Najib Razak / Socio-economy / Umno & Barisan Nasional

TNB rescued 1MDB for an undisclosed price

We are very much alarmed that Tenaga Nasional Berhad will get their hands dirty in order to rescue 1MDB.

After exclaiming that TNB will not bail out the debt-infested company, TNB made a U-turn and will buy 1MDB’s stake in the Project 3B after all.

From the news report:

Tenaga Nasional Berhad (TNB) will buy over 1Malaysia Development Berhad (1MDB)’s stake in the Project 3B coal power plant, the Energy, Green Technology and Water Minister Datuk Seri Maximus Ongkili confirmed today.

Ongkili told reporters at the Parliament lobby today that TNB is buying over 1MDB’s 70% in the project, held through the state investor’s energy arm, Edra Global Energy Bhd, for an undisclosed price.

“It’s on a willing-buyer-willing-seller basis,” he said.

The Cabinet approved the move as the power plant project has been delayed by 1MDB, which faced cash flow problems as it sat on a RM42 billion debt.

When the fee is undisclosed then automatically people will assume that there is something to hide. Especially when a day later, TNB’s CEO, Datuk Seri Azman Mohamad had said:

“Based on financial analysis, the project is expected to have a positive impact on the earnings of TNB. It is not a bailout of 1MDB. We wish to stress that no premium will be paid for the acquisition of the 70% stake in the project.”

Is TNB working for 1MDB or for the people?

Is TNB working for 1MDB or for the people?

In the first place, when 1MDB withdrew from the Project in March, the Energy Commission should penalise 1MDB  and re-tender the 70% stake of the project. Or at least, award it directly to TNB without TNB buying over the 70% from 1MDB. That would be the most cost effective solution for TNB and the rakyat.

But since TNB is owned by Khazanah Nasional and its Chairman is also the Top Advisor of the troubled 1MDB, then bail out money need to be given under the pretext of, “no premium will be paid for the acquisition”.

Obviously the desperate seller will be more than willing to sell to the ‘willing’ buyer since both entities ultimately report to the same person.

And these people would want to think that the public will be stupid enough and won’t see TNB paying an undisclosed fee as a bail out.

1MDB had not even pumped any money into the project as it was delayed since October 2014 because 1MDB could not get any financing. Who wants to further finance a company which is unable to make loan repayments without getting help from others?

Therefore, if TNB had really paid millions of ringgit to 1MDB for a project which they had not pumped any money into, then truly this country is governed by idiotic people. Even RM100 million ‘compensation’ will be considered excessive and a bail out. The people has the right to know how much is being paid to 1MDB.

Energy Commission could have made this project continue without TNB’s reputation being tarnished and its cash depleted for bailing out a failed company yet they managed to do it at a more costlier way; just so that 1MDB could pay off some loan interests or overheads.

Will electric tariff be hiked soon because ‘revision is due’? Only time will tell.

You might also want to read:

1) NGO: Cancel 1MDB’s RM11bil project

2) Tangguh Pemilihan 2016 – Usul Wujudkan Jawatan Presiden SeUmur Hidup!

8 thoughts on “TNB rescued 1MDB for an undisclosed price

  1. That RM42 billion (47? 49?) debt, racked up in five years, is a ravenous monster, just in terms of interest alone.

    It’s pretty obvious that the GLCs, stuffed with hand-picked Najib cronies, would have their pockets picked sooner or later.

    You do not need a crystal ball to foresee the TH case, or KWAP, or TNB, or any of the others.

    Just that someone was honest enough to expose it. Otherwise – money gone, we’re none the wiser. No wonder Najib is so nervous about leaks. Maybe people see their professional and public duty as more important than keeping him in private jets? Bad news for him. Good news for us.

    “1MDB had not even pumped any money into the project as it was delayed since October 2014 because 1MDB could not get any financing. Who wants to further finance a company which is unable to make loan repayments without getting help from others?”

    We can also add, “who wants to further finance a company which is unable to make loan repayments, and then lies repeatedly about the source and status of its funds”?

    That Ananda Krishnan bailout re: the 2 billion loan that they struggled to repay – 3 lies in a row.

    RM950 “standby credit” bailout – 2 lies.

    The BSI funds in S’pore – 3 lies.

    The TH fiasco where both Azeez and Najib did a “gelabah biawak” double act – 2 lies.

    If there’s anything worse than thieves, it’s incompetent thieves.

    And the Swiss fella had nothing whatsoever to do with any of the above.

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  2. 1MDB business model is from left pocket to right pocket. What kind of rubbish business model is this? Buying from government and selling to GLCs. Do they think that rakyat is that stupid with this kind of business model with the intention to deceive the people?

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  3. Well … Malaysia Inc. is slowly being pawned.

    Let’s hope there still exists UMNO members with integrity and some semblance of intellect.

    If they protect Najib for fear of losing their positions then UMNO (which includes themselves) will be the opposition.

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  4. Aside from facing a severe punishment in the hereafter, Muslims who believed in the Prophet (peace be upon him) but nevertheless persisted in cheating will find disgrace of a terrible nature when deprived the intercession of the Prophet s.a.w., who on that day, will intercede for the transgressors of his nation. Their corruption will deny them of intercession and thus divine mercy. The Prophet (pbuh) said:

    Allah pronounces: “There are three whom I will oppose on the Day of Resurrection: a man who gave his word and then betrayed it; a man who sold a free man into slavery and took the payment; and a man who hired someone and benefited from his labor but did not pay his wages.” (sahih Bukhari)

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  5. After having been awarded the Project 3B, is 1MDB going to be fined by the Energy Commission for the delays and now not being able to complete the project?

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  6. Pingback: TNB rescued 1MDB for an undisclosed price | ajai62

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