What is the TPPA, according to the Americans

Statement by the President on the Trans-Pacific Partnership

October 5, 2015

“I’ve spent every day of my presidency fighting to grow our economy and strengthen our middle class. That means making sure our workers have a fair shot to get ahead here at home, and a fair chance to compete around the world. My approach to trade has been guided by a unifying principle: leveling the playing field for American workers and businesses, so we can export more products stamped Made in America all over the world that support higher-paying American jobs here at home.

Over the summer, Democrats and Republicans in Congress came together to help the United States negotiate agreements for free and fair trade that would support our workers, our businesses, and our economy as a whole. When more than 95 percent of our potential customers live outside our borders, we can’t let countries like China write the rules of the global economy.We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment.

That’s what the agreement reached today in Atlanta will do. Trade ministers from the 12 nations that make up the Trans-Pacific Partnership finished negotiations on an agreement that reflects America’s values and gives our workers the fair shot at success they deserve.

This partnership levels the playing field for our farmers, ranchers, and manufacturers by eliminating more than 18,000 taxes that various countries put on our products. It includes the strongest commitments on labor and the environment of any trade agreement in history, and those commitments are enforceable, unlike in past agreements. It promotes a free and open Internet. It strengthens our strategic relationships with our partners and allies in a region that will be vital to the 21st century. It’s an agreement that puts American workers first and will help middle-class families get ahead.

Once negotiators have finalized the text of this partnership, Congress and the American people will have months to read every word before I sign it. I look forward to working with lawmakers from both parties as they consider this agreement. If we can get this agreement to my desk, then we can help our businesses sell more Made in America goods and services around the world, and we can help more American workers compete and win.”

Congratulations to all the 11 nations in Asia Pacific that are on the verge of looking after the Americans’ interests and well being. They are Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Thank you for the job well done.

Read more here, on how the TPPA will help Americans to “rewrite the rules of trade to benefit America’s middle class.” Because if they don’t, “competitors who don’t share our values, like China, will step in to fill that void.”

Question to the leaders of the Asia Pacific countries who will sign the TPPA: If the American strategy of the TPPA is to protect the American big corporations’ products domestically and to push it into other foreign countries ubiquitously, how will the TPPA help the products from those foreign countries to enter the local American market?

Taken from the White House’s website:

The Trans-Pacific Partnership
What You Need to Know about President Obama’s Trade Agreement

Writing the Rules To Support American Jobs

America’s trade policy may seem remote and technical, but it has a significant impact on the strength of our economy and the lives of millions of Americans. If the businesses you buy from everyday also sell their products to customers abroad, they are more likely to expand and support jobs here at home.

Why is that? Ninety-five percent of the world’s consumers live outside our borders. Our Made-in-America products and services are in demand, making American exports a vital pillar of our 21st century economy. In fact, exports played an indispensable role in America’s resurgence from the Great Recession. So, when the rules are fair, Americans can out-compete anyone in the world.

Last year, we broke the record in American exports for the fifth year in a row, selling $2.34 trillion in goods and services abroad. And here’s why that’s important: The more we sell abroad, the more higher-paying jobs we support here at home.

And those jobs tend to pay Americans better, meaning companies that export pay up to 18% more than companies that don’t.

But right now, our current trade policy — the status quo — puts our workers and businesses at a disadvantage, with higher costs for American goods, more barriers to trade, and lower standards for workers and the environment abroad than we have at home.

That is why President Obama has concluded negotiating the Trans-Pacific Partnership and will now work with Congress to secure its passage into law. The TPP is a trade agreement with 11 countries in the Asia-Pacific, including Canada and Mexico that will eliminate over 18,000 taxes various countries put on Made-in-America products.

With the TPP, we can rewrite the rules of trade to benefit America’s middle class. Because if we don’t, competitors who don’t share our values, like China, will step in to fill that void.

That is why the President’s trade policy is the best tool we have to ensure that our workers, our businesses, and our values are shaping globalization and the 21st century economy, rather than getting left behind.

Good luck, rest of the world.

You might also want to read:

1) What is in the TPPA?

2) Tun Mahathir in Sabah

3) Keadaan negara kita

4) The worst trade deal for the participating countries

5) No confidence vote

6) Stiglitz on TPPA : The US is committed to a lack of transparency

#new-economic-model, #reference, #tppa

1MDB – more questions on missing billions

After the Prime Minister ditched moderation in his leadership by supporting the racially charged ‘Malay Red Rally’ last Wednesday, he can kiss goodbye to his Global Movement of Moderates.

No wonder an MP has called the Prime Minister a hypocrite and a phony.

His own division leader, that uninspiring Jamal Yunos of Sungai Besar sees nothing wrong with Umno members hurling insults such as ‘cina babi’ towards members of the press.

With this kind of loyal yet stupid sycophants propping up Najib Razak’s image, it is no longer a suprise that his leadership is getting rather strenuous and desperate. Not to mention having zero credibility in the eyes of both domestic and international masses.

This kind of unethical leadership, bordering on the belligerent, has rubbed of 1MDB in their business dealings.

For the past week, the Wall Street Journal has written two serious exposés on missing billions. The first is a missing USD1.4 billion which was supposedly remitted by 1MDB to IPIC for collateral over the now abandoned power plant partnership between them.

The second was today when it is revealed that another USD993 million was not received by IPIC when 1MDB presumably had paid them in November 2014.

1MDB’s immediate reaction is to criticise WSJ for using confidential information, and for using unidentified sources as informants and also to stand by its audited accounts.

To attack WSJ for using confidential is rather stupid since this strengthen their story that all the information received were indeed credible.

To use WSJ’s unidentified sources against them is unwise too since some ministers who had attacked WSJ using the same argument when news of billions went into the Prime Minister’s accounts were proven true. WSJ had provided verified documents as evidence and this had left those sycophantic ministers humiliated and exposed them as nothing more than a mindless stooge of the Prime Minister.

"Don't ask me, I wasn't there!"

“Don’t ask me, I wasn’t there!”

And to say that 1MDB stood by Deloitte’s audit report can be pointless against the allegations since Deloitte could not confirm whether IPIC did receive the amount. Deloitte indeed did not audit IPIC financial account.

What they could only do is to send an intercompany confirmation of balances (in the case of debtors or creditors). If the third party company did not return the confirmation form to Deloitte, there is nothing they can do to confirm if the amount tallies or existed.

If the confirmation is pending or left unanswered right before the auditor signed off the accounts, they will only insert this as a note in the audit findings report. Audit findings report is a list of accounting violations or failure in internal controls which are submitted to management of a company. It is not a publicly available report such as the final audit report meant for shareholders and public.

To digress, usually the auditor handling all these intercompany confirmations is a junior auditor. At most a senior audit executive. He/she then will report to the audit field supervisor or a senior in charge, who in turn, reports to an audit manager. An audit manager, will have to sweat through the ordeal of submitting his team audit to the audit partner – the one ultimately signing off the audit report.

Therefore, to say that Deloitte’s audit report is 100% following audit methodology and should be 100% free of fraud is a misdirection altogether.

What 1MDB should have done is to get their former business partner in crime to issue a statement of denial. Is it so difficult for IPIC to issue such statement? To deny altogether what WSJ had published. To clearly show that indeed they have received a total of USD2.4 billions (USD1.4B + USD1B) and it is all recorded in their financial statements.

But IPIC itself under internal investigation of their own. The bosses highly associated with 1MDB, Khadem al Qubassi and Mohamed al Husseiny were removed in April and August respectively.

To cap off this debacle, WSJ had also revealed that Deloitte will not sign 1MDB audit report unless someone would have guaranteed the USD2.32 billion worth of ‘investment’ in the Cayman Islands. These investments were indeed worthless which in they end, on top of needed to be guaranteed, they were also classified as third tier assets in 1MDB’s 2014 accounts.

Enter IPIC, the ever willing partner to the rescue. Otherwise there will be a huge hole in the 1MDB accounts. We wonder what is the price for getting IPIC to guarantee such amount.

That USD2.32 billion could not stand on their own as Deloitte had some problem ascertaining their real value. Furthermore, it is not in the form of cash.

The previous auditor, KPMG was sacked precisely because they refuse to sign the accounts over this matter.

The initial amount of money had disappeared during the PetroSaudi – 1MDB joint venture which was terminated in 2010. It was initially a USD1.83 billion of cash which was pumped into PetroSaudi for a period of two years since 2009 under the pretext of loans to PetroSaudi.

Not sure what kind of units are they because as a minister, I have no idea

Not sure what kind of units are they because as a minister, I have no idea. Please don’t ask me tough questions.

This money changed in nature many times and revalued upwards between themselves to the final amount of USD2.32 billion. Ultimately, even the Finance Minister 2 could not answer properly what is the nature of this investment.

In total, there are USD4.23 billion (USD1.83B + USD1.4B + USD1B) suspiciously missing at the moment, amounting to approximately RM16 billion of Malaysian money.

We are now getting bits and pieces of information regarding the RM42 billion of loans unaccounted for. And it is sad that the truth came about from third party and documents from suppressed investigations. We wonder what information the public could have gotten if the investigation teams were not dismantled.

Will somebody stand up and be responsible for this financial fiasco?

You might also want to read:

1) Auditor only closed 1MDB’s books after UAE firm guaranteed US$2.32b in Caymans

2) Isu Deposit USD1.4 bil – Dalam Nota Penyata IPIC Pun Tidak Disebut Tentang Deposit!

3) Satu Lagi Bom Dari WSJ – Duit Tebus Option USD993 Juta Tidak DiTerima IPIC!


5) The chronology of 1MDB’s suspicious joint venture

6) Bekerja keras melindungi penyelewengan 1MDB

#1mdb, #malaysian-corporate-matters

Fact checking the 1MDB and ‘donation’ debacle


Ever wonder why the exercise to save 1MDB is called a ‘Rationalisation Plan‘?

Because 1MDB had an irrational business model from the beginning..

Step 1: Acquire massive loans

Step 2: Buy assets. Can’t pay loans.

Step 3: Sell assets to pay the loans

But now they are congratulating themselves by saying that 1MDB had made a success in that rationalisation plan.

Not sure which success they are talking about. Is it their success in getting IPIC to help pay the loans they unable pay by themselves?

Is it the staggering loss of RM665 million in their 2014 financial year?

Is it the begging request of loan repayment extensions they made so many times in 2014?

Is it the delays in listing of their power assets due to their own shortcomings? (the government’s propaganda team had the cheek to say this was caused by Tun Mahathir when the fact is, the delays occurred way before Tun’s first article on 1MDB).

Is it the success in getting taxpayers to fork out RM950,000,000 as a standby credit to help 1MDB pay their financial obligation?

Lastly, probably the success is due to the fact that the had needlessly amassed debts to the tune of billions and now need to ‘rationalise’ this by selling off their assets. Some to TNB, some to foreign interests, etc., so that they can pay their debts.

Fun fact – when 1MDB bought the prized land in Sungai Besi and TRX at really low prices, the government and the taxpayers were shortchanged. Some nonsensical people said that that is just left pocket entering the right pocket. This could be true if 1MDB is acting as part of the government. But then again, even the cabinet was not privy to its dealings and operations (at least not until recently).

So when 1MDB could not pay their humongous loan debts and interests, they had to sell these crown jewels of Kuala Lumpur. They are selling them at market price. This would be partially good if all the monies from the sale is returned to the government. It is only partially good because the lands would now be in private hands, not the government (ie., the people).

But the reality is worse. The monies from the sale will almost definitely be used by 1MDB to settle ‘rationalise’ their debts. Which means, the only people who are laughing at the end will be the bankers (for getting their money back), and the new owners of the land once gazetted for bumiputra development.

Double loss for the people and the government. We lose when the land was sold at below market value, and we lose again when the land was sold just to pay off debts.

Now would there be anyone accountable for the irrational behaviour of 1MDB all these while? Shouldn’t there be anyone responsible for this mess? Besides the Deputy Prime Minister, was there anybody in 1MDB that was sacked for this debacle?

It is always funny the way 1MDB responded to questions about their business operations. The usual recycled excuse they give would be – “we have answered the questions”.

But all sundry knows they have not even tried to clear the air over anything.

For instance, when questions were asked as to why they pumped in USD1.83 billion worth of cash into PetroSaudi and yet this obscure middle east company did not pump in a single cent, they went on to give the process on how it happened, instead of why. In the end, it was indeed true that PetroSaudi did not pump in a single cent for the joint venture.

Why did 1MDB terminate the joint venture just after 6 months?

Why did they continue to pump in cash to a JV they had terminated, amounting to USD1.83 billion by 2011?

Why was the joint venture sealed and signed in lightning-quick time? Why was the decision taken in a private meeting in a yacht between the Prime Minister and PetroSaudi without any government officials and 1MDB top management present?

These are just some questions left unanswered by 1MDB. There are a lot more, but we are told not to raise any noise against 1MDB.


“Malaysians are not stupid” – this is what the former Deputy Prime Minister, Tan Sri Muhyiddin Yassin had said prior to his sacking two weeks ago.

We had written before that the donation story concocted by the propaganda team was just an afterthought. The reason why this was an afterthought because nobody knew about the money (not even the propaganda team) when the WSJ article appeared.

The Deputy President of Umno did not know about it. The head of Barisan Nasional backbenchers did not know about it. Even the whole Supreme Council did not know about it.

The principle matter is this – why did the money deposited in a personal bank account of a public servant?

That is the main issue. Doesn’t matter if the spin is that the donor wanted it that way, or the money comes from a ‘brotherly nation’, or the money is used for elections, or that RM2.6 billion is used to repair houses and roads in rural areas. Why wasn’t it credited into Umno’s own party accounts? This in turn had raised a lot of questions and dented the credibility of a prime minister.

Some delusional sycophants had the audacity to say it was a trust account when they also do not have the proof it was indeed a trust account. Be it as it may, a trust account would then be transparent and known to all parties in Umno, but it wasn’t transparent therefore it couldn’t be a trust account.

Some even said it is better for the Prime Minister to put that donation money meant for Umno in his personal bank account rather than with proxies. This will surely create a bigger mess if the Prime Minister, god forbid, dies and the billions of money is stuck in that account and legally it will then belonged to his family as inheritance.

Ultimately, if there is an aspiration to say that all the money ‘donated’ have been used for Umno to face the general elections of 2013, then the public, especially Umno members would want to know how the money was spent. Where is the detailed expenditure list for all the RM2.6 billion spent on Umno? How else can the public be assured that the money was not used for personal gain?

But of course, the reply to the public is, we shall do it if the opposition parties show their party accounts too. There is no urgency to show accountability at all.

Firstly, just like Barisan Nasional’s own MCA had said – “party funds never put in private accounts”.

Secondly, if Umno cares about leadership by example and setting the bar high, the people involved in that RM2.6 billion must take the lead in exposing how it was spent, to who and to where and what are they for.

Thirdly, and this is why the afterthought wasn’t thoroughly vetted, a donation is deemed breaking the MACC law if it is deposited in a personal bank account of a public official.

This is succinctly put by a legal practitioner (truncated for clarity):

It doesn’t matter whether the 2.6 billion in the prime minister’s personal bank account was a donation or whether it was held on trust for UMNO. It does not matter, because the law on corruption is very clear.

Let me spell it out for you the provisions of the Malaysian Anti-Corruption Commission Act 2009 (Act 694) (for brevity, “MACC Act”), despite (the) ignorance and arrogance in insisting that it is okay for Najib to receive funds from ‘donor(s)’.

Section 16 of the MACC Act provides that it is an offence for any person to accept gratification.

Now, what is gratification?

Section 3 of the MACC Act defines gratification as to include “money, DONATION, gift, loan, fee, reward, valuable security, property or interest in property being property of any description whether movable or immovable, financial benefit, or any other similar advantage.”


And then there is section 50 of the MACC Act, which provides for the LEGAL PRESUMPTION that “gratification shall be presumed to have been CORRUPTLY received … unless the contrary is proved.”

What this mean in simple layman term is that the very fact there was an amount donated into the prime minister’s personal bank account (and Najib was aware of it) is more than enough evidence of corruption in the eyes of the law. If the prime minister so insists that he is not corrupt, then it is his duty to adduce cogent evidence to rebut the LEGAL PRESUMPTION that he is guilty (and in so rebutting it is not sufficient to merely provide unsubstantiated denial).

Bear in mind, the MACC Act is an Act of Parliament, which simply means that the provisions of the Act bind the whole nation — i.e. the government as well as all citizens — unlike the UMNO constitution which is not even a law and as such inferior in nature, and applicable only to UMNO members. As such whether or not UMNO Constitution allows its funds to be held on trust by its president, is immaterial and wholly irrelevant, when it comes to the presumption of corruption against Najib.

Be that as it may, if Najib so insists that the alleged donation was received on trust, then the burden lies on him to provide the trust documentations. Even so, it is important to note — in the unlikely scenario that he could adduce such documentations — that does not ipso facto clear him of the offences under the MACC Act. Instead, the very fact that he held the money on trust would actually by extension, make UMNO possibly liable to be charged for corruption as well, because the legal definition of ‘persons’ that could be guilty under the MACC Act, as per spelled out in the Interpretation Acts 1948 and 1967 (Act 388) “includes a body of persons, corporate or unincorporate”.

Even the Prime Minister himself had said in 2012 that putting political fund in personal bank account is a form of corruption. Is this a case of not walking the talk?

As the result, today the opposition is suing the Prime Minister for breaking the election law. They may or may not have a case, unless of course the propaganda team creates another new story to defend this ‘donation’ story.

We shall wait for more ‘facts’ to be thrown at us by the minions desperately trying to disseminate their version of the truth.

You might also want to read:

  1. Good governance means walking the talk

  3. Quotable quotes on 1MDB and ‘donations’ to Umno
  4. Malaysia’s Prime Minister: A Dead Man Walking? – Forbes

#1mdb, #malaysian-corporate-matters

Afterthoughts on 1MDB and donations

Some reading materials for the weekend by avid observers of the current socio-political issues in Malaysia.

1MDB: The story so far

by TK Chua

I put in abridged form what we have gathered so far on 1Malaysia Development Berhad (1MDB). There is nothing new here, just a catalogue to help us to stay on track. With new events emerging every day, it is easy to lose sight that the messes in 1MDB are actually much bigger than the huge sum of money going in and out of the prime minister’s personal account. We must not lose focus on all the big issues.

  1. There were questions asked if some of 1MDB’s excessive borrowings were sovereign guaranteed. The answer given was that the borrowing was used to buy assets and for strategic investments, including parking some money in Caymans temporarily to earn higher returns. Till today, we are not sure how “strategic” the investments have been and whether the returns earned were in US dollars or in “units”.
  2. When asked why 1MDB faced problems servicing these loans, the answer given was that it was a temporary cash flow hiccup. 1MDB has “assets more than liabilities” was the oft-repeated mantra and the mother of all explanations. But do the problems in 1MDB look like temporary cash flow setbacks? If they have to par down assets to reduce debts, I think the problem is more about assets not generating sufficient income to sustain their own upkeep.
  3. Questions were asked of the high fees and commissions incurred and why discounts were generously given when issuing 1MDB bonds. The answer given was that it was a normal practice to pay high fees and to give discounts in order to entice lenders. However they conveniently failed to explain why the desperate need to borrow.
  4. We asked why 1MDB bought overpriced assets. The answer was that the IPO was supposed to solve this problem, ignoring the fact that IPOs are about value, not about solving overpriced assets, unless they believe future IPO investors are nincompoops.
  5. We asked why government land was sold to 1MDB for a song. The answer was that 1MDB was a government strategic company, so it was just from the right pocket to the left pocket. When the government sells lands and other assets, the money goes into the Consolidated Fund of the Treasury. When 1MDB sells government lands and other assets, where does the money go?
  6. We asked why Tabung Haji was asked to buy a small piece of land from 1MDB at many times more than what was paid for it initially. The answer was that it was a good investment for Tabung Haji; many other investors were willing to buy over the land from Tabung Haji at an even higher price. However till today, Tabung Haji is still holding on to the land, as far as we know.
  7. The Auditor-General and his team were asked to do a comprehensive audit on 1MDB since there were so many unanswered questions. So far the interim report has been completed, but it was made confidential. When the final report will be ready and made public is anyone’s guess.
  8. We asked whether or not the accusations and allegations in Sarawak Report (SR) were true. The answer was to shut down SR and accuse white men of interfering with the leadership of this country. But are Tan Sri Muhyiddin, Tun Mahathir, Rafizi Ramli, Lim Kit Siang and Tony Pua white? Now a warrant of arrest has been issued against SR’s editor.
  9. When The Wall Street Journal (WSJ) claimed that there were massive amounts of money going in and out of the PM’s personal bank accounts, the answer given was that the money was not for personal use. Since then, they have written to WSJ seeking clarification about the article and threatening to sue. But till today there has been no lawsuit filed although no further clarification from WSJ was forthcoming. I am not sure if the PM’s lawyers are still in the midst of seeking consultation.
  10. We asked what happened to the task force (consisting of Bank Negara Malaysia, the Malaysian Anti-Corruption Commission, the Police and the Attorney-General) formed to investigate 1MDB. The answer was “no status”. Thus far, we only know one of the members of the task force, the AG, was “retired”. The rest of the investigators are currently being investigated for “leaking” information, whatever this means. The latest news report said the task force was no longer needed. All the agencies are now supposed to investigate and act on their own.
  11. The Edge Weekly published an incriminating story on 1MDB based on information given to it by a “blackmailer”. So far, no clear denial or confirmation was established based on the report. However we know the former deputy prime minister who depended on that very paper for news was sacked and the paper itself suspended for three months. Gradually, some of us might have forgotten Xavier Andre Justo is still languishing in a Bangkok prison.
  12. The bipartisan Public Accounts Committee too wanted to ask many questions. However so far the committee has gathered very few answers. First they said the relevant people from 1MDB were busy and therefore unable to attend the hearing. Then they said some of the witnesses could not be traced. Now the entire PAC investigation is in limbo after many members were suddenly appointed to the executive branch. PAC hearings have now been postponed indefinitely.
  13. We asked why the draft “charge sheets” against the PM and others were circulating. The answer was that those charge sheets were fake but strangely enough, the authorities are questioning and investigating those who might have leaked the information, including the charge sheets.
  14. We asked whose money it was moving in and out of the PM’s personal bank accounts, which till today no one has denied or confirmed. First they answered that the money was not for personal use which by implication meant it must be for official/party/societal use then. They then implied the money was not from 1MDB. Now they have openly declared it was from a donation.
  15. So far they have not shed light on how the huge donation was used; what has happened to the balance, if any; who donated the bulk of it (did part of it come from SRC?); and whether or not there were any strings attached or if national interests were compromised. I guess any person with some common sense will be able to ask even more questions about this, except perhaps talented ministers from Sabah.

However do not be too optimistic that you will receive an answer. Most probably, they will insist that political donations require reform and all political parties, especially the DAP and PKR, must agree first.

I write this piece based on memory alone. You are most welcome to add if you remember anything else.

Thank you TK Chua. Next is an article which asked very pertinent questions for us to ponder.


oleh Mat Rodi

Dalam cubaan membela PM Najib Razak, YB Rahman Dahlan telah mengesahkan bahawa wang derma USD700 juta telah masuk ke akaun peribadi Presiden parti.

Maknanya, ini bukannya akaun parti yang dibuka dan didaftarkan di atas nama tiga pemegang amanah sebagaimana amalan parti dahulunya.

Sebaliknya- ini adalah akaun peribadi.

Menerima derma sebanyak itu dan dimasukkan ke akaun parti politik tidak ada salahnya. Parti boleh menerima 2.6 billion mahupun 260 billion wang derma. Malah bukan isunya. Hatta NGO yang kononnya ‘Bersih’ juga diberikan ‘derma’ dari pihak luar untuk kegiatan mereka.

Tetapi menerima derma sejumlah wang tersebut dan dimasukkan ke dalam akaun peribadi presiden boleh menimbulkan persoalan.

Persoalan pertama adalah adakah ahli Majlis Tertinggi telah berbincang dan bersetuju menjadikan akaun peribadi Presiden parti bagi tujuan menerima derma?

Jika sudah berbincang dan sepakat, mengapa terdapat ahli Majlis Tertinggi merangkap Menteri Penerangan ketika itu (Shabery Cheek) berkata “tidak logik PM ambil wang sebanyak itu masuk ke akaun peribadi.”

Bahkan, Ketua Penerangan UMNO Ahmad Maslan berkeras “Perdana Menteri bodoh mana yang akan mengambil RM2.67 bilion untuk dimasukkan ke dalam akaun peribadinya. Jika benar, ia adalah kebebalan yang terlalu amat sangat,”

Adakah ini cubaan mereka untuk menggulingkan presiden parti yang dipilih secara demokratik?

Tetapi mereka tidak pula digugurkan daripada jemaah kabinet sebagaimana nasib Timbalan dan Naib Presiden.Tidak juga mereka disoal siasat polis.

Sama ada PM Najib telah melakukan kebebalan yang teramat sangat ataupun tidak tidaklah penting.

Persoalannya yang kedua adalah, jika perkara ini tidak pernah dibincangkan di dalam mesyuarat Majlis Tertinggi, siapa pula yang memberikan kebenaran untuk menjadikan akaun peribadi beliau sebagai akaun amanah?

Tidak logik Presiden melantik diri sendiri tanpa berbincang. Perlembagaan UMNO juga tidak mempunyai peruntukan tersebut.

Persoalan ketiga- jika ahli MT UMNO tidak tahu mengenai wang derma ini dan sememangnya derma tersebut digunakan untuk tujuan politik, tujuan politik siapa?

Politik parti ataupun politik Presiden parti?

Jika politik parti, masakan ahli MT UMNO tidak tahu?

Jika politik presiden parti, tidakkah ini bermakna beliau telah menggunakan wang tersebut bagi tujuan peribadi?

Ini bercanggah dengan kenyataan beliau yang menafikan penggunaan sebarang wang bagi keuntungan peribadi. Sesungguhnya memenangi pilihanraya akan mengekalkan beliau sebagai Perdana Menteri dan ini adalah keuntungan bagi dirinya.

Pengarah Komunikasi Barisan Nasional serta barisan menteri yang baru dilantik boleh berkata apa sahaja mengenai derma politik. Mereka boleh berkata seperti adalah lebih selamat wang derma masuk ke akaun peribadi PM dan parti memerlukan lebih banyak wang.

Tetapi ini bukanlah kebenaran sebaliknya skrip/jawapan yang dibuat ‘after thought’.

Hakikat perkara ini baru disebut berminggu-minggu selepas pendedahan awal dibuat membuktikan mereka juga seperti kita semua yang tidak tahu apa-apa.

Isu mengapa wang derma ke akaun peribadi presiden penting bukan kerana kita tidak mahu wang derma bagi perjuangan parti. Ramai yang faham keperluan dana yang banyak untuk kerja-kerja politik.

Sebaliknya, kita tidak mahu ‘rasuah jadi budaya, amanah dikhianati dan parti membisu hanya untuk membela golongan tertentu atas nama kesetiaan pada parti. Atau disiplin kepartian mentaati pemimpin’ – sebagaimana yang disebut oleh MB Johor.

Let’s wait for more ridiculous statements by the powers that be in the next few days.

In the mean time, you might also want to read:

2. A New Strain of STD- Mandatephilis

3. Kantoi Lagi : Maka Makin Susahlah Memanda Menteri Mencari Pelakon Arab Main Watak Penderma

4. Commit A Wrong Unto Others and Therefore Unto Yourself

5. Kes Derma RM2.6 Bil Najib – Rakyat Memerhati…..


#1mdb, #malaysian-corporate-matters

The absurdity continues…

The shifting of goalpost in the RM2.6 billion defence:

  1. WSJ created a lie. There is no way a Prime Minister could accept that much money into his personal bank account. He is not stupid.
  2. The propaganda team rebuked WSJ for not supplying any proof, therefore the newspaper is lying. They also bent over backwards to say that the PM’s name was misspelled in a diagram of the money trail therefore, it is all a lie.
  3. The PM mulls to sue WSJ over this apparent political sabotage. He also accused Tun Mahathir for working with foreign nationals over that RM2.6 billion article.
  4. The lawyers sent clarification letter but the mainstream media declares the PM has sued WSJ.
  5. WSJ published the documented proof of the banking transactions. The propaganda team, working on a narrative, zoomed in on the swift codes. Gleefully claiming the swift codes are wrong, summarily claiming that there are no such account exist. WSJ had lied. The documents were tampered.
  6. The Task Force issued a statement that the accounts did exist but has been closed. The narrative began to change to ‘political fund’. Obviously by this time, the propaganda team did not know anything unless they were told how to think.
  7. Propaganda team bending over backwards to justify that political fund is legal and can be done through trustee accounts. Their past excuses and defence that the accounts did not exist and no money was transferred were shamelessly forgotten.
  8. Believing in their own hype they created, propaganda team began to float the trust account story, saying that Umno Constitution provides for trustee accounts. But nobody, including Deputy President of Umno did not know it existed.
  9. 5 weeks have past, lawyers still have not made any action towards WSJ.
  10. And the latest shifting of goalpost came out today whereby the account was indeed not a trustee account but actually a personal bank account, possibly contravening with Umno Constitution and MACC Act.

Better for Umno president to hold money rather than proxies

It is better for the Umno president to hold the party’s assets and monies in his own account rather than parking them under proxies, Barisan Nasional (BN) strategic communications chief Datuk Abdul Rahman Dahlan said today.

The Housing, Local Government and Urban Well-Being Minister said that he “preferred” Umno president Datuk Seri Najib Razak to be holding the money in his personal accounts as this provided more security than the proxies.

“Even when Tun Dr Mahathir Mohamad resigned as Umno president, he had to look for the proxies to reclaim a lot of Umno’s assets and shares.

“I would be a lot more worried if these individuals were holding the accounts instead of the president,” he said during an interview with TV1 tonight.

Abdul Rahman said that the current controversy has sparked off a discussion that is “good” for future regulations of political funding.

“I am relieved and happy that the money is from donations. Now the goalposts for the discussions have shifted,” he said.

He said that he was “thankful” to have a president who was able to source funds from the party, insisting that the donors made the donation without expecting anything in return.

Reading this at first glance, the first question people asked is – Is Umno, the oldest and the biggest political party is Malaysia do not have its own banking accounts?

Why did it have to be a personal bank account?

Secondly, the issue is not whether proxies should be used. Tun Mahathir himself declared when he was the prime minister, this kind of money was never credited into a personal bank account.

The real matter is about RM2.6 billion being secretly deposited back in 2013. It was a secret because nobody knows about it. Including the people in the propaganda team. Yet they now claim that Umno members have agreed that political donations can be deposited into the personal bank account of the party president! (source).

When was this asked? Did they make a referendum among party members in 2013 for this decision to be made?

If indeed Umno members knew about it, why did Umno leaders and their propaganda team made gibberish arguments to discredit WSJ and tried to prove that the accounts never existed? All this had destroyed their credibility in the end.

Umno members must thank WSJ for exposing about this mystery money. If it wasn’t disclosed, they will not know about this. The price for the truth is hefty, especially if it wasn’t revealed much earlier. A deputy president and vice president lost their jobs because of this.

Now people are asking, who are the donors? Public servants and officials are beholden to the truth and accountable to the public. It took a month for the confirmation of truth to come out; that there was indeed RM2.6 billion worth of money held by the prime minister. Even then, it wasn’t the prime minister who confessed about it.

Will it take another month of silence for the prime minister to reveal who the donor and how the money was spent?

But instead of revealing to the public to end all speculation, the propaganda team asked the opposition to declare their political funding first.

Leadership by example is surely not being applied here. They now are saying all sorts of nonsense:

a) in Islam, a donor must not reveal himself as a sign of piety,

b) the money is a private matter because it was in a personal account,

c) if donor wanted to publicly announced his donation, he would have done it much earlier

d) it is safer for the money to be in a personal account of the party president than any other accounts (but they also do not know how the billions were spent)

e) please add some other nonsense

Is Umno afraid that speculation would end up as the truth? A leader needs to be honest. A political party needs to have integrity. They must lead the way in finding the truth for the public. Not, trying to spew nonsense which ultimately secures nothing but disdain and disgust from the people.

Yes, you want the opposition to be accountable too in revealing about their political funding. But the correct question Umno leaders should ask, which will compare apple to apple with the situation at hand is:

Did DAP’s political funding and donation receive through Lim Kit Siang’s personal bank account?

Only then, the propaganda team can move forward with whatever strategy they have to discredit the opposition. Otherwise, the effort to make opposition parties to reveal their political funding is moot, and ridiculous.

The diversion is unnecessary. Please do not accuse other people of moving goalposts when your own flip flopping attempt to defend is nothing short of absurd. And for brevity purposes, we have not touched on the lame excuses made on 1MDB.

The truth should be a friend, not something you spin just to fit your selected narrative.

Do they know why Anwar Ibrahim can never capture the hearts and minds of the people at large? Because he is surrounded by loyal but dumb followers who could never criticise or pin point anything wrong that he is doing.

For instance, his followers concocted all sorts of nonsense just to defend their leader was not the man in that video which rocked the nation a few years ago.

If Umno wants to emulate this kind of leadership where smart and critical followers are thrown out but loyal yet deaf mute ones are retained, then there can never be any improvement.

The voters are now smart. They are informed via many sources of information and can make up their own minds.

There is a running joke being bandied around which goes like this:

What is the difference between Anwar’s supporters and Najib’s supporters? Nothing. They just like to make fools out of themselves.

It is always better for a leader to speak of truth. The sooner the better. Many scandals have erupted which turned leaders into a laughing stock just because they tried to lie their way out, and their followers did not point out what was wrong.

No wonder people are disgusted.

You might also want to read:

  1. Now I know, a Mandate is a license to do as we please, to Loot and Pillage.
  2. Membalas Rahman Dahlan

#1mdb, #malaysian-corporate-matters

Endless absurdities

We would like to record our appreciation towards Datuk Kadir Jasin and his readers for their concerns and well wishes. We would like to give assurances that everything is alright.

Looking at the current situation and the leadership crisis happening in this country, there is now a general feeling that Malaysians are no longer confident with the leadership in Umno.

We termed it as a leadership crisis because top bosses in Umno were sacked from their jobs just for asking questions and expressing their anxieties.

The justification for the sacking is that criticisms, even to the point of beating tables must be made at the right platform and not in public. But it is ironic indeed to know that the purported speech that caused the sacking was made in an Umno private function – a divisional meeting. The excuse is even more chaotic when the Supreme Council meeting, the most appropriate platform to discuss these concerns was cancelled at the last minute “in order to avoid heated debates”.

Maybe “sweeping everything under the carpet” is Umno’s new de riguer.

We also call it loss of confidence because people who are investigating a crime were also sacked from their jobs and some were arrested for doing their jobs. Furthermore, those heading a parliamentary investigation team were conveniently promoted; resulting in a delay.

Nevermind the fact that a week before the promotion, the former PAC chief said 1MDB probe is much more important and that “he would prefer to stay as the PAC chief and oversee the investigation to its conclusion.

But that was then.

This blog had criticised and highlighted the problems surrounding 1MDB and allegations of billions of money transfered into the personal bank account of the prime minister.

When we asked for accountability and corrective measures to be taken, the opposite seemed to be taken place.

When we suggested that an acting prime minister should have instructed for an independent investigation, the loyalists deemed it as an attempt to overthrow the government. Maybe Tan Sri Muhyiddin Yassin is from the DAP party because should he stepped is as the acting PM, the Barisan Nasional government will fall.

The hogwash that came after just to defend the indefensible were utterly mindblowing. The last straw was when a couple of bankrupts were used to prop up the argument that all problems surrounding 1MDB and personal bank accounts in Ambank rest heavily on what these bankrupts had to say.

When their credibility were tested, the best they could come out with is to look at the message, not the messenger. Basically, they beg the public not to shoot the disgraced messengers.

But all these time, the government had killed off messengers with such glee and impunity. They attacked Tun Dr Mahathir for raising questions, tried to discredit his past tenureship as the prime minister, they killed off the careers of the deputy prime minister and an umno vice president for raising questions and they tried to arrest whistleblowers, investigators and critics.

The highest levels of hypocrisy have been reached.

When WSJ broke the story that billions were credited into personal bank accounts of the prime minister, most cabinet ministers bent over backwards stating that WSJ had made accusations over something that did not exist. They claimed there were no such accounts and no money were banked in.

Their mission to cover up changed from day to day. First the swift codes were wrong, because no PM would be so stupid to get billions of money in his own accounts. Then they say the allegations were just foreigners’ attempt of political sabotage, and lastly, they claim that political funding is legit because past prime ministers have done the same way; vaguely admitting that WSJ’s allegations could be true.

Of course the legality of the political funding was crushed by a former prime minister in his blog today.

If we close our eyes, maybe the problems will go away. Endless possibilities.

If we close our eyes, maybe the problems will go away. Endless possibilities.

And it was indeed revealed by the MACC that there were billions of money in the prime minister’s personal account. Some even went to great lengths that Umno constitution provides the prime minister to have a trustee account under his name. We are not sure which clause they are talking about; when no other members of the supreme council even knew about the existence of that account. Was the opening and closing of the accounts minuted in the meetings? Obviously not. Otherwise the deputy president wouldn’t have been so shocked to hear about the accounts and the amount of money that went in.

Everyday, the justification made have become more and more ridiculous. Some even say the way the prime minister leads the country is similar to the Prophet.

Recently, an Umno supreme council member just declared that if we attack Najib, then that is akin to attacking all muslims in Malaysia. The absurdity is endless.

We are entertained by it all.

This blog has been criticising Malaysian leaders since its first article. We stopped blogging for awhile because people without moral compass will never listen to reason and criticisms. They have charted their own doomed course and the direction of this country. There is nothing more to say to save them.

You might also want to read:

1) RM2.6 billion in Najib’s personal accounts is corrupt money – Din Merican

2) The UMNO mad dogs are out walking under the scorching sun

3) Sah Najib Terima RM2.6 Billion Ke Dalam Akaun Peribadi !! Persoalan Sekarang Salah Atau Tidak?


5) Hooray! MACC Confirms RM2.6 Billion In Personal Accounts

6) Benarkah Deposit RM2.6 Billion Itu Dana Politik ? Jika Benar, Najib Cakap Tak Serupa Bikin

#1mdb, #malaysian-corporate-matters

Reckless Finance Minister II pre-empting investigations

Last week the Auditor General had presented its preliminary findings regarding 1MDB to the PAC. Malaysians however will not likely read the findings of this report, since it won’t be made public.

The bits and pieces of information the public could get and craved can only be read from press conferences held by PAC and the Auditor General themselves.

The Chairman of PAC, Datuk Nur Jazlan said:

“A couple of matters have cropped up with the issue of documentation. The NAD (National Audit Department) has yet to receive full cooperation from 1MDB in the handing over of documents for audit,” said Nur Jazlan.

We would request that the management of 1MDB give its full cooperation to the NAD and hand over all the requested information and documents so that they can continue their audit and finalize their report by the end of the year.”

The report took a total of three months to finish and covers the analysis of 1MDB’s financial statements, as well as its investments such as PetroSaudi.

“The auditing for its other investments such as in land and energy sectors is still ongoing and will come up in the final report, which is expected to come by the end of the year,” said Nur Jazlan. – Source.

Basically, PAC is telling us that 1MDB have not given the auditor-general their fullest cooperation which had invariably hindered the audit process. Additionally, the interim audit report covers only certain aspects of 1MDB.

Reporters had also asked Tan Sri Ambrin Buang on the alleged USD700 million being deposited in the Prime Minister’s private accounts.

The Auditor General had this to say:

“Now that there is already an investigation by the special taskforce, they are better equipped to do that. They (special taskforce) have the power to look into people’s accounts,” he said.

He added that unlike the special taskforce that has Bank Negara Malaysia on its team, the Auditor-General alone does not have such power to do so.

“I do not have the power to look into people’s accounts,” said Ambrin, when asked if he would investigate the latest revelation by The Wall Street Journal (WSJ) that involved Najib. – Source.

In other words, the NAD is not investigating the allegations by Wall Street Journal. That aspect of investigation is under different jurisdiction and it is still ongoing.

But suddenly today, the Finance Minister II came out with horns blaring clearing 1MDB of any wrongdoings! He gave the impression that there are no problems within 1MDB at all. This is a blatant diversion from the truth.

From the news reports above, we can safely conclude that Husni Hanadzlah had committed a grave error in pre-empting the investigation teams. In fact, the preliminary report from Auditor General have not cleared 1MDB of anything.

Below is the much celebrated press release from the Finance Ministry:

The preliminary report by the Auditor General investigating 1MDB’s activities has found no evidence of wrong doing, and therefore the reckless allegations by some parties including the “disappearance” of RM42 billion and transfer of USD700 million to certain individual does not arise.

It is my hope that all baseless allegations will be put to rest.  We have to remain patient and we look forward to the final report by AG and the Public Account Committee (PAC).

Our focus is now on the rationalisation plan, whereby the Government is committed to have the issues pertaining to 1MDB’s debt be resolved.

The definitive aim of the rationalisation plan is to rebalance 1MDB’s asset and debt in order to support its financial structure that will ensure its sustainability going forward.Source.

It is highly contentious for a person under the purview of an investigation to actually come out publicly to say nothing is wrong with 1MDB; a company which his ministry is responsible for.

Jumping the gun and having knee-jerk reactions should not be a good trait for a Finance Minister

Jumping the gun and having knee-jerk reactions should not be a good trait for a Finance Minister

Imagine Al Capone, giving press conference clearing his own name based on investigations carried out against him, disregarding the fact that the investigations are not yet completed.

The public must be made aware that the press release above had highlighted one thing that made 1MDB a failure to begin with. Husni indirectly admitted that without the rationalisation plan to rebalance 1MDB’s assets and debts, there is no way it can move forward as a going concern. In other words, we can conclude that 1MDB is on the verge of bankruptcy and needs to be revamped and restructured in order to survive.

What a contradiction indeed.

So before the mainstream media begin to believe Husni’s misrepresentation of facts and print it on the front page tomorrow, we need to be intelligent enough to see the truth.

The Finance Ministry is oblivious to the statements made by Nur Jazlan and Ambrin Buang. We must not make the same mistake.

What really annoy us is the fact that the Finance Minister II seems to be bending himself backwards to disregard the alleged USD700 million money transfer when the auditor general report’s scope is completely on another matter altogether.

All this will only make him lose credibility and make himself look even more stupid. Remember this quote of the day:

“The law says those who cover-up, hide evidence of crime would be considered as accessory to the crime. They would be aiding and abetting the criminal. They too should be charged, tried and sentenced.”

Remember, some people have lost credibility and their jobs trying to defend 1MDB and the things associated with it.

You might want to read:

1) Pindahan RM2.6 Bil Ke Akaun Peribadi Tidak Timbul – Harap MCMC Siasat Kenyataan Husni Ini!!

2) 1MDB & auditor general interim report

3) Bank Negara is better equipped for WSJ probe than me, says Auditor General

4) Whistleblowers

#1mdb, #malaysian-corporate-matters

1MDB and the shifting of goalposts

There were many instances when 1MDB and the people involved in it were caught shifting the goalpost. When people argued on a particular issue, their immediate response is to argue on a different issue to defend the original matter which was brought up.

This can be seen when Wall Street Journal showed an alleged evidence that billions of ringgit were credited into the Prime Minister’s private accounts, the immediate response to it is, “the PM have never taken 1MDB fund for personal gain“, instead of issuing a more doubt removal reply of “the PM did not receive such money”.

The early signs of trouble within 1MDB can be traced when it requested a second extension to a loan repayment deadline in early 2014. Imagine a company that could not repay loans in the billions on time. This had caused some noise in the banking system.

The people had been writing about it and raised concerns. But the concerns were not heeded. The more prominent opposition members and a few bloggers had been telling the government for months that there is something seriously wrong with how 1MDB operates. Some even highlighted the problems since 2012.

In late 2014, Tun Dr Mahathir began to write a note of concern on 1MDB in his blog.

Yet for the whole of 2014, the government was saying there is nothing wrong with that company; despite the changing of CEOs, the resignation of directors, the change of auditors, the inability to pay loans on time and the acute cashflow problems.

1MDB even had the audacity to seek another extension back in January 2015, and yet nobody in the government bat an eyelid. In February, the CEO of 1MDB began to reassure the public that there is some cash in their bank statements. But matters went up to a whole new level when it was discovered that the MOF had given 1MDB RM950 million of standby credit to alleviate its financial burden.

The goalpost moved again when in May it was discovered that there weren’t any cash as stated in February, but it was actually paper assets. The poor reporting by 1MDB and MOF about its own cash assets had caused the public to question the government in anger.

In the end, the paper assets were classified as units. What exactly are these units, nobody could answer till now, not even 1MDB.

In May, the whole of Malaysia really began to know the existence of 1MDB when it was exposed that Tabung Haji had bought a land from 1MDB at a price hundreds of times more than 1MDB originally had paid for it.

The furore it caused had received a knee-jerk reaction from the top advisor of 1MDB when he ordered Tabung Haji to resell the land immediately. Tabung Haji’s chairman proudly claimed that they can sell the land within a few week’s time to a ready buyer with an astronomical profit of RM5 million.

But until July, the land has yet to be sold.

1MDB began to be bombarded with all sorts of questions regarding its business model. The apparent lack of governance in its business venture, the sheer inability in servicing their loans, the net loss of approximately RM665 million in their financial year 2014 accounts, and the total absence of common sense in piling up massive debts to buy assets which ultimately had to be paid by selling off those same assets.

In the end, MOF announced debt rationalisation plan for 1MDB which made the public even more confused. 

When investigations kickstarted a few months earlier, 1MDB made a promise that they have been cooperating and had given documents to the authorities but recently when the PAC and the auditor general revealed that 1MDB had not been submitting crucial documents, 1MDB could only defend themselves by saying that they will continue cooperating with the auditors.

Never mind the fact that they had wasted a lot of other people’s time.

The public had a shock of their lives when Wall Street Journal began a series of expose into the Prime Minister’s private accounts. If whistleblowers had not exposed these shenanigans, the public would not have known about it. Transparency was not the order of the day. The government only talked about its virtues when matters were made public.

To digress, in the old days, whistleblowers brought forward confidential information to the media in order to expose any wrongdoing so that when it is made public, the government must order an investigation and there will be no cover ups.

The media will protect the identity of the whistleblowers and stand by the stories they publish by staking their reputation, credibility and liability to prove the authenticity of the information they have obtained.

If at anytime the media feel that the information is suspect, they will not publish them as their credibility will be in ruins. Revealing who the whistleblower is will not make the expose any more credible, otherwise nobody will come out to give any information. And no wrongdoings will ever be made public.

The Watergate scandal was an example where the whistleblowers were not revealed until decades later.

Back to the issue at hand, some of the media in Malaysia seems to be in total opposite of what journalism should be doing when it comes to 1MDB.

For instance, when the wife of the Prime Minister was revealed to allegedly have millions of ringgit in her private accounts, some members of the media began to question the documents exposed. Some even went on a wild goose chase of showing the public that the IC number could be wrong or there is no way the account would have been opened in 1984 as the bank did not exist at that time.

WSJ-NAJIBThe issue was laid to rest when her lawyers themselves admitted that the account belongs to her.

Same goes to the issue of the Prime Minister’s private accounts. Instead of trying to figure out the truth, the media went on a rampage of trying to discredit whether the Prime Minister’s accounts did exist.

In the end, after such useless acts of defending the indefensible, the Attorney General himself confirmed what Wall Street Journal had been stating, that the accounts did exist.

People should not fall prey to the shifting of goalposts. Every statement made must be dissected and read between the lines.

Thank you and Selamat Hari Raya Aidilfitri, maaf zahir dan batin.

You might also want to read:

1) Nazri defends Rosmah over RM2 million cash deposits

2) How can a ‘housewife’ earn RM2m in cash?

3) Bila 1MDB Tuduh TheStar Sloppy, Tapi Jawapan Yang DiBeri Lebih Sloppiest!

4) How it will all end

5) Going on leave best of 3 options for Najib, says Musa Hitam

#1mdb, #malaysian-corporate-matters

Did Petrosaudi swindle 1MDB and steal our money?

Continue reading

#1mdb, #malaysian-corporate-matters

Liar, liar pants on fire. They lied to save 1MDB


“We won’t be using people’s money to bailout 1MDB”

Everytime a politician, a minister or any Tom, Dick and Harry tried to defend 1MDB, they will lose credibility.

Take for example what the Prime Minister said yesterday when he defended Tabing Haji’s land purchase from 1MDB:

Najib, who is also 1MDB’s advisory board chairman, reiterated today that the land purchase was not a bailout.

“Surely we won’t be using the people’s money to bailout 1MDB.

“That is not a responsible government,” he said.

This is the ‘responsible’ government that had given RM950,000,000 of rakyat’s money to 1MDB back in March 2015 under the pretext of ‘standby credit’.

Nine hundred and fifty million ringgit of our money just to save a company which had stupidly acquired massive loans unnecessarily?

But the Prime Minister, without any guilt or hindsight had simply blurted out, “we won’t be using people’s money to bailout 1MDB”. He added ‘surely’ in the beginning of his sentence in case we do not believe him.

And since it is proven that indeed the government had bailed out 1MDB, it is now without any doubt the government under his administration is truly irresponsible. Can you believe a liar? Who had lied in parliament, and now in front of the media and bloggers in a buka puasa event?

The audacity of it all, the ability to lie to an audience with a straight face is a skill nobody can easily adapt.

Perhaps a better script management should be set in place.


Losing more and more credibility and integrity

Another politician who often times give misrepresentation of facts is the Finance Minister II.

When trying to defend 1MDB, he grabbed at straws and pinned all 1MDB’s woes to the arrest of one Xavier Justo.

Ahmad Husni said the arrest of former PetroSaudi International Ltd (PSI) executive, Xavier Justo, in Thailand recently has much impact to the 1MDB issue.

“Before this, 1MDB was seen as a ‘fragile’ company, involved in scandals and faced various ‘online’ accusations.

“With the arrest of Justo, and based on what he said, it is clear that the various issues concerning 1MDB did not arise and that it is on the right track,” he said when winding-up debate on the 11th Malaysia Plan at the Dewan Negara here Monday.

Basically, it seems that 1MDB is a healthy company and moving along well. Nevermind that it had raked RM665 million in losses with burgeoning debt of RM42 billion!

An article by one Khairie Hisyam says it all. Excerpt:

And now Second Finance Minister Ahmad Husni Hanadzlah has claimed that because Justo is now in custody, 1MDB’s problems do not exist.

“Before this, 1MDB was seen as a ‘fragile’ company, involved in scandals and faced various ‘online’ accusations,” said Husni in Parliament today. “With the arrest of Justo, and based on what he said, it is clear that the various issues concerning 1MDB did not arise and that it is on the right track.”

But the logic is flawed and incomplete. Do we know what documents were allegedly tampered and how many? What do the originals look like? What information could have been changed by Justo to create a scandalous picture out of nothing, if Husni and his people are to be believed?

Then again maybe the minister has forgotten that 1MDB’s woes exist long before Justo’s leaked documents came to public awareness, tampered or otherwise.

From perusing 1MDB’s annual accounts lodged with the Companies Commission of Malaysia (CCM) alone, the discerning public would have noticed that 1MDB has never made real profit throughout its existence. Its claim to annual profit in four out of five full financial years so far had been entirely due to paper gains (see chart).


Comparison on types of profit

As a quick aside, in FY10 1MDB booked RM651.8 million in paper profit when it converted its 40% stake in a short-lived joint venture with Petrosaudi International into a loan to the latter. Then in FY11 through to FY14 the company booked revaluation gains on property it originally acquired at cheap prices from the government.

In other words, 1MDB had been bleeding since it was born, hiding these losses with paper profits. The company was shown up in the 2014 financial year ended March 31, 2014 (FY14) when its paper gains were no longer enough to paper over its cash bleed.

This is simply unsustainable. Clearly 1MDB had been speeding down the highway to ruin. So how is 1MDB on the right track, dear minister?

Unless, of course, by “right track” the good minister had meant something else entirely: borrow billions to pay inflated prices for power assets and invest the rest in dodgy schemes, losing money in the process, only to turn around and sell those assets and investments to pay the billions of debt in the first place.

Read the rest of his opinion here.

Please do not lie to the public. Salam Ramadhan everyone and have a good weekend.

You might also want to read:

1) Wall Street Journal claimed Najib Razak siphoned money

2) Acting Prime Minister must lead the 1MDB investigation

3) Najib – Ikut Ajaran Islam, Kita Perlu Cari Kebenaran

4) PM must go on leave after WSJ’s 1MDB claims, says MP

5) When ‘Yes’ can mean ‘No’

#1mdb, #malaysian-corporate-matters

Penyelewengan ketara 1MDB

Di dalam tahun 2009, 1MDB telah mendapat RM5 billion hutang jangkamasa panjang yang dijamin oleh Kerajaan. Apakah yang dilakukan oleh 1MDB apabila mendapat wang tersebut?

Kita telah berbincang secara ringkas di dalam artikel yang lepas bagaimana 1MDB telah memberi berbillion billion wang tunai kepada syarikat usahasama mereka dengan PetroSaudi:

1MDB sendiri mengaku bahawa wang tunai USD1 billion yang dilaburkan oleh mereka pada tahun 2009 di dalam syarikat usahasama mereka dengan Petrosaudi telahpun ditukarkan menjadi pinjaman kepada syarikat tersebut di dalam tahun 2010.

Sepanjang tahun 2010 dan 2011, 1MDB telah melabur lagi sebanyak USD830 juta ke dalam syarikat tersebut (dan digantikan sebagai pinjaman) walaupun usahasama telah ditamatkan di dalam bulan Mac 2010. Walhal, 1MDB bukanlah dicipta dan diberi mandat untuk memberi pinjaman kepada syarikat asing.

Kertas pinjaman (bukan wang tunai) tersebut yang sepatutnya bernilai USD1.83 billion (USD1 billion + USD830 juta) kemudiannya ditukar pula menjadi sijil saham di dalam anak syarikat Petrosaudi yang lain pada 1 Jun, 2012.

Hanya selang empat bulan kemudian iaitu pada 12 September 2012 1MDB menjual pula sijil saham tersebut tetapi 1MDB tidak mendapat balik wang tunai bahkan sijil saham tersebut telah ditukar menjadi ‘unit-unit pelaburan’ di dalam bentuk yang tidak diketahui dan unit tersebut yang dinilai semula menjadi USD2.318 billion telah disimpan di dalam satu lagi anak syarikat 1MDB yang baru ditubuhkan bernama Brazen Sky.

Wang 1MDB melompat lompat dari satu syarikat ke satu syarikat di dalam jangkamasa yang sekejap, di dalam pelbagai bentuk, dan akhirnya bertukar menjadi ‘unit’.

Apabila kita bertanya mengapa kita hanya mendapat unit dan bukan wang tunai, 1MDB menemplak para penyoal dengan mengatakan jawapan sudah diberi berulangkali. Yang hanya diberi adalah jawapan bagaimana wang USD1.83 billion telah bertukar menjadi unit sebanyak USD2.318 billion.

Itu semua sudah tahu. Yang kita mahu tahu ialah, mengapa 1MDB begitu bodoh memberi wang tunai, yang telah digunakan sesuka hati oleh syarikat arab tersebut dan sebagai ganti, kita mendapat unit sahaja? Mana perginya wang asal USD1.83 billion tersebut?

Hakikatnya, wang dari hutang RM5 billion telah diberi kepada orang lain. Bagaimanapun, hutang asal tetap perlu dibayar oleh 1MDB.

Apakah jawapan kerajaan kepada persoalan di atas?

Mereka masih tidak dapat menjawab dengan jujur.

Jawapan terbaik yang diberi oleh mereka adalah seperti berikut:

Malaysiakini reported ministry as also saying that 1MDB withdrew its US$2.318 billion  offshore savings in the Cayman Islands in two tranches, the first of which was used to repay debts.

“The first tranche of US$1.215 billion has already been used to pay back loan interest, working capital, and other scheduled commitments.

Terjemahan: Kementerian kewangan berkata 1MDB telah mengeluarkan USD2.318 billion dari Cayman Islands di dalam dua kumpulan, yang pertama digunakan untuk membayar semula hutang.

“Kumpulan pertama sebanyak USD1.215 billion telahpun diguna pakai untuk membayar balik bunga pinjaman, modal kerja dan komitmen berjadual yang lain.”

Bila kita tanya apa jadi dan mana pergi dengan wang itu, mereka menjawab: “Oh, kita sudah pun mendapat balik wang tersebut.”

Oleh itu, kita boleh menyimpulkan bahawa 1MDB telah membuat pinjaman dalam tahun 2009 sebanyak RM5 billion, kemudian telah memberi pak arab duit tersebut dan beberapa tahun kemudian, menggunakan unit-unit tersebut untuk membayar hutang?

Pi mai pi mai tang tu.

Back to square one.

Ini saja jawapan yang mereka boleh bagi untuk melindungi penyelewengan yang berlaku. Adakah mereka yang menjawab bagi pihak 1MDB ini sudah buta hingga tidak dapat melihat betapa dangkalnya jawapan mereka?

Perlu diingatkan bahawa mandat syarikat usahasama 1MDB tersebut seperti yang tertera di dalam laporan audit tahun 2010 mereka adalah:

“Entering into and participating in businesses and economic opportunities within and outside Malaysia with the objective of enhancing and promoting the economic development of Malaysia.”

Terjemahan: “memasuki dan mengambil bahagian di dalam perniagaan dan peluang ekonomi di dalam dan di luar Malaysia dengan objektif meningkatkan dan menggalakkan pembangunan ekonomi di Malaysia.”

Pembangunan apakah yang telah dibangunkan oleh syarikat usahasama tersebut? Berapa banyak lapangan terbang atau lebuhraya atau sekolah atau hospital yang mereka telah bina dengan wang sebanyak USD1.83 billion tersebut?

Tidak ada.

Apa guna membuat hutang, kemudian memasuki segala macam transaksi dengan pelbagai syarikat yang kita tidak tahu asal usulnya semata mata untuk membayar semula hutang?

Yang untung cuma syarikat-syarikat arab tersebut dan para broker dan bank.

Yang ruginya siapa? Rakyat Malaysia juga kerana wang tersebut sepatutnya boleh digunakan untuk perkara perkara yang lebih berfaedah. Ianya juga merupakan transaksi yang membuang masa kita semua.

Daripada 1MDB memberi berbillion billion ringgit duit pinjaman kepada syarikat asing yang mencurigakan, alangkah baiknya jika wang tersebut dilaburkan di dalam negara kita sendiri.


Janganlah kita bersorak gembira melindungi penyelewengan. (Gambar Hiasan)

Kalau ini bukan dipanggil menyeleweng wang yang dijamin oleh kerajaan maka kita tidak tahu ianya hendak dipanggil apa lagi. Hanya yang bekerja keras melindungi penyelewengan ini yang akan kelam kabut melolong sambil menegakkan benang yang basah.

Lagi lagi pula kita tidak mengetahui jika betul unit unit tersebut sudah dikembalikan kerana untuk tahun kewangan berakhir 2015, akaun 1MDB masih belum diaudit lagi.

Adakah betul unit unit tersebut telah digantikan dengan wang tunai? Membawa pulang wang sejumlah begitu besar pasti mendapat perhatian di dalam sistem perbankan negara.

Maka tamatlah kisah duit hutang kita yang lesap. Apakah yang telah dibuat oleh syarikat syarikat arab tersebut dengan duit rakyat Malaysia? Bak kata Tun Dr Mahathir, “we really don’t know where it is”.

Amat malang apabila orang Malaysia telah ditipu bulat bulat oleh kuncu kuncu para pemimpin kita.

Jika Datuk Sri Husni Hanadzlah, jurucakap rasmi kerajaan mengenai isu 1MDB pun tidak boleh menerangkan kepada kita semua apakah sebenarnya ‘unit’ tersebut, masakan orang lain boleh menerangkan kepada kita dengan tepat dan jujur?

Kita rakyat Malaysia harus berhati hati setiap kali 1MDB menjawab sebarang jawapan. Mereka di dalam kedudukan hanya untuk menyelamatkan diri sendiri dan sejarah mendapati setiap jawapan yang diberi hanyalah dipenuhi retorik, kabur atau melencong sama sekali.

Untuk mendapat maklumat lebih lanjut mengenai asal usul 1MDB dan unit unit tersebut, boleh lah baca artikel dari blog Pure Shiite bertajuk “Soalan soalan yang harus dijawab oleh Arul Kanda sebelum masuk ke dalam bilik PAC”.

Sekian terima kasih.

Anda mungkin mahu membaca:

1) Penipuan kerajaan Malaysia dibongkar oleh Bernama

2) The Edge mendapat surat tunjuk sebab oleh Zahid Hamidi tetapi tidak tahu untuk sebab apa

3) Zahid Hamidi pun tak tahu kenapa dia memberi surat tunjuk sebab tersebut

4) Menteri Kewangan ada hands on control keatas ekonomi, tapi memerlukan penarafan Fitch?

5) Arul Kanda is now a politician


Received this message by a very esteemed reader. We are touched by the Allen Ginsberg's quote. Thank you.

Received this message by a very esteemed reader. We are touched by the Allen Ginsberg’s quote. Thank you.

#1mdb, #malaysian-corporate-matters

Bekerja keras melindungi penyelewengan 1MDB


Sudah beberapa hari nampaknya berlegar-legar kaki penipu di dalam media sosial yang mengatakan bahawa wang di dalam usahasama 1MDB dan Petrosaudi tidak lesap. Para penipu ini tanpa segan silu memaparkan kejahilan mereka kepada semua rakyat Malaysia apabila tidak memahami isu dan fakta yang sebenar.

Apa yang hanya mereka tahu adalah, kedudukan Perdana Menteri dan reputasi 1MDB harus diselamatkan demi menjaga periuk nasi mereka sendiri.

Ada banyak pesanan ringkas yang disebarkan di dalam Whats App. Antara yang disebarkan kepada orang ramai adalah:

“Dalam usahasama 1MDB – Petrosaudi, TIADA WANG YANG LESAP. Jika sebanyak USD1.83 bilion dilaburkan dan sebanyak USD 2.318 bilion dikembalikan, ia bukan dipanggil LESAP, tetapi bertambah. “LESAP” ini hanya khayalan dan ilusi Tun Dr Mahathir, pemimpin-pemimpin pembangkang dan juak-juak mereka.”

Kita tertawa mendengar celoteh mereka yang dangkal ini. Sedangkan 1MDB sendiri mengaku bahawa wang tunai USD1 billion yang dilaburkan oleh mereka pada tahun 2009 di dalam syarikat usahasama mereka dengan Petrosaudi telahpun ditukarkan menjadi pinjaman kepada syarikat tersebut di dalam tahun 2010.

Sepanjang tahun 2010 dan 2011, 1MDB telah melabur lagi sebanyak USD830 juta ke dalam syarikat tersebut (dan digantikan sebagai pinjaman) walaupun usahasama telah ditamatkan di dalam bulan Mac 2010. Walhal, 1MDB bukanlah dicipta dan diberi mandat untuk memberi pinjaman kepada syarikat asing.

Kertas pinjaman (bukan wang tunai) tersebut yang sepatutnya bernilai USD1.83 billion kemudiannya ditukar pula menjadi sijil saham di dalam anak syarikat Petrosaudi yang lain pada 1 Jun, 2012.

Hanya selang empat bulan kemudian iaitu pada 12 September 2012 1MDB menjual pula sijil saham tersebut tetapi 1MDB tidak mendapat balik wang tunai bahkan sijil saham tersebut telah ditukar menjadi ‘unit-unit pelaburan’ di dalam bentuk yang tidak diketahui dan unit tersebut yang dinilai semula menjadi USD2.318 billion telah disimpan di dalam satu lagi anak syarikat 1MDB yang baru ditubuhkan bernama Brazen Sky.

Wang 1MDB melompat lompat dari satu syarikat ke satu syarikat di dalam jangkamasa yang sekejap, di dalam pelbagai bentuk, dan akhirnya bertukar menjadi ‘unit’.

Fakta ini diakui sendiri oleh 1MDB di dalam jawapan mereka kepada Tun Dr Mahathir dua minggu lepas.

Oh ya, Brazen Sky hanyalah ditubuhkan di dalam bulan Ogos tahun 2012 di mana 1MDB memegang USD1 sebagai 100% pemegang saham. Bayangkan, satu syarikat baru yang mempunyai saham cuma USD1 diberi kepercayaan oleh 1MDB untuk mengendali unit unit kononnya sebanyak USD2.318 billion tersebut.

Apabila kita bertanya mengapa kita hanya dikembalikan unit dan bukan wang tunai, 1MDB menemplak para penyoal dengan mengatakan jawapan sudah diberi berulangkali. Yang hanya diberi adalah jawapan bagaimana wang USD1.83 billion telah bertukar menjadi unit sebanyak USD2.318 billion.

Itu semua sudah tahu. Yang kita mahu tahu ialah, mengapa 1MDB begitu bodoh memberi wang tunai, yang telah digunakan sesuka hati oleh syarikat arab tersebut dan sebagai ganti, kita mendapat unit sahaja? Mana perginya wang asal USD1.83 billion tersebut?

Unit-unit inilah yang para penipu di atas mengatakan bahawa tiada wang yang lesap. Ini semua taktik untuk mengaburi mata rakyat yang tidak arif dalam hal 1MDB sahaja. Akan tetapi bagi mereka yang tahu, dan tidak tertipu dengan dakyah tersebut, penipuan sebegini dipandang hina sama sekali.

Daripada 1MDB memberi berbillion billion ringgit duit pinjaman kepada syarikat asing yang mencurigakan, alangkah baiknya jika wang tersebut dilaburkan di dalam negara kita sendiri?

Hakikatnya, wang tunai yang dilaburkan telah lesap, dan di dalam tangan 1MDB hanyalah kertas kertas yang dipanggil unit. Menteri Kewangan II pun mengaku bahawa wang tunai yang sepatutnya menjadi hak kita rupa rupanya sudah berubah menjadi unit. Apabila ditanya apakah bendanya unit itu, beliau menjawab “units, just units” (unit, cuma unit) tanpa memberi jawapan yang lebih komprehensif dan bermakna.

Amat malang sekali apabila setiap kali 1MDB menjawap soalan, ianya tidak menumpukan kepada perkara asas yang ditanyakan. Malah, mereka memberi jawapan yang berdolak dalih dan tidak jujur.

Pada mulanya 1MDB mengatakan ianya adalah tunai, dan diperakui oleh Perdana Menteri sendiri di dalam Parlimen. Malangnya, apabila penipuan mereka diketahui, Kementerian Kewangan menukar jawapan Perdana Menteri kepada ‘units’.

Bayangkan apabila kita melabur di dalam bank sebanyak RM1,000 ringgit, dalam masa dua tahun, bank kembalikan kepada kita hanya kertas pelaburan dipanggil unit. Kita tidak boleh menukarkan unit ini menjadi wang tunai di bank bank lain atau di mana sahaja kerana nilainya tidak diakui oleh pihak pihak lain.

Sedangkan Deloitte, iaitu auditor 1MDB sendiri mencurigai kesahihan jumlah tersebut bilamana di dalam laporan audit 2014 mereka, unit unit ini telah diklasifikasikan sebagai aset kelas ketiga iaitu, kesahihan nilai aset tersebut tidak dapat ditentukan secara jitu.

Inilah masalah yang dihadapi oleh 1MDB. Mereka sudah tidak mempunyai kecairan wang.

Jika inilah tahap kepandaian para penipu tersebut maka tidak hairanlah apabila 1MDB sendiri mengalami kerugian sebanyak RM665 juta pada tahun 2014 dan jumlah hutang sebanyak RM42 billion!

Apabila guru kencing berdiri, anak murid kencing berlari. Kerugian RM665 juta bukanlah satu jumlah yang kecil.

Bayangkan sebegitu banyak kerugian yang dialami. Disertakan pula oleh jumlah hutang yang tidak mampu dibayar.

Ibarat sudah jatuh ditimpa tangga.

Ini baru jumlah kerugian di tahun 2014. Bagaimanakah agaknya kerugian dan jumlah hutang 1MDB di dalam tahun 2015? Mungkin amat dahsyat sekali. Sebab iu mereka terketar ketar melambatkan proses pengauditan oleh Deloitte. Apa pun alasan mereka, hingga kini Deloitte masih belum mengaudit akaun 1MDB untuk tahun berakhir 30 Mac 2015.

Kasihan sungguh dengan rakyat Malaysia kerana terpaksa menebalkan muka menagih simpati dari IPIC untuk membayar hutang RM975 juta pada awal bulan Jun yang lepas.

Dan sekarang pula kita disodokkan lagi dengan rayuan kepada IPIC untuk membayar hutang hutang 1MDB yang lain.

Malulah rakyat Malaysia kerana akibat kealpaan Menteri Kewangan I di dalam menerajui 1MDB, Malaysia terpaksa merayu syarikat dari Tanah Arab untuk mengampunkan hutang-hutang kita (debt forgiveness). Nampak sangat kita orang Malaysia tidak tahu berniaga.

Apa lagi bukti yang juak juak berkulit tebal ini perlukan? Apa lagi bukti yang kita rakyat Malaysia perlu tunjukkan kepada mereka bahawa 1MDB adalah satu syarikat yang telah jauh menyeleweng?

Jika betul 1MDB tidak mempunyai masalah, mengapa perlu Kementerian Kewangan memberi ‘standby credit’ kepada 1MDB sebanyak RM950 juta pada bulan Mac lepas? Mengapa juga perlu meminta bantuan dari syarikat asing untuk menyelamatkan mereka? Adakah 1MDB tidak mempunyai wang langsung?

Orang arab sudah ambil wang USD1.83 billion kita, orang Malaysia pula yang terkucar kacir ingin melindungi penyelewengan yang berlaku. Malah pemimpin Malaysia sanggup menipu rakyat Malaysia untuk menutup kebodohan sendiri. Kejujuran perlulah ada. Jika sesuatu tidak betul berlaku, amanah yang diberi mengarahkan kita untuk bersikap jujur di dalam mengaku kesilapan.

Dalam masa yang sama, mereka yang cuba melindungi penyelewengan 1MDB tidak perlulah menipu diri sendiri dengan cara memperbodohkan orang lain. Jika tidak faham rentetan wang pelaburan 1MDB di dalam Petrosaudi, jika jawatan lebih penting dari kebenaran dan masih berdegil mahu membutakan hati, maka tidak perlulah berhujah mengenai 1MDB. Nampak sangat termakan dengan khayalan dan ilusi yang dicipta sendiri.

Sekian, terima kasih.

Sila baca artikel seterusnya: “Penyelewengan 1MDB yang amat ketara”

Anda juga mungkin ingin membaca:

1) 1MDB, tolong jangan menipu lagi

2) Wan Junaidi: Sarawak Report mengolah email Petrosaudi cuma tanggapan kerajaan sahaja

3) Para menteri memalukan negara dengan jawapan jawapan bodoh

4) Perdana Menteri adalah suspek utama

#1mdb, #kipidap, #malaysian-corporate-matters

The weird mental state of 1MDB bosses and the politicians

Yesterday we discussed about the reports on how TNB had bailed out 1MDB after it withdrew from the Project 3B. Instead of being penalised for wasting Energy Commission’s time, 1MDB were given millions by TNB.

Imagine, 1MDB haven’t started anything yet with the project they were awarded, canceled their involvement and then get paid for it! From now on, all companies vying for projects in Malaysia will follow this trend – Apply for projects from government, get the award letter, don’t do anything for several months, then get paid by the next idiot who takes over the project.

1MDB even had the audacity to reply Wall Street Journal with the most nonsensical and delusional answer in history.

Asset acquisitions driven by long-term view

1MDB notes a recent Wall Street Journal article suggesting that 1MDB had overpaid for the acquisition of its energy assets. As we have previously stated, we only acquire assets when we are convinced that they represent long-term value, and to suggest that any of our acquisitions were driven by political considerations is simply false.

The fact of the matter is that these claims are a repetition of old allegations that have been driven by political opponents of the Government, including the former Prime Minister Tun Dr Mahathir Mohamad. They have never been substantiated nor supported by evidence, just as Tun Mahathir has never produced any evidence for his claim that RM42 billion was missing from 1MDB, because the reality is that this RM42 billion is debt backed by RM51 billion of assets.

1MDB takes a long-term view of value when entering into transactions; not just for the company, but for the country, as befits our 100% ultimate ownership by the government of Malaysia. The acquisition price we paid was based on this long-term view, as well as advice received from independent valuation advisers, and the prevailing market conditions at the time. On this basis, we believe that the value paid upon asset acquisition – which may have involved a premium in certain instances, as is common when acquiring another business – is commensurate with the existing and future potential of the assets.

It is important to note that since acquiring the first energy asset in 2012, 1MDB has built a leading international independent power producer in Southeast Asia. The portfolio currently comprises 13 power plants in five countries, along with the rights to construct further gas and solar-powered plants. Today, Edra Energy is the second largest independent power producer in Malaysia, and the largest in Egypt and Bangladesh, with additional operations in Pakistan and the United Arab Emirates. In total, it has gross installed capacity under management of 6,619 MW with an effective capacity of approximately 5,594 MW.Source

What good has come out of building a leading IPP when your company health is in turmoil? It’s akin to a person arrogantly claim to build a huge house but then a short while later had to dismantle the house midway in order to service the massive loan he took to build that house. Isn’t this stupid?

The arrogant and the delusional

The arrogant and the delusional

Today, what can 1MDB be proud of? The Prime Minister wanted to create mega projects of his own but had done it using sovereign debts which ultimately could not be repaid. In the end, he had to sell piece by piece the assets 1MDB acquired through loans even before anything has started in order to pay the billions of loans they took.

Most of 1MDB defenders are also clamouring on the narrative that 1MDB critics must submit proof. These people and politicians alike are actually telling the rakyat if we want to criticise 1MDB, we need to show them implicating documents to prove that our questions are valid.

This kind of arrogance will prove to be a curse for Barisan Nasional. Imagine, the rakyat asked questions, but the government is asking us to furnish the proof. Are the documents being kept by the rakyat or by the government/1MDB?

Is the rakyat managing the RM42 billion debt? Is the inability of 1MDB repaying its loans due to over-stretching its debt is caused by the rakyat?

The rakyat asked questions based on the information 1MDB had released. Even this blog questioned the silly decisions and the mismanagement which made them lose money based on their own submission of information.

Yet, the rakyat is asked to show evidence to the government? From which planet did these people come from?

When critics asked questions and ran down Malaysia Airlines for losing money and getting bankrupt. Did MAS management asked the rakyat to bring proof? No, their management is not as arrogant as 1MDB’s delusional bosses.

When the MAS-AirAsia share swap was criticised by the rakyat as a bad idea, did the government asked the people to show proof of documentation that the idea was really bad? Of course not. People have common sense.

Then why is 1MDB any different? Is it because the Prime Minister is directly involved and needed to be saved by hook or by crook? Have all the 1MDB loving people lost their common sense and gone cuckoo?

Is it not enough proof that mismanagement had occurred when 1MDB needed to be rescued via a rationalisation exercise? Is it not enough proof that based on 1MDB’s own press statement that billions of cash disappeared and is mysteriously replaced by dodgy units?

Is it not proof of stupidity in managing a business when for financial year 2014, 1MDB is straddled with RM42 billion debt with net loss of nearly RM700 million in that year itself? This is not 700 ringgit or 7,000 ringgit ladies and gentlemen. It is a loss of approximately 700,000,000 ringgit! Even their cashflow statement is in the negative. Hence, by 2015, 1MDB could not continue as a going concern and has to be bailed out! Why is 1MDB so stupid?

Suddenly for the lovers of 1MDB, RM700,000,000 loss is alright and acceptable? People have been sacked, heads have rolled for something much less than that! Remember, for every ringgit lost in 1MDB, that’s one ringgit less for something that could’ve been done better elsewhere.

Is it not enough proof of management incompetency that most of the projects could not start because 1MDB now have barely any money to sustain even its basic operations?

Is it not proof that the Prime Minister holds 4 other powerful positions (Finance Minister, President of Umno, Chairman of 1MDB Board of Advisor and Chairman of Khazanah Nasional) which is perceived to render all investigations by PAC and Auditor General as useless? When the AG Report is reported not to be made public, it is indeed deemed useless by the public.

Does it not seem that with the all powerful PM clinging on to power, he is deemed as a covering up for 1MDB’s blunders and do not want to be held accountable for its failures?

There are many more questions which are not comprehensively answered but has proven to be the cause of 1MDB getting into this massive scandal.

The best news of the day came from the Finance Minister II where he said nothing is wrong with 1MDB and the company is on the right track! Husni Hanadzlah today have said:

“Before this, 1MDB was seen as a ‘fragile’ company, involved in scandals and faced various ‘online’ accusations. 

“With the arrest of Justo, and based on what he said, it is clear that the various issues concerning 1MDB did not arise and that it is on the right track”.

This kind of imbecilic answer is only fit in a mental institution.

If they had been honest and did not not resort to lies when answering the questions, and did not dither in giving us the explanation, perhaps the damage caused which led to much public distrust will not be this catastrophic.

Has the Board of 1MDB and its advisors been sacked yet? Has the Finance Minister stepped down in shame for his inability to supervise 1MDB with good governance?

It seems everyone involved in wrongdoings are trying hard to cling to power. Worse, those around them are very supportive about it.

You might want to read:

1) About Justo

2) Najib foregoes chance to regain credibility

3) Sumbangan 1MDB Amat Besar Kepada Umat Islam

4) Nyawa Extension 18 Bulan. Untung atau Rugi Kepada UMNO/BN?

5) WSJ: Valuation on IPP was done by Goldman Sachs

#1mdb, #malaysian-corporate-matters