Monday, 16 March 2015

1MDB

1.   On 8 March, UMNO has organised a closed door function that were attended by division leaders. According to newspaper, the outcome of this function is to give full support to party President.

2.   It's not known about the explaination by the President about the controversial 1MDB that been hotly discussed by the rakyat. The reason is that since this issue was brought up by the opposition then it's all defamatory is not enough for rakyat to rebuff the allegations about 1MDB.

3.   Rakyat still not satisfied about 1MDB. They discussed this issue everywhere. If they not satisfied and no longer supports Barisan Nasional (BN) in next general election, BN might lose, And, if BN lost, support by division leaders to President will be meaningless.

4.   1MDB is obtaining loans as Government, who normally obtain loans amounting to only hundreds of millions. 1MDB is on billions of Ringgit loan. Eventhough 1MDB is not Government but it's an established body and fully owned by the Government with 1 million Ringgit capital. There are guarantees by Government for a few of 1MDB's loans. Therefore, the Government cannot claim that this is a company problem and not Government problem.

5.   Government has appointed Auditor General to check 1MDB's account. But, this won't answer many questions raised and discussed by the rakyat.

6.   Allegations about 1MDB is not wild allegations. It's supported by facts, that is, total loan, who is managing, who receives the billions of Ringgit, investment made, where the money is kept, in what form.

7.   Jho Low's name is mentioned numerous times. So is his company names. Allegations regarding purchases of luxury properties in London, New York and Hollywood by him. Then, the properties sold to Prime Minister's stepson with hundreds of millions of Ringgit. Obviously, this will not be mention in 1MDB account that will be audited by AG.

8.   Previously, Riza Aziz's money is said from family inheritance from Tun Razak's family. Then, this was denied. The question is, if these monies didn't come from Tun Razak, then, where did this huge amount of money came from? Is it from business? If yes, what kind of business, where? Has income tax been paid? To which Government?

9.   Hundreds of millions of Ringgit investment for "The Wolf of Wall Street" film by Riza Aziz, Dato Seri Najib's stepson came from where? The film make profit. It's impossible the film sponsored the purchases of luxury properties of hundreds of millions of Ringgit or America Dollar.

10.  All this things will not be in 1MDB's account. But rakyat wants to know because it involves Jho Low. And Jho Low is mentioned to be related with the management of 700 million USD from 1MDB.

11.  There is a talk about Petro Saudi, too, received hundreds of millions of dollar payment from 1MDB. Is it true that Petro Saudi obtained oil and gas concessesion in Argentine, Turkmenistan etc. What is the proof? Is it true that JV that was made with Petro Saudi before "due diligence". It said while 1MDB invested USD 1 billion in JV with Petro Saudi but Petro Saudi didn't invest even a single sen. It's not clear what happened to 1MDB's money in JV.

12.  What is the reason more than 6 billion Ringgit (Dollar) is kept in Cayman Island? Government never keeps money in foreign country except in bond purchases. Was there any bond purchases? What is the result?.

13.  It is said that USD 1 billion has been brought back from Cayman and kept in Singapore bank. The so called Bank Negara complicated process to keep huge amount of money is the reason. Can Bank Negara explain why there is a problem while 1MDB is Government owned company controlled by Finance Ministry. If it's easy in Singapore, why it's so difficult in Malaysia?.

14.   Government matter was a secret. But loan repayment is public knowledge. People would like to know whether it's true that Ananda Krishnan loaned RM2 billion to pay interest. What is the interest charged by Ananda? In which way repayment of Ananda's loan? 1MDB is said making profit. Why unable to pay interest of 2 billion Ringgit?

15.  Everyone knows about loan application for 3 billion from the Government. Did the Government approve these huge amount of loan application? What is the condition? How would 1MDB repay this loan?

16.  1MDB bought government lands in Jalan Tun Razak and Sungai Besi Airport. What is the price paid? Is these lands 1MDB's assets? How did the land price valued? Government have right to get fair return when the land is sold to anyone. How much is the price for per sq ft. The land close to this area is sold at RM7000/- per sq ft. 1MDB also bought land in Penang. How much? What type of development is planned? Has it started?

17.  If these lands are 1MDB's assets, was the high value due to revaluation of cheaper purchase price and higher market price.

18.  1MDB borrowed more that 1 billion Ringgit to buy a number of power stations. The price paid is said to be higher than the market price. License for these stations will soon expire. Why didn't wait till the license expire before buying them. Surely, the price will be lower. Buying with high price before expiring is a great loss.

19.  Monies were borrowed to buy these power stations. Report shows that 10% commission was paid to Goldman Sachs to manage the bond sales.

20.  If the commission is 10%, the 1MDB will receive 90% of total loan but interest need to pay is for 100% of loan amount. So strange!

21.  Normally, loans guaranteed by Government is charged by 3% interest. Loans handled by Goldman Sachs is charged by 5.9% interest.

22.  Total loan amount has accumulated to 42 billion Ringgit. Total amount of interest for this loan, if interest is 5%, then the amount needs to pay is 2.6 billion Ringgit per year. This is a huge amount of money.

23.  Profits from power station investments will not enough to cover to pay interest. So is the investment to buy lands in Kuala Lumpur and Penang won't give any return before it's been developed or sold?

24.  1MDB's management and purpose raised many questions and also with its huge amount of money. Rakyat has the right to feel suspicious over the ways and purposes of using their huge amount of money.

25.  Comment that all the allegation are defamatory is not enough. Those who claims that there are malpractices in 1MDB's management and certain individuals stood on their ground, eventhough , there is a risk of being sued. But, they claim that they, have solid proofs such as emails, agreements and other proofs. Dates and names are disclosed. Are all their claims lies!!

26.  Till today, Government is giving unrealiable answers. For example, 1MDB have no problem in paying back loans because it has more assets than loans. But, still unable to close account according to schedule due to unable to pay 2 billion interest need to borrow to pay interest.

27.  Since Arul Kanda Kandasamy took over as CEO, he is been giving unrealiable statements. That the money in Cayman has been brought back. Then, the money unable to bring back. Then, it has been brought back but kept in Singapore.

28.  What is needed is not a normal account audit but a forensic investigation by police over allegation made about a few people associated with  management.

29.  If this is not done and done quickly, rakyat's support which already dwindled in 2008, 2012 General Election will become worse. Chances are BN will lose in 2008, eventhough UMNO division leaders supports and accepts explaination given. Remember that UMNO votes alone is not enough to win in general election.

Sumber : Chedet blog
Ditulis oleh: Tun Dr Mahathir Mohamad
Tarikh ditulis : 13hb. Mac 2015
Diterjemah oleh : Teratai Melur 
Emel : terataigenius@gmail./com