Najib Razak / Socio-economy / Umno & Barisan Nasional

1MDB denies evidence of their wrongdoings by issuing… some words.

At this point 1MDB can only act stupid.

Giving stupid answers just to fill the space in their official website.

Take for instance their latest press release.

Their first defence in investing money into Petrosaudi back in 2009 is to say that the key objective of it is to achieve a 40% equity stake in that ridiculous multi billion ringgit joint venture. This 40% equity costs Malaysia USD1 billion initially. But it doesn’t stop there.

PM Najib had often proudly announced that 1MDB had only RM1 million in capital when it first started, so where did they get billions of ringgit to pump in that USD1 billion in equity?

It came from RM5 billion debts issued in May 2009 when 1MDB was still called Terengganu Investment Authority (TIA). This company is the predecessor of 1MDB, with Jho Low as its adviser extraordinaire.

That RM5 billion Islamic bond was guaranteed by the Government and the purpose of obtaining them in the first place is for 1MDB to “seek, explore, and participate in business and economic opportunities which result in the enhancement and promotion of the future prosperity and long-term sustainable economic development of Malaysia.”

This supposed to be their key objective. But somehow due to the problems and the money lost, this objective has been changed to ‘obtaining 40% equity’.

Now what kind of future prosperity and long-term sustainable economic development in Malaysia has that joint-venture created?

It seems that in order to justify the USD1 billion given to Petrosaudi, achieving that 40% stake is now considered a success. The standard has been set so low, even a dodgy business deal is considered a job well done.

1MDB had proclaimed (without documented roof) that Jho Low had resigned from being an adviser prior to the name change from TIA to 1MDB. But photographs placing him and the prime minister together with the owners of Petrosaudi in a yacht cast doubt over 1MDB’s assertion.

Subsequent letters between the advisers of 1MDB and Petrosaudi had proven that the yacht rendezvous was where both parties had schemed for the joint-venture.

All sundry knows that Petrosaudi is an obscure privately owned company prior to the joint venture. Its website published no business deals and commercial news before the joint venture schemed was hatched. It only got active after 1MDB gave them the billions guaranteed by Government.

It was also proven via documents that Petrosaudi has no ownership of the assets it claimed to have!

So question is:

  • why did the Government enter into an agreement with a privately owned company with no track records and no assets?
  • why did the Government gave USD700 million to Good Star Ltd; without the approval from its Board of Directors? If 1MDB is too stupid to understand this, what were the services Good Star gave in return to Malaysians in order to justify this kind of payment?

The blabbering fools behind 1MDB propaganda machine kept on saying that the joint venture yielded USD488 million in profits. But these profits were in the form of units.

AA2E5896Any sane businessmen will say that if you make an investment at RM180 and sell at a price of RM228 in cash, then yes the profit that you make is RM48 in cash.

But in the case of 1MDB, the investment they pay in cash at RM1.83 billion (for promotion of the future prosperity and long-term sustainable economic development of Malaysia) changed form a few times, revalued in the form of equity (which nobody seems to know why) and suddenly when 1MDB wanted to sell it for cash, it was transformed into units at a new revalued amount of USD488 million higher than the original cash investment.

To some idiotic businessmen, this is a good deal to them. Put in cash USD1.83 billion, get USD2.318 billion of units. That is a USD488 million of extra units! But where is the cash? Where is the future prosperity and sustainable economic development in Malaysia? What can Malaysians do with that extra units?

Some idiots said that USD2.318 billion of units were used to pay debts. We doubt that. But if we do believe this, then why on earth would you give billions of cash to a company, which in the end, the ‘proceeds’ were just used to pay debts?!

That is like getting a RM1,000 loan, put that money in a company, a couple of years later, you use that initial investment + ‘profits’ to pay off debts! Why get a loan, to pay off loan, without doing anything substantial with it?

What kind of stupid ‘economic development in Malaysia’ strategy is this, 1MDB?

This is what Bank Negara Malaysia had ruefully complained and hoped that 1MDB be charged when they had given fraudulent information with regards to that USD1.83 billion investment. BNM wanted the money to be repatriated back because let’s face it, it was remitted into companies which did not fulfill the original objectives on why the joint venture and the RM5 billion debts had been created.

These are evidence presented to the public. Evidence in the form of official documents. Documents which authenticity are not being denied.

1MDB is only good at words but lack the substance and substantial evidence to prove them innocent.

Note that when in the US, Najib said that 1MDB business model is too idealistic and flawed. In other words, it is a failed business model. Only a stupid leader would proudly strut around for months claiming 1MDB is good where it started with just RM1 million in capital and managed to acquired billions of debts in the process.

You ought to read these to understand the whole issue:

1) Arul Spins A Changing Story As We Publish More Documents He Can’t Deny!

2) How 1MDB Board Was Tricked By Lies From A Management Working For Najib!

3) Furious 1MDB Board Demanded Back Jho Low’s US$700 Million Five Days After JV Was Signed!

4) JVA Was Signed Behind Our Backs — 1MDB Board Fury Further Explained!

5) What people know about 1MDB – PetroSaudi ‘assets’

6) Did Petrosaudi swindle 1MDB and steal our money?

7) How Jho Low & PetroSaudi schemed to steal money from the people of Malaysia via 1MDB

8 thoughts on “1MDB denies evidence of their wrongdoings by issuing… some words.

  1. the only way out – and its already put in place – is to segragate the big loss into small losses and get someone to be black goat. his admission counts for nothing it only highlight how stupid he was and still is and what a fail leader he has become.

    the wanted men and women, never pursued for a reason. the public wanted these personalities to be found and the last time the public was told the jho low guy to face PAC. but now PAC is back with someone living on bugis roll, lets put a bet on 1) low to be blamed 2) the entire board is at fault 3) the wanted men and women to be jailed 4) the sole signatory of the company to be charged for criminal.

    good money should go for NO, NO, NO and NO.

    Liked by 1 person

  2. http://www.themalaymailonline.com/malaysia/article/revocation-of-permissions-amid-criminal-probe-within-our-powers-bank-negara

    A friend comes up to me in a panic and says: “Bro, my mother in India is dying of cancer, I need RM35,000 right now to save her life.”

    Touched by his plight, I give him the money.

    The next week, my brother tells me my friend has just bought a new motorbike.

    I rush over to his house, and find out it’s true.

    ARUL KANDA’S LOGIC: “Actually, yes, I lied to get the money, but too bad, I’ve spent it now.”

    APANDI’S LOGIC: “You should have flown to India, tracked down the mother, hired a cancer specialist to evaluate her, and verified the claim. Hence it’s your fault, not your friend’s fault, even though it turns out his mother is actually fine and living in Ipoh.”

    JMD readers can refresh their memory here:

    https://jebatmustdie.wordpress.com/2015/06/24/the-chronology-of-1mdbs-suspicious-joint-venture/

    Two points from that article:

    a) “Up to this point, 1MDB has pumped in USD1.83 billion (RM6.22 billion) cash into a company which had done absolutely nothing. Did the JV Co make any active investments in renewable energy sector in Malaysia? Has anybody heard of 1MDB Petrosaudi Limited here in Malaysia?”

    b) “Now who authorised all these transactions?”

    This is exactly what Zeti is now saying; the Malaysian public have been screwed by 1MDB’s deceptions, and they must return the money.

    What do the botak Indian and 1MDB do now?

    Disregard the Finance Act and BNM completely? Are they above the law, simply because question (b) above has a very embarrassing answer for a certain Bugis pirate?

    Liked by 1 person

  3. Have a look at this great analysis by Sir Wenger:

    http://spin-kings.blogspot.my/2015/10/1mdb-silap-mata-how-to-make-usd-233.html

    Najib’s game plan is this:

    New PAC Chairman’s task = remove Pua from the PAC, or in any case declare “All Clear” on 1MDB by December. Remember that the Auditor-General’s report is not a forensic audit; we can already predict what the section on PSI will look like.

    AGC task = declare “NFA” on BNM (done) and MACC (pending) investigations on 1MDB.

    Hence by the July 2015 mega-sabotage and by planting his own men in key positions, the Bugis pirate will declare himself “absolved” by December.

    The overseas probes will be much, much harder to shake off.

    Like

  4. To people like me who are on the fence the issue is very clear cut and the evidence, based on what is available in the public domain and no need to even refer to Sarawak Report, is irrefutable. It therefore boggles the mind how previously heavyweight bloggers like Rocky Blew, Another Prick, Fat Doggie and Just Read But Can’t Write Proper Ingrish, along others, could get it so wrong.

    Is the smell of 2.6 billion too lucrative? Are they banking their souls on some kind of premise that their lives will be long enough for them to seek atonement for their sins before they die?

    God have mercy on them.

    Liked by 1 person

  5. Keep on JMD to write the truth. We know with power around him, it was an uphill task for ordinary people to take the culprit down.

    By the way, SRC International would be an interesting stories to write about. Clear cut they said about the money laying in Najip personal account.

    Give us some ideas/plans as an ordinary citizen of what can we do to help. We would love to shoot the fox but we have no rifle and bullet.

    To wait for another general election is far too away.

    Thank you

    Like

  6. Pingback: 1MDB denies evidence of their wrongdoings by issuing… some words. | ajai62

  7. Some advance “cleaning” of the SRC charge is being done here:

    http://www.themalaysianinsider.com/malaysia/article/src-international-slams-detractors-over-allegations-of-rm4-billion-fund-mis

    “In the interests of full disclosure, we ask the good office of the Attorney-General to conduct a full investigation into these claims and the alleged charge sheet published by Sarawak Report and fund flow diagram published by Malaysiakini.

    “We ask that the parties responsible for these fabrications be identified, given that their authenticity was denied by the Malaysian Anti-Corruption Commission on August 3, 2015,” SRC said.

    Dead giveaway.

    And they have a taken a leaf out of the 1MDB half-truth book, too:

    “Former 1Malaysia Development Berhad’s (1MDB) subsidiary, SRC International Sdn Bhd today denied allegations that it has misappropriated a RM4 billion loan from Retirement Fund Incorporated (KWAP).”

    This is confusing the issue. The alleged Najib songlap to the tune of RM42 million happened in 2013, a local trail alluded to by the WSJ, and which the MACC was (and is) investigating.

    But the 4 billion is of course an entirely separate issue; it was the Mongolian Gobi Desert mystery:

    http://english.astroawani.com/malaysia-news/1mdb-where-rm4-billion-loan-kwap-rafizi-52103

    http://www.1mdb.my/accusation/explain-src-internationals-missing-rm3-81b/

    Today’s report has SRC saying:

    “It also explained its corporate social responsibility (CSR) activities, saying that any expenditure by the company on social programmes was derived from cash income generated from its investments.”

    So the alibi is going to be this:

    a) The RM42 million is for the Songlap King’s use for charity in Pekan. Hopefully more “donation letters” are being typed right now late at night in the PMO.

    b) Using “Pandi Brand” miracle detergent, the MACC charges will be scrubbed clean and “NFA”-ed.

    But KWAP members should still ask where, why and how that 4 billion of their money went to.

    Like

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