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Thursday, December 31, 2015

Power Plants Sold, Land Sold, Still Owe RM28 BILLION !! Pump Up Paid Up Capital?

1MDB president and group executive director Arul Kanda Kandasamy (centre) says its Bandar Malaysia land is worth RM11.5 billion. – The Malaysian Insider pic by Nazir Sufari, December 31, 2015.

Here is something sent to me by Ganesh Sahathevan. Thank you Ganesh.

Going by what was presented in the media (please see below) 1MDB sold its power assets for RM9.83 billion cash.

Now they are selling 60% of their Bandar Malaysia land holdings for RM7.41 billion cash.  That is only RM17.24 billion cash.

They still owe about RM28b to RM30b that they must pay.

Here is Ganesh Sahathevan:

They have sold the power plants and they have sold Bandar Malaysia. 

The power plants were cash generating assets. Now the cash generating assets have been sold. So what is there left?  

TRX? How much is that worth? It generates ZERO cash.

They still owe RM28b - RM30b.  Is TRX worth RM28b?  No way.

So how is 1MDB going to settle the balance RM28b - RM30b debt?

This is where Zahid Hamidi let the cat out of the bag. 

He said that the Paid Up Capital of 1MDB will be increased and the new capital (ie taxpayers' money, our money) will be used to settle the remaining debts of 1MDB.

Kekawan Media, please keep an eye on 1MDB's Paid Up Capital.   It is no more RM1.0 million. They have quietly increased the Paid Up Capital. Some say it is now RM2.0 Billion.

Quite soon they may pump up 1MDB's Paid Up Capital to RM30 Billion - cash.  The money will be used to settle 1MDB's outstanding debt.

After selling off all their assets, they have no more cash generating assets. And they still owe about RM30 billion. 

In a totally, completely, absolutely unrelated matter,  things like Wolf of Wall Street, apartments in New York, apartments in Singapore, diamonds, a new house in London, yachts, parties with Paris Hilton all needed huge amounts of money.       And dont forget that remaining balance of RM2.6 Billion, RM3.0 Billion or RM4.2 Billion that was in that personal account? Where did that money go?  That is money too.

In conclusion what type of a stupid 'sovereign investment fund' or 'sovereign wealth management fund' is this?

What has been achieved by 1MDB as a 'sovereign investment fund' since 2009? 

How many new jobs have they created with over RM45 Billion capital employed?

Since 2009, our own jewellery business has given practical job training to more than 20 graduate usahawan and  graduate apprentices.    We have also employed over 30 staff in that time (counting those who berhenti kerja). 

My other property development business has steadily employed architects, engineers, surveyors, construction workers, lorry transport operators etc.  These are all real jobs, paying good money and most important of all creating or building tangible goods for sale and consumption. 

So has 1MDB created 10,000 new jobs?  It is a 'strategic investment fund'.  

Has 1MDB created 1000 jobs? No? 

How about 100 jobs?  Has 1MDB created at least 100 new jobs with that RM45 billion capital employed?

Give me RM45 billion and I will guarante you I can create 10,000 new jobs minimum. I know how to do it.  

So what has this sovereign wealth fund or sovereign investment fund achieved after all this roundabout, merry go round, bullshitting for the past six years? 

You do not need a university degree to do this type of pondan business. You dont need any business acumen at all.

Get gomen land cheap at 10 sen. 

Then get a gomen guarantee to borrow RM1.20. Then the RM1.20 goes missing.  

Then revalue the gomen land at say RM1.20 and sell it for a quick profit of  RM1.10. Use the RM1.20 proceeds to settle the borrowing.

Hooray. But what happened to that RM1.20 that you borrowed? Where did it go? 

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