Nak Tutup 1MDB Tapi Berhutang Lagi?

A Kadir Jasin

NAK tutup (wind down) 1MDB?

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Kalau nawaitu betul, “business model” bagus, harta banyak, juruaudit luar kata semua teratur, Lodin kata diurus dengan baik, tak ada siapa menipu, Jho Low tak ada kena mengena, tak bayar komisen berbilion ringgit dan tak ada duit lesap, sebab apa nak “wind down” 1MDB?

Takkan kerana dipertikai oleh Tun Dr Mahathir Mohamad dan dipersoalkan oleh beberapa kerat blogger yang kutip berita dari tepi jalan (guna pakai ungkapan Encik Rizal Mansor), Perdana Menteri naik gabra dan nak tutup 1MDB?

Betul ka? Ini kita kena tanya jurucakap Kabinet mengenai 1MDB, Ahmad Husni Hazadlah. Itu pun kalau Ahmad Husni bercakap dengan atau atas persetujuan Kabinet.

Tapi surat khabar milik MCA, The Star kata, 1MDB akan ditutup menjelang awal tahun depan.

Kalau nak tutup, apa hal pula buat rancangan supaya para pelabur Abu Dhabi suntik AS$4.5 bilion (kira-kira RM16.4 bilion) ke dalam 1MDB untuk bayar balik hutang 1MDB sebanyak RM42bil itu?

Dua peminjam Abu Dhabi itu ialah International Petroleum Investment Company (IPIC) dan unit pelaburannya, Aabar Investments. Inilah syarikat Arab yang jadi “rakan kongsi” Jho Low dalam urus niaga dengan 1MDB.

Khadem al Qubaisi "kawan" Jho Low di IPIC kena lucut jawatan

Jadi bukan tutuplah, tapi atur balik perniagaan supaya boleh terus berhutang untuk bayar hutang. Masih cerita gali lubang baru untuk timbus lubang lama.

IPIC dan Aabar akan beri hutang baru RM16.4 bilion untuk bayar balik sebahagian daripada hutang 1MDB sebanyak RM42 bilion, termasuk dari IPIC dan Aabar. AS$1 bilion sudah pun dimasukkan ke dalam akaun 1MDB.

Ikut berita The Star, 1MDB akan dipecahkan tiga, iaitu Tanah/Projek Tun Razak Exchange (TRX), Tanah/Projek Bandar Malaysia dan penjanaan elektrik  di bawah Edra Global Energy Sdn Bhd.

Pankalan TUDM Sungai Besi jadi Bandar Malaysia

IPIC dan Aabar tentulah tak akan suntik RM16.4 bilion kalau tak dapat cagaran yang berharga atau saham yang berbaloi. Rasa-rasanya mereka mahu saham dan bukan cagaran.
IPIC/Aabar Akan Dapat Saham Edra?

Maklumat tepi jalan kata, IPIC/Aabar mungkin mendapat hingga 49 peratus saham Edra Energy apabila disenaraikan atau dijual melalui pengeluaran persendirian.

Kita tidaklah mahu berburuk sangka dengan berkata mungkin duit RM16.4 bilion itu sebenarnya sebahagian daripada hutang 1MDB yang Dr Mahathir kata tidak dapat dikesan.

Tutup atau susun semula 1MDB tidak mengurangkan beban dan tanggungjawab pihak-pihak yang mereka cipta 1MDB, khususnya Mohd Najib Abdul Razak selaku Perdana Menteri, Menteri Kewangan dan Pengerusi Lembaga Penasihat 1MDB.

Penyiasatan ke atas 1MDB wajib diteruskan. Alhamdulillah saya mendapat maklum daripada sumber-sumber tepi jalan yang rapat dengan anggota Jawatankuasa Kira-Kira Wang Awam (PAC) bahawa banyak maklumat sulit sudah didapati.

Malangnya maklumat itu mungkin lebih buruk daripada yang kita ketahui selama ini. Besar kemungkinan lebih banyak bank dan institusi kewangan tempatan yang terdedah kepada krisis hutang 1MDB, termasuk institusi yang berkaitan eksport dan import. Dikhabarkan juga bahawa ada cek bernilai beratus juta dolar bertukar tangan.

Agaknya kerana sebab itulah Presiden dan Pengarah Eksekutif Kumpulan 1MDB, Arul Kanda Kandasamy tergesa-gesa memberi taklimat kepada Pengerusi Kelab Penyokong Kerajaan BN, Shahrir Abdul Samad yang pernah jadi Pengerusi PAC. Shahrir adalah antara penyokong kuat Mohd Najib.

Orang Putih penasihat media Mohd Najib

Arul Kanda tidak boleh jumpa PAC kerana kononnya berada di luar negara tetapi sampai saja di Kuala Lumpur beliau bergegas jumpa Shahrir yang khabarnya diiringi penasihat media Mohd Najib, Paul Stadlen.

Wallahuaklam.

PM Goes On The Offensive

A Kadir Jasin

UPDATE, May 30 – BERNAMA reported that Cabinet has appointed Second Finance Minister Ahmad Husni Hanadzlah as government's spokesman on matters pertaining to 1MDB.

Minister in the Prime Minister's Department, Mah Siew Keong, said the appointment was made to avoid contradictions in statements issued on the company.

This is a laudable move provided that Ahmad Husni gets the instruction from the Cabinet and tells only the truth, bearing in mind he had in the past contributed towards making contradictory statements.

His appointment is an admission at the highest level – the Cabinet – that Prime Minister Mohd Najib Abdul Razak and a whole host of 1MDB’s spokesmen including Lodin Wok Kamaruddin, Ahmad Maslan, past and present presidents of the company, its auditors, officers of the PMO and the Finance Ministry had either deliberately told the untruths or made contradictory statements.

But for Ahmad Husni to do the job truthfully, he has to have the power similar to an administrator or receiver in 1MDB.

ORIGINAL POST

REFLECTING the new membership and strategy of his psychological warfare team, featuring the PR maestro Lim Kok Wing, Prime Minister Mohd Najib Abdul Razak has gone on a frontal attack against former PM Tun Dr Mahathir Mohamad.

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The question now is would the audience give a higher degree of credence to his replies on 1MDB after months of tentative and conflicting response.

In his latest reply, he among other things, debunked the claim that 1MDB is in financial crisis. He said the strategic investment company of the Ministry of Finance (MoF) has assets worth RM51 billion. He accused Dr Mahathir of manipulating the truth. (Read here)

But the public are more likely to be interested in Dr Mahathir’s poser concerning the possibility of the Prime Minister having lied to Parliament.

The question whether Mohd Najib has misled the Parliament on 1MDB’s so-called US$1.03 billion deposits in Singapore has the potential of creating a messy legal issue for the PM.

His attempts to distance himself from 1MDB has been effectively thwarted when Malay Mail Online revealed that according to Clause 117 of the Memorandum and Articles of Association (M&A) of the Terengganu Investment the Authority (TIA), the predecessor to 1MDB, inked on 27 February 2009, places absolute powers over the company’s decisions in the hands of the Prime Minister.

It states, among other things that the Prime Minister’s written approval is needed on any financial commitment (including investment), restructuring or any other matter which was likely to affect the guarantee given by the Federal Government of Malaysia for the benefit of the company, national interest, national security or any policy of the Federal Government of Malaysia.

Dr Mahathir immediately penned a comment in his blog to restate his earlier assertions that Mohd Najib is responsible for 1MDB.

Can the PM Escape?

In a more robust democracy, including Indonesia and Nigeria (YES Indonesia and Nigeria), Mohd Najib would have been referred to the ethnics committee and may even face impeachment proceedings.

Remember the impeachment of Indonesian President Abdurrahman Wahid in 2001? But under our law, there is no provision for impeachment by the Parliament. The House can, however, pass a vote of no confidence.

An ex-magistrate said the fact that the PM subsequently corrected his statement does not absolve him from blame. It is relevant only in mitigation.

Initially Mohd Najib said the deposits in Singapore were cash. He reinforced this in an interview aired by TV3 on April 10, when he said: “Time will determine but at a certain time, the money will be brought back to Malaysia.”

Then the deposits became asset certificates and finally, according to second Finance Minister, Ahmad Husni Hazadlah, they were “units”.

In the meantime Umno is in disarray and who is running the country we don’t know. It could be on autopilot but will crash at some point of time when it runs out of juice.

We don’t anymore know who is what in the Umno Supreme Council, the state liaison committees, the divisions and branches.

All that we know is the most of the Supreme Council members have their lips sealed while the palms of the division chiefs have been sufficiently greased. But an Umno veteran who received the visit of several deputy divisional chiefs said these people are angry and demoralised.

The expose that 1MDB’s business dealings require the consent of the prime minister also put his defamation suits against critics, including DAP Petaling Jaya Utara MP, Tony Pua and PKR Pandan MP Rafizi Ramli as well as the portal Media Rakyat in jeopardy. His wife, Rosmah Mansor is also suing.

I had, from the outset, maintained that it was unwise for the PM to sue his adversaries. He should fight them in the political arena instead of the courtroom. Anwar Ibrahim went to jail for corruption (abuse of power) in 1999 when he made a police report against a year-old “surat layang” by businesswoman Umi Hafilda.

The PM’s Options

Having declared that he would not give up because of one man (read Dr Mahathir) and that he has the support of Umno, the PM must to a couple of things to further entrench himself.

He should immediately reshuffle the Cabinet to exclude Deputy Prime Minister, Muhyiddin Mohd Yassin, for being a pain in the rear, and possibly Sabahan Shafie Apdal.

In Muhyiddin’s place he should put Ahmad Zahid Hamidi. The PM many want to rid himself of the 1MDB burden by passing the MoF job to Hishammuddin Hussein. Hishammuddin’s seat at Defence Ministry can be assumed by Ahmad Zahid.

Mohd Najib may want to take charge of the Home Ministry. The portfolio is essential just in case he is thinking of declaring an emergency should Muhyiddin or Tengku Razaleigh Hamzah launch a vote of no confidence against him in Parliament.

Attack on Dr Mahathir should be made more vicious. Writers of the calibre of late Khalid Jafri (who wrote the notorious “50 Dalil”) should be engaged to expose Dr Mahathir man and his supporters.

I am sure there are Chinese, Indian and even Malay businessmen who are willing to sponsor the project. To make it even more sensational, Anwar Ibrahim could be tempted to endorse it via a preface. I am sure that can be arranged if the latter is given a few days to rest and recreate at, say, the HUKM.

The PM has to replace the Attorney General, Abdul Gani Patail, who appears to be on a losing streak. Also he has been on extension for far too long. The safest bet for the PM is to nominate someone he knows well and trust like the senior Umno lawyer Mohd Hafarizam bin Harun.

He could fulfil the “ultimatum” by the Umno Supreme for the 1MDB crisis to be solved by June 31 by commissioning Jho Low to be middleman once again.

Jho Low should able to convince his Arab friends from PetroSaudi and elsewhere in the Gulf to underwrite 1MDB’s debts although this would mean that 1MDB’s assets including government land that it bought cheaply and the IPPs that it bought above market Price would fall into foreign hands. This could be the strategic aim of 1MDB.

By the way, Felda Global Ventures’ share on Bursa Malaysia fell to RM1.92 yesterday and comes June, the settlers’ cooperative, Koperasi Permodalan Felda (KPF) will have to declare its half yearly dividend, which in the past had been above 10%.

Wallahuaklam.

Saham TNB Merudum Kerana 1MDB

A Kadir Jasin

PERDANA Menteri yang suka melawat ke luar negara, Mohd Najib bin Abdul Razak, kini berada di Jepun.

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Sahlah darah perantau Bugisnya menjadikan beliau Perdana Menteri yang “foot loose, fancy free” walaupun negara dan rakyat jelata dilanda pelbagai musibah dan kejadian ngeri.

Adakah beliau peduli bahawa jangkitan sistemik 1MDB semakin teruk? Mohd Najib buat-buat tidak tahu manakala Gabenor Bank Negara pun diam membisu.

Kesan sistemik 1MDB jejas TNB dengan teruk

Pelabur mula hilang keyakinan. Atas cakap-cakap Mohd Najib akan paksa Tenaga Nasional Berhad (TNB) membeli aset penjanaan 1MDB, harga saham TNB merudum di Bursa Malaysia.

Mengikut laporan akhbar kawalan MCA, The Star harga saham TNB jatuh RM1.06 sejak 18 Mei lalu. Ini bermakna modal pasaran TNB jatuh RM6 bilion dalam masa seminggu. (Baca di sini)

Allahyarham Tun Razak lawat Felda Endau

Dan apa yang sudah jadi dengan Felda Global Ventures (FGV), periuk nasi peneroka Felda, yang riuh-rendah disenaraikan pada bulan Jun, 2012 sebagai persediaan pilihan raya umum 2013?

Harga tawaran awam permulaannya (IPO) RM4.55. Yang dapat beli saham, termasuk peneroka, sangat gembira. Tapi semalam harga saham FGV di Bursa Malaysia hanya tinggal RM2.02 – tidak sampai separuh. Sesiapa yang masih pegang rugi RM2.53 sesaham. Adakah Mohd Isa Abdul Samad peduli?

Mohd Najib pasarkan aset peneroka Felda

Pelabur bukan sahaja tidak percaya lagi kepada Mohd Najib malah mereka mula menarik keluar modal mereka dari Bursa Malaysia.

Apa kata pak-pak menteri yang faham ekonomi dan pasaran macam Mustapa Mohamed, Ahmad Husni Hazadlah dan Abdul Wahid Omar? Diam membisu dilanda sindrom koro? (Baca di sini)

Lupakan Idris Jala kerana bagi beliau semuanya boleh dihujahkan sebagai sempurna asalkan beliau dan Pamandu dapat nama.

Wallahuaklam.

PM Will Not Resign for One Man

A Kadir Jasin

UPDATE, May 25 – PAC announced today that its 1MDB hearing for Tuesday had to be postponed after the Ministry of Finance informed them, by letter, that two witnesses - Arul Kanda Kandasamy and former CEO Shahrol Ibrahim Halmi - were unavailable.

Shahrol Ibrahim Halmi

The MoF letter of May 22 states that 1MDB Board members, including Arul and Shahrol Ibrahim Halmi, were unavailable as they had to attend to matters abroad. 1MDB requested for a delay of 30 days.

From left: Lodin, Arul and Mohd Najib

Are these guys at the MoF and 1MBD playing punk with the PAC and us? Or have they left the country for good. Why do they ask for a 30-day delay? Are they trying to hide the books, erase the computers or seek fairy godmother’s help to make their troubles disappear? Something smell rotten! Mohd Najib is PM and MoF minister. What Bugis wayang is he playing now?

Wallahuaklam.

UPDATE - Dr Mahathir today accused Mohd Najib of lying about the whereabouts of 1MDB’s US$1.103 billion (RM3.97 billion) funds, stating that there could be possible criminal wrongdoing.

"It is saddening that I can no longer avoid from saying that the prime minister lied," he said in a blog posting today.

And just in case you are interested in Bugis wisdom, here is one: Pesan Puang Ri Manggalatung (tokoh cendekiawan zaman Kerajaan Wajo-Bugis) di Sulawesi Selatan.

”Makkedai Puang Maggalatung, Lempu naacca, Iyanaritu madeceng riparaddeki riwatakkalee, Iyatonaritu temmassarang dewata Seuwae. Naiya riasengnge acca, Iyanaritu mitae munri gau. Naiya nappogau engkapi madeceng napogaui. Narekko engkai maja, ajasija mupogaui nrewei matti jana riko.”

Dalam bahasa Melayu/Indonesia

”Berkata Puang Ri Maggalatung, kejujuran dan kepandaian, itulah yang paling baik ditanamkan pada diri kita, itulah juga yang tak bercerai dengan Dewata Tunggal. Yang disebut pandai ialah kemampuan untuk melihat akhir(akibat) perbuatan. Dan dikerjakannya adalah yang baik, bilamana dapat mendatangkan keburukan, janganlah lakukan. Bilamana tidak baik, jaganlah hendaknya engkau kerjakan, karena kembali juga nanti keburukannya kepadamu.”

ORIGINAL POST

"PM: I will not quit."

Headlined the Sunday Star today.

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The MCA paper went on: Prime Minister Datuk Seri (Pahlawan Gowa) Mohd Najib Abdul Razak says he will not step down because he still has wide support among the people as well as Umno members…He would not quit just because one person wants him to do so. (Read here)

Since the PM would not quit because “just because one person wants him to do so” let me now officially join that one person in declaring that I too want Yang Berhormat Dato’ Seri Mohd Najib bin Tun Abdul Razak to step down.

The Bugis Warrior in a sea of supporters

Now that there are two Malaysians who want him to quit, he and his newly minted psychological warfare team will have to work extra time to ensure that he does not fall.

All leaders in Mohd Najib’s position said the same thing. When I was covering Almarhum Tunku Abdul Rahman Putra Al-Haj in the final days of his rule in 1969, he said the same thing, but not arrogantly.

Then, the Tunku was being surreptitiously undermined by his deputy, Allahyarham Tun Abdul Razak Hussein, with the help of  Umno young turks like Tun Dr Mahathir Mohamad and Tunku Abdullah Tuanku Abdul Rahman.

But Tunku did not waste time and money organizing “love the PM” gatherings. He held “durian parties” where preached goodwill or he played golf with his dwindling loyalists. I covered many of these events because towards the end, editors and seniors reporters no longer followed him.

Again Tun Abdullah Ahmad Badawi said the same thing when he was being hounded by Dr Mahathir and Muhyiddin Mohd Yassin in 2008/09. He eventually gave up and Mohd Najib sailed in.

So you see all you need to topple a PM in Malaysia is two antagonists.

By the way, that bit about “Pahlawan Gowa” is totally mine. The Sunday Star has nothing to do with it.

I think it is wholly appropriate refer to the PM’s Bugis warrior ancestry because the time has come for him to summon all his Bugis courage to survive the challenge by these two Malaysians.

[Other Malaysians are welcome to side with us, or the PM. Or you can remain neutral if you don’t care or if your rice pots depend on not going against the establishment.]

A Bugis Warrior Accepts No Defeat

Don’t blame me for referring to the PM as Bugis warrior and this is not something that I picked up the roadside, as the PM’s newly-minted mouthpiece, Encik Rizal Mansor, had previously accused me of.

Mohd Najib himself bragged about his Bugis ancestry and bravery of Bugis warriors. On April 28, when presenting the Government Transformation Plan (GTP) and the Economic Transformation Plan (ETP) 2014, he said a Bugis would not abandon his ship even though it was battered by giant waves, its rudder broken, its sails torn to shreds and the ship is finally swallowed by the ocean. A Bugis would toil on instead of returning to the harbour.

[Hatta dilanda badai, patah kemudi dan terkoyak layar dan biar seribu kapal ditelan lautan adalah lebih mulia bertahan dan meneruskan perjuangan daripada berpatah balik ke pelabuhan.”]

In his bravado, Mohd Najib has reduced the Malay ship (Umno) and the Malaysian ship (his 1Malaysia) to the two-masted Bugis pinisi.

A partially sunken Bugis ship (pinisi) - Jakarta Post

The PM may still have wide support among the people as well as Umno members. The sea of people waving the Pahang flags is a proof. And don’t forget he has the support of the monarch of Pahang too. [Please note: strictly no seditious statements about the monarchy.]

But still does not last forever. It is a temporary state. Here today gone tomorrow.

The feeling of insecurity and fear of being abandoned are apparent. The appointment of a new psychological warfare team (super advisers) that includes PR/Advertising man, Lim Kok Wing (LKW), suggests that the existing machinery has not been effective and cannot be fully trusted.

Lim Kok Wing: Will he dare attack Dr M?

This includes the press secretaries, the communication advisers, the image-makers, the sponsored bloggers and the communication advisory group comprising editors of mainstream media.

Knowing LKW, he would out-talk and ride rough shot over other members of the team namely Abdullah Md Zin, Johari Baharum, Rais Yatim and Shahrizat Abdul Jalil. We can expect to see more slogans, songs, banners and cartoons if LKW has his way.

LKW owes his rise to prominence and wealth to Dr Mahathir. So is Shahrizat and Rais. The latter was still honoured by Dr Mahathir in spite of him burning the bridge during the Semangat 46 days. . Let’s see how they are going to treat the man.

But the team may not be able to rein “independent” operators like Rizal and Farid Ridzuan, the sponsored bloggers and the likes of Puad Zarkashi, Salleh Said Keruak and Paul Stadlen.

So the PM psywar may still be the game of one-upmanship with each player trying to outdo the other in order to enjoy the love and affection of the PM and his wife.

Wallahuaklam.

The Final Script in 1MDB's Saga

A kadir Jasin

I WOULD like to start by once again thanking Prime Minister’s special officer, Encik Rizal Mansor, for his allegation that all facts in my writing were picked up from the roadside.

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I continue to pick up information from the streets, the coffee shops and stalls where the rakyat jelata – the people like the angry Angela and the steady smiling Michael, the disappointed Lim and cynical Khaeruddin gather to talk about this beloved land.

But respecting Encik Rizal’s advice, I have started pursuing the more vigorously information from the cabinet room, the Umno headquarters, the executive suites and the Prime Minister’s media office although they mostly ignored my enquiries.

So, combining and aggregating information that I picked up from these sources, I would like to pose the following questions for your consideration:

1. Could the penning of the final script of the 1Malaysia Development Berhad’s saga have started?

The PM: The money will be brought back to Malaysia

[The Prime Minister Mohd Najib Abdul Razak finally admitted to the Parliament that 1MDB did not deposit any money in the Singapore branch of the Swiss-registered private bank, BSI. It “deposited” what he called US dollar-denominated assets. But 1MDB had earlier confirmed reports that it parked US$1.103 billion proceeds from investments in Cayman Islands in the bank. This was further reinforced by Mohd Najib in his TV3 interview on April 10, when he said: “Time will determine but at a certain time, the money will be brought back to Malaysia.” Now he said there was no money in Singapore but only asset certificates.]

2. Does this not amount to misleading the public and “lying” to the Parliament?

[He had publicly said or indicated that 1MDB parked its Cayman Islands money in Singapore. Now he said it wasn’t cash but assets.]

3. What assets is the Prime Minister talking about?

4. Is it true that some members of the PAC are trying hard to sabotage the committee’s investigation of the 1MDB’s affairs?

[Here are members of the committee – Nur Jazlan, Chairman (BN), Deputy Chairman Dr Tan Seng Giaw (DAP), Reezal Merican Naina Merican (BN), Abd Aziz Sheikh Fadzir (BN), Mas Ermieyati Samsudin (BN), Liang Teck Meng (BN), Madius Tangau (BN), Hasbi Hasbollah (BN), Wee Jeck Seng (BN), Kamarul Baharin Abbas (PKR), Leong Jee Keen (PKR), Kamaruddin Jaffar (PAS) and Tony Puah Kiam Wee (DAP)].

PAC Members - The Star

5. Is it true that members of the 1MDB board have been told by the Ministry of Finance (MoF) to step down?

[The MoF is the sole shareholder of 1MDB. Deputy Prime Minister and Deputy Umno President Muhyiddin Mohd Yassin, speaking at the Umno Training Centre (Ilmu) in Janda Baik a couple of days ago called for the resignation of the 1MDB board. (“….seluruh lembaga pengarah 1MDB harus dipecat dan polis dipanggil untuk menyiasat mereka.”). The first to go is likely to be its Chairman, Lodin Wok Kamaruddin. As a face saving device, it will be made to appear that he voluntarily steps down. Other board members, according to 1MDB’s official website, are Arul Kanda, Shahrol Azral Ibrahim Halmi, Ismee Ismail, Ong Gim Huat and Ashvin J. Valiram.]

Muhyiddin at Umno Training Centre, Janda Baik

6. Is it true that at least one former top executives of 1MDB faces eminent prosecution for offences relating to the company’s operations?

[Two presidents and group executive directors of the company, who had resigned were Mohd Hazem Abdul Rahman and Shahrol. The latter resigned early this year.]

7. Is it true that the MoF is mulling or is already on the verge of nominating Tenaga Nasional Berhad (TNB) as key rescuer of 1MBD and to facilitate the exercise TNB will be taken private?

8. Is it true that the management of TNB and its controlling shareholder, Khazanah Nasional Berhad, are against TNB being made to bail out 1MDB and for it to be de-listed from Bursa Malaysia, but the TNB board is in favour?

[It is unthinkable that after the Tabung Haji-1MDB land deal fiasco, Mohd Najib dares to take an even bigger risk by forcing TNB to rescue 1MDB. TNB has already taken over the 2,000-MW coal-fired project, dubbed 3B, that 1MDB could not implement due to lack of money. But Khazanah sources swore that the national power company would not bail out 1MDB or compensate it for the 3-B takeover. The sources told me via SMS: “We have no intention to take TNB private (prohibitively expensive to begin with) …, secondly TNB and/or Khazanah will not bail out or cover up for 1MDB or its assets. We are, thankfully, not involved, to date at least.” We should all make sure that it stays that way. TNB is the biggest company on Bursa Malaysia by way of market capitalisation. It is valued at RM97 billion.]

9. Since the Umno Youth Chief, Khairy Jamaluddin, has been extremely vocal about the need for PAC to get hold of Jho Low, what is he going to do about it?

Picture tells a thousand words: In Monaco they met

10. Has he not had in his possession incriminating evidence about Jho Low’s role in 1MDB that he could present to PAC?

11. Is it true that since the death of Jamaluddin Jarjis on March 4, the running of Mohd Najib’s propaganda office has been taken over by a member of his household with the assistance of a controversial Umno operator?

[It was after this changeover that attacks on Tun Dr Mahathir Mohamad and other critics of the PM picked up tempo. Their latest target is Muhyiddin. JJ and the more seasoned journalists in the PM’s media outfit would not have recommend such a strategy because they knew Dr Mahathir well. But the new team is inexperience and their method mimics that of Anwar Ibrahim that is, alleging the former PM of practising cronyism and nepotism, and was involved in many corporate rescues. It appears that this new group regards the PMO’s media operations with disdain. Encik Rizal and his mentor, Datuk Farid Ridzuan – formally from TV3 – and Fuad Zarkashi are said to be key members of this new group. With this new set of propaganda agents and the emergence of PR maestro, Lim Kok Wing, as Special Programme Co-ordinator to PM, we can expect some very interesting psychological warfare activities in the mainstream media and the cyberspace.]

The calling card says it all

12. For instance, would the PM be made to appear on TV3 or at another Tawau-like gathering and shed crocodile tears while at the same time blaming others for the 1MDB debacle?

In the meantime, we must pay full attention to PAC investigation. There could be attempts to sabotage it. PAC is our best hope for now.

Wallahuaklam.

Trial By Media Could Be in 1MDB’s Favour

A Kadir Jasin

UPDATE, May 20 – THE fear of some debaters that Auditor General may not do a good job and his investigation may be confined to the narrow area of accounting is not unfounded.

Unless he broadens the scope to cover possible wrongdoings like cheating and manipulation of facts, his work may not amount to much.

A Hong Kong-based private banker friend of mine noted: “Can’t just hide behind auditors. Many famous frauds and bankruptcies in the world were audited as well and later found out to be fraud like Enron, Lehman Brothers, Worldcom, Satyam, Tyco, Bernie Madoff and Sino Forest. Also the famous Pan Electric (Pan EL) fraud.”

Yes, auditors are not angels and they may be inclined to cover each other’s rear. That’s why I am placing more hope in PAC because there are opposition members in it.

ORIGINAL POST

THE Star newspaper reported today that 1Malaysia Development Berhad (1MDB) had said that a trial by media is of no benefit to anyone who is ­genuinely interested in the truth about the company.

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In a statement yesterday, its board of director said recent ­questions posed to it through the media was an attempt to influence public opinion ahead of the Public Accounts Committee (PAC) and the Auditor-General (AG) completing their reviews into its operations.

“It is clear from the selective presentation of facts, lack of supporting evidence and biased reporting that an attempt is being made to shape public opinion,” said 1MDB.

The 1MDB board argued that the search for truth must be fact-based and ­conducted by trustworthy, unbiased and impartial parties.

“Accordingly, the board will fully co-operate with and will only reply to questions posed by the bi-partisan PAC, the Auditor-General and relevant regulatory authorities.”

1MDB Has Backers

My question is, why should a trial by the media be bad for 1MDB?

I believe that the mainstream media outlets like RTM, TV3, the New Straits Times, Utusan Malaysia and Berita Harian are fully behind the government and 1MDB in the ongoing debate.

The government and 1MDB should show confidence in the ability of these news organisations to ward off the alleged attempts by independent news portals and “unfriendly bloggers” to mislead or influence public.

Furthermore, only a few days ago the Prime Minister, (Datuk Seri) Mohd Najib Abdul Razak, feted hundreds of friendly newspapermen and bloggers at the Malam Media Perdana 2015 in Kuala Lumpur to thank them for their support. 

Malam Media Perdana heightens support for PM

Surely their resolve to defend him, his government and 1MDB had been replenished and heightened.

Or 1MDB board members fear that the “selective presentation of facts, lack of supporting evidence and biased reporting” by the portals and blogs could make sense with the investigators and would raise them when they question 1MDB representatives.

With daily revelations that more and more government-linked companies (GLCs), government-linked investment companies (GLICs) and trust agencies are involved in lending money to 1MDB, the public has every right to ask questions.

Today Mohd Najib himself admitted that the civil servants retirement fund– the Kumpulan Wang Amanah Pencen (KWAP) – has “invested” RM1.4 billion in 1MDB and its subsidiaries.

In a written reply to Rafizi Ramli (PKR-Pandan), the Finance Minister said the subsidiaries were Bandar Malaysia Sdn Bhd, 1MDB Energy Limited, 1MDB Global Investment Limited and Jimah Energy Ventures Bhd.

Najib also said the Employees Provident Fund (EPF) has subscribed to 1MDB bonds totalling RM200 million in 2009, which is fully guaranteed by the government.

"EPF also has investment exposure on 1MDB's subsidiaries namely Panglima Power Sdn Bhd (PPSB) and Jimah Energy Ventures Sdn Bhd totalling RM1.52 billion," said Mohd Najib.

The EPF's involvements in these subsidiaries took place in 2003 and 2005 respectively before they were bought over by 1MDB in 2012, he added.

So don’t blame the independent media and bloggers if they ask questions because what they picked up from the roadside (to borrow the term used by Mohd Najib’s special assistance Encil Rizal Mansor) turned out to be true with the passing of time.

Wallahuaklam.

Soalan Penyiasat 1MDB Wajib Tanya

A Kadir Jasin

SAYA minta izin nak cerita panjang sikit berkenaan 1MBD kali ini. Mungkin lebih panjang dan lebih terperinci daripada sebelum ini.

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Saya tujukan rencana ini khusus kepada para penyiasat Pejabat Ketua Juruaudit Negara, Suruhanjaya Pencegah Rasuah Malaysia (SPRM), polis dan Jawatankuasa Kira-kira Wang Awam Parlimen (PAC) yang sedang dan akan memulakan siasatan ke atas 1MDB.

Saya mohon Ahli Dewan Rakyat dan Dewan Negara yang akan memulakan sesi baru Isnin ini turut memberi perhatian rapi terhadap perkembangan isu 1MDB. 

Ahli Parlimen wajib ambil berat.

Saya akan cuba bercerita dalam bahasa paling mudah dengan harapan paling ramai orang boleh faham. Saya akan cuba mudahkan bahasa korporat dan beri penjelasan.

Untuk mudahkan cerita, saya mulakan dengan membuat kesimpulan berikut:

Kalau kita tak buat sesuatu dengan segera untuk atasi masalah 1MDB ia akan muflis dan kita serta anak cucu akan tanggung beban dan bala yang dahsyat.

Masalahnya sekarang bukan lagi sama ada 1MDB perlu di“bailout” (diselamatkan) tapi sejauh mana kita melaksanakan proses itu dan belanja yang terpaksa kita keluarkan.

Berikut adalah antara soalan yang wajib ditanya oleh para penyiasat dan penjelasan mengenainya:

1. Apakah peranan wang royalti minyak/gas negeri Terengganu dalam urus niaga Terengganu Investment Authority (TIA) apabila ia ditubuhkan pada tahun 2008?

2. Adakah benar sejumlah besar wang royalti minyak/gas Terengganu (berjumlah berbilion ringgit) telah dimasukkan ke dalam sebuah bank tempatan sebagai persediaan menggerakkan TIA?

[Soalan ini wajib dikemukakan kepada (Tan Sri) Azlan Zainol, bekas Ketua Pegawai Eksekutif (CEO) KWSP/EPF, (Tan Sri) Mohd Bakke Salleh Presiden/CEO Sime Darby, (Tan Sri) Lodin Wok Kamaruddin, Pengerusi 1MDB dan CEO LTAT) dan (Tan Sri) Ismee Ismail (CEO Tabung Haji) yang berupa pengarah pengasas (founding directors) TIA. Menurut bekas MB Terengganu, (Datuk Seri) Ahmad Said wang Negeri Terengganu tidak digunakan oleh 1MDB dan Terengganu dapat balik modal berbayar (paid-up capital) TIA/1MDB sebanyak RM1 juta.]

4. Adakah benar Bakke menarik diri atau digugurkan daripada Lembaga Pengarah 1MDB kerana tidak bersetuju dengan urus niaga yang membabitkan PetroSaudi?

[Wajib tanya Bakke dan ahli Lembaga Pengarah lain, iaitu Lodin dan Ismee mengenai kemunculan Jho Low sebagai ejen 1MDB. Azlan tidak sertai lembaga 1MDB.]

5. Adakah berasas andaian bahawa kalau 1MDB tidak menjual saham anak syarikatnya, Edra Global Energy Sdn Berhad melalui tawaran awam permulaan (IPO), 1MDB akan mengalami masalah aliran tunai (cashflow) yang kronik sehingga tidak dapat menguruskan (service) hutang serta membiayai perniagaan menjelang September ini?

6. Adakah betul T. Ananda Krishnan (AK) telah memberi pinjaman RM2 bilion kepada 1MBD bagi membayar balik hutang kepada Maybank dan RHB Capital?

Mungkinkah Ananda digunakan untuk mengabui mata?

7. Atau adakah nama beliau diguna untuk menyembunyikan hakikat sebenar bahawa wang RM2 bilion itu datangnya daripada Perbendaharaan atau sumber-sumber kerajaan yang lain?

[Wajib siasat pembabitan AK dalam penjualan penjana elektrik bebas (IPP) miliknya  kepada Edra Global Energy, anak syarikat milik penuh 1MDB. Daripada maklumat terbaru yang saya peroleh, andaian bahawa AK telah mendahulukan RM2 bilion kepada 1MDB mungkin songsang. AK terlalu licik dan pintar untuk mengambil risiko sebesar itu. Ini ada kena mengena dengan penilaian (valuation) harta Edra yang dikatakan sangat berbeza]

8. Adakah benar bahawa atas desakan AK penilaian telah dibuat ke atas aset Edra pada bulan November/Disember tahun lalu oleh kumpulan perbankan Macquarie yang meletakkan nilainya pada kadar RM5 bilion?

9. Kalau ini benar, bagaimana pula Goldman Sachs yang mengatur penjualan bon-bon 1MBD pada tahun 2012/13 meletakkan nilainya pada kadar RM8.5 bilion?

10. Mengapakah dalam masa yang singkat nilai aset Edra jatuh sebanyak RM3.5 bilion?

11. Adakah ini berpunca daripada perubahan kaedah perakaunan atau, seperti kata Tun Dr Mahathir Mohamad, berbilion-bilion hutang 1MDB tidak dapat dikesan penggunaannya?

[Beliau meletakkan angka itu sebanyak RM27 bilion daripada RM42 bilion hutang 1MDB.]

12. Tidakkah peranan Datuk Yusof Annuar Yaacob dalam urusan pinjaman 1MDB berupa “conflict of interest” (percanggahan kepentingan) yang serius? 

Siasat peranan Yusof Annuar dalam penjualan bom 1MDB

[Apabila Goldman Sachs mengatur penjualan AS$4.75 bilion (kira-kira RM17.1bilion pada nilai sekarang) bon 1MDB dalam dua “tranche” pada tahun 2012/13, Yusof Annuar adalah Pengerusi dan Pengarah Urusan Goldman Sachs di Malaysia. Mengikut agensi berita ekonomi Bloomberg, Goldman Sachs mendapat komisen AS$500 juta (kira-kira RM1.8 bilion). 1MDB membayar yuran ASS$196.2 juta bagi bon bernilai ASS$1.75 bilion yang diterbitkan pada bulan Mei 2012 dan AS$283.2 juta bagi bon bernilai AS$3 bilion  pada bulan Mac 2013].

13. Mengapakah yuran yang dibayar kepada Goldman Sachs begitu lumayan?

[Bandingkan dengan fakta berikut: Tahun lalu, National Commercial Bank, Saudi Arabia melakukan (IPO) AS$6 bilion (RM21.6 bilion) yang diatur oleh HSBC dan tujuh ejen lain. Menurut laporan akhbar New Straits Times, (yang amat akur kepada Mohd Najib), mereka hanya dibayar komisen AS$6.7 juta (RM24.1 juta) atau 0.1 peratus nilai IPO. Bagi IPO Alibaba, juga tahun lalu, yang bernilai AS$25 bilion (RM90 bilion), Credit Suisse dan Morgan Stanley hanya dibayar yuran AS$300 juta (RM1.08 bilion). IPO Alibaba dari Negeri China adalah  IPO terbesar dalam sejarah.

Sekarang Yusof Annuar adalah Ketua Pegawai Negeri Deustche Bank bagi Malaysia dan Deutsche Bank sedang menuntut agar 1MDB bayar lebih awal hutang bernilai AS$975 juta (RM3.5 bilion) yang diaturnya tahun lalu.]

Perlu disebutkan juga iaitu (1) antara ahli konsortium Deustche Bank yang beri pinjaman kepada 1MDB adalah Aabar Investment PJS di mana Arul Kanda Kandasamy bekerja sebelum dilantik Pengarah Eksekutif Kumpulan dan Presiden 1MDB awal tahun ini dan (2) salah seorang ahli lembaga pengarah Deustche Bank Malaysia adalah (Datuk) Ahmad Johari Abdul Razak, adik Mohd Najib].

14. Adakah Deutsche Bank di bawah Yusof Annuar cuba menggunakan alasan “force majeure” untuk paksa 1MDB bayar balik hutang lebih awal kerana keadaaan telah berubah yang menjadikan pinjaman kepada 1MDB lebih berisiko?

15. Wajib soal siasat AK untuk mengetahui adakah benar khabar-khabar angin yang mengatakan satu jumlah yang sangat besar - melebihi RM600 juta - yang dibayar oleh 1MDB bagi membeli IPP dari Tanjung Energy PLC milik beliau, dibayar kepada pihak ketiga?

16. Apakah kedudukan undang-undang (legal status) Yayasan 1MDB Rakyat dan siapakah pemegang amanahnya?

Orang misteri Jho Low simpan banyak rahsia

17. Adakah benar Jho Low dan “carpet trader” Deepak Jaikishan kenal mengenali dan saling bantu-membantu?

[Kedua-duanya diketahui rapat dengan Mohd Najib dan isteri beliau, (Datin Paduka Seri) Rosmah Mansor. Sekarang Deepak tidak rapat lagi.]

18. Apakah pertalian Jho Low dengan Felda?

[Penyiasat perlu kaji perhubungan sumbang muhrim (incestuous relationship) yang membabitkan 1MDB, TH dan Felda serta peranan Pemandu dalam tiga entiti ini.]

19. Apakah peranan dan pendirian Gabenor Bank Negara, Tan Sri Zeti Akhtar Aziz, dalam hal-hal yang melibatkan hutang dan pergerakan wang 1MDB yang sudah pun menyebabkan nilai ringgit jatuh?

20. Apakah betul ada individu yang menyimpan RM200 juta hingga RM300 juta dalam sebuah institusi kewangan bukan bank yang tidak dikawal oleh Bank Negara?

Soalan-soalan di atas dan banyak lagi soalan lain yang berkaitan dengan 1MDB dan pihak yang berkuasa ke atasnya wajib ditanya oleh para penyiasat.

Lebih ramai orang yang berkaitan 1MDB wajib dijejaki bagi mengetahui bagaimana krisis kewangan serta ketidaktelusan 1MDB boleh berlaku di depan mata kita dan hanya baru-baru ini saja terbongkar.

Unsur penipuan, subahat, penyalahgunaan kuasa, rasuah, kealpaan tanggungjawab korporat dan pecah amanah adalah antara isu yang wajib dirungkaikan oleh para penyiasat supaya yang bersalah dibawa ke muka pengadilan dan duit serta aset negara yang digunakan ke atas 1MDB diperoleh semula.

Kesan sistemik skandal 1MDB wajib disekat dan dihadkan demi melindungi ekonomi negara.

Kita mohon petunjuk dan perlindungan Allah Maha Esa.

Wallahuaklam.