Apanama Back In Action, Cabinet (Minus 1) Discussed 1MDB, Police Report Being Made

To avoid confusion, charges of sedition, etc it is not the Cabinet who is making any Police reports. Some one else is making a police report  (unless they get "persuaded" by the Tuanku Abdul Rahman Fan Club).  More info on that at the bottom.

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Blogger Apanama whose blog was suspended is back in action.  His latest posting is about the Cabinet meeting (on Wednesday) discussing 1MDB.
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How dare the Cabinet discuss 1MDB? Well because the Prime Minister was absent. AWOL = Away on leave. The PM was in South Korea. After that he is believed to go on long leave. Another disappearing act by the PM. Dont know how many days he will disappear this time. 3 days, 30 days? Your guess.
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In his frequent absences the country runs on remote control. Maybe the country runs better without the PM.  Anyway here is a quick extract from Apanama's post. Click on the link to read the full post. 
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Cabinet discussed, questioned and surprised with 1MDB?

• highly placed source revealed Malaysian cabinet touched on 1MDB 
• and personalities linked to Government owned company.
• senior minister pointed that cabinet  unable to give a clear explanation 
• 'very senior' cabinet member not alone, few others openly questioned 1MDB
• cabinet members irked no one could provide holistic satisfactory explanation
• two cabinet members brought Dr M's queries on 1MDB to cabinet's attention
• quipped '1MDB seems to be taking everybody, including this cabinet, on a ride' 
• Cabinet chaired by Muhyiddin Yassin
• Najib away on an official trip to South Korea. 
• understood that PM would be on a long holiday after the Korea trip
• Najib under fire for dubious wheelings and dealings of 1MDB 
• Chairman of Board of Advisors refused to answer or provide explanations 

I received an sms just now that some grassroots UMNO people will be making a Police Report about 1MDB.  For their safety I will not mention the where and when. 
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1MDB is blowing up. The sooner this 1MDB blows up the better.  Here is some news about 1MDB. 
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This company has already been in trouble since last year.   

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Here is something that I extracted from The Edge Financial Daily at their website here :

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http://www.theedgemarkets.com/en/content/search-results?query=1MDB%20loan%20extensi
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• Highlight: Malaysia’s 1MDB said to win $1.9 billion bridge-loan extension
• 16 Aug 2013
• (Aug. 16): 1MDB obtained a six-month extension on a 6.17 billion ringgit ($1.9 billion) bridge loan, giving it more time to sell shares in its power business to repay debt. 1MDB, now has until May to repay Maybank Investment Bank Bhd.

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Folks, that news was dated 16 August 2013. 1MDB could not pay RM6.17 billion. They got an extension until May 2014. What happened in May 2014? Here is The Edge again:

• Malaysia's 1MDB secures second extension on $1.9 bln loan
• 21 May 2014
• 1MDB has won a six-month extension on a $1.9 billion bridge loan, giving it more time to launch a planned IPO of its power assets to cut debt

Folks, that means 1MDB has not been able to repay that US$1.9 billion (about RM6 billion) loan for more than 12 months now (until Nov 2014). 
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They secured a second extension of six months from May.  That means the second extension was until November this year ie 2014.   So have they paid back the RM6 billion in November 2014? 
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Here is a comment by a reader of my Blog :
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Dear Syed, This is the latest info that I received from my friends in Harimau bank regarding the 2 billion loan due on 30 Nov 2014. It is not a 6 months extension. A shorter period. Guess what? As an ex-banker you would know that when a borrower can't commit to the repayment, they would be in hurry to want to talk/plea to the banks to ask for extension. The senior management of 1MDB tak kisah pun. They can't be reached by the bankers. Apparently they were busy playing golf somewhere. They sent the working levels to deal with the bankers on a 2 bil loan. Banyak cantik. This is taxpayers money bangang. 1MDB is set up by using taxpayers money. Inilah masalah Melayu yang tidak tahu buat bisnis. Busy playing GOLF?!!!! Tak tau nak handle masalah so what do you do? Snuff your head in the sand and hope the problem will go away? Ended up HArimau bank have to call the Chairman to nego. Like seriously. WTF?!!! Anyway you know why the Octopus Bank is not in the 1MDB deal? on Copying China : A Fantastic Decision

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And here is yet another commenter :

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Latest news from BANGANGLAND 1MDBangang has failed to pay their loan of RM2 billion to Maybonk before the deadline 30 November 2014. The RM2 billion loan was secured to acquire Tanjong Energy in 2012 (http://www.thestar.com.my/Business/Business-News/2014/09/06/The-making-of-Malaysias-power-IPO-A-booming-energy-generation-sector-and-the-acquisition-of-Tanjong/?style=biz). 1MDBangang has requested from Maybonk for an extension of 6 months to settle the loan and "wahyu" from the sky has requested Zeti of B&M to "kautim" with Maybonk. In relation to this, CEO of Tabung is bragging to his friends that Pee Em wants him to replace the current dungu CEO of 1MDBangang (Hazeem) for this later blunder. That pretty much explained why diesel prices were raised by 3 sen yesterday. So siapa yang BANGANG? on Why Apanama's Blog Was Suspended

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I think these could be different loan packages. I have been hearing from other people too that 1MDB has missed a payment deadline with the banks on November 30, 2014. And guess what? 1MDB has been given yet another extension by the banks.  Baiknya bank-bank kita.
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So folks, saya nak tanya Tan Sri Lodin Wok Kamaruddin the Chairman of 1MDB. 
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Tan Sri, what type of business model is this where your company cannot pay back its loans to the banks on time? 
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Didn't anyone do a cashflow model? 
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Niaga apa Tan Sri?  Even if you do that IPO how much surplus cash can you raise? RM2 billion? RM3 billion? That is still not enough to pay off RM6 billion. Or is it more than that?
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But what type of business model is it Tan Sri where you reschedule your loan not once, not twice but three times in just over  12 months? 
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Even if they reschedule the loans, the banks will have to recognise these loans as non performing (NPL).   The banks may have just added RM2 billion to their bad debts which will potentially wipe out RM2 billion of their profits directly. Unless of course 1MDB can make the payment. 
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If 1MDB could not  repay RM2 billion by Nov 30th 2014, what are the chances of 1MDB repaying RM2 billion in two more months or six more months?
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Rumour says that Maybank alone has a much higher exposure to 1MDB.  Maybe another RM6 billion.  These are rumours. 
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Hang buat kerja apa Wahid Ibn Waraq. Waraq apa?  
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And plenty of  this debt is guaranteed by the gomen - thats our money folks.