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Sakmongkol ak 47

Monday 1 June 2015

Digging Holes and Moving Earth.

It’s impossible to talk about something else, without touching politics of the day. The politics I mean involves 1MDB, an issue which will never subside until the perpetrators of this scandal are punished.
There was fraud from the beginning. The JV with Petro Saudi was an act to swindle money from Malaysia. It would appear that people in 1MDB made that fraud possible. That would suggest complicity.
Money was paid into a shell company. Money was transferred into an account belonging to another person. The amount was slightly more than USD1 billion.
The amount made the earth moved under somebody’s feet. From then on, in an attempt to cover up, more financial holes were created that got 1MDB into deeper shit. The earth was indeed moved when more holes were dug. 
I hear some accountants say the value of the assets owned by 1MDB is around RM20 billion only and never got close to RM51 billion as claimed. The figures were massaged to make them appear comforting.
The liabilities- loans, bonds, derivative loans amount to RM49billion. If that is so, then, 1MDB is really RM30 billion in the red. The value of its assets if fully liquidated can never cover the loss. In the end, the government will have to bail it out.
1MDBcannot shake off the perception that it’s now insolvent. It claims it has assets but yet cannot repay its loans. How can it service its interests on loans that many amount to RM2 billion a year? Will it able to honour the value of its bonds when they mature?
Clearly, the PM as the final authority over 1MDB’s transactions is panicking. He will not cause this problem to go away by listing out the wrongs created by Mahathir. He should know two wrongs do not make a right.
He is equally liable over what Mahathir did because he was also on the ship that Mahathir commanded. He too made hay while the Mahathir sun shone.
He helped Mahathir win the 1987 battle with Tengku Razaleigh because he had no choice. Mahathir had one up on him and I am sure in the days to come, Mahathir will expose why Najib betrayed Tengku Razaleigh at the last minute.
 He is not fooling the people any longer. The wrongs created by 1MDB will never be erased even if Jho Low returned the money or if the PM forces GLCs to buy 1MDB’s assets at overpriced values, or sell down 1MDB’s assets. These after the fact measures will never erase wrongdoings, embezzlement, CBTs and all that. 
Let’s take an example. When Felda bought over hotels in London by paying an extra RM100 million, that overpayment is not excused by saying- don’t worry, the cost including that extra RM100 million has been recovered as a result of better business. The hotel business is booming and revenue is increasing.
Even if all the cost is recovered, the fact that RM100 million was artificially created clearly with the intention to defraud Felda, the wrongful act, will not go away. Fraud was committed and it’s not erased by later events. If business if good, then it’s fortuitous.
Same as in the case of 1MDB. Fraud, embezzlement, cheating, dishonest dealings are not erased even when all the total costs are recovered.
I hope these people understand all these. Wrongs are not corrected by after the fact fortuitous events and deceptive measures.
It appears that this is what is happening at the  very moment. The Arabs which 1MDB paid off to forfeit their option to buy up to 49% of businesses to be listed by 1MDB now becomes the white knight to help 1MDB? The second finance minister has no shame to announce that help has come from this white knight.
Then we urge him to be brave and tell the public the terms and conditions of the help given by the Arabs. Which arm and leg do we give up? The terms and conditions can be expected to be onerous since having paid off the ah long, it seems they are the only financier willing to touch 1MDB which has since become a leper. Surely they will demand more onerous terms since they know that 1MDB has no one else and 1MDB is in distress!
Arul Kanda may have disappeared for a few days running back to his former employers, asking for help while denigrating Najib and the stupid Malaysians at the same time.
JHo Low was probably in town to meet up PM Najib to tell the latter that he is making steps to reimburse the money he has taken. That will allow PM to later declare that he has fully recovered the money that went to Good Star Limited.
Let’s talk about other important issues. Such as the much hyped 11 Malaysia Plan. That will be continued in another article.


bruno 1 June 2015 at 06:23  

Dato,first of all,let us talk about FGV.The IPO at RM4.55 was a bit too high.If not for the underwriters and later on the GLC's supporting the counter,the share prices would have tanked earlier.When one put expired politicians in charge of henhouses,of course the chickens are going to get raped.Nowadays,the crooks in charge of GLC's are getting smarter.Buy high end properties at inflated prices in orang putih land.Ordinary Malaysians cannot get to see the paperworks,except to speculate and scream corruption only.Even low level ministers can afford RM 200k a pop with their mistresses.What more is there to say,except that corruption is an out of control runaway epedemic.

1MDB is much harder to figure out how much money has vanished.Now there is only one source that has been fed this information.That is the SR.And how much is true or not,we do not know.But,nobody wants to know the truth,except that Najib has to prove his innocence.Either way Najib is damned,but he and fat mama might get the last laugh.Especially if the PAC which have many opposition members cannot prove him guilty of criminal intentions.

Anonymous,  1 June 2015 at 08:48  

Felda will become another 1MDB soon, it's already created the newly rich into paupers, more than half of their investments halved at current market price.
Is it true that a certain personality was caught with his sarong undone at Port Dickson and this gifted his saviour to demand that lucrative position and he's still sitting there ?

IbnAbdHalim 1 June 2015 at 09:33  

It's only my hunch....the culprit is the Advisor.

Anonymous,  1 June 2015 at 10:45  

Anonymous 8:48 Spot on ... it is, you stretch my back and I stretch yours. As for Najib and his fat wive, you both have lost your sense of integrity zero, zilt, nyet, nada. Kasihan bonda Najib yang telah menyuruh Najib berundur sebab memalukan nama ayahandanya tapi apa kan daya pasangan ni yang perasan bagus masih mabuk kuasa. Buat snap poll ler kalau berani.

GEORGE CHOO,  1 June 2015 at 13:08  

Dear Sak,according to Kadir Jasin 1MDB borrow a few hundred million from EXIM BANK


I m very sure they are other loans with other banks (such as SME BANK,BANK SIMPANAN

NASIONAL,AGRO BANK,BANK ISLAM AND OTHERS )which have not been disclosed.

Najib plan of winding up 1MDB will make everybody close the subject,but do not worry

more disclosure will be coming out.

I hope the staff of BANK NEGARA and EXIM BANK will come out with the documents of

Monetary Authority of Singapore report to Bank Negara and the documents on the loan from EXIM BANK TO 1MDB.

I would like to congratulate the staff of Tabung Haji for their BRAVERLY and i hope

the staff of Bank Negara and Exim Bank will do the same.

Cahaya Qalbu,  1 June 2015 at 14:30  

No. 1 Nation Killer: Corruption

Most Msians in this globalized era are deeply occupied and engrossed in bread-and-butter issues of the day and do not, understandably, have the time to reflect and ponder on the menace of corruption and as expected left it to the governing authorities to handle the problem.

And still many Msians didn’t realize that their bread-and-butter woes are going to get from bad to worse if they do not pay heed and attention to the fact that it is corruption that is the root of all evil in this country and that is why life is getting harder, more difficult and constant worry each passing day.

The average and poor Msians, perhaps due to their struggling and preoccupation with daily living, are blissfully unaware that for decades the UMNO/BN-led government has been indulging in wholesale and widespread thieving and rampant corrupt activities at their expenses; hoodwinked by most of the UMNO/BN leaders whom they have voted and endorsed to serve them.

By right, based on the nation’s overwhelming wealth, Msians should be far better off and enjoying a much higher quality of life while poverty gradually eradicated. Instead the contrary is being witnessed as Msians are being denied their rightful dues by those who are in power that are corrupt and sharing the loots among themselves.
Those who think that removing Najib is the solution are really deluded. Dr M, and a few UMNO ministers statements are mostly about saving UMNO, not the country and rakyat who paid their salaries and other benefits. It’s all about protecting their positions and illicit wealths. They are fretful, vexed of losing power, not because they adore the rakyat but brother Anwar awaiting the majority of them @Bamboo River. That’s what petrified them most.
While the other BN component parties leaders are either blind, deaf, dumb or “Hear no evil, see no evil, speak no evil” cuz “I’m also part of the evil”..

In order to see Malaysia as a great, prosperous nation in the future and as a country which offers hope and bright future for all of our descendants, there is an urgent need for Msians to stand united together, no matter what the price in the fight against corruption.

It is indeed time for the right-thinking Msians to come forward, stand up and be counted in a real and serious struggle to fight and eliminate any of the nation leaders practicing corruption to face the music and return the loots that has been pilfered from the people.

The wealth of the nation belongs to the people. It does not belong to politicians, civil servants or organizations and there need to be a concerted and sterner action taken to regain all that has been unfairly lost by the rakyat.

Also, it is time to spring clean the country, weed out and punishes any crooked leaders no matter what rank or status in society he or she is, to make sure that no one is above the law.

For this to materialize, Msians must, and their duty, in the coming GE vote for those whom they have faith and confidence and belief; those who will not betray them and who will hold political office with the fear of God, diligence and integrity to serve the people comparatively.

For some people, this might seem a titanic struggle that is better being left alone. But the fact of the matter is, if Msians don’t unite and fight against corruption and remove those who are corrupt from holding office, hence, witnessing the dreams and aspirations of an economically strong, beautiful, wonderful Malaysia will be lost because of dishonest leaders and unrestrained corruption in the UMNO/BN-led government !!!


Anonymous,  1 June 2015 at 18:31  

The government have many contracts with highway concessionaires, and the government always lose in the uneven contracts. The government has not been stupid. They powers-that-be knew how to share what the concessionaires got.

When a contract is signed with foreigner, and with the experience gained, can foreigner really take advantage of our experienced negotiator? Three huge payments were made to Jho Low's account. Anybody believes that he would be paid all those amount for him to keep?

Now that the going is rough, Jho Low has to release the fund, in the name of the white knight.

Anonymous,  1 June 2015 at 19:06  

Even without the prompting of the rakyat, Bank Negara Malaysia shoulders the fullest responsibility to disclose the MAS report which was sent to them in respect of the alledged "fraudulent" documents which were submitted to various banks by 1MDB. Zeti must not keep quiet or cite various confidentiality issues that close her mouth. The issue is no longer private, one executive at BSI Singapore has been suspended, and the "fraud" is not a fairy tale anymore.

Firestone 1 June 2015 at 19:38  

Very tired of this 1MDB thing, Dato.... how to move forward and settle this issue once and for all when the 1Idiot keeps replying "our assets is more than the RM42 billion liabilities (loans)"?

Does he not realize that although this company is RM42 billion in debt, they actually could account only for RM14 billion assets only - so where is the other RM28 billion?

bruno 1 June 2015 at 21:50  

Najib has many enemies.Enemies everywhere,inside and outside Umno.But when during a cabinet meeting,he stared at the exit sign leading out of the boardroom,telling his critics and enemies in the cabinet,that that's the only way to go.But all his critics and enemies in the cabinet turned "cold turkey".Including the 200k a pop,low level minister.

The only way to kick out the Umno/BN is through the ballot box.It is time,ages overdue for the PR to get their house in order.The way things are going for the beating around the bushes,leaderless PR,is to smell the dusts from Jibby and Fat Mama's boots,come GE14th.

Firestone 2 June 2015 at 11:38  

Bruno - any comments on the official valuation report published by SR for the London hotel purchased by FELDA which is 10% below the actual transacted purchase price?

Anonymous,  2 June 2015 at 14:36  

The issue has gone beyond Najib. The whole of UMNO and BN must take responsibility for having failed the nation since the time of Mahathir.
Whom do we blame? I blame the voters who kept voting for BN again and again despite the many previous scandals. They gave UMNO the open licence to fleece the country dry. Hidup Melayu!
To vote for BN again is for the rape victim (Malay voters) to marry her rapist (UMNO) and hope to live happily ever after.

bruno 2 June 2015 at 22:59  

Firestone,sometimes when I came across SR article,I like to see what they say.But maybe 10% of what they reported is true.That is the reason the critics of Najib and 1MDB kept beating around the bush.Maybe you should ask SR who did the valuation of the property.If it was such a good deal,other buyers would have bought it ions ago.

Just like 1MDB,FGV or SR,it is all about public perception.In the end it all comes down to whom you ask.If you ask Rafizi or Tony Pua about 1MDB,they will go bonkers and their scalps will be like botak heads when their jumping like crazies are over.If you ask Muhyidin and the 200k a pop minister,they will say that's my boss and fat mama's baby.

Firestone 3 June 2015 at 03:07  

Bruno, pls do not spin with me....

I asked you who did the valuation for the London Hotel? Sarawak Report only reported and displayed the valuation report - they are the messenger... pls do not shoot the messenger...

Secondly, who mentioned the property was a good deal? Not me... If it isn't a good deal, why did FELDA pay so much more than the valuation? Why is FELDA so dumb to pay 10% more than what a valuer had quoted? Why?

As for Rafizi Ramli and Tony Pua, I have been watching the both of them. They have been consistently good and have exposed a lot and with facts... but in your case, you merely make sweeping statements and make insinuations.

bruno 3 June 2015 at 10:30  

Firestone,first of all what I said that if this was such a good deal,other buyers would have bought it ions ago.That means that the property was already very pricey.Plus the extra 10% on top of the very pricey property,only our GLC's on an international buying spree would have bought it,plus many others.Khazanah,EPF,PNB blah,blah and blah.Before,PNB used to have very smart people.They even outsmarted the Chinamen in playing the counters.Now,I do not know.Because everyone in Gomen and GLC's have caught the corruption syndrome.

Rafizi and Tony Pua are smart people,that is before they entered politics.These two,they talk without using their brains.Screaming and wailing all the time,like crybabies.Tian Chua too.But lately,he has been very quiet.Maybe because of the sedition act.

But one thing I do know.Eventually,the PAC with Tony Pua,as one of it's members will have to clear Najib of any wrongdoings in 1MDB.You guys better believe it.

Anonymous,  3 June 2015 at 13:41  

SR articles are open to scrutiny, and it invites those who are highlighted or been exposed to lodge reports against them if these people are of the opinion such reports are false.
Up to now, the main actors in 1MDB eg JLow, Lokman, Shahrol, Arul, Najib and whoever else, not one squeak out of them.
If not for SR, many of the dubious deals would have passed muster without even a whimper from the public. So I say, thank you to SR.

Anonymous,  3 June 2015 at 21:02  

They keep trying to fool us into believing that their investment will pay off eventually in spite of highly inflated price they paid. It's like saying that it's okay to purchase a piece of property at highly inflated price now because sometimes in the future, the land can be sold much higher that the price paid now so why worry about paying prevalent market or fair price. And we are talking about billions here.

Firestone 4 June 2015 at 00:12  

Bruno... it was revealed today by 1MDB Arul Kanda Kandasamy that 1MDB paid RM12 billion for the IPP power plants... these plants are already old and the PPAs are near expiry... everyone thought they were overprised....

But today Arul Kanda Kandasamy added a bonus - he revealed another RM6 billion was paid to underwrite the liabilities and debts of these IPPs....

When we buy a company, we buy it based on its net value... i.e. assets less liabilities... not buying a company plus its awesome debts....

Care to explain this extra RM6 billion that appeared today?

Firestone 4 June 2015 at 00:16  

In his revelation today, 1MDB CEO Arul Kanda Kandasamy also shown RM6.1 billion was paid to and still held in an investment with Brazen Sky.... hahahahahaha

Also, a total of RM4.5 billion was spent on financial costs ie arranger's fees, commissions etc.... more hahahahahahahahahaha

Sayang Kinabalu Bunuh PTI 4 June 2015 at 06:07  

rm42b, + private loan of rm2b, ananda's name hovered over this, that makes it rm44b, the highly debated letter of support fromt he finance minsitry for 1mdb that has its mechanicals written as guarantor of another rm5.6b which rm900,000,000 are already in the hands of 1mdb. altogether, rm49.6b not accounted are recent investment deals. dear, datuk ariff, these foreign interest are made to cover holes left open by fraud, as you might have seem to have speculated. simplified, every mentioning of any transfer of monitory to 1mdb should be highlighted as evidence money is missing so you are not speculating afterall. i beg of you to participate in forums or talks with pua and rafizi or that of your own grande scheme in effect to expose these elements of a pirate state rather than a police state. i personally feel that umno has single handedly championed dragging the malay and islamic reputation as thieves to a record high in south east asia and the innocent must be redeemed, yours truely

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