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Friday, February 10, 2017


Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. 1Malaysia Development Bhd (1MDB), a property-to-energy fund whose advisory board is chaired by Prime Minister Najib Razak, has built debt of nearly 42 billion ringgit ($11.73 billion) to build a portfolio of power plants. REUTERS/Olivia Harris (MALAYSIA - Tags: BUSINESS LOGO)
While much of the recent reporting on the 1MDB theft has been concerned with thevRM2.6 billion or thereabouts  that the US Department Of Justice has tracked down, some RM 12 Billion remains unaccounted for, going by 1MDB CEO Arul Kanda’s own numbers.
The diagram below was provided by 1MDB and its CEO Arul Kanda about two years ago as a way of explaining where RM 42 billion in borrowing went to . As readers can see, RM 6 billion is said to have been “spent” on “Inherited Debt” .However, when the energy assets were sold to CGN of China, CGN was reported to have agreed to assume all debt. Therefore, that RM 6 billion in “inherited debt” was not something that 1MDB’s borrowed funds were spent on.
Then we come the infamous units. While no one believes that they actually exist, recall that the original 1 MDB story about the funds employed to finance the investments in the “units” said nothing about a direct investment of borrowed funds.
Instead, the funds were said to have come from the profits of some convoluted deal, which  in any case have been shown to have not generated any cash.END
1MDB CEO: Here’s how we used RM42b…
Wednesday June 3, 2015
06:39 PM GMT+8
June 03, 2015
09:19 PM GMT+8
1MDB’s chief executive Arul Kanda Kandasamy provided a detailed breakdown of how the company’s funds were used. — Pic courtesy of 1MDB
1MDB’s chief executive Arul Kanda Kandasamy provided a detailed breakdown of how the company’s funds were used. — Pic courtesy of 1MDB
KUALA LUMPUR, June 3 — In a bid to silence all speculation over where and how 1 Malaysia Development Berhad (1MDB) allegedly squandered nearly RM42 billion, the firm’s chief executive Arul Kanda Kandasamy provided today a detailed breakdown of what the money was used for.
In a brief statement accompanying a graphical presentation of the breakdown, Arul Kanda pointed out that every single ringgit in the RM41.8 billion it used has been accounted for.
Breakdown of where the funds went. — 1MDB graphics
“In recent weeks, there has been much speculation about the use of RM42 billion of debt raised by 1MDB, and more specifically that RM27 billion of debt proceeds are alleged to be ‘lost’ or ‘missing’,” he said, referring to allegations raised previously by former prime minister Tun Dr Mahathir Mohamad.
“We provide a summary of what the RM42 billion debt has been used for, information that is fully disclosed in 1MDB’s audited and publicly available accounts from 31 March 2010 to 31 March 2014.
“We trust this clarification will help to clear any confusion on this matter,” Arul Kanda said.
1MDB, now under investigation for alleged impropriety, has been dogged by controversy over recent months.
Leading the attacks against the firm, a brainchild of Prime Minister Datuk Seri Najib Razak, is Dr Mahathir who has repeatedly demanded answers on the whereabouts of the RM42 billion debt that 1MDB reportedly amassed in the years since its inception in 2009.
In a blog post on April 23, Dr Mahathir attempted to trace how 1MDB had spent its borrowings, listing down, among others, its power deals and land deals.
But in total, Dr Mahathir said 1MDB’s power plant projects and land investments only added up to some RM14.7 billion, which he said meant there was approximately RM27 billion left to 1MDB’s RM42 billion borrowing.
“Where is the rest of the money?” he asked.
1MDB is currently under investigation by the Auditor-General and Parliament’s Public Accounts Committee.
Last week, at an anticipated Cabinet briefing on a proposal to restructure 1MDB, Second Finance Minister announced that the debt-laden firm will receive RM1 billion from Abu Dhabi’s Petroleum Investment Company (IPIC) to repay a US$975 million loan maturing soon.
The minister said the payment secured from IPIC and its subsidiary, Aabar Investments, is part of the rationalisation plan to help the indebted firm meet its loan obligations and reduce its liabilities.
The US$975 million loan is due in August but a consortium of German lenders is reportedly seeking an early settlement due to a breach of covenant in the loan agreement by 1MDB..
1MDB was incorporated in 2009, after the prime minister announced the decision to turn the TIA state fund into a federal agency.
Since then, 1MDB has been dogged by negative publicity over its finances and debt, and most recently cash flow problems that saw it struggle to meet a RM2 billion loan payment.
Breakdown of where the funds went. — 1MDB graphics
Breakdown of where the funds went. — 1MDB graphics
– http://sahathevan.blogspot.my

1 comment:

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