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Monday, June 29, 2015

JUST JUSTO

MALAYSIA-POLITICS-VOTE-MAHATHIR
Dr Mahathir Mohamad

1. Some people are very excited about Justo. Now they say the critics of the Prime Minister should apologise. Apologise for what? The fact remains that vast amounts of money has disappeared. Can Justo bring all the money back?

2. Justo was dismissed and Petro Saudi gave him 15 million Ringgit. Is he being bribed or what? That is a handsome amount to pay an employee or director after he had done something wrong. Normally he would just be kicked out. But we are told he is not happy with this amount and demanded for more or else he would leak documents. What is the proof that he tampered with the documents or he has more incriminating documents. How does he negate the fact as admitted by the Prime Minister in a written reply to Parliament? He said that, “a US1.9 billion dollar loan from 1MDB to a subsidiary of Petro Saudi International Limited was in order to reduce the risk on the equity holding.” Giving a loan to a joint-venture partner who was found unsuitable as a JV partner would increase the risk, not reduce it.

3. When the JV was dissolved after only 6 months of its formation, it must be because 1MDB realised that the venture was bad. What it should do is to demand the equity and the loan amounting to US1.9 billion be returned. Instead it was converted into a loan (murabahah).

4. Having given this US1.9 billion loan, where is the money now? The Government has not clarified. Is it in Cayman Islands, or in Singapore or where. That amount of money cannot be shifted around without being recorded by the banks involved. Surely Najib knows. Yet the money has not returned.

5. Even if Justo tampered with the e-mail, it does not alter the fact that 1MDB forked out US1.9 billion to the JV with Petro Saudi, which within 6 months was so worthless that the JV was aborted. And after that the investment and the loan of US700 million was converted to a loan to a partner you no longer believe could deliver through the JV. You had some direct control over a JV, but not over the borrower.

6. So what has all this to do with Justo blackmailing Petro Saudi: N othing.
7. The supporters of the Prime Minister seem unable to understand that 1MDB borrowed 42 billion Ringgit to invest in shady businesses. In the process large amounts of money has disappeared.

8. It is not just about Petro Saudi or the JV. The money has been used to buy IPP at inflated prices. This is wrong. Attempts to sell to Tenaga have only cause Tenaga shares to fall. Unless the IPP are sold at a loss there is no way investments in Edra would give profits. But if the sale is at a loss 1MDB will face problems of paying debts.

9. The restructuring of 1MDB seems to be based on settling the 42 billion Ringgit loan.

10. The money is to come from the sale of TRX and Bandar Malaysian land. 1MDB paid extremely low price for this land. But can 1MDB do so?

11. The London Stock Exchange News Service reported that International Petroleum Investment Company (IPIC), Aabar Investments PJS entered into a binding term sheet with Minister of Finance Inc., Ministry of Finance and 1MDB for the following.

– IPIC on 4 June, 2015 provides US1 billion to 1MDB to utilise immediately to settle certain of its liabilities.

– Also on 4 June ’15 IPIC has assumed the obligation to pay all interest due under two IPIC guaranteed 1MDB financing accounting amounting to US3.5 billion (RM13.3 billion) in aggregate principal amounts.

12. For this takeover of the loans, on 30 June, 2016, IPIC is to receive transfer of assets with aggregate value of an amount which represent the sum of the cash payment (US1 billion or RM3.8 billion), and the assumption of the debt of US3.5 billion or RM13.3 billion.

13. IPIC has met the cash payment and will meet the interim interest payment.

14. Curiously no mention is made of what the 1MDB asset are which will belong to IPIC.

15. What are the possible assets? If it is the power plants or the land, it would mean that these assets no longer belong to 1MDB to sell. So how does 1MDB recover the RM42 billion it had borrowed?

16. Is Justo going to reveal there is anything worse than what the London Stock Exchange has revealed? So who needs to apologise?

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