Heard talk that Tan Sri Lodin Wok Kamaruddin will be stepping down as the Chairman of 1MDB (or he has already). I dont know for sure because the 1MDB site has Lodin as Chairman of 1MDB. Rumour is that Lodin will be replaced by the present CEO of Tabung Haji - Ismee something.
Anyway I received the following three comments from one Dosabell in my Blog post "Warkah Untuk Tan Sri Lodin Wok Kamaruddin, Chairman 1MDB" on 9 Sept 2014. I found the comments very interesting and did some research into the comments.
This is serious folks. It looks like other than the RM18bil of taxpayers' money that has beeninvested by 1MDB in a famous money laundering island near the Bermuda Triangle (whose fate we do not know, or if we can withdraw our money back when we want to) another RM1.6bil has been invested by 1MDB in Yurus 1 ??
What the hell is Yurus 1?
Now there is going to be a second Yurus 2? What the hell is Yurus 2 ?
Anyway Yurus 2 is going to be "signed" in New York on Sept 19, 2014. That is the day after tomorrow. Our FLOS and her husband will be present to witness the signing in New York. Oops !! We are going to be too late. US200mil. = RM640mil.
Guess where this money is going? To invest in apartments and condominium projects in Detroit, Michigan and Washington DC in the USA.
Ok, first here are those three comments that were sent to me by Dosabell. (As usual, I have appended my own comments in blue).
1. Dosabell 9/12/14
Tuan Syed - Najib and Tan Sri Lodin Wok Kamaruddin should explain to Malaysians why 1MDB invested US$500mn into solar business in Kedah via a NEWLY set-up Private Equity Fund based in USA that is closely linked to OBAMA?
Why must 1MDB go through that US-based company to invest in a Malaysia company?Something is not right somewhere.
Go search for DuSable Private Equity and you will see the following news. The next GLC that will join 1MDB is Tabung Haji with investment of US$200 million!!!
This US private equity fund (DuSable) has only 2 funds, Yurus 1 of US$500 million launched early 2014, fully taken up by 1MDB) and
Yurus 2 of US$200 million (fully taken up by Tabung Haji).
The owner of DuSable is Hollywood's singer, Pras Michel (former "Fugees"). Interestingly, Rosmah's son (Riza Aziz) and Jho Low are also in the Hollywood's A-List circle.
http://www.thestar.com.my/Business/Business-News/2014/04/23/
on Warkah Untuk Tan Sri Lodin Wok Kamaruddin, Chairman 1MDB
2. Dosabell 9/12/14
Tuan Syed, On 19 Sept 2014, PM, RM & friends, Chairman, CEO and CIO of Tabung Haji will go to USA to witness the signing ceremony between Tabung Haji and DuSable USA for the US$200 million investment.
With a guaranteed investment return of only 8% per annum (after expenses but before tax) by DuSable, and high tax of 50%, why must Tabung Haji lebur US$200 million of depositor's money for an absolute investment return of only 4% in a Private Equity Fund in USA?
on Warkah Untuk Tan Sri Lodin Wok Kamaruddin, Chairman 1MDB
3. Dosabell 9/12/14
http://www.politico.com/politicoinfluence/1013/politicoinfluence11807.html
DUSABLE TO WORK FOR MALAYSIA:
Dusable Capital Management — a Washington, D.C.-based private-equity firm — has inked a contract with the government of Malaysia with an advocacy component.
According to documents filed with the Department of Justice, Dusable will serve as the investment adviser to a private equity fund with which the government of Malaysia's development fund will be a limited partner. The fund is working on a solar energy project in the country.
As part of its work, Dusable will "encourage U.S. government officials to provide non-financial support for the Malaysian solar energy project." Dusable has no K Street firms or lobbying help, according to the Senate database.
See the filing here: http://1.usa.gov/154hLlc
on Dr M: If I am the present prime minister, I would resign
My comments : First of all, the usa.gov link above shows this :
Folks, it looks like the Government of Malaysia has its principal address at Level 8, Menara IMC, No.8 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.
I thought the principal address of the Government of Malaysia would be at No. 1, Lorong Belakang Kira, Putrajaya or something like that.
Depa pi tukar alamat gomen bro. Menara IMC di Jalan Sultan Ismail pula ! Pasai apa depa tak bubuh Jalan Raja Siong ?
Ok this is the gist of this story. There is a capital management (fund manager) cum Washington lobbyist cum green technology company called Dusable Capital Management. The CEO/Founder is one Frank White, an African American who has the reputation of being Obama's biggest fund raiser. In other words he is an Obama crony. Here be Frank's picture:
And they have a real Yindian American as the MD / Founder. Here be Shomik Dutta :
The other founder of Dusable is the American rapper Pras Michel. Both these guys above are tight buddies of the Obama campaign.
Dusable has launched two invesment funds called Yurus 1 worth USD500mil. or RM1.6bil. The sole investor in this Yurus 1 fund is none other than our very own 1MDB. This RM1.6bil of our money has been used by Dusable to set up a 50MW solar power plant in Kedah. Here is that report from The Star (truncated) :
1MDB and US firm in solar tie-up
PETALING JAYA: US private equity firm DuSable Capital Management LLC and 1Malaysia Development Bhd (1MDB) will work together on the country’s largest 50MW solar farm in Kedah.
1MDB will be a limited partner (Huh ?? You invest RM1.6 bill and you become a limited partner? What the ...)
The private equity fund & 1MDB to invest in solar energy project in Malaysia
1MDB would reimburse DuSable for development & associated costs.
(Huh ?? ...and how many millions will 1MDB be reimbursing them exactly? Would they prefer Visa, Mastercard or good old Benjamins?)
DuSable to encourage US Govt to provide non-financial support
"There is no formal agreement specifying such communications or activities,” DuSable said in the document ? ? ?
(Huh ?? So Dusable is not obliged to communicate with the US gomen to get the non-financial support?? Meaning US tax exempton is not guaranteed.)
TNB signed 25 year PPA with 1MDB Solar Sdn Bhd
StarBiz reported 1MDB‘s 50 MW solar farm “direct negotiation” with Govt
DuSable focused on energy and infrastructure opportunities around the world
My comments : RM1.6bil for a 50MW solar plant? That works out to RM32.0mil per MW !! Fuiyyo. Lets do some comparisons.
1 Gigawatts (GW) = 1000 megawatts (MW).
Yahoo Answers says a 1 GW photovoltaic solar plant in the US costs about USD6.0bil (US$6000mil).
So 1 MW would cost US$6000mil / 1000 MW = US6.0mill?? (RM19.2mil)
So a 50MW plant would cost 50 x US6.0mil = US300mil (RM960mil.)
But 1MDB is paying RM1.6 Billion ??? RM640.0 million extra ??
Here is some news about a 50MW solar plant in Ghana :
"Norway's Scatec Solar ..to construct a 50MW PV (photo voltaic) plant in Ghana through its local partner, Scatec Solar Ghana. Projected to cost in the region of US$95mill (RM304mill), the PV plant ..is scheduled to come online by 2015".
(Read more: http://www.pv-magazine.com/news/details/beitrag/scatec-solar-to-build-50-mw-ghana-pv-plant_100013483/#ixzz3DXd8w07S)
Someone commented about "golden handshake".
But we are too late folks. Dosabell (the commenter) should have sent me his/her comments much earlier.
Now lets look at that Yurus 2 fund where Tabung Haji is going to invest US$200mill with Dusable. That is RM640.0 million. This deal is going to be signed two days from now on 19th September in New York. Najib, FLOS, Tabung Haji guys etc will all be present at the signing. (Coincidentally Nieman Marcus is also having their Fall Sales.)
Talk is this RM640.0 million will be used to invest in real estate developments in Detroit and Washington.
Here are some numbers. The commenter Dosabell says Tabung Haji expects to make 8% return from this investment. And this is before tax.
After tax, the return is expected to be only 4%.
What the hell? Taking the rubber smallholders, oil palm smallholders hard earned money, which they invested with Tabung Haji, going all the way to Detroit and earning only 4% return on investment?
That means only RM26 million untung from a RM640 million investment all the way in Detroit.
Plus the PM, his wife, their favorite cats etc are all travelling to New York to witness the signing of this project which will generate untung of RM26 million. I think the cost of flying the PM, his wife, their luggage, hotel etc will be a few millions already.
I knew hunchbacked Chinese developers who can make more money doing projects in Batu 9, Cheras. Why travel all the way to Detroit?
I say kawan, give me RM640 million and I will provide Tabung Haji at least 12% Return on Investment.
And here is an extra : I will throw in a Bank Guarantee for the first 4% ROI (RM26 million guaranteed.)
Yup, that means I will provide a solid Bank Guarantee to cover the 4% profit you are going to make all the way in Detroit. Apa macam? Boleh?
Here is a simple calculation. Apartments outside KL are selling for say RM400psf.
Minus developers margin say 30%, means the cost is about RM280 psf. Lets round it up to say RM300 psf. Add a 12% mark up becomes RM336 psf selling price. Say each apartment is 1000 sf = RM336,000 selling price. Very rule of thumb but I think this is doable. Affordable houses as well.
Plus we will give employment to a few hundred illegal Bangla and illegal Indon construction workers, buy cement from local factories, buy building materials from local suppliers, carpenters, masons, floor tile contrators, lorry drivers, back hoe tractor operators, electricians, plumbers, pay under the table money to the local authorities etc etc. Our local Malaysian economy will boom.
Buat apa pi jauh-jauh ke Detroit cari untung 4% saja ?
And there is no way Tabung Haji can get tax exemption in the United States for a property development, even if it is a river front revitalisation program. There is no guarantee.
And what if something goes wrong? Lets say the project cannot sell or the Malaysian Ringgit jatuh. In no time the 4% return on investment can become 0% ROI or even negative. Because the margin is so thin - only 4%.
Why not just put the money in FD?
Tabung Haji has about RM40.0 billion funds. RM640 million is just over 1% of their total funds. A tiny portion. But this money is earned through the rubber smallholders' and the pekebun kecil kelapa sawits' sweat, mosquito bites and snake bites. Dont mess with their money.
This is not the end of the story folks.
US$500mill (1MDB) plus US$200mill (Tabung Haji) = US$700mill invested with Dusable. That is already RM2.24 billion.
Talk is these Dusable guys are going to get another US$300mill (RM960 mill) to make up an even US$1.0bill (RM3.2bill).
So who else in Malaysia has spare change for RM960.0 million ? Who is the biggest plantation company on the surface of the planet earth?
Here is a bit more info on Frank White and Shomik Dutta - the main guys behind Dusable which has taken RM2.24 billion of our money.
"Frank White was the National Vice-Chair of President Obama’s 2012 re-election campaign and served as a Co-Chair for President Obama’s 2013 Inauguration Committee as well.
Shomik Dutta has also served as a longtime staffer to President Obama.
From 2011 – 2012, Dutta served as the National Finance Consultant to President Obama’s re-election campaign.
Earlier in his career, Dutta served ..as a special assistant in President Obama’s White House.
Prior to joining the Obama Administration, Dutta served on the Presidential Transition Team and served as Mid-Atlantic Finance Director for President Obama’s historic 2008 election."
So these guys are Obama cronies. They were here in KL when President Obama visited Malaysia. Talk is the link to Dusable was established BEFORE Obama's visit to Malaysia. Who established the link? Dusable are political lobbyists. If you want to meet Obama, you can call Dusable. Where is that pirate fellow?
This is serious folks. It looks like other than the RM18bil of taxpayers' money that has beeninvested by 1MDB in a famous money laundering island near the Bermuda Triangle (whose fate we do not know, or if we can withdraw our money back when we want to) another RM1.6bil has been invested by 1MDB in Yurus 1 ??
What the hell is Yurus 1?
Now there is going to be a second Yurus 2? What the hell is Yurus 2 ?
Anyway Yurus 2 is going to be "signed" in New York on Sept 19, 2014. That is the day after tomorrow. Our FLOS and her husband will be present to witness the signing in New York. Oops !! We are going to be too late. US200mil. = RM640mil.
Guess where this money is going? To invest in apartments and condominium projects in Detroit, Michigan and Washington DC in the USA.
Ok, first here are those three comments that were sent to me by Dosabell. (As usual, I have appended my own comments in blue).
1. Dosabell 9/12/14
Tuan Syed - Najib and Tan Sri Lodin Wok Kamaruddin should explain to Malaysians why 1MDB invested US$500mn into solar business in Kedah via a NEWLY set-up Private Equity Fund based in USA that is closely linked to OBAMA?
Why must 1MDB go through that US-based company to invest in a Malaysia company?Something is not right somewhere.
Go search for DuSable Private Equity and you will see the following news. The next GLC that will join 1MDB is Tabung Haji with investment of US$200 million!!!
This US private equity fund (DuSable) has only 2 funds, Yurus 1 of US$500 million launched early 2014, fully taken up by 1MDB) and
Yurus 2 of US$200 million (fully taken up by Tabung Haji).
The owner of DuSable is Hollywood's singer, Pras Michel (former "Fugees"). Interestingly, Rosmah's son (Riza Aziz) and Jho Low are also in the Hollywood's A-List circle.
http://www.thestar.com.my/Business/Business-News/2014/04/23/
on Warkah Untuk Tan Sri Lodin Wok Kamaruddin, Chairman 1MDB
2. Dosabell 9/12/14
Tuan Syed, On 19 Sept 2014, PM, RM & friends, Chairman, CEO and CIO of Tabung Haji will go to USA to witness the signing ceremony between Tabung Haji and DuSable USA for the US$200 million investment.
With a guaranteed investment return of only 8% per annum (after expenses but before tax) by DuSable, and high tax of 50%, why must Tabung Haji lebur US$200 million of depositor's money for an absolute investment return of only 4% in a Private Equity Fund in USA?
on Warkah Untuk Tan Sri Lodin Wok Kamaruddin, Chairman 1MDB
3. Dosabell 9/12/14
http://www.politico.com/politicoinfluence/1013/politicoinfluence11807.html
DUSABLE TO WORK FOR MALAYSIA:
Dusable Capital Management — a Washington, D.C.-based private-equity firm — has inked a contract with the government of Malaysia with an advocacy component.
According to documents filed with the Department of Justice, Dusable will serve as the investment adviser to a private equity fund with which the government of Malaysia's development fund will be a limited partner. The fund is working on a solar energy project in the country.
As part of its work, Dusable will "encourage U.S. government officials to provide non-financial support for the Malaysian solar energy project." Dusable has no K Street firms or lobbying help, according to the Senate database.
See the filing here: http://1.usa.gov/154hLlc
on Dr M: If I am the present prime minister, I would resign
My comments : First of all, the usa.gov link above shows this :
Folks, it looks like the Government of Malaysia has its principal address at Level 8, Menara IMC, No.8 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.
I thought the principal address of the Government of Malaysia would be at No. 1, Lorong Belakang Kira, Putrajaya or something like that.
Depa pi tukar alamat gomen bro. Menara IMC di Jalan Sultan Ismail pula ! Pasai apa depa tak bubuh Jalan Raja Siong ?
Ok this is the gist of this story. There is a capital management (fund manager) cum Washington lobbyist cum green technology company called Dusable Capital Management. The CEO/Founder is one Frank White, an African American who has the reputation of being Obama's biggest fund raiser. In other words he is an Obama crony. Here be Frank's picture:
Yo cuz. Dont be burnin' the Benjamins, aight?
And they have a real Yindian American as the MD / Founder. Here be Shomik Dutta :
Yes sir, no sir. Baa baa bag sheep. My three bags are full sir.
The other founder of Dusable is the American rapper Pras Michel. Both these guys above are tight buddies of the Obama campaign.
Dusable has launched two invesment funds called Yurus 1 worth USD500mil. or RM1.6bil. The sole investor in this Yurus 1 fund is none other than our very own 1MDB. This RM1.6bil of our money has been used by Dusable to set up a 50MW solar power plant in Kedah. Here is that report from The Star (truncated) :
1MDB and US firm in solar tie-up
File picture of a solar farm in Pajam. US private equity fund DuSable and 1MDB
are working together to invest in a solar energy project in Malaysia
PETALING JAYA: US private equity firm DuSable Capital Management LLC and 1Malaysia Development Bhd (1MDB) will work together on the country’s largest 50MW solar farm in Kedah.
1MDB will be a limited partner (Huh ?? You invest RM1.6 bill and you become a limited partner? What the ...)
The private equity fund & 1MDB to invest in solar energy project in Malaysia
1MDB would reimburse DuSable for development & associated costs.
(Huh ?? ...and how many millions will 1MDB be reimbursing them exactly? Would they prefer Visa, Mastercard or good old Benjamins?)
Benjamin Franklin
DuSable to encourage US Govt to provide non-financial support
"There is no formal agreement specifying such communications or activities,” DuSable said in the document ? ? ?
(Huh ?? So Dusable is not obliged to communicate with the US gomen to get the non-financial support?? Meaning US tax exempton is not guaranteed.)
TNB signed 25 year PPA with 1MDB Solar Sdn Bhd
StarBiz reported 1MDB‘s 50 MW solar farm “direct negotiation” with Govt
DuSable focused on energy and infrastructure opportunities around the world
My comments : RM1.6bil for a 50MW solar plant? That works out to RM32.0mil per MW !! Fuiyyo. Lets do some comparisons.
1 Gigawatts (GW) = 1000 megawatts (MW).
Yahoo Answers says a 1 GW photovoltaic solar plant in the US costs about USD6.0bil (US$6000mil).
So 1 MW would cost US$6000mil / 1000 MW = US6.0mill?? (RM19.2mil)
So a 50MW plant would cost 50 x US6.0mil = US300mil (RM960mil.)
But 1MDB is paying RM1.6 Billion ??? RM640.0 million extra ??
Here is some news about a 50MW solar plant in Ghana :
"Norway's Scatec Solar ..to construct a 50MW PV (photo voltaic) plant in Ghana through its local partner, Scatec Solar Ghana. Projected to cost in the region of US$95mill (RM304mill), the PV plant ..is scheduled to come online by 2015".
(Read more: http://www.pv-magazine.com/news/details/beitrag/scatec-solar-to-build-50-mw-ghana-pv-plant_100013483/#ixzz3DXd8w07S)
- Norwegians building 50MW solar plant in Ghana for RM304 million.
- Dusable/1MDB building 50MW solar plant in Kedah for RM1.6 Bil. !!!
- That is FIVE times as much.
Someone commented about "golden handshake".
But we are too late folks. Dosabell (the commenter) should have sent me his/her comments much earlier.
Now lets look at that Yurus 2 fund where Tabung Haji is going to invest US$200mill with Dusable. That is RM640.0 million. This deal is going to be signed two days from now on 19th September in New York. Najib, FLOS, Tabung Haji guys etc will all be present at the signing. (Coincidentally Nieman Marcus is also having their Fall Sales.)
Sizes a tad too tight
Talk is this RM640.0 million will be used to invest in real estate developments in Detroit and Washington.
Here are some numbers. The commenter Dosabell says Tabung Haji expects to make 8% return from this investment. And this is before tax.
After tax, the return is expected to be only 4%.
What the hell? Taking the rubber smallholders, oil palm smallholders hard earned money, which they invested with Tabung Haji, going all the way to Detroit and earning only 4% return on investment?
That means only RM26 million untung from a RM640 million investment all the way in Detroit.
Plus the PM, his wife, their favorite cats etc are all travelling to New York to witness the signing of this project which will generate untung of RM26 million. I think the cost of flying the PM, his wife, their luggage, hotel etc will be a few millions already.
I knew hunchbacked Chinese developers who can make more money doing projects in Batu 9, Cheras. Why travel all the way to Detroit?
I say kawan, give me RM640 million and I will provide Tabung Haji at least 12% Return on Investment.
And here is an extra : I will throw in a Bank Guarantee for the first 4% ROI (RM26 million guaranteed.)
Yup, that means I will provide a solid Bank Guarantee to cover the 4% profit you are going to make all the way in Detroit. Apa macam? Boleh?
Here is a simple calculation. Apartments outside KL are selling for say RM400psf.
Minus developers margin say 30%, means the cost is about RM280 psf. Lets round it up to say RM300 psf. Add a 12% mark up becomes RM336 psf selling price. Say each apartment is 1000 sf = RM336,000 selling price. Very rule of thumb but I think this is doable. Affordable houses as well.
Plus we will give employment to a few hundred illegal Bangla and illegal Indon construction workers, buy cement from local factories, buy building materials from local suppliers, carpenters, masons, floor tile contrators, lorry drivers, back hoe tractor operators, electricians, plumbers, pay under the table money to the local authorities etc etc. Our local Malaysian economy will boom.
Buat apa pi jauh-jauh ke Detroit cari untung 4% saja ?
And there is no way Tabung Haji can get tax exemption in the United States for a property development, even if it is a river front revitalisation program. There is no guarantee.
And what if something goes wrong? Lets say the project cannot sell or the Malaysian Ringgit jatuh. In no time the 4% return on investment can become 0% ROI or even negative. Because the margin is so thin - only 4%.
Why not just put the money in FD?
Tabung Haji has about RM40.0 billion funds. RM640 million is just over 1% of their total funds. A tiny portion. But this money is earned through the rubber smallholders' and the pekebun kecil kelapa sawits' sweat, mosquito bites and snake bites. Dont mess with their money.
This is not the end of the story folks.
US$500mill (1MDB) plus US$200mill (Tabung Haji) = US$700mill invested with Dusable. That is already RM2.24 billion.
Talk is these Dusable guys are going to get another US$300mill (RM960 mill) to make up an even US$1.0bill (RM3.2bill).
So who else in Malaysia has spare change for RM960.0 million ? Who is the biggest plantation company on the surface of the planet earth?
Here is a bit more info on Frank White and Shomik Dutta - the main guys behind Dusable which has taken RM2.24 billion of our money.
"Frank White was the National Vice-Chair of President Obama’s 2012 re-election campaign and served as a Co-Chair for President Obama’s 2013 Inauguration Committee as well.
Shomik Dutta has also served as a longtime staffer to President Obama.
From 2011 – 2012, Dutta served as the National Finance Consultant to President Obama’s re-election campaign.
Earlier in his career, Dutta served ..as a special assistant in President Obama’s White House.
Prior to joining the Obama Administration, Dutta served on the Presidential Transition Team and served as Mid-Atlantic Finance Director for President Obama’s historic 2008 election."
So these guys are Obama cronies. They were here in KL when President Obama visited Malaysia. Talk is the link to Dusable was established BEFORE Obama's visit to Malaysia. Who established the link? Dusable are political lobbyists. If you want to meet Obama, you can call Dusable. Where is that pirate fellow?
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