1MDB : Khazanah & TNB Boards - Do Not Commit Treason, Do Not Forget Your Fiduciary Responsibilities

Just about two weeks ago I received some information that Najib's team had come up with another hare brained idea to recoup the RM42 billion that has been lost by 1MDB. 

Yes folks, the whole RM42 billion is gone and I doubt we can get any of it back. Even those power stations are over valued and over priced.

And may I make a suggestion to the Members of Parliament who are interested in this 1MDB - please ask some questions about those desalination plants which 1MDB has bought. 

• Where are they located?
• How many of them?
• What is the name of those desalination plants?
• How much money was paid for them?
• Are they functioning?
• Do they really exist?

I think they are fake. I dont think those desalination plants exist.  Please raise this issue in Parliament.

Back to the sms, the sender said that the gomen will be asking the GLCs to fork out cash to save 1MDB. This was just before that Tabung Haji fiasco was exposed.

Now the news is goin around that TNB will be forced to bailout 1MDB to the tune of RM16 Billion - to buy out those power plants. It has been reported on Online media that the Management of TNB is NOT agreeable to this suggestion. 

However  the Board of Directors of TNB sudah kena kau thim. And so has the BOD of Khazanah Nasional - the major shareholder of TNB.

(One long time skunk in this band of thieves has met Najib and offered to solve 1MDB's problems. I think this idea of TNB buying out the power plants is part of this idea.)  But the scary part is that they want to take TNB private first - delist the company - before doing this asset shuffling.

I am sure the skunk and insiders would have taken positions in TNB shares to make a killing. It costs money to 'go private' - Khazanah or TNB must buy up all the TNB shares from the market.

They want to take it private so that they do not have to justify or show any valuations to the SC how much they are paying for the power stations.

Why should TNB buy out 1MDB's power plants? They are old and outdated anyway. TNB can build their own brand new power plants. 

If TNB is planning to buy out 1MDB's power plants at above market prices, well the whole world knows that 1MDB is in deep shit. So TNB should offer a 'fire sale' price for 1MDB's power plants.  There is no need to even offer market price.

TNB has much experience in squeezing people. An IPP (Northern Utility Resources Sdn Bd)  where I was a Director  had built a 225 MW gas fired power plant in Kedah. That was Phase 1. The plan was to build another 225MW and the design allowed up to 1200MW.  

It cost us a billion Ringgit to build a super brand new 225MW power plant. I was closely involved in raising the money. In 2001 we were hit by the Asian Financial Crisis and the factories in Kulim closed down - greatly reducing the uptake of our power. 

We approached TNB to buy our surplus power - a very small amount of just over 100 MW. TNB offered us 5 sen per kw !! At a time when the market rates were in excess of 13 sen per kw. They were purposely squeezing us.

Then they changed their mind and offered to buy us out. They offered us RM25 Million for a plant that cost RM1.0 billion to build. Their offer was 40 times below our cost.  They could bully us because you cannot sell a power plant to anyone else (except maybe to 1MDB).

So here is my suggestion to TNB. If they are planning to buy 1MDB's power plants, then please make an offer that is 40 times below market price. 

So if 1MDB says the price is RM16 billion, do not offer them anything more than RM400 million.   (If TNB or Khazanah need some referencing look up your old files on Northern Utility Resources Sdn Bhd or NUR). 

It will be an act of fiduciary irresponsibility if TNB makes an offer that is higher than market price or even  higher than break up value (because 1MDB's plants are old plants, sudah habis shelf life).  You are NOT buying a brand new power plant.

Unfortunately the same crooks inhabit the system. 1MDB, Khazanah, gomen etc. Its all about I scratch your back, you scratch mine. 

There is plenty opportunity for insider trading as well. Maybe too late.  

The Malaysian public has already been robbed of RM42 Billion. That money is gone. I doubt there are any real desalination plants. Silap-silap water purifier saja kut. 

TNB is still majority owned by the Malaysian taxpayer through Khazanah. If they take it private, then TNB will be 100% owned by the taxpayer. If TNB pays 1MDB RM16 billion, RM15 Billion or even RM10 Billion for the power plants, then the Malayian taxpayer is being suckered TWICE.

Our money will be stolen TWICE.  The Malaysian public must understand this and do not allow this to happen.

Folks, here is the equation. 

Pinjam RM42 Billion. 
Shopping RM15 Billion. 
Habis mana pergi baki RM27 Billion?

And do the desalination plants really exist? Where are they? In which country are they located? Are they functioning? 

Someone please do something.