Barisan Nasional wants to question Penang Government when their own house is in a bigger mess

The enquiry below is written by the blogger SatD in his facebook posting:

It’s funny when BN wants to question Penang Government RM305 million paper work for the Tunnel Project.

That’s an old issue that I’ve highlighted when Lim Guan Beng was my favorite character to kacau…..dah bertahun doe.

Now I hope that the same BN people will also question the USD95 million of Paperwork Cost that 1MDB (1Malaysia Development Berhad) had to pay Yurus Private Equity.

Because USD95 million in 2014 is far greater than the RM305 million.

Let us revisit the “factual clarification”

Fact 1:
1. On 11 April 2014, 1MDB, (via its wholly owned subsidiary, 1MDB Synergy Sdn. Bhd.), (“1MDB Synergy”) and Yurus Private Equity Fund I, L.P. (“Yurus PE Fund”) entered into a Master Joint Venture Agreement (“Master JVA”), to jointly develop up to 500MW of solar power plants in Malaysia. DuSable Capital Management was appointed as the investment adviser to the Yurus PE Fund. The Master JVA shareholding was 49% Yurus PE Fund and 51% 1MDB Synergy.

Fact 2:
On 12 April 2014, 1MDB, (via its wholly-owned subsidiary 1MDB Solar Sdn. Bhd (“1MDB Solar”) entered into a PPA with Tenaga Nasional Berhad for the construction of a 50MW solar power plant in the state of Kedah, Malaysia. It is important to highlight that Yurus PE Fund and DuSable Capital Management were not and never were, signatories to this PPA, nor did either party, at any time, have ownership of 1MDB Solar.

Fact 3:
1MDB and DuSable Capital Management subsequently engaged in discussions for a partnership to develop, finance and construct the proposed 50MW solar power plant in Kedah. However, no project level joint venture agreement was reached between the parties for this solar power project or any other individual solar power project.

Fact 4:
On 2 October 2014, as part of the IPO plans of Edra Global Energy Berhad (“Edra”), 1MDB acquired the entire 49% interest of Yurus PE Fund in the Master JVA, for a final amount of US$69 million. This acquisition ensured that 1MDB and Edra would own 100% of the rights to develop up to 500MW of solar power plants, prior to the launch of a proposed IPO of Edra.

Fact 5:
On 18 March 2014, 1MDB received a Letter of Award from the Ministry of Energy, Green Technology and Water, Malaysia (“KeTTHA”). Under the Letter of Award, 1MDB was granted the right to develop multiple utility scale solar photovoltaic power plants, with an aggregate capacity of up to 500MW. However, 1MDB was required, amongst others, to undertake detailed feasibility studies, execute a Power Purchase Agreement (“PPA”), source equity and debt financing and procure other requisite approvals for each individual solar power plant.

http://1mdb.com.my/press-release/factual-clarification-on-50mw-solar-power-plant-in-kedah-malaysia

From the Above “Factual Clarification” and also data sourced from PAC Report:-

1. No Project Level JV Agreement reached between parties for the Project

2. Between 11th April 2014 and 2nd October 2014 NO SOLAR PLANT WAS EVER CONSTRUCTED by “Master JV”

3. No Contract between 1MDB Solar who signed the PPA with “Master JV” or partners to MJV (Yurus PE Fund & DuSable)

4. No Contract between 1MDB and DUSable for the 50MW only an “Unincorporated Master JVA”

5. 1MDB (1Malaysia Development Berhad) “facts” says that USD69 million was FINAL amount but Auditor General says it is USD95 million in PAC Report!

6. 1MDB Solar does not even have the LAND to build the Solar Farm at the point of entering the PPA with TNB (12th April Vs PAC’s 27th August Sales Purchase Agreement). Neither does 1MDB has anything to get the so called award up to 500MW from the Ministry.

7. It was 1MDB who was awarded the 500MW (aggregate capacity) not the MasterJV.

So who among the informed can clarify why 1MDB (1Malaysia Development Berhad) had to pay USD95 million to “terminate” or “have full ownership” of “Rights” to develop Solar Plants from a “Master JV” when there is NO AGREEMENT BETWEEN 1MDB and “MasterJV”.

Why USD 95 Million?

What constitute this value for a “MasterJV” shell company who has no assets nor rights to any PPA?

And why would TNB Careline want to execute PPA with an entity that does not even have any land to build the so called 50MW plant?

Kasi cerita sket boleh tak. Macam ada benda pelik aja terjadi kat belakang tu…..

The more I look at the Paperwork payment of USD 95Million to Yurus Private Equity Fund the more this looks like the Fake Aabar Option Move.

Step 1: Assign something you have to another person for unknown economic reasons

Step 2: Cancel the Arrangement

Step 3: Pay Large Sums of Money for Termination or Buy Out of the Rights

1MDB (1Malaysia Development Berhad) was the entity that was awarded the letter of award by KeTTHA for the rights to develop multiple utility scale solar photovoltaic power plants, with an aggregate capacity of up to 500MW.

It then enters a Master JV via its wholly owned subsidiary, 1MDB Synergy Sdn. Bhd.) with Yurus Private Equity Fund I, L.P. (“Yurus PE Fund”) to jointly develop up to 500MW of solar power plants in Malaysia.

Then they move to Step 2 and 3

Rethink about this para again

“1MDB and DuSable Capital Management subsequently engaged in discussions for a partnership to develop, finance and construct the proposed 50MW solar power plant in Kedah. However, no project level joint venture agreement was reached between the parties for this solar power project or any other individual solar power project.”

So daripada Master dia turun ke Project Level Agreement…

Baik punya cilok….what are the conditions?

Tetiba je selit…

Pastu kasi reason benda lain pulak.

“On 2 October 2014, as part of the IPO plans of Edra Global Energy Berhad (“Edra”), 1MDB acquired the entire 49% interest of Yurus PE Fund in the Master JVA, for a final amount of US$69 million. This acquisition ensured that 1MDB and Edra would own 100% of the rights to develop up to 500MW of solar power plants, prior to the launch of a proposed IPO of Edra.”

Seriously?

Lu plan nak listing all these asset dari awal sebelum lu beli pun and you already owned the thing….

Lu pi kasi kat Master JV

Masterrrrr JayVeeeeeeee

USD69 million.

PAC Report USD95 million

Elok la tu.

What exactly did they do after signing the Masterrrrrr JayVeeee?

Masterrrrr JaaayVeeeee!

“1MDB and DuSable Capital Management subsequently engaged in discussions for a partnership to develop, finance and construct the proposed 50MW solar power plant in Kedah. However, no project level joint venture agreement was reached between the parties for this solar power project or any other individual solar power project.”

NO AGREEMENT the first 50MW and yet all rights to develop up 500MW is already with the Masterrrrrr JaaaayVeeeeee

Ape****** Masterrrrrr JaaayyVeeee ni…

Bunyi macam lain macam doe….

I think the Rakyat needs to know more beyond what is disclosed in PAC Report.

Apa benda si mamat Yurus ni taruk dalam Masterrrr JaaaaVee sampai lu kena bayar USD95 million to buy back the “rights” that KeTTHA gave to YOU 1MDB (1Malaysia Development Berhad)

What exactly did they do?

Check out DuSable Disclosure folks.

Siap claim kata negotiated a PPA

A very interesting PPA indeed don’t you all think.

Tanah belum ada, technology ntah kemana tapi dapat 500MW of Solar.

Siap boleh kasi “pilot” 50MW dulu…

Berapa keping Solar Panel lu dah taruk?

Masterrrrr JaaaaayyVeeeeeeeee

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