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Tuesday, August 8, 2017

1MDB wasting public funds by accruing interest on late payment

YOURSAY | ‘The constant delays in repaying IPIC reflect badly on 1MDB’s managers.’
RM2.6 Billion Turkey Haram: Abu Dhabi's International Petroleum Investment Company (IPIC) has given 1MDB until Aug 31 to make a US$603 million debt settlement payment that was due yesterday, plus interest.
With this type of news making its way around the world, who is to be blamed if foreign investors were to have negative perceptions of our government? In business, if a company cannot honour its debts, it would be shunned by others.
This is the second time that 1MDB’s credibility has been questioned. The first time was when it cancelled the Bandar Malaysia agreement with Iskandar Waterfront Holdings and China Railway Engineering Corp all of a sudden.
Now, the question is where is it going to get the fund to pay the debts? It is highly doubtful that it has the money to pay. As such, who is it going to turn to for help?
I pray that it is not the taxpayers’ money. Get a cheap loan from China? Or from the Employees’ Provident Fund?
Prime Minister Najib Abdul Razak, the people have suffered enough paying for your alleged follies. Allah forbids that you further burden them with more debts.
Odin Tajué: To the Chairman of Mubadala, Your Most Illustrious Highness Sheikh Mohamed bin Zayed Al Nahyan,
The second extension of one week to Aug 12 granted by your esteemed company is much appreciated. However, it pains us greatly to advise Your MIH in advance that it is unlikely that we will be able to make any payment on that day.
In fact, we really cannot promise a definite date for two critical reasons that will be provided shortly. That also means that the second part due at the end of August is not likely to be satisfied, either. And that also means that the balance, which is due at the end of this year, is not likely to be satisfied, too.
Now to the reasons. The President and Chief Executive Officer of 1MDB, His Excellency Arul Kanda Kandasamy, is still busily rationalising the entire operations of the company. We assure you that he has been at it since he came in to lead the company. Unfortunately, the exercise is not yet completed because he came in with his eyes wide shut.
The second reason is that the liquidising of the company’s units held in the Cayman Islands to satisfy our obligations has been rather slow due to technicalities. And that is to say, technical problems associated with carbon dioxide (CO2) production. The units are now still in the frozen state.
His Excellency Arul Kanda Kandasamy is trying his very best to introduce millions of tonnes of CO2 into the atmosphere to deplete the ozone so as to accelerate global warming to a point high enough to cause the units to melt. Once that is achieved, payments will be effected.
That is a promise. Yes, we know. We have been promising before and not kept any. But this time, we shall honour our word.
We humbly request Your MIH to consider granting us another extension, preferably to 2050. By then, the units in the Caymans will have all melted down. If worse comes to worse, we shall crawl all the way to China with our begging bowls and worship the Ah Longs there for money.
Cogito Ergo Sum: If a sovereign investment fund cannot keep to its scheduled repayments, it reflects badly on the managers. It is really a report card of their performance that shows a dismal failure in due diligence and business acumen.
Final result - fail in all subjects. But promoted with a pay rise.
LooneyTune Film: Finance Minister II Abdul Johari Ghani and the Treasury secretary-general Mohd Irwan Serigar Abdullah do not even sing from the same hymn sheet.
One pleads ignorance and says that it is a “company matter", while the other crows that an extension has been granted.
It goes to show how dysfunctional Malaysian Official 1’s team is becoming in dealing with 1MDB, and also reveals the "depth" of Najib's brain trust.
24601: "Meanwhile, asked to address rumours that the debt will be settled using public funds, Johari reiterated that no public funds have been channelled from the Finance Ministry to 1MDB for this purpose. ‘Unless, I don't know, in the future if they have a problem, (they will) come and ask us to help them then at that time we will resolve that.’"
It sounds like he is washing his hands clean by playing dumb for now.
Anonymous 2460391489930458: From this comment by Mohd Irwan, you already know 1MDB will not be paying anytime soon: "In due course, when the time comes, we will pay it off. We will sign another extension of time agreement with them."
It sounds positive until the part about signing "another extension of time agreement". So, it is as good as "we can't pay". They will never honour their promise. Welcome to Malu-sia.
Kimo Sabe: An extension given, with default interest. What a waste of public funds.
Caripasal: How much is the interest for the delayed payment? Is Najib trying to delay the payment until after the next general elections?
Anonymous_1421806811: What happened to the rationalisation plan which was briefed to PAS by Arul Kanda? What does this mean - that the rationalisation plan, paying debts by selling assets, is not going as well as planned?
So, to all the Umno cybertroopers who have been saying 1MDB is okay and can pay its debts on time - what excuses are you going to give this time?
Negarawan: By making this payment to IPIC, 1MDB is admitting that it had indeed made the original payment to a fake company, where the funds were allegedly channelled to Jho Low, MO1, Riza Aziz, and their accomplices. This further confirms the findings of the US Department of Justice.
It is evident that 1MDB has no money to pay its debts. If the finance minister uses the rakyat's money to bail out 1MDB, it is a most unpatriotic act that cannot be forgiven in this and future generations
Worried Sick: I cannot understand what is happening. Why are we paying so much money to a foreign company? What did we buy that we have to pay by a certain date and so on? Can Mohd Irwan please tell us?
Somebody is holding a gun to our heads. If Malaysia cannot pay this huge sum of money, what happens? Where is Mohd Irwan going to get the money to pay from? It is all so confusing.

SusahKes: Aug 31. What a date Abu Dhabi has chosen. I trust no one misses the irony - if 1MDB fails to pay or if MO1's government fails to bail the company out, there will be no Merdeka mood to celebrate this year. - Mkini

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