ANYTHING ELSE FOR NAJIB TO PLUNDER BEFORE HE GOES? TNB latest to be led to 1MDB slaughterhouse

The Sun newspaper in Malaysia ran a screaming headline on its June 19, 2015 print, titled “TNB in the DARK’. Wonder what else will be snuffed out by the Malaysian sovereign wealth company, 1MDB over the next three to six month lifeline that has been in a hurry-burry fashion extended by the Cabinet to their ‘Bugis warrior’ boss who is the prime minister, finance minister and Advisor of 1MDB.

On-line media portals lie (as is often claimed by the governing Umno-BN party leaders). But surely the main stream media too cannot be lying, would they?

The Sun paper highlights, amongst others, in its said front page headlines, that:

-  The Cabinet (has) approved TNB’s purchase of 1MDB stake in the RM11 Billion power plant project.

-  That TNB is TOP LOSER on local bourse (with) its share price plunging 4.26%.

-  And that TNB is yet to receive official notification about the purchase.

Hello, Honorable Prime Minister Datuk Seri Najib Abdul Razak, pray tell us why are you plunging the nation in darkness.

The question is, how come Cabinet makes a decision announcement but the company involved does not know anything about the details of this purchase of the coal power plant under 1MDB?

What is the Board in TNB for? Who now is running the business of our national energy company, Tenaga Nasional Berhad – the Company or the Cabinet of Najib?

Common sense in business dictates that you discuss and seek Board approval and have the company well informed first before you announce such deal-inking. But in this case a RM11 Billion stake keeps “TNB in the dark”.

Worse we hear that owing to best practice “corporate governance” the deal was done this way because open bidding could not be held as the “project is late”.

Complex scams to rape GLC funds?

If that is not all, listen to the explanation given and if that too does not beat the daylight out of us, nothing else will.

1MBD, it seems, won the “much sought after project” in 2014 – beating even TNB then. One year down the road, 1MDB re-sells it to TNB. Why? Seems that 1MDB has funding problems.

Then why in the first place create 1MDB or let alone go for a project you cannot handle? You out-bid others, then sit on it and now become desperate and get another earlier contender to buy from you. And all this within a year! Any learned people out there who can shed some light in this season of enveloping darkness for us naïve and stupid citizens please?

Well 1MDB, as reported by The Sun, and according to the Finance Ministry, would be selling its assets to raise funds to pay off its debts which stood at RM42 Billion as of the financial year ended March 31, 2014.

Is it wrong now to say that looks like yet again another of Malaysia’s prized possession, TNB, is being led to the slaughter house as sacrificial lamb for the screw-up by 1MDB?

EPF, KWAP, Tabung Haji, now Tenaga - who will be next

Who else and what else will be kept “in the dark” with the extended time of three to six months granted to the prime minster by the Cabinet to rescue 1MDB? What more shocking deals will be inked as the next debt servicing deadline arrives?

The former premier of 22 years, Tun Dr Mahathir cannot be wrong then. The Lawmaker on the opposition front, Tony Pua cannot be wrong either. But prime minister Najib and his cabinet members and all within the lording-over Umno-BN want to appear to be darn right too.

In any other country by now we would concluded a ‘Watergate’ or ‘Clinton-gate’ exercise. But in this case of the 1MDB debacle the gates only seem to be remaining wide opened. Meanwhile the country bleeds.

The citizens are bleeding with a RM172 Billion national debt. This translates to each of the 14 million working population (age groups 25 – 64) contributing RM12,285.70 of their hard earned money to put the national coffers back into shape.

Suppose each of us is able to save RM100 a month it will take, on the average, a good ten years to help the government clean up this 172 Billion debt – provided the principle of ceteris paribus applies.

Malaysians are also bleeding since the GST (Goods and Service Tax) implementation. And we do not know how many of us will be left with any blood (i.e. financial strength or soundness) by the time the GST-promises by the Cabinet or Ministry of Finance come true.

And yet, we are blaming the Tun for the Ringgit plunge. And we now have a new quarrel with the Tun, i.e. for painting the streets in the US red with his expose on The New York Times.

What shall we do, now that our own newspaper has said that “TNB (is) in the dark”? - MAILBAG