I hope you watched Husni Hanadzlah's 'macam kucing curi ikan' performance on TV1 last night. He bungled so many times. I am sure he will get slaughtered for all the crap he mentioned.
Husni's problem was that 'dia sendiri tak faham apa dia cakap'.
I am reproducing again Jebat Must Die's Blog in full. You can click on the link. Jebat has done a quick analysis on Husni's befuddled performance last nite.
JEBAT MUST DIE
JEBAT WAS A MALAY HERO. BUT DESPITE HIS GOOD INTENTIONS, HIS METHODS WERE CRUEL, MISGUIDED AND UNWIELDY. HIS ANGER TOWARDS A SULTAN, LED HIM TO MURDER THOUSANDS OF INNOCENT LIVES. IN THE END…
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First off I want to take up from Jebat's Lie No. 3. Husni repeated the lie that Petro-Saudi is a company linked to the 'pimpinan Arab Saudi' - implying Petro Saudi was a Saudi Arabian government owned company. This has been proven to be not true.
Petro Saudi Caymans (the JV partner with 1MDB) is a shell company set up by Jho Low and strip club fan Tarek Obaid.
But what I caught Husni saying was that Goodstar (that strange Seychelles registered company owned by Jho Low) was a wholly owned subsidiary of Petro Saudi. (Did anyone record Husni's interview? I am willing to be corrected on this). This was the company that received that US$700 Million (and so they felt "the earth moving" under their feet).
Husni also said that since Goodstar was a wholly owned subsidiary of Petro Saudi, then it was up to Petro Saudi to transfer the money to wherever and whoever they wanted.
If this was the case then the BOD of 1MDB should not just be fired but they should be charged with criminal negligence (To the BOD of 1MDB, this will happen. Some of you will end up paying a heavy price for this fiasco. Mark my words. And from what I hear this is going to happen soon. If you have any brains you should start cooperating and maybe negotiate some reprieve for yourselves. Do you honestly think that RM42 billion is just going to be blown away without anyone going to the gallows? Do think again.)
Because how can you pay so many billions of Ringgit to a foreign company with little or no track record without securing how the money would be applied?
And if Husni says Goodstar is wholly owned by Petro Saudi Caymans (the JV partner), it means either
i. the Saudi gomen is also behind Goodstar (which is not the case) or,
ii. Jho Low is indeed the owner of Petro Saudi Caymans (which is the real situation).
Husni refused to answer the question about Jho Low. The moderator guys had to ask the question twice before Husni gave his bungled answer about Jho Low.
Now here is the stuff that Arul Kanda and 1Mdb have released to the media yesterday. These guys really need a brain. Brother Arul you cannot cover an elephant's carcass with pandan leaves ok. This is what 1MDB has put out:
Someone else sent me this. It is the same thing with an extra column showing what was alleged and 1MDB's clarification.
First of all where are the desalination plants? Dey Arul Moron, yenna da. Malu for the 'kotte community' man. Where are those desalination plants? I doubt they really even exist. A few billion was paid for the desalination plants but you dont have themi listed here.
And 1MDB has bought Powertek, Kuala Langat and Jimah for RM12 Billion PLUS inherited debt of RM6 Billion !!! So the actual purchase price for the three power companies was RM18 BILLION. You bought these companies even with their hutang !!
What is that in terms of RM per Megawatt? This must be the dumbest and most expensive purchase of 'end of shelf life', 'license almost expired' power plants anywhere in the world. You bought them together with RM6 BILLION 'inherited debt' !!
Your Air Itam land was bought for RM1.1 Billion. Did you buy the entire Penang Island? This is the most expensive purchase of land in the history of Penang. These lands are yielding almost zero returns, except that parcel you sold to Tabung Haji.
Your only operating assets are the power plants.
So now you expect the RM12 Billion worth of power plants (and no desalination plants) to generate at least RM2.5 Billion cash flow a year just to service interest alone on the RM42 Billion debt?? Banyak cantik. You and your favorite goat know that is NOT going to happen.
Then your Cost of Finance and Working Capital is RM4.5 BILLION. I say man, you are using BORROWED FUNDS to pay your interest expenses?
What kind of business model is that? This is where I say the Board of Directors of 1MDB went to business school bawah pokok mangga in the kampong.
When you borrow money you will incur interest. Interest must be paid from the business operations. If you cannot generate enough business cash flow to service interest, the company will go bust. This is what has happened to 1MDB.
They are resorting to using BORROWED money to pay interest.
And where is that RM950 MILLION STANDBY CREDIT which was given by the gomen just a few weeks ago?
Surely you must add that STANDBY CREDIT of RM950 MILLION to the full amount of RM41.8 BILLION. So the full HUTANG figure should be RM41.8 B + RM950 M = RM42.75 Billion !!
And you suffered Forex costs of RM900 MILLION? Scheiss!!
What did you do? Repeat Bank Negara's old Forex Losses fiasco? Playing the derivatives market again? Is that why those 'units' at the BSI Bank are not worth the paper they are printed on ??
And what the hell are Aabar Investment Deposits of RM4.2 BILLION ??
The last time I checked a deposit is an asset. When you pay TNB RM200 to connect power to your house, that is YOUR asset. Bukan TNB's. TNB OWES you that deposit money.
So why is Aabar holding so much of our taxpayer's money RM4.2 BILLION as deposits? And exacftly where have they kept our money worth RM4.2 BILLION? Up the Arab camel's @$$?
If that is the case, then OUR RM4.2 BILLION deposits will never see the light of day again. Tell them to return our deposits. Its our money.
Deposits for what? What did our country Malaysia get for giving Aabar RM4.2 BILLION cash as deposit. Deposit for what?
How many jobs have you created for those RM4.2 BILLION deposits? Wahid Omar says 400,000 graduates are still jobless.
Husni Handzlah says 1MDB has bought spectactles for school kids. What - RM4.2 BILLION worth of spectactles for school kids??
Tony Pua has pointed out that the Auditors have classified RM13 Billion of 1MDB's assets as Level 3. What is a Level 3 asset?
DEFINITION of 'Level 3 Assets' : Assets whose fair value cannot be determined by using observable measures, such as market prices or models. Level 3 assets are typically very illiquid.
This means RM13 BILLION worth of 1MDB's assets have disappeared up the camel's @$$.
This means RM13 BILLION worth of 1MDB's assets have disappeared up the camel's @$$.
What are GIL Funds of RM5.1 BILLION? Explain. Sounds like another black hole.
And that RM6.1 BILLION with Brazen Sky has also gone up in smoke. It is no more RM6.1 BILLION.
According to Husni Hanadzlah they are now in the form of 'units'. This is another way of saying "betting slips" for derivatives and financial futures crap. That RM6.1 BILLION money is as good as gone.
Jebat is right that Husni lied about 1MDB avoiding default. Deutsche Bank has already 'accelerated' 1MDB's repayment to June. Hence that US$1.0 Billion loan/advance/equity or entah ape payment by IPIC.
That is a default because Deutsche Bank must have legal recourse to 'accelerate' that loan repayment. Thwy wont do it just for fun.
More will follow.
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