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.


24/06/2017

US DoJ REVEALS NAJIB & JHO LOW STOLE RM19 BILLION, ROSMAH RM130 MILLION IN DIAMONDS & GOLD JEWELLERY!





On 15 June 2017, in a 251-page charge sheet, the Money Laundering and Assets Recovery Section (MLARS) of the US Department of Justice served notice to interested parties, that it had filed civil cases to recover some RM5 billion of assets bought with 1MDB funds stolen by Najib, Rosmah, Riza Aziz (Rosmah's son and Najib's step-son), Jho Low and their cronies/nominees. CLICK HERE. 

This includes some additional 17 asset-items to the 20 already listed in their earlier 136-page charge sheet filed on 20 July 2016. CLICK HERE. 

Based on this latest DoJ document, we can trace that RM19 billion was stolen from 1MDB, as follows:


The Us DoJ has yet to file cases to recover the entire RM19 billion. This is presumably because much of it was spent outside the US where it has no jurisdiction to prosecute or seize assets. One can also assume that they are still in the process of identifying the location of many assets.

This is of course the heist of the century. More than that, at least another RM11 billion is missing from the books and bank accounts of 1MDB and another RM 4 billion from SRC.

What is breath-taking is the complete denial by Najib and Rosmah of the staggering scale of theft, looting and spending spree they have been indulging in.


Najib, as is the trademark of a mad serial liar, had denied in Parliament that Jho Low had any position in 1MDB!! And yet, he is now a fugitive apparently hiding in Taiwan, operating from his RM1 billion super-yacht, Equanimity, bought with our stolen money!



When Najib and Rosmah's complicity was exposed by the Wall Street Journal (WSJ) in 2015, he threatened to sue. Even schoolchildren know that this well never happen.

Najib, Rosmah, Riza and Jho Low are the very epitome of greed, vanity and immorality. Their scale of corruption has gone off the charts.






It's incredible that for an ageing, short, fat and balding woman who looks like the back end of a worn-out bus (not that its front-end would be any prettier), our so-called FLOM should entertain the slightest notion that RM130 million of diamonds and gold jewellery would somehow make her look more attractive and endearing to a seething public. Now, she can only run her fingers through them in private, as she dares not be seen in public wearing her ill-begotten gains. The US DoJ has not listed this RM130 million bought for her by Jho Low as among the items they wish to seize. Rosmah is identified by them as 'Wife of MO1' i.e wife of Najib!



However, they are seeking seizure of RM44 million of pink diamonds and jewellery Jho Low lavished on Australian model Miranda Kerr, in a wooing spree that might make even a Rockefeller look like a cheapskate. Alas, she ditched him and married Snapchat billionaire Evan Speigel in May 2017. Having oodles of (stolen) money is one thing; looking like a shorter version of (a crooked) Billy Bunter is another. Perhaps, Miranda Kerr is a lot smarter than your average Victoria's Secret model on the lookout for a billionaire sugar daddy or meal-ticket for life. Who'd want to hitch-up with an ugly version of a Teletubby, who could soon be pacing a cell-space in San Quentin State Prison,  California, US of A?

What should concern us most is that Najib is no longer mentally fit to be PM. Not only has he brought government and the office of the prime minister into utter disrepute, he is openly promoting a culture of thievery and corruption in UMNO/BN and the civil service. He is completely insane! He belongs in Tanjung Rambutan (mental asylum). He can no longer distinguish between right and wrong or integrity and honesty. The same applies to Rosmah. The fact that their names keep cropping up in 3 murders - Altantuya, Hussein Najadi and Kevin Morais - only adds to our wretchedly gloomy outlook for Malaysia's future

It is therefore the duty of the King and the Council of Rulers to do what is right, and send them all to where they really belong - Bamboo River Resort or Tanjung Rambutan, for the rest of their natural lives.

There is of course the democratic route to disposing of Najib; but with the money he has plundered from 1MDB and SRC, he is capable of buying himself another term as PM. We MUST NOT allow that; we cannot take that chance. The religious extremism and racism we see galloping away in Malaysia is the result of Najib willing to turn us into an Iran or Taliban/ISIS State, if that is what it will take to keep himself in power.

We are at a cross-roads. If we do not throw Najib and his government of thieves, plunderers, looters and murderers out by taking the bull by its horns, then get ready your boat!

19/06/2017

ROTI JALA'S OSA FGVH REPORT TO NAJIB LEAKED!

For reason's best known to PM Najib, he appointed Roti Jala, of Transformers fame, the serious task of unraveling the mess in Felda Global Ventures Holdings Plc (FGVH). Roti Jala, who normally does not take anything seriously, but waffles and bluffs his way through complicated economic theories, was only too glad to help Najib, considering he had no real job.

Roti Jala had convinced Najib to ditch Mahathir's Wawasan 2020, (Vision 2020) announced in 1991, to be replaced by GTP, ETP, NTP, PEMANDU, KRA, NKRA, KPI, Transformers, Autobots, Decepticons, Maximus Prime and Megatron. If Roti Jala had hoped to confuse everyone by blinding them with acronyms, he succeeded exceedingly well.

In his previous job as MAS CEO, he had succeeded in convincing Najib and UMNO that MAS was only a teeny-weeny step away from overtaking SIA. He did this by selling off MAS HQ for about RM1.8 billion and claiming MAS had "turned the corner". Predictably, MAS collapsed shortly after Roti Jala departed to PEMANDU, driven by an ambition that said, if you want to fail, FAIL BIG!

PEMANDU was put in cold storage after it was found that they had not achieved national income growth targets and had been massaging statistics with unrealistic projections and moving base years to give 'feel-good' numbers. So, Roti Jala and Najib came up with TN50 - Tipu Negara 50Tahun with a budget based on Najib's acute and nimble mathematical skills and budgeting expertise, viz, the gaffe of 26-9=15!

As in UMNO/BN, and particularly under Najib, big failure is always rewarded with bigger promotion. Roti Jala, driven to success and intoxicated with power, became owner of privatised PEMANDU and Chairman of Heineken! CLICK HERE.

Roti Jala, appointed in his "personal capacity" (whatever the eff that means), had hoped that his in-depth and scintillating Top, Top Secret FGVH report to Najib would be kept under lock and key, so that his brilliant transformational change recommendations could be swiftly implemented. 

But, unfortunately for him, and fortunately for the Rakyat, the report was leaked to Donplaypuks®. 

Here it is:

14th June 2015 2016 2018
His Royal Highness and My Personal God Najib Tun Razak
Sir/Tuan (delete as appropriate)

I refer to my recent appointment in my"personal capacity" (whatever the eff that means) to look into the affairs of FGVH. 

In actual fact, I had completed my report within 5 minutes of arriving at FGVH HQ last week. But, Chairman Jesus Asmad had insisted on Buka Puasa with a sumptuous feast of roti jala, rendang jala, nasi lemak jala (takde telur) and teh tarik jala. All that took another 6 days. I digress. Here are my findings:

1. There is no rumour to the truth that there were incidents of corporate misgovernance, malfeasance, misfeasance, corruption, misappropriation of funds, false accounting, crony award of multi-billion ringgit inflated contracts, fraud or money-laundering.

2. Any rumour to the truth is the result of a George Soros, Jewish, Zionist and Singapore conspiracy and plot.

3. It is true that FGVH shares prices have dropped by a disastrous average of 65%, from the 2012 IPO price of RM4.55 to RM1.60. As a result, FELDA and other GLC's have suffered about RM8 billion book loss on FGVH shares. In no way is this His Royal Highness and My Personal God Najib Tun Razak's fault even though you had inflated the IPO price with unsustainable projections and forced the GLC's to buy the shares after threatening their Chairmen, CEO's and directors with sackings. Not to mention failing to provide for replanting costs in the IPO projections.


4. While it is true that FGVH profit after tax dropped by 67% between 2012-2015, and that Chairman Jesus Asmad's remuneration had increased by over 200% during the same period, he is not to be blamed. He should not be sacked or asked to pay back his gaji buta bonus. We should blame Anwar Ibrahim, Lim Kit Siang and/or Dr.Mahathir.



5. While it is true the recently departed Marvellous Marvani Da Man was the CEO, he too should not be blamed for FGVH's disastrous drop in profits. After all, what would happen to all our GLC's if CEO's were forced to be accountable for profit performance? Surely, it is due to the lack of support from the Chinese (apa lagi Cina mahu?), Indians (all gangsters and hit-men) and the lazy non-Muslim heathens and buggers in The Land Below The Wind and the Land of the Hornbills.

RECOMMENDATION

There is only one way to restore FGVH to 2012 profit levels:

1. Pray hard and hope God will smile upon us. OR

2. For a small remuneration package of RM12 million a year plus share options of RM500 million, I am once again, in the interest of Tanah Air Ku, willing and prepared to make great sacrifices and be appointed sole MD of FGVH and FELDA. (Shahrir Asmad who has already received RM1 million you stole from 1MDB/SRC so generously gave from your own pockets, knows as much about the oil palm industry as he does about quantum physics).

The office of Chairman will be abolished. Charimakan Jesus Asmad will have to be prematurely terminated and punished severely with a severance package of RM100 million. After all, he has sacrificed so much to ensure FGVH did not totally collapse, by shifting the blame to others.

I hope to hear from you soon confirming my new job.

Faithfully


Paul Roti Jala
(In my "personal capacity" whatever the eff that means)

04/06/2017

RM16 BILLION LOOTING OF 1MDB BY NAJIB & UMNO/BN WHISTLEBLOWN!

In March 2017, I had revealed details of RM15 billion looted from 1MDB by Najib, Rosmah and her son Riza Aziz, crony Jho Low and the Arab gang of Qubaisy, Husseiny, Prince Turki and Tarik Obaidi, assisted by other minor players. CLICK HERE.

However, details of what exactly Najib and his family had blown their share of the loot on, were not too clear then. It is only in recent months that more specific details have emerged from documents leaked by a whistleblower from MACC, to Sarawak Report and PKR MP Rafizi Ramli.

The total amount embezzled from 1MDB that we know of is about RM16 billion. See table below.

The amount stolen by Najib alone is about RM4.2 billion. This is based on information published earlier by the Wall Street Journal (WSJ) that between 2011-2015, some US$1,050,795,451.58 @ average exchange rate 4 = RM4.2 billion, had flowed through Najib's personal bank account with AMMB!! CLICK HERE.

Many have asked why it was necessary for Najib to have the infamous RM2.6 billion (US$681 million) transferred to his bank account, and then, approximately RM2 billion (US$620 million) transferred out again in 2013.


This was necessary to "cleanse" the money that was stolen from 1MDB. Earlier, Jho Low had trouble with Deutsche Bank's due diligence department, in transferring money raised in the USA by Goldman Sachs, to non-Government of Malaysia bank accounts. He somehow managed to bluff his way out. He could not risk it a second time. So, Najib misused his position as Finance Minister, to transfer the RM2.6 billion to his bank account and out again, as once it had been established that the source of the money was from Malaysia's Prime Minister and Finance Minister, no one abroad would question its legitimacy. Of course, Yeti at Bank Negara closed an eye to that massive crime by Najib and Jho Low. It was wholly an exercise in international money-laundering by Najib and Jho Low!

It is now very, very clear that Najib broke every law in Malaysia, and several others in many other countries too, to buy his way to victory at the 2013 general election. The main beneficiaries of the RM4.2 billion were of course UMNO and component parties of BN. More than that, there is every probability that Najib deployed stolen money to bribe judges and enrich himself and his family. Many UMNO/BN MP's are hiding behind the fact that the money they received and pocketed did not come directly from Najib's bank account, but (was illegally laundered) through Party and third-party bank accounts e.g. Nazir Razak, Najib's younger brother.

How on earth could Najib bring himself to use stolen and horribly tainted money to "donate" RM7.5 million to his mother's Toh Puan Rahah foundation? What was the money used for by the foundation? It only goes to show that Najib has lost all sense of right and wrong in the pursuit of power.

Riza Aziz's bank account was also used by Jho Low to launder many of his expenses.






The good news is that more and more information is emerging with each passing day.

The bad news is we still do not know exactly how much of MoF's debt of RM 46 billion, comprising RM42 billion of bond debt and other 1MDB borrowings and RM4 billion of KWAP loan parked under SRC, is lost forever. The truth is being expertly covered-up by Najib and his civil service henchmen.

More bad news is that Najib has to come up with another RM15 billion (US$3.5 billion) by Dccember 2017 to settle 1MDB's additional debt owed to Abu Dhabi's IPIC, arising from the arbitration case it lost in London in April. 

But have no doubt, this is the heist of the century by Najib and no one from UMNO/BN dares ask him to step down as they have, together with our top cop and the judiciary, all been hopelessly compromised (bribed). More than that, as Asia Sentinel remarked, 3 murders - Altantuya, Hussain Najadi and Kevin Morais - revolve around Najib and Rosmah.

And have no doubt, they will ALL pay for it with long stints at Bamboo River Resort!

27/04/2017

IPIC WINS, NAJIB/MoF/1MDB LOSE BIG TIME US6.5B (RM28 BILLION) LONDON ARBITRATION. NAJIB & MINISTERS LIE THEY WON!

Let us be very, very clear at the outset that the announcement (see below) on 24 April 2017 at the London Court of International Arbitration (LCIA) means that, IPIC WON, and Najib/Malaysia's Ministry of Finance (MoF)/1MDB LOST the arbitration case.

(Click on pic for enlarged view).




Basically, the LCIA decision means that Malaysian Taxpayers will have to cough up US$4,705,450,000 (apprx. US$4.7 billion or RM20 billion) between now and 2022, as follows:

1. US$1,205,450,000 (appx. US$1.2 billion or RM5 billion) in equal instalments in July and December 2017 to be paid to IPIC.


2. US$3,500,000,000 (US$3.5 billion or RM15 billion) to paid to 1MDB bondholders in 2022, PLUS all interest, about another RM1.2 billion due to them between now and 2022. 


I have put MoF in front of 1MDB, as the LCIA settlement would have been impossible without the MoF guarantee. In short, this is yet another disgraceful bailout of 1MDB by the Malaysian Taxpayer. 1MDB does not have any cash to guarantee anything.


What does the decision mean? It means that:


1. IPIC's claim of US$1.2 billion/RM4.2 billion that had originally been agreed to by 1MDB, and later unnecessarily disputed, was legitimate. It was not a fraudulent or frivolous claim as bandied about by MoF/1MDB. 
It is also an absolute lie by Najib, MOF/1MDB that this money will be paid from redeemed "units" parked through Jho Low with undisclosed fund managers or Brazen Sky or BSI Singapore. The LCIA  announcement makes no mention of it at all! The "units" fib was cooked up by Najib and his gangsters. I dare Najib to reveal the name of the "units" fund. All the money disappeared long ago into Najib's pockets and much of it invested in USA & UK properties and other assets by his cronies Jho Low, Riza Aziz, Qubaisy and Husseiny. Refer my earlier blog post. CLICK HERE.

2. It is now 100% confirmed by Najib, MoF, 1MDB and the Malaysian government that US$3.5billion/RM15 billion it said had already paid to IPIC was false. They all knowingly lied about it.


3. US$3.5/RM15 billion of funds already disappeared from 1MDB into the pockets of Najib and his cronies between 2009-2013.


4. The Malaysian Taxpayer is now being forced by Najib and his thieving government to PAY TWICE for 1MDB'S bond debts!


5. No one in Malaysia - Najib, Deputy Finance Ministers and Chairman, Executive Directors and CEOs of 1MDB - has been charged in court for multi-billion ringgit fraud, looting, money-laundering, financial and economic plunder, false accounting and/or conspiracy to do so. This is happening despite last April's PAC Report recommending that ex-1MDB CEO Shahrol Halmi be charged with financial mismanagement. The IGP and AG, a pair of Najib's shameless sycophants, are obviously sleeping on their job.


6. Auditors Detoilette, in which one of Najib's sons is a full partner, has (so far) got away with shameful sub-standard work. In any other country, it would have been subjected to multiple lawsuits by the government and/or banks and bondholders for professional negligence. Remember Enron and how auditors Arthur Andersen eventually had to close down?


7. The suggestion by scurrilous "analysts" briefed and conned by Jho Low that this settlement weakens the US DoJ kleptocracy case is an attempt at damage control, with one eye on the looming GE14.


If anything, it strengthens their case, as here is a clear admission by Najib and MoF/1MDB that US$3.5 billion/RM15 billion it claimed it had already paid to IPIC never went to them, and now they have to come up with another US$3.5 billion/RM15 billion.


Any other claim by any "analyst", Minister/Deputy Minister from Najib's government of thieves, MoF Chief Thief Serigar or 1MDB executives, is a BLATANT LIE designed to try and pull the wool over the Rakyat's eyes. More than that, it is an attempt by serial liar and thief Najib to save face, now that it has been globally confirmed that there was massive fraud at 1MDB!!!


It was confirmed more than a year ago that IPIC was claiming US$6.5 billion or RM28 billion from 1MDB. Najib, his sycophantic Ministers and 1MDB all pretended that this was an outrageous claim even though the auditor general had already revealed that at least US$3.5 billion or RM15 billion was missing from 1MDB's balance sheet.


In July 2016, the Us DoJ had also confirmed in its kelptocracy claim, mainly against Jho Low, Riza Aziz and Qubaisy and Husseiny (of Aabar, a subsidiary of IPIC), that the missing US$3.5 billion had been deliberately siphoned out from 1MDB to offshore tax shelter companies controlled by Jho Low, Qubaisy and Husseiny, between 2009 to 2013. This would not have been possible without a conspiracy involving top 1MDB directors and Najib, who from day one had sole approving authority as Chief Advisor to 1MDB. More than that, Najib has from 2009 been the Finance Minister under whom nestles MoF and its wholly owned subsidiary, 1MDB! 


Najib's cronies had created off-shore tax shelter bearing names very similar to IPIC's subsidiaries to carry out their fraud. They siphoned the moneys out of 1MDB. The real IPIC and its subsidiaries never received the money under dispute.


What is interesting though is what was not announced. IPIC had claimed US$6.5 billion from 1MDB. The LICA settlement only accounts for US$4.7 billion. What happened to the balance of US$1.8 billion or RM8 billion? Is it likely that the Arabs would forgo US$1.8 billion? For sure, Najib/MoF/1MDB are hiding something big! The silence is deafening!


But everyone has forgotten one important aspect of this peculiar arrangement between 1MDB and IPIC. Who cooked up this guarantee arrangement? Who was the "brains" behind it? If right from the beginning MoF had given a Malaysian Government sovereign guarantee, it could have saved the Taxpayer billions of ringgit. 


This guarantee agreement is protected by the OSA. I bet that if the OSA documents were to be declassified, we will find that some Najib crony has been a substantial beneficiary of the guarantee fees! 
Was it a certain Malaysian Indian tycoon fraudtrepreneur? I did not say crooked crony. With Najib and his government of thieves, that is, of course, guaranteed!

14/04/2017

WHO READS THE NEWSPAPERS AND BLOGS IN MALAYSIA?

We can identify Malaysians like a book by what they read:


WHO READS THE NEWSPAPERS?

Berita Harian is read by those who think Singapore runs the country, Tamil Nesan readers thinks its Samy Velu, Nanban, the Indian Muslims and Makkal Osai readers don't care who runs the country as long as Thaipusam is declared a national public holiday !

Borneo Post is read by people who wish the Penan and Bruno Manser ran the country. But, actually, the Filipinos, Indons, Pakistanis and Banglas ru(i)n their country!

Business Times is read by the people who actually own the country.

Harakah is read by people who think Saudi Arabia should run the country from Mecca.

Nanyang Siang Pau is read by people who think monkeys run the country.

NST is read by (fewer and fewer) people who actually run the country.

Sarawak Tribune is read by people who think the Brown Rajahputras/Umnoputras from West Malaysia who will brook no opposition, run the country.

Sin Chew is read by people who think they ought to run the country.

Selangor Times is read by people who think Klang Valley residents constitute the entire country and run it.

STAR is read by people who wish Lim Guan Eng ran the country.

Sulu Liberation Front Times is read by those armed but non-militant and non-terrorist men who want to run another country.

Sun is read by people who think that Citizen Nades should run the country, financed by curi-curi football billboard advertising revenue and no taxes.

Tatler is read by the wives of the people who run the country.

Utusan is read by people who think they have a Ketuanan given right to run the country and be sued successfully for defamation and slander every single day.

What about the people who read The Mail? Mail readers don't care who runs the country, as long as he or she's got big fondleable tits and is allegedly involved in a sex or financial scandal involving DSAI or Opposition politicians.

WHO READS THE BLOGS & ONLINE NEWS PORTALS?

Anilnetto is read by people who wish trams, funicular railways and ferries from Penang run the country.
                           
Another Brick (or is it Prick?) In The wall is read by people who think Pink Floyd runs the country, rock on and fcuking**!!## get lost if you fcuking don't agree!

ARTiculations is read by well-articulated navel gazers and very private individuals who wish the Bar Council and lawyers (sharks) ran the country.

Bersih at http://www.bersih.org/ is read, according to the IGP, Kerismudin and Home Minister Zahid, by urban communists and dangerous yellow t-shirt wearing LGBT and liberal socialist terrorists who think the Election Commission runs the country.

Big Dog's 'The 13 Million Plus Ringgit Guy' is read by those who will immediately issue you a red card if you don’t agree with their thinking on how to run the countryand who also think that panas, kunyit, gempar and the fraternity of the overly obese ought to run the country.

Dean Johns Ad Lib is read by those who believe g'die mate, Australia should run the country.

Din Merican: The Malaysian DJ Blogger is read by people who do not care who runs the country as long as there's jazz music.

Dr. Mahathir Mohamad at http://chedet.cc/ is read by people who think apanama self-appointed benevolent dictator runs the country.

Free Malaysia Today (FMT) is read by free and independent-minded citizens who are not sure there is a country to be run, from where did you say?

Hindraf is read by those who think that Makkal Sakthi should run the country from Petaling Estate with its rubber tappers, guided by Gandhian and Hindu principles, or by going on hunger strikes!

Ktemoc Konsiders is read by people who think Wakaka runs the country.

Lim Kit Siang for Malaysia is read by people who think Singapore and/or China ought to run the country and Jebat Must Die, by people who think it oreddy is.

Magick River is read by people like the Temuan who originally owned and ran the country via portals to other worlds.

Malaysia Chronicle is read by those who think bombshells run the country.

Malaysian Insider is no longer read anyone who thinks The Edge runs the country.

Malaysian Insight is read by those who think Kandaqstan Nasi Kandar stall operators run the country from Penang.

Malaysiakini is read, according to Najib, by communists and Zionist sympathisers who want George Soros to run the country by demanding everyone pays subscriptions.

Malaysia Today is read by people who have been reliably told (supported by a SD) that Julian Khoo, masquerading as RPK, runs the country from a Malaysian restaurant in Manchester, funded by PMO.

Mariam Mokhtar is read by those who rightly think women should run the country to rebuild Malaysia.

OutSyed The Box is read by those who hope Mahathir will come back and run the country.

Rantings by MM (Marina Mahathir) is read by NGO’s and the wives of the people who run the country.

Rafizi Ramli is read by those who want whistleblowers to run the country.

Rocky’s Bru is read by people who don’t’ care if Hitler ran the country, as long as he was elected by the citizens!
  
Sakmongkol AK47 is read by people who once thought UMNO ran 70% of the country and possibly, another 30%, but now think the Oracle of Syed Putera is sure to take over from that dolt Najib, and run the country successfully.

Steadyaku47 is read by people who want Malaysians to run the country from Down Under, mate!

Sarawak Report is read, according to UMNO, by 1MDB CSR funded om putih colonisers who will drink champagne and run the country if Najib is toppled!

The People's Parliament by Haris Ibrahim is read by those who curse Mamak Koya Kutty ran the country (into the ground), who now think any NGO can run the country (into the ground) and will make sure ABU (Anything But UMNO) does not run the country (into the ground) ever again. 

Tunku Aziz at http://lim guan eng my master hero.blogspot.com is read by those who expect gaji buta life tenure as Senators and think TI (Tunku I) should run the country.

Uthaya Sankar is read by people conversant in Bahasa Malaysia who think that by digesting the ancient Indian epic, the Mahabharatha, they can run the country.

And lastly, Donplaypuks® at http://donplaypuks.blogspot.com/ is read by all the intelligent people who actually do own and run the country one lah, jom! Isn’t it? Dontch you know machan? There's no rumour to the truth! I wish mah. Shirley one. Lol!

Bros and brodettes, don't rush and file your defamation suits against me en masse. Heh, heh, heh! Satire, humour and laughter are good for the soul. Remember, laughter is still the best medicine!

Donplaypuks® with what you read, man!

07/04/2017

DID EPF LOSE RM576 MILLION OR RM203 MILLION IN FGVH SHARES? IS SOMEONE NOT TELLING THE WHOLE TRUTH?


Felda Global Ventures Holdings Plc (FGVH) was listed on the KLSE in 2012 mainly due to arm-twisting and manipulation by PM Najib. Pre-listing multi-billion ringgit in losses in the US due to Najib's incompetency, were covered up. Refer to my August 2015 blog post.  CLICK HERE.

Based on the above table derived from FGVH's audited accounts for the year ended 31 December 2014, EPF had invested in about 192 million FGVH shares costing RM876 million @ RM4.55 per share. This showed a book loss in 2014 of RM576 million.

Assuming EPF had lost and average of ONLY RM2 a share in selling off it's entire holdings of FGVH shares, it would have registered a realised loss of RM385 million.

However, on 3 April 2017, EPF announced a realised loss of RM203 million in FGVH shares in 2016. CLICK HERE. It had announced in December 2016 that it had by then sold off its entire stock of FGVH shares. 

This leads us to suppose that the RM203 million was only a portion of a much larges loss in total. More losses must have been realised in earlier years or written off as provisions in a 'mark to market' accounting policy.

It is not possible to get the exact total realised loss on FGVH shares by looking through EPF's published accounts, as specific details are rarely disclosed there, if ever. The analysis of RM3.39 and RM3.97 billion losses on investments in 2014 and 2015 are not available:



It is also curious and suspicious that the Ministry of Finance (MoF) added in this statement, to try and reduce the impact of the shocking RM203 million loss:

"However, the EPF had made RM105.77 million dividend income from FGVH shares."

That made it look as though EPF had lost only RM97 million (203-106). This is NOT REMOTELY how a savvy investor anywhere in the world, would look at investments  and returns:

1. RM105.77 million in dividends gives an average rate of return of only about 3% over 4 years (2013-2016). This is below par for an investment cost of RM876 million, as minus inflation of about 3% a year, the net return is a pathetic 0%!!!

2. There is the risk free opportunity cost to consider. Had EPF placed RM876 million on FD with a bank, it would have earned a minimu of say, 876 x 4%=35 million a year x 4= RM140 million. This is more than the RM105.77 dividends AND, its capital would have been intact!

3. If EPF had cut it's losses early, it might have been able to re-invest the money in a blue chip which would may have given a capital gain rather than a massive loss. Instead they paid heavily for allowing themselves to be coerced into a dud investment by Najib.

It is to hide this huge Najib blunder (he is also the Finance Minister) that the MoF added in that spin about $105.77 million dividend income without explaining it further. But that is exactly what we have come to expect from a MoF led by Najib and where, its Chief Secretary, Dr. Mohd Irwan Serigar Abdullah, has since 2009 been assisting kleptocrat Najib in covering up the even greater humongous looming 1MDB loss of RM95 billion, due to massive fraud by Najib, his family members and his cronies. CLICK HERE.

Did heads roll at the EPF? There is no culture of honour in a government of thieves. Some have written that RM576 million represents less than 1% of EPF's RM700 billion assets, and so it's no big deal. But that is exactly the type of thinking that allows the crooks like Najib to loot and plunder at will. 99.99% of us will never earn anywhere near $576 million in our lifetime. That money could have been invested in schools, hospitals and other much needed infrastructure. It's downright criminal to lose RM576 million due to incompetency, negligence and abuse of power by a prime minister and his crony head at EPF!

So, EPF must come clean about how much it actually lost in TOTAL on FGVH shares. Remember, EPF's money belongs to its contributors, NOT the government. They are hard working citizens who are sinking under the weight of stagnant wages, GST, rising food cost, transportation, petrol, soaring rents, house prices and inflation (record 4.5% in 8 years, in y-o-y to February 2017).

More than that, the government must disclose how much in total many GLC's and State Governments actually lost by being bullied, again by Najib, to prop up the ill-advised listing of FGVH shares!

As at 31 December 2014, these entities had a book loss of nearly RM8 billion!!! (See table above). Many of them would have taken out loans from banks to finance their share acquisitions, which means their losses would have been higher, with loan interest!!!

As I have said many times before, Najib has the touch of the plague and the kiss of death whatever mega project he proposes - FGVH, 1MDB, PPFI etc., etc., etc. He does not have the knowledge, skills or qualifications to manage his children's piggy bank, let alone the complexities of a country's economy.

But, Najib can't let go because of ego, face, and false pride born of cancerous Ketuananism. He suffers from the illusion that somehow, being the son of a former prime minister, he is destined for global success and a place in the history books. But, instead, his repeated failures have cost the nation, at the very least, RM150 billion in a blazing trail of stupefying losses.

The citizens must seriously endeavour to put him out of his misery soon, like yesterday!

31/03/2017

RM95 BILLION 1MDB DEBTS! WTF IS NAJIB LYING ABOUT DEBTS SETTLED?

NB.
1. 1MDB'S accounts for the years ended 31st March 2015 and 2016 have yet to be prepared and audited. The MoF has not commented on having the 2013 and 2014 accounts re-audited. No action has been taken by CCM (Companies Commission of Malaysia) to fine 1MDB or its top officers for the pathetic  failure to comply with the law!

2. Of the funds raised in the US, RM15 billion disappeared into Najib, Jho Low and their cronies' pockets! More is missing too from funds raised in Malaysia! CLICK HERE.


Based on 1MDB's 31st March 2014 Detoilette audited accounts, it had a total of RM46 billion in borrowings and creditors. (Detoilette because auditors Deloitte announced in 2016 that 1MDB's 2013 AND 2014 accounts audited by them could not be relied upon, and then resigned)! The details are as follows:

Bank Loans, Bonds, Sukuk, overdraft etc. - RM42billion
Derivative Debt, Trade and Other Creditors - RM4 billion.

Yesterday, Najib "cleverly" announced that about RM10 billion of 1MDB's short term debts had been repaid. He deliberately failed to say how much more was outstanding. Or, how these were going to be repaid, given it had sold its IPPs and Bandar Malaysia land. He also did not produce an unaudited 1MDB balance sheet to show us its current financial position.

Also, part of the RM10 billion was used to pay debts incurred by 1MDB AFTER 2014 e.g. RM950 million MoF standby credit!

Since 2014, 1MDB has had to service interest on its $42 billion borrowings at an average of say, about 5% per year. It had also defaulted on some loan interest as well as capital repayments. Tycoon Ananada Krishnan was instrumental in re-financing some RM4 billion of 1MDB's loans in 2015!

More than that, the US$ has ballooned to about 4.40 against the ringgit, adding some RM10 billion to 1MDB's debts, due to exchange rate losses.

Another headache is the US$6.5 billion that IPIC of Abu Dhabi has sued 1MDB for interest and loan repayment guarantees. This is the subject of an arbitration case being heard in London.

Based on the above table, 1MDB had about RM95 billion in debts, which after yesterdays announcement, is reduced to RM85 billion.

So, over to Najib:

1. How is this RM85 billion going to be repaid?
2. Which are the projects Najib is going to inflate to illegally cover-up 1MDB's losses? ECRL? Pan Borneo Expressway? KL-Singapore HSL? Rapid JB? More likely, ALL OF THEM!
3. Who should go to jail for it all? Surely, Najib first?
4. Why have the IGP and AG failed after 1 year, to charge ex-1MDB CEO Sharol Halimi for fraud, theft etc., despite a PAC report demanding it? What about Ismee, Chairman Lodin Wok, Arul Kanda, Mof Chief Secretary Dr. Irwan Serigar Abdullah and Chief Secretary to the Government Dr. Ali Hamsa?

Bamboo River Resort is soon going to be very, very over-crowded!