Najib Razak / Politics in general / Socio-economy / Umno & Barisan Nasional

Arul Kanda said so many stupid things about 1MDB, it is just sickening

… yet the stupid Umno people who attended this morning’s session in PWTC clapped their hands when Arul Kanda told them that Malaysia pays RM5 billion of service charge and fees in the course of 5 years for the RM42 billion debt borrowed; making the cost of borrowing to be alarmingly high. The banking creditors and Goldman Sachs says THANK YOU MALAYSIA AND THANK YOU NAJIB RAZAK!

Roughly, giving away RM1 billion on average per year just for service charge and fees is not a bad business deal for the people in 1MDB.

Shahrir Samad, in his stupidity also declared there will be a happy ending when Arul Kanda declared that 60% of the government land meant for bumiputra development in Bandar Malaysia will be owned by foreigners. Obviously Shahrir is happy because he received RM1 million from the Prime Minister and had not furnished any documented evidence that the money was not used for personal amusement and benefit. The Prime Minister haven’t given the public such evidence as well.

The village idiots are so happy to lose RM40 - RM42 billion of assets just to pay their debts

The village idiots are so happy to lose RM40 – RM42 billion of assets just to pay their debts

If 1MDB hadn’t lost the billions of money that can be used to pay the debts, they could have the resources to develop Bandar Malaysia and TRX on their own and don’t have to sell it to foreigners at all. That would be a happy ending. Is Shahrir Samad the kind of politician to be happy giving away our sovereign lands to foreigners? He must truly be an idiot.

And did Shahrir Samad express his delight when 1MDB will be left only with RM10 – RM12 billion from its so called RM52 billion of assets? He must have.

Imagine, to pay off RM42 billion of debts, 1MDB had to sell nearly RM42 billion of assets.

Basically that is RM42 billion of assets lost to other people’s hands. And 1MDB had to pay billions of interests and pay billions of fees along the way! People actually clapped their hands when he announced that 1MDB will lose about 80% of their assets to pay off debts.

If for example the CEO of Apple had announced 80% reduction of assets, he and the board of directors would have been hung dry by the shareholders. But yesterday, some Umno people gave him an applause! Unbelievable.

And there were idiots who were giddily happy when Arul Kanda in his silly smile proudly telling them that 1MDB will sell the assets belonging to Malaysians to foreigners just so that the money they get will be given to creditors.

It is not enough that the rakyat had to pay RM950,000,000 in the form of standby credit for 1MDB, now they will lose majority of the assets to foreigners!

1MDB is on the verge of bankruptcy and they had to perform this asset stripping exercise dubbed ‘the rationalisation plan’ so that 1MDB will appear to be a success. The only success 1MDB has done so far is to stupefy the cabinet ministers and Najib Razak’s cybertroopers.

“We did it so help the rakyat”

“We did it to help the rakyat”

Another lie Arul Kanda said was that 1MDB bought the IPPs in 2012 at above market prices because they want to reduce the tariff, in order to help the rakyat.

“End of the day, the people will benefit”.

That is what he said.

But the electricity tariff went up 15% on 1st January 2014!

In the first place, the answer to the question as to why the IPPs were bought at above market prices did not have any correlation with the increase or decrease of rakyat’s electricity bills.

The immediate impact it had was that 1MDB incurred about RM18 billion of debts! The end game unfortunately is – the rakyat had to lose their IPPs after this stupid company had bought them at such high costs and on top of that, they had to pay higher electricity bills!

PM increased electricity rates after throwing away RM18 billion to buy IPPs

PM increased electricity rates in January 2014 after throwing away RM18 billion to buy IPPs in 2012

So what kind of stupidity have Arul Kanda said when he told the simpletons at PWTC yesterday that buying private IPPs from their owners at an astronomical prices will bring down the tariffs?!

Did he eat a bottle of stupid pills yesterday morning and hoped for the best?

Which part of this had benefited the rakyat? 1MDB promised that the tariff will be reduced, but that was just a lie. Worse, the tariff rate did not even maintain at the current level it had, it went up instead!

The only people that laughed the loudest were the IPP owners and the banks that gave the debts to 1MDB. Tun Dr. Mahathir said so many times as to why 1MDB is so stupid to pay so much for the IPPs when they could get it cheaper after their licence agreements expired.

This is what he said in June 2015:

17. RM18 billion was spent to purchase IPP belonging to Ananda Krishnan, Genting Sanyen Power (now known as Kuala Langat Power Plant) and Jimah Energy.

18. The prices paid for Genting Sanyen and Ananda’s IPP were well above market price. 1MDB also paid RM6 billion for unpaid loans. The Jimah IPP was to put up another power plant. But 1MDB had no money to build this plant

19. Genting Sanyen and Tanjung Energy (now known as Powertek Energy Sdn Bhd) were nearing expiration of their licenses. Had 1MDB waited until the licenses expired, the price would be next to nothing.

20. Why 1MDB did not wait until the expiry of the license is a mystery. Genting and Ananda clearly made more money than they were entitled to. One estimate is that the high price netted the sellers an extra RM3 billion. Besides they are relieved of the loan of RM6 billion.

21. So not only is the borrowing costly but the high cost of investments will mean low returns. Why is 1MDB so stupid.

22. As stated above 1MDB is unable to get the IPP listed again. Who would want to own overpriced and obviously unprofitable power plant.

Some people are saying that Arul Kanda was a legendary debater at a high school stage. Perhaps something went wrong along the way which made him appear to be a liar, a buffoon and a clueless hoodwinker these days.

No wonder an Umno grassroot leader sees him as a spinner. But then again, even George W. Bush went to an ivy league university at Yale.

I will just let Arul Kanda make a fool of himself over things I was responsible for

I will just let Arul Kanda make a fool of himself over things I was responsible for

As long as my salary is ridiculously high, I don't mind being the silly mouthpiece of Shahrol and Najib.

As long as my salary is ridiculously high, I don’t mind becoming the silly mouthpiece for Shahrol and Najib.

I wonder how those two jokers fare in defending my political career. Endless possibilities.

I wonder how those two jokers fare in defending my political career… endless possibilities.

You might also want to read: 1) Penerangan Perdana 1MDB – DiTanya Kenapa Beli IPP Lama Harga Mahal, Arul Konar Cerita IPP Baru! Belit betul la…

2) Arul – Dana Cayman Belum Tebus Sepenuhnya la …. Pulak Dah!??

3) Auta Arul yang berteknologi tinggi

4) From Cabinet Commander-in-Chief to Embezzler-in-Chief?

5) Najib, explain the US$3.5b guarantee by IPIC

15 thoughts on “Arul Kanda said so many stupid things about 1MDB, it is just sickening

  1. The deadly 4 blogs on 1MDB technicalities – Jebat, Din Turtle, Spin Kings and Pure Shiite. A must read for everyone. Together with Sarawak Report and The Edge, these 6 have made us ask the ultimate question… Why is Najib still the Prime Minister?

    Liked by 1 person

  2. Zeti, Auditor-General and PAC pls. take note:

    “Mengenai dana Cayman yang telah disebut oleh AKK sebagai masih ada dan belum ditebus lagi ingin saya ingatkan bahawa ini mungkin boleh dijadikan sebagai ‘bukti baru’ kepada Peguam Negara untuk mempertimbangkan semula laporan dan permohonan dari pihak Gabenor Bank Negara yang mana sebelum ini telah ditolak kerana tiada kes dan hanya akan dipertimbangkan jika ada bukti baru.

    Sewaktu TS Zeti menarik balik kebenaran kepada 1MDB dan meminta dana tersebut dibawa balik ke Malaysia, AKK telah memberitahu bahawa mereka sedia mematuhi arahan tetapi apakan daya dana tersebut telah tiada lagi kerana telah digunakan untuk membayar hutang.

    Kita lupakan dulu soal nilai dana tersebut samada dalam bentuk apa dan nilai sebenarnya sekarang tetapi kita mestilah melihat kepada jawapan putar alam yang direkodkan daripada pihak 1MDB yang terbukti adalah satu ‘jawapan palsu’ atau ‘menipu’ terhadap pihak Bank Negara Malaysia.

    Apakah ini bukannya satu bukti baru yang boleh digunakan oleh Peguam Negara untuk mendakwa pihak 1MDB sebagaimana yang disarankan oleh pihak Bank Negara Malaysia???”

    The whole Cayman episode has had multiple lies, but 1MDB cannot now say: “we cannot bring the money back into the country, because it’s all spent”.

    But where did this new offshore sum revealed by Arul come from?

    Because:

    http://english.astroawani.com/malaysia-news/1mdb-caymans-funds-fully-redeemed-not-cash-assets-60376

    http://www.themalaysianinsider.com/malaysia/article/1mdb-says-has-redeemed-in-full-us2-billion-invested-in-cayman-islands

    http://www.businesstimes.com.sg/companies-markets/1mdbs-us23b-cayman-fund-now-fully-redeemed

    So, FULLY REDEEMED – please note. FULLY REDEEMED. FULLY REDEEMED.

    Now, the botak thamby is suddenly claiming that RM4 billion in “fund units” remain in 1MDB investment in the Cayman Islands.

    Compare:

    http://sahathevan.blogspot.my/2015/11/1-mdbs-cayman-units-could-not-have-been.html

    Arul, what lah dei???

    What a tangled web you are weaving…

    Liked by 1 person

  3. Someone pls. show Auta Kanda this statement of 13 Jan this year:

    “1Malaysia Development Bhd (1MDB) has fully redeemed funds parked in Cayman Islands, president and group executive director Arul Kandasamy said in a statement today.

    “Following a commitment made by the chairman of the board of directors in a statement dated Dec 23, 2014, 1MDB can confirm that it has now redeemed in full the US$2.318 billion (RM8.26 billion) invested by the company in a Cayman Islands registered fund.

    “These funds originated from the repayment of a loan provided to PetroSaudi in 2011, in the form of murahaba notes, following the termination of an earlier agreement to enter into a joint venture with the company.

    “The notes, which were paid back in full – with interest, were subsequently invested in a fund under the regulatory supervision of the Cayman Monetary Authority.”

    The 2009 joint-venture with the Saudi Arabian firm was dissolved five years later, resulting in US$488 million already gained by 1MDB. A further US$267 million was gained from cash dividends upon reinvesting these funds.

    The funds are parked in Cayman Islands — similar to the practice of major investment houses that include ABN Amro and HSBC, plus a number of Malaysian conglomerates — to ensure 1MDB has sufficient US dollars ready, unaffected by currency value fluctuations, for investments abroad.

    Arul added: “1MDB had previously redeemed US$1.215 billion, representing 60% of the funds invested, and has now redeemed an additional US$1.103 billion, representing the remaining balance of the total US$2.318 billion that was originally invested.

    “1MDB hopes that the redemption of these funds, in full, draws a line under this matter.”

    http://www.therakyatpost.com/business/2015/01/13/1mdb-fully-redeems-cayman-funds/

    Classic….

    “1MDB hopes that the redemption of these funds, in full, draws a line under this matter.”

    LOL!

    Liked by 1 person

  4. Pingback: Arul – Kerajaan Hilang Aset dan Berbilion Ringgit Itu Tidak Rugi ! | Berita Malaysia

  5. Arul is foxily confident that his ‘spin’ will suffice, since the UMNO post-bearers will protect their gravy train over the truth.

    But those without vested interests can see through his “cultivated” LIES.

    Liked by 1 person

  6. Persoalan sekolah tadika

    Kalu sudah “redeem” dan “Sold to Aabar for Deferred Cash Payment” pada Januari 2, 2015 dan IPIC pula sudah bayar 1Billion kepada 1MDB di June 4, 2015 dan kemudiannya 1MDB telah membayar balik hutang kepada Deutsche. Sudah tentu Deutsche harus melepaskan cagaran Unit Cayman Cameleon kepada Pemilik yg sudah beli barang di Januari.

    Tak ke begitu. Tapi kalu Deutsche memberi kembali kepada 1MDB pun, seharusnya Unit ini adalah MILIK Aabar dan bukan lagi milik 1MDB

    Jadi kenapa 1MDB masih memegang Unit Cayman Cameleon?

    Penghuraian lebih rinci di sini.

    Terima kasih.

    Liked by 1 person


  7. I can see clearly now that the rain is gone
    I can see all obstacles in my way…

    When you put it like this, it’s so clear – only this portion.
    Still trying to comprehend the rest like The Money Trail Flow Chart.

    Thnx.

    Like

  8. Pingback: Arul Kanda said so many stupid things about 1MDB, it is just sickening | ajai62

  9. Much more sickening is the people who claimed to fight for the people, islam and country clap hand to show their stupidity. The Malays will again so very ‘clever’ to vote for these creatures.

    Like

  10. Dear Hang Jebat,

    Arul Kanda is a fool and he knew it. He continued to make a fool on himself because he was so looked up on the millions he was going to make. “Let people call me stupid but never mind, i make money” that how he may thought deep in the bottom of his heart.

    This kind of man has no integrity, no accountability and no sincerity.

    Whenever Najib gone, please ensure to remind the Police to lock him and Attorney General to charge him accordingly.

    Let the million dollars man spend the rest of his life in jail for about 42 years equivalent to every billions he has fooling around with.

    Thank you for the meaningful article.

    Like

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