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12/03/2015

1MDB RM950 MILLION BAIL OUT - IS PM NAJIB (& MoF) STICKING TWO FINGERS IN THE AIR & DEFYING HIS OWN CABINET?

by 1bernie madhoff, donplaypuks® intrepid correspondent for global CBT and fraud affairs

The announcement today by Finance Minister II Ahmad Husni Hanadzlah that the government/MoF i.e. the Taxpayer, had extended a RM 950 million line of standby credit to 1MDB, is shocking, to say the least, laden as 1MDB already is with RM46 billion in dubious debt and iffy investments! 

Husni's statement that a standby credit is not a loan deserves a smack on the head, if not a hard kick in the goolies. Now that 1MDB has drawndown on the standby credit, does it mean it does not owe the government the money or have to repay it? If it's not a loan, what is it? A free gift? This is what BUMNO/SCUMNO Ministers and politicians have matured into under PM Najib's maladministration - champions in splitting hairs, playing around with semantics and spindoctoring, thinking they can easily fool the public. A scurrilous lot, these vermin.

A rose by any other name smells the same. A standby credit is no different from a loan and a bailout since it confirms that 1MDB is financially, in dire straits. However, on 27th February, The Prime Minister's Office (PMO) announced that the Cabinet had rejected a proposed RM3 billion cash injection into 1MDB. CLICK HERE. 

Husni's announcement today means that PM Najib, as also Finance Minister, has stuck two fingers in the air at his own Cabinet and told them to stick it where the sun don't shine. This is insulting not only to the (wooden IKEA) Cabinet, but also to all the citizens of Malaysia. It reflects poorly and badly on PM Najib's integrity and honesty. How can we not conclude then that the Rakyat will be stuck with 1MDB's RM46 billion debt?

Equally shocking is this gobbledygook from PM Najib vis-a-vis 1MDB's RM970 million parked in BSI Singapore, a wholly owned subsidiary of BSI AG, Switzerland. CLICK HERE. 

"The decision to use BSI Singapore (is) to facilitate easier withdrawals since regulations set by Bank Negara Malaysia needed its approval for transactions over RM50 million". 

But it does mean that 1MDB, knowingly kept these funds overseas to avoid being detected by Bank Negara Malaysia (BNM). Isn't that a crime under our laws? Were PM Najib, Finance Minister II Husni and Chief Secretary to the MoF, Mohamad Irwan Serigar Abdullah, all complicit in this charade of blindfolding BNM? 

It does not even matter if the money was parked in Switzerland or Timbuktu. Money placed in Singapore does not absolve anyone of suspicion that something fishy has been done, any more than Timbuktu. The only reason all these transactions were done overseas is that 1MDB wanted to fly below BNM's radar, and did not wish to be scrutinised by it for possible contraventions of money-laundering and other statutes. And it's not possible that PM Najib who also doubles as the Finance Minister, is not aware of these wheelings and dealings. If per chance, by a miracle, he is proven to be in the dark, he ought to be sacked at once anyway for gross incompetence and dereliction of duty, as should Husni and Serigar Abdullah.

The only reason, the money is encumbered, i.e. cannot be utilised to settle 1MDB's debts, is because someone else, a bank/financial institution/bond holder has a first charge on it, possibly someone who has guaranteed 1MDB's loans or, it's security for some other investment which is trading below cost, and 1MDB cannot afford to incur a huge capital loss by divesting just now.

Sheesh! One lie leads to another and another and another. CEO Kenneth Kaunda Kundi, stop being an accessory to arguably and possibly the most massive fraud case in Malaysian history. Speak the truth and save the country now, or be the idiot who was misused by BUMNO/SCUMNO for a cover up. So, too the two previous CEO's, Board of Director, Chairman, and financial controllers. The ball is in your court. Save the country and the Rakyat, or save Najib?

Donplaypuks® with the people's billions, man!

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