT. DID I SAY SHIP OF SHIT OR BN FOOLS?
2. BUT DIDN"T THE INITIAL TROUBLE AT 1MDB COME FROM THE SAME SOURCE -- THAT WELL-OILED MONEY MACHINE NAMED (Petro Saudi International (PSI). BUT, AS SHOWN BY THIS PARA ** The joint venture with PSI started with an initial sum of US$1bil. But the investment later ballooned to US$2.32bil (RM8.5bil) that was parked with funds based in the Cayman Islands.
HEY, smartalecks at the 1MDB, you are getting more FUNDS to cover an impending loan whose payment is due soon, very soon! ISN'T THAT LIKE COVERING ONE HOLE AND ANOTHER LARGER HOLE APPEARS AT THE SAME TIME?
SEE, THESE IDIOTS AT 1MDB THINK WE ARE ALL STILL AT KIDERGARTEN STILL, BUT WE MORE THEY HAVE CREATED A MULTI-HEADED MONSTER -- BEWARE THE "HYDRA" OF GREEK MYTH, AND IT'S SO IRONIC THAT "GREECE IS IN FINANCIAL STATE SO DIRE THE IMF AND EU BANK HAVE TO BAIL IT OUT OF IMPENDING BANKRUPTSY!" AND OH, HYDRA RHYMES WITH ANOTHER 1MDB'S CREATIVE CREATURE NAMED EDRA (GLOBAL ENERGY) TO BE LISTED SOON! IT Is LISTING NOW - THAT SHIP OF FOOLS!
3. Ah, MORE nuggets of INFORMATION ARE BECOMING TO THE PUBLIC DOMAIN, VIA para MARKED *** ABOVE, BUT YOU SMARTALECKS AT 1MDB did not think such information is of importance to the people. THEY tried to make SUCKERS OF TABUNG HAJI, but when nuggets of data were publicised by MPs like TONY PUA and RAFIZI RAMLI, the authorities threatened them with the SEDITION ACT. AND we saw PM Directing 1MDB to quickly dispose of the land the 1MDB first sold to TABUNG HAJI put on the market, with another smartaleck whose name rimes with O" GEEZzz at TH saying they had a ready buyer at a price yielding R5Million profit over their RM188.5million cash SMART INVESTMENT. THIS 'RATTISH DEAL" FOR A MISERABLE PIECE OF LAND AT TUN RAZAK EXCHANGE WHICH THE GOVERNMENT BESTOWED TO 1MDB at a say HAI! PRICE OF RM64psf, AND PM NAJIB STRESSED IT WAS A "PROFITBLE" INVESTMENT SOUL"D TO THE SUCKERS AT TABUNG HAJI AT RM2,800psf! IF "PROFITABLE", MR PM, TELL TH TO KEEP IT LA to reap maybe RM50million a year from now, NO?!
HEY, TO my esteemed Wakil Rakyat, ZA YOU! ZA YOU! ALSO, TO THE PEEPS @"SARAWAK REPORT" , WHO HAS BEEN BREAKING LOTS OF SCANDALS BESIEGING THE PM'S PET PROJECT NAMED 1MDB, RUN BY MANY LAPDOGS, DESI TOASTS CHEERS!:)Step up the gear, the RAKYAT and PEOPLE'S POWER ARE WIT' THEE, YES, YOU ER WHO READS DESI2! yl, desi, KNOTTYaSsusual
Desi's parting: I would be starting a new series on the NELSON MANDELA OF MALYSIA, Who can stop Malaysia from careening towards the ABYSS arising from the unravelling of 1MDB and the concurrent unravelling of the NAJIB RAZAK's adminstration.
Meanw'ile, my most esteemed readers, don't be suckered again, and again,
and be a GOOD citizen,
pray very heART to thy GOD-- however you deem HIM to be -- that we remain alert and safe from blood suckers in 1MDB and its DADDY&MUM. GODbless, my fellow countrymen&women&boys&gals2, Amen.
Friday July 3, 2015
01:33 PM GMT+8
01:33 PM GMT+8
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BNM
said it initiates formal probes when money approved by the bank is not
used for the indicated purpose or when false information is given, or
when there is a failure to comply with the approval conditions.KUALA
LUMPUR, July 3 — A retired veteran newsman today questioned Bank Negara
Malaysia’s (BNM) refusal so far to disclose the results of a
Singaporean regulator’s probe on debt-ridden 1Malaysia Development
Berhad (1MDB).Datuk A. Kadir Jasin urged the Malaysian central bank to use the Monetary Authority of Singapore’s (MAS) probe to clear off both its and 1MDB’s reputation, if the investigations are positive.
“If the investigation results are positive for 1MDB, why is Bank Negara not (menguar-uarkannya) publicising it (and) instead hiding behind confidentiality?
“If the MAS report is positive, publicise it to clean 1MDB’s name and free Bank Negara itself from accusations of oversight!” the former group editor-in-chief of New Straits Times wrote in a blog post today.
Pointing out that the Thailand arrest of former PetroSaudi director Xavier Andre Justo became a “huge capital” for the government and the prime minister’s supporters in the 1MDB issue, Kadir questioned BNM’s silence on the MAS findings.
On May 26, BNM confirmed receiving a report from MAS on its probe of a complaint lodged by BSI Bank about a 1MDB account, which caused controversy here when it was revealed that the US$1.103 billion (RM3.985 billion) kept in it was in “units” and not cash as previously claimed.
But BNM Governor Tan Sri Dr Zeti Akhtar Aziz declined to make the contents of the MAS report public as it would jeopardise cooperation from the international community and halt all 1MDB probes, adding that the information will be passed to the relevant enforcement agencies in Malaysia.
Former prime minister Tun Dr Mahathir Mohamad previously insisted that the MAS report contained information to show 1MDB lied about having cash in BSI Bank.
On May 21 Putrajaya admitted that the US$1.103 billion redeemed from 1MDB’s Cayman Islands account had been mistakenly described as “cash” instead of just assets by the investment firm.
Explaining the matter, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah confirmed that the redemption, now parked in Singapore’s BSI Bank, is in the form of “units” and not US dollars as previously claimed by 1MDB CEO Arul Kanda Kandasamy.
The US$1.103 billion is the second tranche of funds in 1MDB’s Cayman Islands foray, which totalled US$2.32 billion.
On June 3, BNM said it has started its own formal enquiry and had issued a legal directive for information from 1MDB to examine whether any of the central bank’s rules and legislation had been violated, with statements taken from those involved in the firm’s governance.
BNM said it initiates formal probes when money approved by the bank is not used for the indicated purpose or when false information is given, or when there is a failure to comply with the approval conditions.
1MDB, a brainchild of Prime Minister Datuk Seri Najib Razak, is currently the subject of investigations by the Auditor-General’s Department and Parliament’s Public Accounts Committee.
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