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Friday, June 16, 2017

Nasi Kanda Lied : Brazen Sky's Fund Units Worthless

Image result for arul kanda and 1MDB

https://m.malaysiakini.com/news/385788

(DOJ) asset seizure filing last night revealed undisclosed phase funds siphoned

251-page filing described 4th part as "Options Buyback" phase 
US$850m siphoned from two loans totalling US$1.225b

subsidiary 1MDB Energy Holding took US$250m, US$975m loan from Deutsche Bank

significant sum used to "cover hole" in Brazen Sky Limited
which had US$2.318b "fund units" in Bridge Global Fund
DOJ said "relatively worthless"

recycling Deutsche Bank loan to appear Brazen Sky redeeming fund units 
was in fact same money going in circles.

Good Star phase, 1MDB invested US$1.83b in bogus JV with PetroSaudi Intnl 
US$1.03b was siphoned to Jho Low's Good Star Ltd

1MDB declared sold investment and US$2.318b in shares
included US$488m profit on original investment

then invested in "fund units" managed by Bridge Partners 

"fund units" cannot be worth US$2.318b as US$1.03b siphoned 
additional US$488m profit also did not exist
fund units worth no more US$800 million or any at all.

So how did Arul Kanda on Oct 12, 2015, announce 1MDB redeemed US$1.39 (b) of US$2.3b "fund units" by Brazen Sky ?


How conspirators recycled 1MDB funds

1.  Sept 5, 2014 1MDB drew down US$223m from US$975m loan from Deustche Bank

1MDB misrepresented to Deutsche, loan to buy back share options from Aabar PJS 

money disbursed to (Aabar-Seychelles) owned by Jho Low 
made to appear like subsidiary of IPIC.

Aabar-Seychelles transferred US$111m to Lambasa Global 
which then passed US$110m to Bridge Global Fund.

2. Sept 11, 2014, Bridge Global transferred US$110m to Brazen Sky
as "redemption" but actually originated from 1MDB's Deustche Bank loan

day later, Brazen Sky transferred US$94 million to 1MDB Global Investments 

"purpose of this unnecessarily complicated flow to create appearance 
that fund units in Brazen Sky being redeemed for cash 
fraudulently disguising fund units were illiquid and worthless

3. Sept 29, 2014 Aabar-Seychelles received 2nd tranche US$458m 
from US$975m Deustche Bank loan

repeated same pattern 
sending US$378m to Lambasa which US$375m to Bridge Global 
which in turned allowed Brazen Sky to "redeem" money.

4.  Oct 7, 2014, Brazen Sky sent US$375m to 1MDB Global
1MDB Global sent US$356m back to Aabar-Seychelles.

process repeated another five times

end Nov 2014, proceeds from $975m loan passed through Brazen Sky once
proceeds of second tranche passed through Brazen Sky six times

repetitive process appeared Brazen Sky had redeemed US$1.412b  "fund units"
 
1MDB headache as fraudulently valued Brazen Sky units collateral for Deutsche Loan
condition included Brazen Sky cannot transfer money out.

to recycle money, conspirators had to breach loan condition.

'1MDB duped Deutsche Bank'

1MDB's ED faked documents to Deutsche Bank
1MDB defaulted on US$975m loan
Deutsche demand early repayment upon discovery of deception in May 2015

IPIC came in with US$1b emergency loan to help 1MDB 
deal has since soured and turned into an arbitration case.

Putrajaya agreed to repay US$1b loan, with interest, in two tranches.

remaining Brazen Sky's "fund units" true value remains suspect.

part of US$975m Deutsche loan benefitted Jho Low totalling US$29m.

US$975m Deutsche loan received letter of support from MOI.

1MDB also took out earlier US$250m loan from Deutsche Bank.

disbursement began on May 28, 2014 
by June 3, 2014, US$142m ended up in Jho Low bank accounts.
 
Jho Low used money to purchase 300-foot luxury yacht.

US$1.3m found its way into personal account of MOI on June 18, 2014

My comments : 

Jho Low dapat RM560 Juta. 

Melayu UMNO yang bodoh pula dapat RM5.7 JUTA sahaja !!

Itu saja komen saya dalam hal ini.
 

1 comment:

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