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Sunday, May 31, 2015

Selling nation’s assets to pay off 1MDB’s debts


YOURSAY ‘What a waste - prime national properties being used to pay debt.’

TRX, Bandar M'sia to slog for 1MDB

Pemerhati: Former PM Dr Mahathir Mohamad stole billions through various strategies, such as giving overpriced negotiated contracts to cronies (e.g. independent power producers, or IPPs) or making huge purchases at inflated prices through cronies and getting kickbacks.

As there was no Internet media and as the money was stolen slowly over 22 years, most people were not aware of the huge theft.

In the case of 1MDB, Najib tried to borrow huge sums of money in a few years and got into financial trouble. He bought the assets from crony IPPs, whose leases were about to expire, at inflated prices.

Najib should be asked why he paid such high prices for the power stations when he could have got the assets for almost free in a few years when the leases expired. It would be interesting to see how he lies his way out.

Sali Tambap: So Tun Razak Exchange (TRX) and Bandar Malaysia are to raise fund to pay debt. Did we hear this right from Finance Minister II Ahmad Husni Hanadzlah?

It sounds logical enough because the land alone, if it is not developed, is not enough to pay off the debt.

What a waste - prime national properties being used to pay debt. We thought that they would be developed to make profit, which in turn can be used to address the needs of the nation.

But alas as it is, it is just a waste of time, effort and money.

RCZ: Nobody is answering the 42 billion ringgit question. How did the debt come about in the first place?

Why is the Finance Ministry struggling to pay the debt and not holding the persons who caused it accountable? What wimps and crooks we have running our country.

Wiser: It does not mean that clearing the debts of 1MDB and turning it into a profitable company, the original billions of ringgit belonging to the people that went missing need not be investigated.

By all means, clear the books in whatever way. But where is the money? Who took the money? All those responsible for this must be held accountable.

Mushiro: This is what PM Najib Razak has been saying all along and Husni also agreed - sell off TRX and Bandar Malaysia to pay off 1MDB debt.

This is basically pawning bumiputera land to pay for Najib's sins. This is the greatest treason to the bumiputera and agreed by the Umno president, Umno and Husni.

Onyourtoes: This is not a restructuring plan, this is a con plan. What do you mean TRX and Bandar Malaysia will stand alone to raise fund and capital to pay off 1MDB’s debt.

I have a simpler way to convey what you nincompoops are saying - 1MDB does not know where the borrowed money has gone to; to pay off the debt, the company is going to sell the assets given to the company cheaply by the government earlier.

Hello, nincompoops, as Mahathir has said earlier, even if the debts are paid off, you fellows still have to account for all the borrowed money. Where did it go?

Headhunter: Yes, the question is why there is any debt to pay at all. With the billions the government injected into and all the sweetheart land deals handed on a silver platter, 1MDB should be making billions and not be talking about debts at all.

Anonymous_1372741997: As all eyes are on public funds, their only option is to turn to foreign funds and these prime jewels will be pledged as collaterals. Soon Husni will have to look for another Ah Long to service the loan.


A week of justice and fairness in Bolehland?

Vijay47: Writer G Jegathesan, I must make it a point not to read your articles anymore. They are well-written, from the heart, and so upsetting. Maybe it’s because they reveal the reality that is Malaysia.

Vgeorgemy: If we go through lawyer Rosli Dahlan's case, we can clearly see the police force working hard to defend the country's security versus people wearing uniform to protect the robbery and theft in high places.

For them, catching low-level theft to fill in statistics shows they are open for business. We must defend the police force against the destroyers of its good name.

Sa Tombs: Well-narrated. But you forgot to add the massive graves found on the Malaysian border and how the non compos mentis of an inspector-general of police (IGP) said that this was not brought to his, the IGP’s, attention.

Why was social activist Irene Fernandez charged? Wasn’t it because she revealed the atrocities of the authorities in the detention centres?

By the way, Mr IGP, seeing a cross is un-Islamic but having mass graves in Malaysia is Islamic, is it?

Mac Low: Bolehland! Dear Jega, you have hit the nail into the head. -Mkini

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