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Sunday, October 30, 2016

SRC HAS NO REVENUE, CANNOT PAY BACK RM4B KWAP LOAN, DUIT PENCEN MELAYU HILANG

Before you read this news (and my comments) please note the difference between a 'kickback' and 'underpricing' - two simple methods used by the corrupt people like MO1, the Mrs and cronies to steal taxpayers funds.

1. KICKBACKS : A 'kickback' is used when the corrupt want to siphon out cash from the government. Here they already have control of the cash. The question is 'How to take out the cash?'  The method is simple. The MO1 characters (watak MO1) will authorise the use of that cash to buy assets, including rusty and broken down machinery, useless consultancy services, anything at all at very, very high inflated prices.  

Here is a quick example. Say rambutan is selling at the fruit stand for RM4 a kilo. To siphon out taxpayers funds they will pay RM100  per kilo. Before that, the fellow running the rambutan stall (the crony, the fellow crook, the fellow thief) is already in cahoots with them. The crooky rambutan seller will keep RM4 (plus some healthy extra tips - takkan he wants to be party to a crime for free! ) Then he will "kickback" or refurn say RM90 to those  MO1 types who brought this lucrative deal to him.  

So the cash went out in bucketfulls and comes back to the MO1 crooks minus some "tips". 

A real life example would be buying that piece of land in Penang which has over 1000 squatters living on the land for over 40 years at prices that are way above market.  Another example will be buying some stupid mining concession in some stupid country located somewhere on planet earth. Stupid meaning you cannot even pronounce the country's name properly.

2. UNDERPRICING : Underpricing is used when the watak MO1 do not control cash but they control assets that belong to the taxpayer. This includes government owned land, government companies etc.  So they sell these lands and companies at very cheap, way below market prices to their cronies and fellow crooks. The cronies and crooks then resell these assets to someone else at the full market price. The cronies and fellow crooks make the full market profit. Then they share the gains with the watak MO1s.  

A real life example will be the gomen land they sold to their cronies at RM60 psf and the crony resold it at RM2000 psf or something (with no value added).  So they made easy gains and shared the gains with the watak MO1.

The bottom line is the cash. Always follow the money. Their No. 1 objective is how to move the cash into their pockets. 

Now here is some news :





http://www.straitstimes.com/asia/se-asia/state-owned-firms-debts-another-headache-for-najib

State-owned firm's debts another headache for Najib
Oct 30, 2016


SRC faces huge loan interest payments to KWAP civil service pension fund

opaque M'sian state-owned firm struggling to pay off huge debts

fresh headache for Najib 
aftershocks from (1MDB) continue to reverberate internationally.

SRC set up by Najib 2011 under pressure to meet interest on borrowings of RM4.3b


SRC's debt troubles carry sting for Najib. 

SRC's RM4b debt came from (KWAP)
KWAP represents mostly-Malay  1.6m civil servants

KWAP scandal will undermine support from pro-govt civil service

big crunch for SRC in 1st qtr 2017, large interest payments due on 10-yr loan


senior KWAP official admitted SRC struggling with interest payments
next year "a big challenge for SRC facility"

govt bailout of SRC trigger fresh headache for Najib 

still struggling with 1MDB scandal
1MDB debts totalling RM51 billion.

• SRC set up in 2011 to pursue energy investments
borrowed RM4b from pension fund KWAP

RM42m from SRC flowed into Najib's account in 2013
• SRC annual interest RM164m  to KWAP. 

jump to RM660m next year, RM964m in 2018

SRC mirrors problems facing 1MDB


funds raised wound up in accounts of personalities closely linked to Najib
SRC RM42m funds made its way into Najib's personal account

SRC accounts dont show tangible investments in resources,  commodities.

investments consist "quoted shares, bonds, money market, time deposits" 
lumped together as "available-for-sale investments"
(This is false.)

March 2014 portfolio in Malaysia RM305.6m

overseas investments RM3.8b 
these investments are not generating returns
latest accounts show SRC posted loss RM164.5m for March 2014 

high operating expenses and finance charges on borrowings
accounts for 2015, 2016 yet to be reported.

SRC's interest payments RM164 million annually

will jump significantly 2017 as they include principal payments
amount owing to KWAP next year is RM660 million 

will jump to RM964 million in 2018.

all borrowings and obligations of SRC guaranteed in full by M'sian government.

govt bailout SRC political headache for Najib struggling to deal with 1MDB

1MDB debts totalling RM51 billion

  • M'sian govt pursuing plan for China takeover of SRC assets 
  • not first time M'sian govt turned to China to plug financial gaps
  • 1MDB's Edra Global Energy sold to China for RM17b last Nov. 
  • China Railway bought Bandar Malaysia for RM12.4b.
  • Najib making official trip to China from tomorrow to Nov 6.

this article appeared in Sunday Times Oct 30, 2016 
headline 'State-owned firm's debts another headache for Najib'. 

Conclusion : First the pensioners (some of whom are also taxpayers) put their savings in KWAP. KWAP took out RM4 billion of these savings and lent it to SRC. SRC put the money in Najib's accounts, paid it to dubious investments etc. The kickback method. 

Now SRC has no returns from their mining investments because they are all fake. So how will SRC repay that RM4b KWAP loan? 

Thats where you and me come in Mr Taxpayer. The KWAP loan is gomen guaranteed. So the gomen will bail them out with taxpayers money (our money). Thats how the KWAP money will be rapid. Using taxpayers funds again. Using the peoples' money to repay money stolen from the people.

This is stealing two times. 

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