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Thursday, June 11, 2015

Called a liar, the ball now in Arul’s court


YOURSAY ‘Is he going to instruct his lawyers to take Mahathir to court?’

Dr M: I can't accept 1MDB numbers from a liar
        
Wg321: After five months as the CEO of 1MDB, we are still waiting for an answer from Arul Kanda Kandasamy. What happened to the ‘cash’ of RM4.1 billion that was supposed to be deposited in Singapore from Cayman Islands?

From cash, it turned into paper assets and now into "units". What are these units? You have stubbornly refused to explain.

Do you want us to pull open your mouth to get the answer? What are you hiding?

2Kali5: We have a president and CEO who has supposedly held high position as executive vice-president of the Abu Dhabi Commercial Bank. Vice-president is simply the American equivalent of what is commonly known as general manager.

As a young man, it is a great honour to be offered such a coveted position in 1MDB, and with it great expectations from the likes of our ex-PM, the government and the people of Malaysia.

Sadly, for the many spins and half-truths that he has spewed, he is now labelled a liar.

It is left to be seen whether he will be able to carry out the Herculean tasks expected of the position; to untangle the complicated mess the company has now got itself into.

If ever he wants to redeem himself, he should remain focused and true to his position rather than try and cover for each and every mess from the past doings that were not his.

The days ahead will make or break him; it’s a choice of his own making.

Odin Tajué: Arul, you are a liar. No less than former PM Dr Mahathir Mohamad has said so.

So, are you now going to instruct your lawyers to take him to court for making a false allegation that has sullied your squeaky-clean reputation?

Mushiro: Mahathir has stripped and exposed Arul for whatever he is worth. Arul has been at the helm for five months and he is selective and evasive with his answers.

Mahathir is spot on that Arul has proven to be a liar - and a big-time liar. He has ruined his reputation just to save Najib, but sadly it is the Malaysian taxpayers who are paying his high salary.

Zuki Zauji: Any development plan has to be studied carefully because it involves huge capital.

As we know in business, the cycle of the company's profits will not be stable in the early stages and will improve after a certain period of time.

Using 1MDB as an issue to topple the government is very unfair.

Mafeeah: Assets? What assets? Where and how much are the assets valued? What is the RM15.4 billion doing in these three companies - Brazen Sky, Aabar and GIL Funds?

What kind of business which borrows money to pay loan instalments, interest and taxes? I have heard Ah Long borrowers doing this. But a GLC (government-linked company)? It’s pathetic and disgraceful.

Generate cash flows? How much of these cash flows have been used to repay 1MDB’s interest, taxes and loans? Why still borrow and require cash injections from overseas investors on top of the country's money?

Shibboleth: It is stated very clearly where all the monies were invested. For example, the RM15.6 billion invested in Brazen Sky, Aabar and GIL Funds.

Furthermore, the CEO has reiterated that all these are duly audited. Of course, whether this 15.6 billion investment is "marked to market" is another question.
                                  
I mean it could be worth RM1.56 billion now, or worse, zero. But Mahathir is right about conducting a forensic audit.
                      
CQ Muar: Fancy Arul asking the people to "accept" the publication of his tabulated breakdown of the 1MDB RM42 billion, where and how it ended up, and hoped everyone is happy and satisfied with it.

He was quick to declare his wizardry to the extent that we were amazed by his "authenticity". Well, not for long and not anymore, now that the cat is out of the bag.

Mahathir was skeptical and not in the least convinced with the presentation. In this context, we owe it to our former premier for his "auditing" skill.

Hermit: The IPP (independent power producer) concessions were ditched out on silver platter.

Whatever costs incurred are recoverable from TNB (Tenaga Nasional Berhad), lumbered into energy costs and capacity costs, and whatever units generated are all passed and billed to TNB, even any unforeseen and unplanned costs are all passable to TNB.

Surely IPPs are raking in super profit with ROI (return of investment) in the region of 20 percent to 25 percent.

Whilst these IPPs are nearly reaching the end of their concession periods, most of their planting costs would have been recovered through capacity costs billed to TNB.

So what is the RM6 billion ‘inherited debt’ Arul is cooking for the purchase of the three IPPs?

Abasir: Arul has now been officially bestowed the label "liar" but I guess he, like PM Najib Razak and his 1MDB gang, will wear it like a badge of honour. -Mkini

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