THE NEXT GOVERNMENT.

BARISAN RAKYAT SHALL FORM THE NEXT GOVERNMENT!

SOS

SOS
nation in distress

The World Anthem


WE ARE ALL OF 1 RACE, THE HUMAN RACE.


01/07/2015

$126 MILLION FRAUD, CORRUPTION & CBT RE MARA'S $375 MILLION PROPERTY PURCHASES IN MELBOURNE? WHAT ABOUT SYDNEY & LONDON?

by why stop with one fraud, donplaypuks® intrepid correspondent for serial fraud affairs

Shocking and sensational revelations by NGO National Oversight & Whistleblower (NOW) led by PKR MP Rafizi Ramli (CLICK HERE and HERE), and by DAP Leader & MP Lim Kit Siang (CLICK HERE) suggest that as much as $126 million could have been siphoned out corruptly from 4 property purchases by MARA Inc in Melbourne, Australia.

The DAP has raised the issue of MARA Inc's "controversial" purchase of 3 properties in London, and of MARA officials being convicted for false claims and forgery, as well. (CLICK HERE). MARA'S property portfolio in Australia and UK totals $600 million. This financial scandal that broke out in Melbourne may well turn out to be the very tip of a huge iceberg of corruption, fraud, abuse of power and CBT.

For a complete understanding of the financial and alleged corruption/fraud scandal that broke out, linking MARA top officials and UMNO/Bumiputra Malay businessmen, refer to my earlier blog post on 29th June, 2015, HERE

Based on these articles and expose, the details of the alleged fraudulent property investments are as follows:



Cost Fair market Inflated


Value Cost

$ Million $ Million $ Million
Dudley International House 66 52 14
746 Swanton St. 138 75 63
333 Exhibition St. 99 69 30
51 Queens St. 72 53 19




Total 375 249 126


The fact that several companies were incorporated off-shore and in Australia, is irrelevant to the issue of fraud and CBT. Given that Australia has more complicated laws on property purchase by foreign entities and capital gains tax etc, it is a standard practice in international investments, to have these layers of  company structures to minimise tax and protect companies and business entities domiciled outside of Australia.

Even in Malaysia, most businesses will invest in property by incorporating a subsidiary company for each property, in view of RPGT, corporate tax, capital allowances etc. Often, properties are sold by transferring the shares of the property company to the buyer. Much depends on the tax implications, and the number of shareholders. There is nothing intrinsically sinister or illegal in these modus operandi. 

"Proper procedures and approvals" may have been adhered to by MARA in parting with solid cash for these investments. But, that does not detract from the fact that determined fraudsters can, using their crony links and connections to the Prime Minister's Office, influence the decision making process in embarking on dodgy overseas investments.

More than that, in the Dudley International House purchase costing MARA $66 million, the seller has admitted that the purchase price was inflated, so that MARA ended up paying $14 million in inflated costs which the fraudsters utilised in paying bribes, kickbacks and fake commissions. Yet, our IGP dismissed the possibility that "for the moment" any CBT took place, and that further investigations would be undertaken by the MACC!!

This dismissive attitude by the IGP only serves to fuel the fires of suspicion that some kind of cover-up is being planned. With NOW upping the ante with its devastating disclosures, attention, by virtue of the contagion effect,  must also be drawn to MARA Inc's property investments in Sydney and London. It would not surprise me to learn that MARA "investment' forays have expanded to New York, Paris, Tokyo and Munich. Who knows, they may even have financed 1MDB to the tune of a few hundred millions!

According to newspaper reports, MARA has over 1,000 students in Australia - some 300 in Melbourne and 500 in Sydney alone. This must be costing MARA millions annually, excluding the cost of students sent to UK, USA etc. 

When the Arab Spring exploded, our Ministry of Education revealed that it had to evacuate over 4,000 students from the Middle East. How may of them were from MARA? Wtf are so many of our youth doing in the Middle East? Where from, and how, does MARA, a wholly government owned, but autonomous body set up by Parliament, get the funding from, to venture so extravagantly overseas?

MARA is short for 'Majlis Amanah Rakyat' which translates as 'Peoples Trust Council'. The element of 'Trust' seems pretty much tainted, tattered and torn today. While many citizens are finding it increasingly difficult to bridge the widening gap between income and runaway inflation and expenditure, some seem to be living it up, while others loot an plunder from ill-guarded public coffers. While many are struggling to finance the tertiary education of their children, some with lesser educational qualifications are the beneficiaries of a 'cradle to grave' taxpayer funded system, at the expense of others.

Is this the 1Malaysia PM Najib dreamed of, one that is a horrible nightmare, like 1MDB?

The inflated ego, false pride, greed and megalomaniac ambitions of a demented prime minister who has set in motion a government of thieves, has filtered down to those below. They are not going to be satisfied with their more than generous salaries, allowances and pensions. They want Bill Gates' wealth without the entrepreneurial effort.  They are not going to work hard and slog to get rich. They have been given the nod to grab with both hands while the gravy trains chugs by.

And that will inevitably lead to chaos, economic destruction and disaster, unles we, THE PEOPLE, put a stop to it, NOW!! 

Donplaypuks® with  the peoples' money, man!

29/06/2015

AUSTRALIAN VENDORS ADMIT $65 MILLION MARA FRAUD IN COURT, TOP COP CLEARS MARA POST HASTE OF CBT. WTF IS GOING ON? IS TOP COP PROTECTING OR COVERING UP FOR A BIG WIG?

by never mind being caught with the smoking gun, you are innocent, donplaypuks® intrepid correspondent for CBT affairs

The top cop's statement today that the cops found no element of Criminal Breach of Trust (CBT) in MARA Inc's 2013 $65 million purchase of Dudley House in Melbourne, Australia, does nothing to endear him in particular, and the cops in general, to the hearts and minds of the Rakyat (PEOPLE). Already, trust in the top cop, in particular, and the cops  in general, is at rock bottom. Where lower can their pride, dignity and integrity, slither?

MARA Inc is a wholly owned subsidiary of MARA, having been incorporated to manage MARA investments.

It took 'The Age', Fairfax Media Group's newspaper arm, which did the early investigative work, eight months of brilliant journalistic endeavour and snooping to uncover that top MARA officials and associated Malaysian businessmen had inflated the purchase price of Dudley House and pocketed some $14 million in bribes and fictitious "commissions".

The suspicious sale of Dudley House may have slipped public attention had not a project window making contractor, John Bond, raised the alarm. Fearing non-payment from the developer who had appointed an administrator to liquidated their assets, Bond blew the proverbial whistle. The vendors eventually admitted the crooked deal and payments to Malaysian officials and front businessmen. CLICK HERE.

Court documents and testimony in Melbourne reveal a classic case of corruption, involving the usual suspects:

1. Mr.10% Bumiputra Malay businessmen (fraudtrepreneurs) fronting for government officials, and possibly, Ministers and BUMNO/SCUMNO, creaming off the top.
2. Top officials at mollycoddled Government Linked Company (GLC), MARA.
3. Top officials sleeping at the central bank.
4. False invoicing and documentation.
5. Off-shore companies to create a convoluted path to facilitate corrupt payments, bribes and kick-backs.

Implicated one way or another in this financial fraud, CBT, scandal and fiasco, yet another in a long list of shady financial deals occurring under the leadership of PM Najib, are:

1. Prime Minister, Najib Tun Razak.
2. Idris Jusoh, currently Education and Higher Learning Minister II and ex-Chairman of MARA between 2008-2013.
3. Current MARA Chairman and Ex-Rural Development Minister, Annuar Musa.
4. MARA Inc Chairman, Mohammad Lan Allani.
5. MARA Inc Chief Executive Officer, Abdul Halim Rahim.
6. "Businessman" Yusof Gani.
7. "Businessman" Ahmad Azizi and his two son's Erwin and Erwan.

Note too, that the IGP and MSM have been totally silent on the fact that it was Idris Jusoh, former Chief  Minister of Terengganu, who was chairman of MARA when the deal was struck. 

Approval for the overseas "investment" by MARA was eventually obtained from the MOF and National Economic Council where Najib is the Minister and Chariman, respectively. It is evident now that PM Najib is very, very poor at monitoring, controlling and managing the numerous positions, portfolios and agencies he heads - PMO, Ministry of Finance, Chairman of Advisors of the disastrous 1MDB, Head of NEC etc. This is largely the result of an inflated, swollen ego of a poor time manager with limited intelligence and know-how, who takes on too many responsibilities he cannot possibly handle equally well. The result is a resounding 'F' in Finance, Economics and Leadership for Najib.

When the shit hit the fan, MARA Chairman Annuar made all the right noises - shock, horror..it happened before I was appointed Chairman...all proper approvals and procedures were adhered to.....we will leave no stone unturned....full internal inquiry.....we will co-operate with all investigating agencies....ho hum!

However, Annuar sounded stupid when he announced that MARA's internal audit had been looking into the scandal since March 2015. Internal audit's function ceases BEFORE the external auditors step in. So, why would internal audit be busy on this contract two years after it had been signed, sealed and delivered?  More than likely, MARA was stunned into paralysis by a Fairfax request for comment on its expose, before publication. Annuar is also plying the usual government official's card when caught with his pants down - the 'Tak Mahu Kalah' (safe face) Ketuanan card - which can never admit a weakness or fault less their imbecilic, fake and false Ketuanan (Malay Supremacist) philosophy and image take a severe battering.

The MACC and the cops both claimed they were already aware of the case (as long as two-six months ago) and they were investigating - we will leave no stone unturned...blah...blah...Yeah, and my grandmother plays for Barcelona FC!

Everyone and his uncle Mat in government seems to have known about this fraud and yet all were sitting on it, afraid to make the decent and right move to investigate and bring to book the thieves.

In the mean time, Melbourne police had raided the homes and offices of  Dudley House vendors and developer. They were leaving no stone unturned, especially since, there is grave suspicion that more corruption, CBT, bribery could be involved in MARA's other acquisitions in Australia. CLICK HERE.

MARA bought 4 properties in Melbourne, Australia, totalling $260 million as follows:

1. 5-storey apartment, Dudley International House at Caulfield near Monash Uni - $67 million.
2. 12-storey apartment block at 746 Swanton St. (281 apartments) - $67 million.
3. Office Tower at 333 Exhibition St. - $66 million.
4. Property at 51 Queen St. property - $60 million.

CLICK HERE  for more on allegations of fraud on the Dudley House deal, involving UMNO politicians and MARA officials.

PM Najib did not waste a second in coming out in defence of MARA, pleading on TV about the rule of law and that a person is innocent until proven guilty. 

However, the double standards of PM Najib and the entire BUMNO/SCUMNO polity was laid bare, naked, when they all leaped and latched on the detention of Xavier Justo in Bangkok. They claimed with undisguised glee, and falsely, that Justo and Sarawk Report, had forged and altered documents and blackmailed Petro Saudi to the tune of $15 million, thereby besmirching, slandering and defaming 1MDB's good name, even though Thai police had not revealed a scrap of paper or evidence confirming any crime had taken place. 

It confirmed the hollow space that exists between the ears of this group of Malaysian politicians. How on earth could Justo, a senior director at Petro Saudi, have blackmailed his employer for $15 million with false and altered documents and emails? Are the Arab owners, Chairman and CEO of Petro Saudi green children, rank amateurs?

Pray tell us Jibby, why is Xavier Justo then not entitled to the benefit of the rule of law and the dictum that a person is innocent until proven guilty?

A sure sign that a crooked deal took place is the fact that no one, particularly the Malaysians named in the Australian press, have sued 'The Age' for defamation and slander.

The top cop and his cop out is yet another marker of a massive crime and CBT. When the top cop washes his hands off a corruption scandal in less than 4 days, it can only be because the trail leads to some unpalatable end, possibly a door or desk in Putrajaya. The top cop, who is busy feathering his nest for sweet post-retirement rewards, does not have the cojones to go after a Malay and Bumiputra institution like MARA, an icon to government forced affirmation action.

In the end, a government of thieves continues to prosper because we have allowed a near-police state to develop and thrive. It's time to reverse the trend. We must eliminate the most perverse and destructive of regimes to bring to book the brazen murderers, fraudtrepreneurs, thieves, swindlers, looters, economic plunderers, thieves and con artistes who are running riot in our land.

OFF-SHORE COMPANIES, TRUSTS AND SET-UPS

Let me also clear up one matter which constantly irritates me. The utter lack of understanding of off-shore companies and their necessity, even by veteran politicians like Lim Kit Siang, Tony Pua, Ibrahim Ali and Lim Guan Eng and many Opposition and BUMNO/SCUMNO politicians, is astounding. The issue of investing abroad through off-shore companies is a huge red herring, especially in the 1MDB case. It is totally irrelevant.

Many reputable companies all over the world use off-shore set-ups and tax shelters for very sound reasons:

1. When investing overseas, it is usually advisable to do so through an off-shore company. Should any serious troubles and problems arise, the fall out -fraud, law suits, bankruptcy etc. - can be isolated to protect the holding company at home and its share values from being too adversely affected. 

2.  Dividends and repatriated profits are often subject to Witholding Tax. This can often be safely and legally avoided or minimised by incorporating a company in an off-shore tax shelter - Caymans, Bahamas, Virgin Islands, Mauritius, Guernsey, Jersey etc, - which has the benefit of a tax treaty with the country in which one's investments are situated. The tax savings can often run into millions of dollars.

3. Depending on the location, off-shore financing may often be more flexible, economical and less onerous. Also, when exchange rates go haywire, parking funds off-shore helps buy time to ride out the financial maelstrom from forex losses.

4. Tax on many types of income like royalies and copy rights, can be as little as 5%-10% when the company is domiciled off-shore. Many MNC's like Starbucks, MacDonalds, AIG, Apple etc., and our own Petronas, Felda, Sime Darby, Maybank, Tenaga, CIMB, Scomi, Genting, Tanjung, YTL, Public bank, Berjaya Group and a host of local public listed companies, have all taken advantage of these of-shore vehicles!

5. Our own off-shore finacial shelter, Labuan, generates quite a lot of money and business for us.

So, the real issue is NOT whether an investment is made directly in a foreign country by a Malaysian GLC, or indirectly through wholly owned off-shore set-ups and companies. After all, it's not the tiny, neutral atom, but those who create atom bombs and misuse them, who are at fault. The issue is that the GLCs should be forced by legislation to be transparent and accountable for their structure and performance. The management of GLCs, on pain of stiff and long jail sentences for miscreants, should  not allow any person or party to use the device of an off-shore company to launder money and pay bribes, illegal commissions and kick-backs, and promote or condone any kind of criminal or shady activity.

Chairmen of bodies like MARA and 1MDB should not be allowed to hide behind the Official Secrets Act. Cops should be gainfully employed nabbing thieves, and not protecting and making excuses for them, or else, how could you distinguish between a cop and a thief?

But if, by example from the person right at the top of the highest public office in the land, corruption and thievery is given free reign and licence through omission and/or commission, and that has become the very culture and business of government, then, Malaysia's descent into organized crimes is assured - the government Mafia kind


Donplaypuks® with dud and fraudulent investments, man!

25/06/2015

PM GROSSMAJIB, 1GDB, EVIL LOW IQ, LOW CLASS THUG HOME MINISTER DESPERATELY CLUTCHING AT STRAWS. XAVIER JUSTO ARREST RED HERRING!

by bang-cock  cock-up, donplaypuks® intrepid correspondent for Thigh affairs

The speed with which 1GDB (1Grossmajib Development Bunkum), PM Grossmajib and that low IQ, low class evil thug of a Home Minister latched on to the arrest in Bangkok of ex-Petro Saudi senior director Xavier Justo, to claim that Sarawak Report had faked and falsified its reports and accusations of massive corruption, CBT, fraud, looting and plundering at 1GDB, is a clear indication of PM Grossmajib's desperation.

Firstly, as facts go, no crime was committed in Thailand by Justo. The worst the Thais can do to Justo is deport him back to his home country, Switzerland. I also doubt that the Thai courts would agree to extradite anyone to camel land if the punishment for crimes involves chopping of arms and legs, whipping or beheading.

Also, the fact that Thai police found "computers, hard drives and other data storage devices" in Justo's possession means absolutely nothing. As it stands now, Justo is culpable of nothing, and is innocent until proven guilty.

Almost everyone, including PM Grossmajib and 1GDB CEO Kenneth Kaunda Kundi, nowadays travel everywhere with "computers, hard drives and other data storage devices". So, are PM Grossmajib and 1GDB CEO Kenneth Kaunda Kundi guilty of  blackmailing anyone and faking and falsifying government records? Yes. But, that's another story.

Secondly, IF, and IF, Justo blackmailed anyone in camel country, then, at worst, he can only be deported to camel country to face the music, provided they file charges against him. So far, there has been a lot of huffing and puffing but no really proven facts or solid evidence of any crime by Justo.

Now, it appears that the arabs paid Justo $10 million to leave the company. As much as 1GDB, PM Grossmajib, that low IQ, low class evil thug of a Home Minister and BUMNO/SCUMNO would have you believe, such payments - golden handshakes - are pretty normal in multi-national and O&G companies when buying out the contract of a senior director.

I find this accusation by the arabs that Justo had been blackmailing them, unbelievable. Who, unless you were extremely stupid, would pay someone $10 million to shut up, and expose themselves to further blackmail of $5 million? The arab story stinks to high heaven!

The arab story is also illogical. As one commenter reasoned:

1. If they paid $10 milion blackmail money, then obviously, the reports must have been true. Claims of falsification then make no sense.

2. If the reports were falsified, why would the arabs pay 1 cent in blackmail money?

 CLICK HERE and scroll down to the comments section.

It is more likely that the arabs, The Whale aka Jho Paris Hilton, PM Grossmajib, 1GDB, its Chairman, and CEO Kenneth Kaunda Kundi have embarked on the next phase of conning the Rakyat. Attack is the best form of defence. So, they are acting in concert to cover up the crime of the new millennium.

Who should we side and support? Obviously, Sarawak Report and Justo. Reason? Who has been screwing 1GDB and our Rakyat to the tune of RM46 billion - The Whale aka Jho Paris Hilton, the arabs, PM Grossmajib, 1GDB, its Chairman, and CEO Kenneth Kaunda Kundi, or Sarawak Report and Justo? 

Is Sarawak Report asking 1 cent from PM Grossmajib or 1GDB? Has it attempted to blackmail anyone?

In the end, the money trail will tell us who conned whom. As it stands now, the arabs, The Whale aka Jho Paris Hilton, PM Grossmajib, 1GDB, its Chairman, and CEO Kenneth Kaunda Kundi are all still conning us. PM Grossmajib has made no attempt to reveal 1GDB's accounts and financial position as at 31st March 2015. The accounts are long overdue for public disclosure. PM Grossmajib and 1GDB's Board of Directors are totally silent about where some RM27 billion of 1GDB's cash raised via borrowings, have disappeared to!

The latest accounts are likely to show that 1GDB's borrowings have increased to over RM50 billion amidst massive operating losses of over RM1 billion for FY 2015. These operating losses will be disguised again by revaluing its land bank, to hide the truth that without government bailout, 1GDB cannot continue to service annual loan interest of about RM3 billion.

When a country's PM heads every financial approving body and authority, especially the Ministry of Finance, you can be sure corruption will crop up everywhere, simply because he cannot possibly check everything himself. Couple this with surrounding himself with low qualified yes-men, cronies and fraudtrepreneurs, then without a shadow of a doubt, more frauds are in the offing.

The further $65 million fraud at MARA and $30 billion "private initiative funding' at MoF, are sure signs of a systemic and fundamental failures at management. PM Grossmajib is a walking time bomb for total economic failure and gross mismanagement.

The steep decline in our currency and stock market has occurred DESPITE annual growth of over 5%. This is because foreign government and 1st world nation leaders see a thief, crook, looter and economic plunderer (and possibly, murderer) heading the nation. This situation cannot last for long. The market will soon bring PM Grossmajib to his knees, if nothing else does.


Donplaypuks® with bang-cock cock-up blackmailing affairs, man!

15/06/2015

SOME FUNNY FIGURES IN 1MDB BALANCE SHEET. CHAIRMAN LODIN, CEO ARUL KANDA AND PM NAJIB, WHAT IS THE TRUTH?

by 1+1=3 and 2-1=3, donplaypuks® intrepid correspondent for fishy accounting affairs


 

Firstly,  I have been trying to inform everyone that 1MDB actually borrowed RM46 billion and not RM42 billion. Above is the proof from 1MDB's Group Balance Sheet, analysed as follows:

1. Current borrowings (bonds/banks etc.)  - RM8.33 billion.
2. Long Term borrowings (bonds/banks etc.) - RM33.54 billion.
3. Other Current Payables including Derivatives - RM2.33 billion.
4. Other Long Term Payables including Derivatives - RM1.78 billion.

The amount of RM4 billion classified under derivative debt, is the amount, I believe, borrowed from government pension fund, KWAP. 

This money was, as best as anyone can gather, utilised to "invest" in a Mongolian coal mine venture, as well as a similar "investment" in Indonesia. 

The current market value of this "investmen" is anyone's guess, but at least one source thinks, based on diving coal spot prices, that the value is below 50% of original cost.

This RM4 billion debt was subsequently removed from 1MDB's books and taken over at original cost by the Ministry of Finance. 

In short, this appears to be a bailout forced upon the Rakyat, since 1MDB will, for the year ended 31st March 2015, show no profit or loss in its accounts, for this "investnment".

So:

1. CEO Arul Kanda and PM Najib, how did 1MDB get drawn into these RM4 billion of "investments" that very shortly afterwards required a 100% bailout by MoF?

2. Who were the Advisors and Directors in 1MDB who approved these "investments" and what action have you taken against them for this disastrous deal? Could there have been an element of fraud which resulted in poor due diligence being undertaken, and cost over-valued?

3. KWAP will have to be serviced interest cost (not less than 4% per year i.e. at least RM160 million) and eventually repaid the principle amount of RM4 billion. Why should the Rakyat bear the burden of this, 100%, while no one at 1MDB is held accountable for the loss in "investment"?

Next, we come to the figures given by CEO Arul Kanda as to how 1MDB's RM42 billion was "invested":


The Sg Besi land (Bandar Malaysia) cost is given as RM400 million. This is very puzzling. The land size is 495 acres or 21.56 million sq.ft. (1 acre = 43,560 sq. ft.). This therefore, works out at RM18.55 per sq. ft. (psf) which is incredibly low. So far, everyone, including Mahathir, has been talking about RM65 psf.

Based on previous announcements, and a recent clarification by CEO Arul Kanda, CLICK HERE, 1MDB received this 495 acres in a contral deal with the government where it had to build 6 army camps in exchange for the land.

The cost of these camps was fixed finally at RM2.7 billion, against which 1MDB received an extremely generous no-strings attached grant of RM1.1 billion from the MoF i.e. Rakyat.

So, in accordance with Malaysian and International Accounting Standards, the cost of Sg Besi/Bandar Malaysia land should be reflected in 1MDB's books at RM2.7 billion, and the government grant of RM1.1 billion treated as income in 1MDB's P&L account. 

At worst, the figure could be RM1.6 billion (2.7-1.1).

Based on these figures the Bandar Malaysia land cost would be:

(a) RM125 psf (@ RM2.7 billion total cost), OR,

(b) RM74 psf (@ RM1.6 billion total cost.

So, Chairman of Board of Advisors PM Najib, Chairman Lodin and CEO Arul Kanda all of 1MDB, please advise us, the Rakyat, and a certain HRH TMJ, how the Sg Besi/Bandar Malaysia land cost only RM400 million @ RM18.55 psf. 

Has 1MDB sold off a chunk of the 495 acres and not told anyone about it? What is the accounting treatment involved?

And why has 1MDB and the government pointedly talked about RM42 billion of debt, and not RM46 billion? Just because the government has taken over the RM4 billion KWAP borrowing, it does not mean they don't have to be eventually paid the RM4 billion, does it? How can those at 1MDB responsible for this fiasco be allowed to get away with it, scot-free?

We await with bated breath for the answers!

Donplaypuks® with figures you don't double check, man!