I again reproduce my fave COLUMNIST CITIZEN NADES' commentary from theSUN today:
1.He lends credence to my point about that GUY BEING THE CLUELESS CEO!
2. THE CLUELESS CONTINUES To make MAlSia the LAUGHING STOCK Of the w.w.w! -- YL, DEsi
Citizen Nades - More disclosures, more shocks
Posted on 12 April 2016 - 08:29pm
FOR a company which has been and still making
headlines for the wrong reasons, 1Malaysia Development Berhad (1MDB)
continues to be defiant in the aftermath of the report by Public
Accounts Committee (PAC) which was tabled in Parliament last Thursday.
The name-calling has not ceased and the salvos fired at opposition lawmaker Tony Pua (who is also a PAC member) have not stopped. When Pua remarked that he was only "80 per cent" satisfied with the PAC report, the retort was "you can't be 80 per cent pregnant."
On Monday, Reuters reported from London that Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) said neither itself nor its unit Aabar Investments PJS has any links to a British Virgin Islands-incorporated firm named in the PAC report.
"Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group," the news agency quoted IPIC saying in a statement on the London Stock Exchange, referring to Aabar Investments PJS Limited (Aabar BVI).
1MDB's retort and response was baffling indeed. It came out with its guns blazing (yet again). The company, it said, paid substantial sums to Aabar BVI and these payments have been recorded in the publicly available and audited financial statements.
"Accordingly, 1MDB finds it curious that IPIC and Aabar have waited until April 2016 to issue such a statement," it said.
1MDB also said that company records show documentary evidence of the ownership of Aabar BVI and of each payment made, pursuant to various legal agreements that were negotiated with Khadem Al Qubaisi in his capacity as managing director of IPIC and chairman of Aabar and or with Mohamed Badawy Al Husseiny, in his capacity as CEO of Aabar.
But what is public knowledge is that both these men left their posts suddenly and without explanation last year and 1MDB cannot claim to have no knowledge that the money did not reach IPIC or Aabar.
As early as September last year, the Financial Times reported that IPIC was trying to get to the bottom of an apparent US$1.4 billion mismatch in its dealings with 1MDB.
Citing people familiar with the case, the newspaper said IPIC was seeking clarification about the fate of the money, which 1MDB said it paid out but was never recorded as received in IPIC's own financial statements.
"IPIC's probe is part of a wider Abu Dhabi audit of the institution's long entanglement with 1MDB, which has come under growing scrutiny since corruption allegations engulfed both the Malaysian fund and Najib Razak, the country's embattled prime minister," the London-based pink-sheet reported.
So, what exactly is going on? Did 1MDB remit billions to a company which had no links with its joint-venture partner? Were the PAC members and Malaysians taken for a long expensive ride? Until the Reuters report emerged, Malaysians were convinced that they were given correct answers.
Not any more. The 1MDB saga has taken several twists and turns. Another significant weave has taken place which has put the company in yet another coil. It is no longer "stale" or "recycled information" – words which the company often uses when it chooses not to address issues.
First, is it not incumbent upon any company to check the audited accounts – the balance sheet and the P & L statements – of any company it has dealings with.
Second, 1MDB failed to take all precautions including a due diligence exercise on the recipient of its funds.
Third, 1MDB does not want to acknowledge that it had been remitting monies to the wrong Aabar – unintentionally or otherwise. Shouldn't the board and the senior management be held accountable for such a major glitch for which taxpayers have to foot the bill?
Fourth, if IPIC and Aabar had not received the monies, where is it now? Who has "stolen" billions of ringgit from 1MDB?
Fifth and more importantly, what is 1MDB going to do? Is it going to write off these amounts (read billions) as bad debts and "move on" as some leaders have suggested?
(Many years ago, there was a company called Asia Motors – an authorised distributor of several brands of cars. Word had it then that an ingenious person set up a company called "Asian Motors" and opened a bank account in this name. He then diverted cheques payable to Asia Motors by adding the letter "n" to the word Asia.)
In the light of the revelations to the UK bourse, even the most ardent of 1MDB supporters will find it difficult to continue to swallow what 1MDB says in its media statements.
Now, it appears that Pua's claims have to be re-visited and taken seriously. Among others, he charged that RM7 billion in cash and assets overseas have not been verified. He also said that the auditor-general (AG) could not verify a sum of US$1.56 million of investments by 1MDB's wholly-owned foreign subsidiary – 1MDB Global Investment Ltd.
Putting it behind us and moving on is no longer an option. The theme of "destabilising the government and overthrowing the PM" is no longer applicable in the light of the latest revelations.
This is deceit, dishonesty and fraud perpetrated on the citizens of this country. Surely, our voices have to be heard by the powers that be. Blocking websites and accusing foreign media organisations with all kinds of conspiracy theories is not going to provide the answers to so many lingering questions.
For a start, why not de-classify the AG's report immediately instead of giving us the shocks and distressing news in instalments?
R. Nadeswaran believes that only the publication of the AG's Report will allay fears of a bigger exposure to the taxpayers. Comments: citizen-nades@thesundaily.com
*********************************************
HE indeed m aketh GOOD COPY for the MEDIA< but nobody from the EDitors to the Columnists except for the SUN's CITIZEN NADES dare tell the EMPEROOR that he wears the clothes that were MORE THAN Transparent to see through the shenanigans, and evenn the kindergarten kids in my neighbourhood are laughing at HIM. CLUELESWSS WAN, 1 MDB which many of us say are BECOMING THE GREATEST SCANDAL for MAlaysia in decades, leaves behind a great MEMORABLE LEGACY? Is this Clueless WAn addressing the people of Planet Earth? -- YL< DEsi, knottyaSsusual
From the sun2surf.com:~~~~~
KUALA LUMPUR: 1Malaysia Development Bhd
(1MDB)'s assets are "real" and more than its liabilities, Prime Minister
Datuk Seri Najib Abdul Razak (pix) said today.
This can be seen from the prices they are fetching, he said when delivering his keynote address at Invest Malaysia 2016.
"The uses to which some of those assets will be put will be evident in the future, when two vibrant new centres will spring up in Kuala Lumpur, at the Tun Razak Exchange not far from here, and at Bandar Malaysia, south of the city.
"In the years to come, they will be the real legacy of 1MDB. They will be what is remembered. And history will show that the shameful politically-motivated allegations made to unseat a democratically-elected government were false," Najib added.
He said these quarters had their own agendas and personal interests, which they had placed above the interests of the country.
"They have been airing all sorts of wild allegations, including about 1MDB, for instance. So let us be totally clear about that," said Najib, who pointed out that the Public Accounts Committee's report submitted to Parliament last week had identified weaknesses in 1MDB's structure and management.
"But the report also shows that the allegations of RM42 billion going missing, as some claimed, are false.
Completely false. Malaysia's name has been unfairly dragged through the mud," he added.
Najib said there has been, and will be, accountability in Malaysia, as the success of government-linked companies (GLCs) and the years of consistent growth would not be possible without it.
"As I said last week, we must ensure that lessons are learned, and action will be taken if any evidence of wrongdoing is found. In addition, 1MDB's board of directors have offered their resignation," he said.
Najib said the rationalisation process at 1MDB is working and substantial debts have already been cleared, including the recent repayment of a RM950 million standby credit facility provided by the government last year.
The name-calling has not ceased and the salvos fired at opposition lawmaker Tony Pua (who is also a PAC member) have not stopped. When Pua remarked that he was only "80 per cent" satisfied with the PAC report, the retort was "you can't be 80 per cent pregnant."
On Monday, Reuters reported from London that Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) said neither itself nor its unit Aabar Investments PJS has any links to a British Virgin Islands-incorporated firm named in the PAC report.
"Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group," the news agency quoted IPIC saying in a statement on the London Stock Exchange, referring to Aabar Investments PJS Limited (Aabar BVI).
1MDB's retort and response was baffling indeed. It came out with its guns blazing (yet again). The company, it said, paid substantial sums to Aabar BVI and these payments have been recorded in the publicly available and audited financial statements.
"Accordingly, 1MDB finds it curious that IPIC and Aabar have waited until April 2016 to issue such a statement," it said.
1MDB also said that company records show documentary evidence of the ownership of Aabar BVI and of each payment made, pursuant to various legal agreements that were negotiated with Khadem Al Qubaisi in his capacity as managing director of IPIC and chairman of Aabar and or with Mohamed Badawy Al Husseiny, in his capacity as CEO of Aabar.
But what is public knowledge is that both these men left their posts suddenly and without explanation last year and 1MDB cannot claim to have no knowledge that the money did not reach IPIC or Aabar.
As early as September last year, the Financial Times reported that IPIC was trying to get to the bottom of an apparent US$1.4 billion mismatch in its dealings with 1MDB.
Citing people familiar with the case, the newspaper said IPIC was seeking clarification about the fate of the money, which 1MDB said it paid out but was never recorded as received in IPIC's own financial statements.
"IPIC's probe is part of a wider Abu Dhabi audit of the institution's long entanglement with 1MDB, which has come under growing scrutiny since corruption allegations engulfed both the Malaysian fund and Najib Razak, the country's embattled prime minister," the London-based pink-sheet reported.
So, what exactly is going on? Did 1MDB remit billions to a company which had no links with its joint-venture partner? Were the PAC members and Malaysians taken for a long expensive ride? Until the Reuters report emerged, Malaysians were convinced that they were given correct answers.
Not any more. The 1MDB saga has taken several twists and turns. Another significant weave has taken place which has put the company in yet another coil. It is no longer "stale" or "recycled information" – words which the company often uses when it chooses not to address issues.
First, is it not incumbent upon any company to check the audited accounts – the balance sheet and the P & L statements – of any company it has dealings with.
Second, 1MDB failed to take all precautions including a due diligence exercise on the recipient of its funds.
Third, 1MDB does not want to acknowledge that it had been remitting monies to the wrong Aabar – unintentionally or otherwise. Shouldn't the board and the senior management be held accountable for such a major glitch for which taxpayers have to foot the bill?
Fourth, if IPIC and Aabar had not received the monies, where is it now? Who has "stolen" billions of ringgit from 1MDB?
Fifth and more importantly, what is 1MDB going to do? Is it going to write off these amounts (read billions) as bad debts and "move on" as some leaders have suggested?
(Many years ago, there was a company called Asia Motors – an authorised distributor of several brands of cars. Word had it then that an ingenious person set up a company called "Asian Motors" and opened a bank account in this name. He then diverted cheques payable to Asia Motors by adding the letter "n" to the word Asia.)
In the light of the revelations to the UK bourse, even the most ardent of 1MDB supporters will find it difficult to continue to swallow what 1MDB says in its media statements.
Now, it appears that Pua's claims have to be re-visited and taken seriously. Among others, he charged that RM7 billion in cash and assets overseas have not been verified. He also said that the auditor-general (AG) could not verify a sum of US$1.56 million of investments by 1MDB's wholly-owned foreign subsidiary – 1MDB Global Investment Ltd.
Putting it behind us and moving on is no longer an option. The theme of "destabilising the government and overthrowing the PM" is no longer applicable in the light of the latest revelations.
This is deceit, dishonesty and fraud perpetrated on the citizens of this country. Surely, our voices have to be heard by the powers that be. Blocking websites and accusing foreign media organisations with all kinds of conspiracy theories is not going to provide the answers to so many lingering questions.
For a start, why not de-classify the AG's report immediately instead of giving us the shocks and distressing news in instalments?
R. Nadeswaran believes that only the publication of the AG's Report will allay fears of a bigger exposure to the taxpayers. Comments: citizen-nades@thesundaily.com
Related articles
- IPIC denies links with Aabar BVI
- 1MDB says it shared all documents relating to Aabar BVI with audit dept
- 1MDB confident of legal position on payments to Aabar BVI
- Detailed explanations, supporting documents on Aabar given to AG: 1MDB
- 1MDB denies US$1.4b missing, slams WSJ
*********************************************
HE indeed m aketh GOOD COPY for the MEDIA< but nobody from the EDitors to the Columnists except for the SUN's CITIZEN NADES dare tell the EMPEROOR that he wears the clothes that were MORE THAN Transparent to see through the shenanigans, and evenn the kindergarten kids in my neighbourhood are laughing at HIM. CLUELESWSS WAN, 1 MDB which many of us say are BECOMING THE GREATEST SCANDAL for MAlaysia in decades, leaves behind a great MEMORABLE LEGACY? Is this Clueless WAn addressing the people of Planet Earth? -- YL< DEsi, knottyaSsusual
PS: I never shook my head as many times than the PAST YEAR when writing my BLOGPOSTS than in the PAST YEAR when the great MEMORABLE LEGACY2B, in the PM's words, - 1Malaysia Development Berhad -- hit the international news since The Wall Street Journal (a BIG thank YOu from DEsi...)broke the story in early JULY 2015.
Politicians from UMNO are still , of course,"SHOOTING THE MESSENGERS" because they are all from the same flock, BIRDS OF A FEATHER FLOCK TOGETHER!
From the sun2surf.com:~~~~~
Malaysia’s name unfairly dragged through the mud by false allegations, says Najib
Posted on 12 April 2016 - 08:41pm
Last updated on 13 April 2016 - 12:39am
Last updated on 13 April 2016 - 12:39am
This can be seen from the prices they are fetching, he said when delivering his keynote address at Invest Malaysia 2016.
"The uses to which some of those assets will be put will be evident in the future, when two vibrant new centres will spring up in Kuala Lumpur, at the Tun Razak Exchange not far from here, and at Bandar Malaysia, south of the city.
"In the years to come, they will be the real legacy of 1MDB. They will be what is remembered. And history will show that the shameful politically-motivated allegations made to unseat a democratically-elected government were false," Najib added.
He said these quarters had their own agendas and personal interests, which they had placed above the interests of the country.
"They have been airing all sorts of wild allegations, including about 1MDB, for instance. So let us be totally clear about that," said Najib, who pointed out that the Public Accounts Committee's report submitted to Parliament last week had identified weaknesses in 1MDB's structure and management.
"But the report also shows that the allegations of RM42 billion going missing, as some claimed, are false.
Completely false. Malaysia's name has been unfairly dragged through the mud," he added.
Najib said there has been, and will be, accountability in Malaysia, as the success of government-linked companies (GLCs) and the years of consistent growth would not be possible without it.
"As I said last week, we must ensure that lessons are learned, and action will be taken if any evidence of wrongdoing is found. In addition, 1MDB's board of directors have offered their resignation," he said.
Najib said the rationalisation process at 1MDB is working and substantial debts have already been cleared, including the recent repayment of a RM950 million standby credit facility provided by the government last year.
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