Misteri 'Pelabur' Cina -Depa Tipu Lagi !! Bukan China Beli Pun. K'jaan M'sia, K'jaan Johor, EPF, Khazanah Yang Bailout !! Nenek Tua Bisnes Model Lagi !!

Here is astute observer Ganesh Sahathevan on 1MDB again. 

Even if Arul is telling the truth, the Bandar Malaysia deal is a bail-out of 1 MDB by the Malaysian & Johor State Governments  

by Ganesh Sahathevan

This does not change anything already said about this "done deal" but here is an issue that seems to have been ignored.

1 MDB CEO Arul Kanda said: 

1MDB has pointed out that Bandar Malaysia Sdn. Bhd. is a Malaysian project that is majority-owned by local interests, despite the 24% stake sold to China Railway Engineering Corporation (CREC).

According to 1MDB president/executive group director Arul Kanda Kandasamy, Malaysians still own 76% of the project — 54% by the federal and state and the rest by the private sector.

Arul Kanda made this clarification after the signing of an agreement to sell 60% of the equity of Bandar Malaysia to a consortium comprising Iskandar Waterfront Holdings Sdn. Bhd. (IWH) and CREC. The consortium known as IWH-CREC Sdn. Bhd. is a 60:40 joint-venture between the Malaysian company and the Chinese firm.

IWH is a public-private partnership between Credence Resource Sdn. Bhd. and the Johor-owned Kumpulan Prasarana Rakyat Johor Sdn. Bhd. while CREC is one of the world’s largest engineering and construction firms.

What Arul did not do was to elaborate  who exactly IWH's shareholders are. As IWH says on its website:

Iskandar Waterfront Holdings (IWH) is a Public-Private Partnership (PPP) involving Credence Resources Sdn Bhd (Private equity) and Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) (State equity). The Federal Government is also a strategic partner in IWH through its subsidiary – Iskandar Waterfront Sdn Bhd – in which Khazanah Nasional Berhad (KZN) and Employees Provident Fund (EPF) are also shareholders through Iskandar Investment Berhad.

Given the above, the obvious conclusion to this claim republished below  by Arul Kanda must be that Government funds have been used, or will be used to purchase Bandar Malaysia and therefore bail-out 1MDB :

“We had a plan to conduct a strategic review, to conduct a rationalisation plan".

“Alhamdulillah, we’ve achieved what we said we would achieve by way of executing legally binding agreements for the debt swap, the Edra sale and also Bandar Malaysia,” he said.

As  for the other parties, the Chinese as reported cannot even agree with IWH on price, and Credence Resource's Lim Kian Hoo is already talking about deferred payment.

END

My comments : Khazanah Nasional Bhd and EPF are shareholders of Iskandar Investment Fund which owns Iskandar Waterfront S/B which in turn has a stake in Iskandar Waterfront Holdings which is the JV partner with CREC (China mali).  

Repeat again :

1. Khazanah Nasional Bhd and EPF are
2. shareholders of Iskandar Investment Fund which
3. owns Iskandar Waterfront S/B 
4. which in turn has a stake in Iskandar Waterfront Holdings 
5. which is the 60% JV partner with CREC (China mali) 40% where
6. the JV has then bought 60% of
7. Bandar Malaysia

This means that effectively the Chinese will own only 24% of Bandar Malaysia. 

76% is still owned largely by Khazanah, EPF and the gomen.  Kekawan ketuanan, maksudnya EPF, Khazanah, gomen will ultimately pay off 1MDB for that Sg Besi land.

Kekawan ketuanan, cuba pikir sikit - tanah itu gomen yang jual dulu. Dengan harga murah. 

Sekarang gomen yang kena beli balik dengan harga tinggi.

Kan saya sudah cakap banyak kali dan berkali-kali, depa tak paham konsep buy low sell high. 

Depa masih nak "buy high and sell low".   

Kita yang bail out 1MDB lagi. 

Of maybe they know exactly what they are doing. 

Peduli apa depa. Bukan duit bapak dia.