This is from Dr Mahathir's Blog here.
1. Some people are very excited about Justo. Now they say the critics of the Prime Minister should apologise. Apologise for what? The fact remains that vast amounts of money has disappeared. Can Justo bring all the money back?
2. Justo was dismissed and Petro Saudi gave him 15 million Ringgit. Is he being bribed or what? That is a handsome amount to pay an employee or director after he had done something wrong. Normally he would just be kicked out. But we are told he is not happy with this amount and demanded for more or else he would leak documents. What is the proof that he tampered with the documents or he has more incriminating documents. How does he negate the fact as admitted by the Prime Minister in a written reply to Parliament? He said that, “a US1.9 billion dollar loan from 1MDB to a subsidiary of Petro Saudi International Limited was in order to reduce the risk on the equity holding.” Giving a loan to a joint-venture partner who was found unsuitable as a JV partner would increase the risk, not reduce it.
3. When the JV was dissolved after only 6 months of its formation, it must be because 1MDB realised that the venture was bad. What it should do is to demand the equity and the loan amounting to US1.9 billion be returned. Instead it was converted into a loan (murabahah).
4. Having given this US1.9 billion loan, where is the money now? The Government has not clarified. Is it in Cayman Islands, or in Singapore or where. That amount of money cannot be shifted around without being recorded by the banks involved. Surely Najib knows. Yet the money has not returned.
5. Even if Justo tampered with the e-mail, it does not alter the fact that 1MDB forked out US1.9 billion to the JV with Petro Saudi, which within 6 months was so worthless that the JV was aborted. And after that the investment and the loan of US700 million was converted to a loan to a partner you no longer believe could deliver through the JV. You had some direct control over a JV, but not over the borrower.
6. So what has all this to do with Justo blackmailing Petro Saudi: N othing.
7. The supporters of the Prime Minister seem unable to understand that 1MDB borrowed 42 billion Ringgit to invest in shady businesses. In the process large amounts of money has disappeared.
8. It is not just about Petro Saudi or the JV. The money has been used to buy IPP at inflated prices. This is wrong. Attempts to sell to Tenaga have only cause Tenaga shares to fall. Unless the IPP are sold at a loss there is no way investments in Edra would give profits. But if the sale is at a loss 1MDB will face problems of paying debts.
9. The restructuring of 1MDB seems to be based on settling the 42 billion Ringgit loan.
10. The money is to come from the sale of TRX and Bandar Malaysian land. 1MDB paid extremely low price for this land. But can 1MDB do so?
11. The London Stock Exchange News Service reported that International Petroleum Investment Company (IPIC), Aabar Investments PJS entered into a binding term sheet with Minister of Finance Inc., Ministry of Finance and 1MDB for the following.
– IPIC on 4 June, 2015 provides US1 billion to 1MDB to utilise immediately to settle certain of its liabilities.
– Also on 4 June ’15 IPIC has assumed the obligation to pay all interest due under two IPIC guaranteed 1MDB financing accounting amounting to US3.5 billion (RM13.3 billion) in aggregate principal amounts.
12. For this takeover of the loans, on 30 June, 2016, IPIC is to receive transfer of assets with aggregate value of an amount which represent the sum of the cash payment (US1 billion or RM3.8 billion), and the assumption of the debt of US3.5 billion or RM13.3 billion.
13. IPIC has met the cash payment and will meet the interim interest payment.
14. Curiously no mention is made of what the 1MDB asset are which will belong to IPIC.
15. What are the possible assets? If it is the power plants or the land, it would mean that these assets no longer belong to 1MDB to sell. So how does 1MDB recover the RM42 billion it had borrowed?
16. Is Justo going to reveal there is anything worse than what the London Stock Exchange has revealed? So who needs to apologise?
VERSI BM
1. Some people are very excited about Justo. Now they say the critics of the Prime Minister should apologise. Apologise for what? The fact remains that vast amounts of money has disappeared. Can Justo bring all the money back?
2. Justo was dismissed and Petro Saudi gave him 15 million Ringgit. Is he being bribed or what? That is a handsome amount to pay an employee or director after he had done something wrong. Normally he would just be kicked out. But we are told he is not happy with this amount and demanded for more or else he would leak documents. What is the proof that he tampered with the documents or he has more incriminating documents. How does he negate the fact as admitted by the Prime Minister in a written reply to Parliament? He said that, “a US1.9 billion dollar loan from 1MDB to a subsidiary of Petro Saudi International Limited was in order to reduce the risk on the equity holding.” Giving a loan to a joint-venture partner who was found unsuitable as a JV partner would increase the risk, not reduce it.
3. When the JV was dissolved after only 6 months of its formation, it must be because 1MDB realised that the venture was bad. What it should do is to demand the equity and the loan amounting to US1.9 billion be returned. Instead it was converted into a loan (murabahah).
4. Having given this US1.9 billion loan, where is the money now? The Government has not clarified. Is it in Cayman Islands, or in Singapore or where. That amount of money cannot be shifted around without being recorded by the banks involved. Surely Najib knows. Yet the money has not returned.
5. Even if Justo tampered with the e-mail, it does not alter the fact that 1MDB forked out US1.9 billion to the JV with Petro Saudi, which within 6 months was so worthless that the JV was aborted. And after that the investment and the loan of US700 million was converted to a loan to a partner you no longer believe could deliver through the JV. You had some direct control over a JV, but not over the borrower.
6. So what has all this to do with Justo blackmailing Petro Saudi: N othing.
7. The supporters of the Prime Minister seem unable to understand that 1MDB borrowed 42 billion Ringgit to invest in shady businesses. In the process large amounts of money has disappeared.
8. It is not just about Petro Saudi or the JV. The money has been used to buy IPP at inflated prices. This is wrong. Attempts to sell to Tenaga have only cause Tenaga shares to fall. Unless the IPP are sold at a loss there is no way investments in Edra would give profits. But if the sale is at a loss 1MDB will face problems of paying debts.
9. The restructuring of 1MDB seems to be based on settling the 42 billion Ringgit loan.
10. The money is to come from the sale of TRX and Bandar Malaysian land. 1MDB paid extremely low price for this land. But can 1MDB do so?
11. The London Stock Exchange News Service reported that International Petroleum Investment Company (IPIC), Aabar Investments PJS entered into a binding term sheet with Minister of Finance Inc., Ministry of Finance and 1MDB for the following.
– IPIC on 4 June, 2015 provides US1 billion to 1MDB to utilise immediately to settle certain of its liabilities.
– Also on 4 June ’15 IPIC has assumed the obligation to pay all interest due under two IPIC guaranteed 1MDB financing accounting amounting to US3.5 billion (RM13.3 billion) in aggregate principal amounts.
12. For this takeover of the loans, on 30 June, 2016, IPIC is to receive transfer of assets with aggregate value of an amount which represent the sum of the cash payment (US1 billion or RM3.8 billion), and the assumption of the debt of US3.5 billion or RM13.3 billion.
13. IPIC has met the cash payment and will meet the interim interest payment.
14. Curiously no mention is made of what the 1MDB asset are which will belong to IPIC.
15. What are the possible assets? If it is the power plants or the land, it would mean that these assets no longer belong to 1MDB to sell. So how does 1MDB recover the RM42 billion it had borrowed?
16. Is Justo going to reveal there is anything worse than what the London Stock Exchange has revealed? So who needs to apologise?
VERSI BM
1. Sesetengah orang sangat teruja dengan Justo. Sekarang mereka mengatakan pengkritik Perdana Menteri perlu meminta maaf. Meminta maaf untuk apa? Hakikatnya sejumlah besar wang telah hilang. Bolehkah Justo membawa kembali semua wang itu?
2. Justo telah dihenti kerja dan Petro Saudi memberinya 15 juta Ringgit. Adakah dia disogok (dirasuah) atau apa? Itu satu jumlah yang lumayan untuk dibayar kepada seseorang pekerja atau pengarah selepas dia telah melakukan perkara yang salah. Biasanya beliau ini akan ditendang keluar sahaja. Tetapi kita diberitahu dia tidak berpuas hati dengan jumlah ini dan menuntut untuk dibayar lebih, kalau tidak dia akan bocor dokumen. Apa buktinya yang dia mengubah meminda dokumen atau dia mempunyai dokumen yang lebih membabitkan. Bagaimana dia dapat menyangkal fakta seperti yang diakui oleh Perdana Menteri dalam jawapan bertulis kepada Parlimen? Beliau telah berkata, “Pinjaman US1.9 bilion dolar dari 1MDB kepada sebuah anak syarikat Petro Saudi International Limited adalah untuk mengurangkan risiko pada pegangan ekuiti.” Memberi pinjaman kepada rakan usaha sama yang didapati tidak sesuai sebagai rakan usaha sama akan meningkatkan risiko, bukan mengurangkannya.
3. Apabila usaha sama (JV) telah dibubarkan selepas hanya 6 bulan ditubuhkan, ia mestinya kerana 1MDB sedar bahawa usaha itu tidak baik. Apa yang perlu dilakukan adalah untuk menuntut ekuiti dan pinjaman berjumlah US1.9 bilion itu dikembalikan. Sebaliknya, ia telah ditukar menjadi pinjaman (murabahah).
4. Setelah memberi pinjaman US1.9 bilion ini, di mana wang ini sekarang? Kerajaan tidak memperjelaskan. Adakah di Kepulauan Cayman, atau di Singapura atau di mana? Wang sejumlah ini tidak boleh dipindahkan ke sana sini tanpa direkodkan oleh bank-bank yang terlibat. Pasti Najib mengetahui. Namun wang tidak dikembalikan.
5. Jika sekali pun Justo telah meminda mengubah e-mel, ini tidak mengubah hakikat bahawa 1MDB mengeluarkan US1.9 bilion kepada usaha sama dengan Petro Saudi, yang dalam tempoh 6 bulan sahaja didapati tidak begitu bernilai dan usaha sama tersebut telah digugurkan. Dan selepas itu pelaburan dan pinjaman sebanyak US700 juta telah ditukar kepada pinjaman bagi rakan kongsi ini yang tidak boleh anda memperpecayai lagi untuk menjayakan sesuatu melalui usaha sama ini. Anda mempunyai beberapa kawalan langsung ke atas rakan usaha sama tetapi tidak atas peminjam.
6. Jadi apa yang kena mengena semua ini dengan Justo memeras ugut Petro Saudi: Tidak ada apa-apa.
7. Penyokong-penyokong Perdana Menteri nampaknya tidak dapat memahami bahawa 1MDB meminjam 42 bilion Ringgit untuk melabur dalam perniagaan yang diragukan. Dalam proses ini jumlah wang yang banyak telah hilang.
8. Ianya bukan sahaja mengenai Petro Saudi atau usaha sama. Wangnya telah digunakan untuk membeli IPP pada harga yang dipertinggikan. Ini adalah salah. Percubaan untuk menjual kepada Tenaga hanya menyebabkan saham Tenaga jatuh. Kecuali IPP ini dijual dengan kerugian, tidak ada jalan pelaburan dalam Edra akan memberi keuntungan. Tetapi jika penjualan itu adalah pada paras kerugian, 1MDB akan menghadapi masalah membayar hutang.
9. Penyusunan semula struktur 1MDB nampaknya berdasarkan penyelesaian pinjaman 42 bilion Ringgit.
10. Wang ini akan datang daripada jualan tanah TRX dan Bandar Malaysia. 1MDB membayar harga yang amat rendah bagi tanah ini. Tetapi bolehkah 1MDB berbuat demikian?
11. Bursa Saham London News Service melaporkan bahawa International Petroleum Pelaburan Syarikat (IPIC), Aabar Investments PJS telah memeterai “a binding term sheet” dengan Menteri Kewangan Diperbadankan, Kementerian Kewangan dan 1MDB untuk yang berikut.
– IPIC pada 4 Jun 2015 memperuntukkan US$1 bilion kepada 1MDB untuk digunakan dengan serta-merta untuk menyelesaikan liabilitinya yang tertentu.
– Juga pada 4 Jun 2015 IPIC telah mengambil alih tanggungjawab untuk membayar semua faedah yang kena dibayar oleh 1MDB di bawah dua perakaunan pembiayaan yang dijamin oleh IPIC berjumlah US3.5 bilion (RM13.3 bilion) dalam jumlah prinsipal agregat.
12. Bagi pengambilalihan pinjaman ini, pada 30 Jun, 2016, IPIC akan menerima pemindahan aset dengan nilai agregat jumlah bersamaan dengan jumlah pembayaran tunai (US$1 bilion atau RM3.8 bilion), dan pengambilalihan hutang US3.5 bilion atau RM13.3 bilion.
13. IPIC telah memenuhi pembayaran tunai dan akan memenuhi pembayaran faedah interim.
14. Agak menghairankan tidak disebut apakah aset 1MDB yang akan menjadi milik IPIC.
15. Apakah kemungkinan bentuk aset itu? Jika ia adalah loji kuasa atau tanah itu, ini bermakna aset-aset ini tidak lagi dipunyai oleh 1MDB untuk dijual. Jadi bagaimana 1MDB hendak mendapatkan balik RM42 bilion yang telah dipinjam?
16. Adakah Justo akan mendedahkan perkara yang lebih teruk daripada apa yang telah didedahkan oleh Bursa Saham London? Jadi yang perlu diminta maaf?
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