From The Edge last Monday:
There is one crucial item on the term sheet, which is that 1MDB has to transfer the amount that IPIC paid, the cash plus the interests — US$1.15 billion — by Dec 31, 2015, according to Arul. As such, he said:
“actually, we were in default since December”.
But he questioned why IPIC waited until now to make the announcement.
“It should have been made immediately after the default as it’s a large amount. Why wait until April to say you don’t own Aabar BVI?”
As to the US$3.5 billion worth of payments that 1MDB made to Aabar BVI (Aabar Investments PJS Ltd), the company with the near identical name to IPIC’s subsidiary Aabar Investments PJS, Arul said:
“What we cannot discount is there could actually be fraud…a massive fraud…and maybe there was collaboration from our side”.
Dear Arul Kanda,
Stop being an idiot. What you should have done since you took over is to ask Shahrol Halmi what had really happened. He was the CEO/Director when payments were made to the fake Aabar. The news that 1MDB paid the fake Aabar had been going on for months now.
What kind of a boss are you when you don’t even read the news about your own company? As for Shahrol, this criminal who now happens to be a Director of 1MDB and a Director in Pemandu should have told you what he had done – that the money which had gone to the fake Aabar was authorised by him.
Plus, the fake Aabar is owned by the former bosses of IPIC, a certain Al Husseiny, who is also a very close friend to Jho Low and Najib Razak, whom incidentally, the ultimate boss of 1MDB.
Please do not scam Malaysians by acting all surprised. You are in this too. You know about this fraud in all the time you are in 1MDB.
But the biggest idiotic thing you have said is when you questioned IPIC why they did not announce immediately that 1MDB was defaulting back in 31st December 2015.
Arul Kanda, let us now speak to you as if you are a dumb 10 year old boy – when you begged IPIC to pay a loan on your behalf, and then promised them to pay it back by 31st December 2015, you should have paid the USD1.15 billion by the due date.
People who did not pay their debts simply do not chastise their creditor why they did not tell the whole world you are defaulting much earlier. Don’t you have any common sense?
Sudah la tak malu ambil duit orang kemudian tak mahu bayar balik. Lepas tu nak rasa hairan kenapa you punya Ah Long tak mahu belasah you immediately.
You must either be so arrogant, or so stupid (the whole world think you are both actually).
Are you not ashamed? You, Arul Kanda will be known in history as the person that had caused Malaysia to default on its loan for the first time in history.
Under your watch, Malaysians lost its assets (IPP and lands) to foreigners. Last May 2015 you had engineered the binding term sheet with IPIC without any intention to pay them after they had lent you a billion dollars to pay off the debts 1MDB took back in September 2014.
1MDB took a loan from Deustche Bank for USD975 million, which was supposed to be paid by September 2015 but the consortium of banks felt cheated because the collateral you used (the mythical USD1.103 billion units) for the loan was discovered to be worthless. They called up the loan to be paid much earlier. You were so desperate and had no money in May 2015, you got IPIC to give you USD1 billion to pay up Deustche.
That money from Deustche however is gone. According to the PAC report above, USD725 million of it went to the fake Aabar! (PAC report page 92)
What does Arul and Shahrol have to say about that?
Based on the news cutting above, Arul Kanda had the cheek to feign surprise and then tried to exonerate Shahrol, Najib and Jho Low et al by pinning the blame entirely on the two former bosses of IPIC and Aabar.
And today you denied any fraud had occurred?! Why the sudden, incoherent flip flop? Kena marah by your political masters did you? Did you not mean what you say in The Edge last Monday? Were you ‘misquoted’?
Arul, if you are the knowledgeable type, you would have known that the 1MDB had scammed billions of taxpayers’ money by giving it to the wrong company! The main signatory for the fake Aabar was Mohamed Badawy Al Husseiny. It seems in his free time as the top boss of IPIC/Aabar, he was also involved in a personal venture with the 1MDB crooks.
This fake Aabar then sent billions of ringgit to Tanore Finance Corp before USD681 million finally landed in Najib’s private accounts.
Tanore Finance is owned by Eric Tan Kim Loong, a known associate of Jho Low. Note that both the fake Aabar and Tanore have been liquidated by these crooks after they had siphoned off the rakyat’s money.
Therefore, dear Arul Kanda, you need to audit your brains and ask yourself this:
Would I be so dumb to think that only those two foreigners are scamming us without the knowledge of Shahrol, Jho Low and Najib Razak? Would I be correct to say that Najib Razak is innocent when according to the hansard in PAC minutes, Najib seemed to overrule almost all of the BOD’s decision? Am I that dumb to think that USD681 million landed in his personal bank accounts were done without his knowledge? Lastly, am I the dumbest ever CEO in corporate history to say these words last year:
In the end, it was revealed that the USD1 billion was indeed a loan given by IPIC (which you failed to repay by year end 2015).
Why did you lie to us Arul Kanda? Why did the government hire a lying scoundrel like you?
You were the one who had dealt with them, gleefully accepting USD1 billion yet you conveniently did not pay them back and now blame IPIC and Aabar for not honouring the agreement? Why do taxpayers have to deal with a CEO that has been monkeying around since his first day on the job?
We still remember the ‘I have seen the statements and I have seen the cash’ fiasco when you first took over. We would have thought with the big fat monthly salary you’ve been getting for the past 15 months would have justified your alleged brilliance and qualifications.
But alas, you are just a nincompoop, relying mostly on your credentials as a champion debater at a high school level.
You thought you could repay IPIC with your worthless units. But they didn’t like the smell of those toxic units and quickly told you that they want real money. Money you don’t have. A memo sent from 1MDB to the Finance Ministy confirmed this:
The Malaysian fund did try to transfer the assets in the form of fund units in an offshore company it controlled, said the memo. IPIC has refused to accept anything but cash, added the memo.
They give you cash, they expect cash lah! Why would they accept units as repayment? Do you think IPIC would be as dumb as our cabinet ministers?
1MDB tried to con IPIC by getting them guaranteeing our USD3.5 billion bond, then 1MDB paid off the promised deposits and termination of options to companies not related to IPIC. This is a new kind of low for Malaysia. Malaysians are embarrassed by this episode.
We do not know what kind of lies you and Shahrol told the cabinet for the whole of 2015 and 2016, but you sure had made a treasonous action for the whole of Malaysia. Worse, the prime minister knew about it all along.
Something is rotten in Putrajaya. We need to get rid and jail the crooks.
If Arul Kanda still have the dignity, he should have returned all his salary to the treasury. At least they can use it for something more beneficial.
What is your next move to repair this damage, Arul Kanda? You should just surrender yourself.
On another note, congratulations to Datuk Muhammad Ibrahim for your appointment as the next Governor of Bank Negara. You have big shoes to fill. And you will have your hands full trying to catch all these multi-billionaire crooks.
Speaking about regulatory bosses, this fella below has been awfully quiet. Is he still sleeping on the job? The (defaulting) bond market is under the purview of the Securities Commission, yet all is quiet over there.
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