I celebrate the poetic month of MAY each year
with tehtarik, cowboys&gals and song,
NO, knot the TRaditional WIne, WOmen and SOng
NON-DESI like elements do, did and will do
Me, no ditto
MAY each day bring thee good health and lovin'
MAY every happy moment be treasured like forever
MAY every lament be transitory and short
LIKE and if possible, LOVE Ev'ry MAY
that crosses thy path, enriching both, like MAY and I
MAY Ye remember fondly the sentiments of THE First of MAY
That fragrant first kiss in the half moonlight
AND you whisper sweet nothings in his/her ears
That stir the hot blood coursing theough thy young veins
RAISING the body temperature by a few degrees
Wit' some of you lucky ones, you touched heavenly Ecstasy
MAY day not, when two bodies entwined as one
O" LORD, MAY This date at night never end
BUT that is asking too much
For too much of Ecstasy kills they brain cells, don't you know
SO Desi says, use thy GOD-gifted mind
BE kind to him/her, BE KIND to the MAYs you love
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.
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