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Thursday, May 14, 2015

Has Singapore's Banking System Been Compromised By The 1MDB Scandal?


Deutsche Bank query points to 1MDB’s ‘loan shark’ dealings with Abu Dhabi
Published

Deutsche Bank Singapore is seeking clarification from 1MDB about the status of its collateral used to secure a US$975 million (RM3.6 billion) loan. – Deutsche Bank, May 14, 2015. 
(My comments : What a statement !! This means that the Deutsche Bank led syndicated loan of US$975 million (RM3.6b) is not secured. Folks, even the Singapore banking system has been taken for a ride !!)

move reignited questions about 1MDB’s dealings with Abu Dhabi partners.

because US$975 m was used to (compensate) Ipic and Aabar 

for 49% stake in future listing of 1MDB’s power assets.

options part of agreement between 1MDB and Ipic, which clearly favoured Ipic

whether management and BOD had compromised interests of 1MDB

2012 1MDB issued bonds US$3.5 billion finance acquisition Tanjong and Genting Bhd

expenses, fees to Goldman Sachs & intermediaries US$400 million !!  (RM1.4 Billion !!)

net proceeds US$3.1 billion according to bond documents

bonds co-guaranteed by 1MDB and Ipic. 

Ipic guarantee came at steep price because 1MDB agreed to following:

1) Ipic to keep RM4.25 billion, 38% of RM11.16 billion as refundable security 


2) Ipic given 10-year options  to subscribe 49% of future listing 


Ipic transferred options to subsidiary Aabar hence Aabar options.

Why mgmnt & BOD of 1MDB agree to such lopsided terms in favour of Ipic/Aabar?
 

1MDB’s style of borrowing is extremely expensive. 

ridiculous that  the  company gets to keep so little of what it borrowed.

It is like borrowing money from Ah Longs (loan sharks).

1MDB agreed to share 49% of any upside ..through Aabar options.

annual accounts 1MDB made the following disclosures :  

  • First US$1.22 billion redeemed from Cayman Islands used for debt servicing
  • and payments to Aabar as “refundable deposits” 
  • we can assume it was the bulk of the US$1.22 billion
  • Second in 5/2014, bridging loan US$250 million to finance Aabar options
  • Third on 22/5/14, 1MDB & Aabar signed settlement to terminate options

1MDB revealed on 2/9/2014 Aabar wrote to say they did not wish to exercise options 

1MDB “agreed to compensate (Aabar)" under May 22  agreement. 

These terms & agreement were never made public.

1MDB did not disclose that on 1/9/14, a day before notification from Aabar, it took US$975 m loan from consortium led by Deutsche Bank
 
consortium included Abu Dhabi Commercial Bank where Arul Kanda worked 

Arul was involved in putting together loan to 1MDB 

he was involved in dealings of Ipic, Aabar & 1MDB in Abu Dhabi

ADCB, Ipic, Aabar all owned by Abu Dhabi govt

makes Arul’s role as 1MDB   president possible conflict of interest

this US$975 million loan, due by August, was paid to Aabar to terminate ptions

secured against BSI  Bank Singapore account of Brazen Sky Pte Ltd – a 1MDB unit 

now raised concerns because the assets not what they were made out to be by 1MDB 

– The Edge Financial Daily, May 14, 2015
 
- See more at: http://www.themalaysianinsider.com/malaysia/article/deutsche-bank-query-points-to-1mdbs-loan-shark-dealings-with-abu-dhabi#sthash.ogGQjdSv.dpuf



Ok please note the following :  
  • Deutsche Bank Spore seeking clarification from 1MDB about status of collateral used to secure a US$975 million (RM3.6 billion) loan. – Deutsche Bank, May 14,2015.
  • raised concerns because assets not what they were made out to be by 1MDB 
  • US$975 m was used to (compensate) Ipic and Aabar 
    1. But our Prime Moron said in Parliament that the USD was parked in Singapore instead of in a country called Malaysia because in that country called Malaysia, their Bank Negara's rules were too strict about bringing back billions of Ringgit from overseas. So that was why the money was parked in Singapore.
    2. Then they also said that the money would be used to repay debt. Itu pun tak betul. Read on.
    But these revelations from Singapore show that possibly the money was never brought back.     Because  Deutsche Bank is now :  " seeking clarification from 1MDB about the status of its collateral used to secure a US$975 million (RM3.6 billion) loan "

    And no money was paid back to settle bank debt. Instead they borrowed even more money.

    A consortium of banks in S'pore were "con"vinced to make a loan of US$975 million which was then used by 1MDB to PAY Ipic and Aabar.  

    (Yes this loan was for 12 months expiring in Aug 2015 - and not for 12 years, excuse the earlier typo).

    Pak Unta dapat duit kita US$975 million (atau RM3.6 BELIYON). Kita kena liwat Pak Unta lagi.  Depa guna duit pinjam bukan bayar hutang bank. Depa bayar Pak Unta.

    That is why they needed ANOTHER standby credit of RM950 million from the gomen which was used (I hope) to pay interest to the banks / bondholders etc.

    But back to Deutsche Bank Singapore's "seeking clarification from 1MDB about the status of its collateral used to secure a US$975 million (RM3.6 billion) loan " it means even the Singapore banking system sudah kena main.  Fuiyyo!!

    I hope the Monetary Authority of Singapore (MAS) will conduct a thorough investigation because this does not look good on Singapore either.  

    Clever beggars with heavy connections to hippos can get around the system and embarrass Singapore.

    Perhaps Arul Kanda shoud be called by the MAS to explain the real situation. Because it is unlikely he will be called by anyone in Malaysia. 

    Here is some trivia folks. The company that was used by 1MDB to place 'dont know what' in the BSI  Bank was a  subsidiary called Brazen Sky. 

    What a name for a subsidiary of a sovereign wealth fund.  "Brazen Sky" deposited "dont know what" in a bank called BSI Bank in Singapore.  

    Why did they choose BSI Bank? Who is this BSI Bank?  Why not Maybank Singapore? 


     Maybank Singapore

    OK lah maybe sebab Maybank tu bank Melayu, tak pandai pun. 

    Ok why not Deutsche Bank Singapore? Or HSBC Singapore? Or OCBC Singapore? These are  all international banks.  Pasal apa pula depa pilih BSI Bank entah ape dan siapa punya bank? 

    Well, talk is the owner of this BSI Bank plus his wife are good friends with the Prime Moron and his wife. 

    And how would the Prime Moron and wife come to know BSI?   Did they open a 'piggy bank' account at BSI? You know to save money to buy handbags? Not likely.

    Maybe they all played badminton together? Not likely.    Ok how about this : 



    "BSI was also the original bank approached in Geneva by (Jho Low's) PetroSaudi when it was seeking to set up a Swiss account for (Jho Low's) Good Star in 2009, in order to receive the original US$700 million dollars siphoned out of the joint venture deal." 


    Jho Low, Jho Low, Jho Low, Jho Low. 

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