SHOW US THE REAL CHINA MONEY: DR M CAMP WORRIES NAJIB & CO WILL SIPHON HUGE ‘COMMISSIONS’ WHILE EPF, PNB, KWAP END UP BUYING 1MDB’S EDRA U$400 MIL IPO
IN the spirit of inclusiveness – that every Malaysia has a say and the right to be heard – I would like to challenge the International Trade and Industry Minister, the Finance Minister 2 and the Bank Negara Governor to prove to us that China is actually bringing in the billions it promises.
In case we have forgotten, inclusiveness is the cornerstone of the Prime Minister, (Datuk Seri I Mappadulung Daeng Mattimung Karaeng Sandrobone Sultan Abdul Jalil) Mohd Najib Abdul Razak’s New Economic Model.
I challange Datuk Seri Mustapa Mohamed, Datuk Seri Johari Abdul Ghani and Datuk Muhammad Ibrahim to show us the pay-in slips to prove that the China companies are actually bringing in the capital.
According to Malaysian media reports, RM143.64 billion worth of deals were signed during Najib’s this week’s visit to China.
Let us see that the Chinese capital is really flowing in and every sen is accounted for to avoid the repeat of the 1MDB-type corporate manipulation for illegal purposes.
There’s a lot of commission and consultancy income to be made on that amount of money. Here the role of Bank Negara as the gatekeeper is paramount. It cannot allow itself to be tricked once again after that shameful 1MDB episode.
We do want the China companies, most of which are state-owned, to come to Malaysia on the pretext of investing in huge projects but raise the capital from the local market.
This has been the trick of many so-called foreign investors. They came to Malaysia as foreign investors but borrowed working capital from local banks.
Just a few days ago, Bloomberg news service reported that China General Nuclear Power Corp, which bought 1MDB’s power assets for US$2.3 billion (RM9.2 billion) this year, is considering listing the business as early as 2017.
The state-owned company could raise as much as US$400 million (RM1.6 billion) from a Malaysian initial public offering of Edra Global Energy Bhd.
Who would be the buyers of its IPO shares – PNB, EPF, KWAP and the local banks?
Why should we be funding foreign companies to buy our domestic assets?
Yes, 1MDB is so toxic that very few local companies would dare buy its assets. But not all assets that are being sold or franchised to China companies are related to 1MDB.
But since Najib had committed us to these massive China-led investments and had even aligned us to China militarily, we must raise our vigilance to ensure that we do not end up becoming the 21stcentury vassal state of China.