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30/05/2015

PM GROSSMAJIB, 1GDB - $51 BILLION IN ASSETS, BUT NO CASH FLOW TO SERVICE INTEREST & DEBT? WHAT ABOUT $49 BILLION IN LIABILITIES? WTF ARE YOU HIDING?

by gross development and private funding initiative bunkum, donplaypuks® intrepid correspondent for debt affairs

Once again, instead of coming clean and being transparent about the details of its "investments" and true state of affairs at 1GDB (1 Gross Development Bunkum), PM Grossmajib has defended his management of 1GDB's borrowings and serious cash flow deficit by bleating the slogan that 1GDB has RM51 billion in assets

In particular, the Rakyat has been asking how the RM46 billion 1GDB borrowed has been "invested". 

PM Grossmajib has been openly opaque by saying that 1GDB has passed a blood test conducted by its internal doctors, and so it's as healthy as a bouncing baby.

This is also like saying that a bedridden man in ICU should whip himself up and get back to work, since he has his major faculties intact, while ignoring his two missing hands and legs.

From the beginning, it was a venture in folly. 1GDB was created as a national, not a Bumiputra, sovereign fund from the ashes of the  wound up RM10 billion Terengganu Investment Authority. It was 100% the idea of PM Grossmajib, whose principal adviser was the 20-something tub of lard of a grey whale, "investment guru" Jho Paris Hilton. 

Whatever brilliant discussions took place between Jho and PM Grossmajib, it's incredible that their settled business plan resulted in 1GDB being financed with a paid up capital of RM1 million and borrowings of RM46 billion, guaranteed one way or another by the Taxpayer. A 100% government owned company cannot abdicate from its debts by filing for bankruptcy and asking the lenders and creditors to take a hike. In any event, some RM10 billion of the RM46 billion debt is irrevocably guaranteed by the Federal Government. So, there's no running away from Armageddon!

PM Grossmajib, who is also the clueless Finance Minister, clearly does not understand accounts or how to read and interpret the figures in 1GDB's balance sheet.

To put it simply, as at 31st March 2014, 1GDB had RM51.4 billion in assets - cash and "investments" - AND RM49 billion of liabilities in bonds, bank borrowings, derivative debts and trade and other creditors. The surplus of net assets audited and reported were therefore RM2.4 billion (51.4 - 49), represented by RM2.4 billion of capital and reserves.

However, the RM2.4 billion in capital and reserves is inflated by RM3.6 billion of paper profits from revaluation of 1GDB's land bank. If we remove this window dressing, 1GDB's assets would be reduced to RM47.80 billion, i.e. by matching original cost of all assets with all known liabilities. In other words, its liabilities would exceed its assets by RM1.2 billion (49 - 47.8). 

More than that, there is a huge probability that a significant portion of 1GDB's "investments" financed by the RM46 billion borrowings, are showing huge permanent loss in values that cannot be salvaged.

So, the real net asset value of 1MDB, due to gross mismanagement, CBT, fraud and looting, may be negative RM30 billion!!

What PM Grossmajib is saying in trying to pull the wool over everyone's eyes is, never mind, he made a small miscalculation, but 1MDB's land bank has an upside that will more than make up up for the unexplained and missing billions of ringgit. So those asking for his goolies and neck, should close one eye and forget about sending him and the top management of 1MDB, past and present, to prison and be whipped. The PEOPLE should have an amnesia about the gross mismanagement, CBT, fraud and looting at 1GDB.

Today's announcement that Abu Dhabi Commercial Bank Group's IPIC (International Petroleum Investment Company) will finance 1GDB's US$975 million (RM3.5 billion) debt to Duetsche bank and its consortium members, poses more questions than answers. PM Grossmajib has successfully recruited another Deputy Minister in being deliberately vague and obstructive:

"1GDB will provide IPIC and AAbar with a number of financial assets, including "units" that are held in the company's BSI Singapore account."

What does PM Grossmajib and his baruah Deputy Finance Minister mean by this, what deal has one devil done with another?

My reading of this 'new deal" with a "white knight is:

1. The top management of 1GDB, past and present, are not prepared to hop On His Majesty's Service, with a long stay in Kamunting prison. So, they have delivered PM Grossmajib an ultimatum - "Unwind the mess or will will sing like a canary. We have been offered immunity to testify!!"

2. PM Grossmajib in turn, has laid the law down with Jho Paris Hilton, and Abu Dhabi, which must have been in on the scam from day one. The money was probably originally diverted for (CBT) deals that had nothing to do with 1GDB. The beneficiaries, besides Abu Dhabi, would also have been PM Grossmajib, his wife and son, Jho Paris Hilton, Anak Keling (AK) and BUMNO/SCUMNO/Batang Naik. Now that PM Grossmajib is near to being hanged by his goolies, he's begged for the deals to be reversed and money's returned. At the bare minimum, there is a case of CBT had 1GDB.

What is clear as daylight is that 1GDB does not have sufficient cash flow to service debt interest or redeem loans. This is pathetic planning and management. It bespeaks of a PM who has faked a  degree he never had in Industrial Economics.

So, PM Najib should be sacked and sent to prison anyway. 1GDB's land bank is not his personal property. Long, long before 1GDB materialised and hijacked it, many real estate companies had submitted proposals to the government to develop the 565 acres of Sg. Besi and TRX land. They were willing to pay market prices in open tender. So, it never required 1GDB, which had no experience and track record whatsoever in real estate development, to maximise the wealth from these parcels of land on behalf of the PEOPLE.  

I also have not an iota of confidence that the PAC or AG will deliver justice. Name 1 case in recent years where a PAC inquiry or AG's Report resulted in anyone being prosecuted for mismanagement and fraud, and convicted of it in court. They will not nail the culprits. Where such bodies are headed by government nominees, it would be silly of us to think that they will ask for anyone's head on a platter, especially if they are BUMNO/SCUMNO/Batang Naik's members and/or cronies.

So, we have to rely on the likes of an ageing ogre like Maha Firaun to defend the PEOPLe and exact justice. 

In today's blog post, Maha Firaun has again mentioned the RM30 billion private initiative for fraudulent spending by the MoF, funded by two pension funds. The usual suspects - PM and Finance Minister Grossmajib, chief civil servant, sec general of MoF and Economic Plundering Unit - are all involved in cooking up fictitious leasing agreements to siphon RM30 billion out. The beneficiaries of this mega scam are likely to be BUMNO/SCUMNO/Batang Naik whose war chest needs filling to fight by-elections and GE14. The RM30 billion private initiative funding government fraud was first exposed by an opposition politician and publicised also by Kinibiz.

We know there is no hope from the PAC, since after a close-door briefing by the MOF, the PAC head was gushing around saying "Whoa, what wonderful innovative financing scheme!" 

Another worrying piece of news is that ADCB's AAbar owns 49% of Powertek. But, it was announced that 1GDB paid Abar US975 million (RM3.5 billion) to rescind the Powertek option. So, what gives? Have Anal Keling and 1GDB gazumped us again? 

It is everyone's duty to constantly remind Maha Firaun to pursue PM Grossmajib to the end of the earth till we nail him  and his government of thieves for the RM46 billion 1GDB fraud and the RM30 billion "private initiative finance" ponzi scheme.

In such bleak times and in the face of mega billion ringgit thievery and fraud by PM Grossmajib and his government of thieves, beggars can't be choosers; we must take our allies as we find them!



Donplaypuks® with RM76 billion of fraud by government, man!

13 comments:

flyer168 said...



Donplaypuks®,

Yes indeed.

Also to share this...
https://www.youtube.com/watch?v=qI5fcAhUQVo

https://www.youtube.com/watch?v=dmOZ3jtGtCc

https://www.youtube.com/watch?v=DDexDNn6vSM

https://www.youtube.com/watch?v=YH0_JQW--gc

You be the judge.


Anonymous said...

Not only Maha Firuan to pursue this, support the opposition too, and Sarawak Report and the alternative medias as they continue to expose the corruption and dirty dealings in the gomen.
Jonas the yellow whale was in from the very beginning with GrossN to milk the nation. Alkandi's meeting with the two SSs probably to help Alkandi handle Noor at PACk, and how to draw cobwebs across Noor's willing eyes, ears and mouth. Heard Jonas flew into town, he has already given notice can welsh anytime when he pointed out 1GDB has shareholder, its board responsible for decision making, and Alkandi hammered in the nail in the coffin likewise when he said GrossN responsible for all 1GDB financial deals.
The new spokesman aka the units man, only parrot shit comes out, no brains up there.
At the end of the day, despite more and more new loans to pay the old loans, 1GDB committed criminal offence in the fraudulent tdocs, and he will be charged soon. Fiesta coming.

flyer168 said...

"PM GROSSMAJIB, 1GDB - $51 BILLION IN ASSETS, BUT NO CASH FLOW TO SERVICE INTEREST & DEBT? WHAT ABOUT $49 BILLION IN LIABILITIES? WTF ARE YOU HIDING?"

Donplaypuks®,

This is the latest...

29 May 2015 01:45 PM - Jho Low is back in town, is he here to face the PAC? - : http://www.theantdaily.com/Main/Jho-Low-is-back-in-town-is-he-here-to-face-the-PAC#sthash.fR6l8HPI.dpuf

29 May 2015 09:00 PM - Jho Low’s return not to meet PAC, says Nur Jazlan - http://www.theantdaily.com/Main/Jho-Low-s-return-not-to-meet-PAC-says-Nur-Jazlan#sthash.BjhdsFam.dpuf

14 Apr 2015 02:00 PM - Jho Low lashes back – What 1MDB? I’m not involved! - http://www.theantdaily.com/Main/Jho-Low-lashes-back-What-1MDB-I-m-not-involved#sthash.kK7mzBq6.dpuf

Astro Awani | Updated: March 16, 2015 -
Jho Low has no involvement with 1MDB: Najib - http://english.astroawani.com/malaysia-news/jho-low-has-no-involvement-1mdb-najib-55627?cp

CEO returns for a strategic dinner... and PAC later...- http://www.apanama.my/2015/05/1mdb-arul-kanda-is-back-to-back-najib.html

So it appears that the "Brain-washing" session worked...

with some seduction & $$$ ???

You be the judge.










flyer168 said...

"PM GROSSMAJIB, 1GDB - $51 BILLION IN ASSETS, BUT NO CASH FLOW TO SERVICE INTEREST & DEBT? WHAT ABOUT $49 BILLION IN LIABILITIES? WTF ARE YOU HIDING?"

Donplaypuks®,

Could it all end up like this...

"...That’s the problem with Malaysia’s administration. It embraces mediocrity and dumps competency, accountability and transparency.

Why are time and money being wasted in maintaining such a useless committee?

The PAC is just the government’s panel tasked with window-dressing assignments aimed at whitewashing scandals and giving the impression that it practises accountability in managing the country’s wealth.

Has PAC ever recommended any action?

And, if any, can anyone remember the government taking any action?

Imagine, when the AG pointed out in one of his previous reports that the armed forces had paid RM7 for a packet of Maggi instant noodles under a procurement, was any action taken?

Stop wasting public funds to maintain the PAC. Put the funds to better use by helping the rakyat..."

http://www.theantdaily.com/Main/Stop-wasting-public-funds-to-maintain-PAC

You be the judge.

Anonymous said...

Arool has come up with some graphics to show where the RM42 billion went/lost/missing.
The first two sections are quantifiable, i.e. IPPs and land costs can be checked against records, the rest can be "manipulated" funds investments, FX losses, taxes.
Would you mind to put your fingers here and translate for the layman? Thanks.

It makes no sense if these figures are in the accounts as Arool claims, information that is fully disclosed in 1MDB's audited and publicly available accounts from March 31, 2010, to March 31, 2014, why and what were the 1GDB and advisor hiding?

flyer168 said...

"PM GROSSMAJIB, 1GDB - $51 BILLION IN ASSETS, BUT NO CASH FLOW TO SERVICE INTEREST & DEBT? WHAT ABOUT $49 BILLION IN LIABILITIES? WTF ARE YOU HIDING?"

Donplaypuks®,

Just to share this...

3 Jun 2015 - http://www.sarawakreport.org/2015/06/why-no-warrant-out-for-jho-low/

Arul Kanda

"Arul was on the board of RHB Capital Bhd from July 2009 to May, 2011, as a non-independent non-executive director representing Abu Dhabi Commercial Bank PJSC. He was executive vice-president, head of investment banking and head of corporate finance at Abu Dhabi Commercial Bank.

Abu Dhabi Commercial Bank bought RHB Capital in May 2008, acquiring 538.37 million shares or 25% of RHB Capital from the Employees Provident Fund (EPF). It later sold the block to its related entity to Aabar Investments PJS...

1MDB Arul Kanda - has wide experience in banking, having worked as head of Islamic financing solutions, Barclays Capital, Dubai, from September 2006 to July 2008, prior to which he was at Calyon (part of the Credit Agricole group) and was based in London and Bahrain between 2002 and 2006.

Among others, at Calyon he was director, head of Islamic banking, London, from July 2005 to August 2006; director of capital markets, Bahrain, from June 2004 to June 2005; and associate director of securitisation, in London, from July 2003 to May 2004.

He has a Masters in Law from University College, London, and obtained his bachelor’s degree in law from the London School of Economics.

http://www.themalaysianinsider.com/malaysia/article/3-ceos-3-auditors-2-chairmen-in-5-years-and-still-nothings-wrong-at-1mdb

“In 2001, Denis Robert and Ernest Backes book, Revelation, showed that Crédit Lyonnais was one of the many banks to hold unpublished accounts in Clearstream, a Luxembourg-based transaction clearing company, which has been accused by the authors of being a huge international money laundering machine…”

http://en.wikipedia.org/wiki/Cr%C3%A9dit_Lyonnais

Thursday, May 30, 2013 - "The truth about Barclays and the Abu Dhabi investment -

"Amanda Staveley earned an astonishing £30 million fee for her role in helping to secure Abu Dhabi’s £3.5 billion investment in Barclays in 2008, a deal on which Sheikh Mansour made a profit of more than £3 billion.

Euromoney reveals the extraordinary tale behind that trade, the battle for £110 million in fees paid by Barclays to Mansour, and just how close-run a deal which saved the bank from part-nationalization was – which is currently the subject of an investigation by the Serious Fraud Office.

Lunchtime on April 30 2009, and Amanda Staveley’s private banker on the Isle of Man has just emailed her with confirmation that a sum of £29.5 million ($45.7 million) has been deposited into her account.

The note from Douglas might have provided a bitter-sweet moment for the Dubai-based Staveley, the Yorkshire-born dealmaker building a reputation glad handing high-octane deals in the Gulf, after a hectic few months helping arrange one of the defining transactions of the 2008 global financial crisis: Abu Dhabi’s £3.5 billion investment in Barclays Bank six months earlier.

Cont'd Part 2...

flyer168 said...

Part 2...

Sweet because she had finally received a commission for the Barclays deal that she’d been sweating on Gulf potentates paying for a long time. But bitter because the amount received was some way short of what she’d initially hoped to garner for her role in the Barclays rescue, a deal dubbed 'Project Mandolin'.

The disclosure of the fees paid to Staveley and her firm PCP Capital Partners – revealed in a dossier of documents relating to the transaction and seen by Euromoney – will also stir mixed emotions among Barclays shareholders.

At the time of the capital raising, many were up in arms at the highly generous terms offered not just to Sheikh Mansour bin Zayed Al Nahyan, the Abu Dhabi royal and UAE deputy prime minister, whose participation Staveley had helped arrange, but also to Qatar Holdings, one of neighbouring Qatar’s sovereign wealth funds...

Euromoney’s disclosures cast the first light on what happened to the £110 million in fees paid by Barclays – and its shareholders – nominally to Sheikh Mansour, but in reality to a cast of advisers, associates and family members, of which Staveley was a big beneficiary.

The documents seen by Euromoney – a collection of business exchanges, and emails written or sent by Staveley, her colleagues and her contacts from 2008 to 2009 – also show how public disclosures about the Mansour investment masked the realities of how close run the deal was, and how complex – and arguably misleading – the nature of the capital injection from Abu Dhabi was.

They provide a fascinating insight into how the west meets the Middle East when it comes to doing business for eye-watering sums of money, as well as how frantic attempts to secure the money for the Barclays investment were, pulling in a range of some of the biggest names in the financial markets, from the US to China.

The entire round of capital raisings by Barclays in 2008 – first a £4.5 billion injection in June by existing shareholders, principal among them the Qatar Investment Authority and Challenger, an entity representing Qatari prime minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, followed by the £7.3 billion injection by Mansour and the Qataris in November – have been shrouded in rumour, mystery, intrigue and speculation.

They are also the subject of investigation. Barclays has disclosed that the UK’s Financial Services Authority and Serious Fraud Office are looking into commercial agreements between Barclays and Qatari interests and if these were related to the two Barclays capital raisings in 2008.

There is also an investigation by the US Department of Justice and the US SEC into whether or not Barclays' relationships with third parties that assist Barclays to win or retain business are compliant with the US Foreign Corrupt Practices Act. Both investigations are cited in the independent review of Barclays written by Anthony Salz, a vice-chairman of Rothschild, published at the beginning of April this year...

Cont'd Part 3...

flyer168 said...

Part 3...

Before the completion of the investment, David Forbes, a senior adviser to Ipic, emailed Staveley to tell her:

“Further to our email of yesterday, Khadem has just confirmed that he does not envisage any requirement for PCP to be an equity investor in Project Mandolin.”

Khadem is Forbes’s boss, the head of Ipic. Also addressed in the email was Ali Jassim, a close associate of Sheikh Mansour.

The problem was that the three vehicles – PCP Gulf Invest 1, 2 and 3 – were originally registered in the names of Staveley and Eadie, rather than in Mansour’s.

This issue appeared to be addressed in a draft letter seen by Euromoney,seemingly on behalf of KAQ Holdings – the personal holding company of Khadem Al Qubaisi.

In it, KAQ offers Staveley and Eadie an aggregate fee of £5 million “in connection with your involvement in the investments to be made by PCP Gulf Invest... in Barclays as part of its capital raising exercise..”

Thursday, May 30, 2013 - The truth about Barclays and the Abu Dhabi investment -

http://www.euromoney.com/Article/3198637/Revealed-The-truth-about-Barclays-and-the-Abu-Dhabi-investment.html?copyrightInfo=true

"The conspiracy was hatched in April 2011, according to the email trails in our possession.

The plan was to orchestrate a quick flip sale of RHB bank shares owned by the Abu Dhabi Commercial Bank (ADCB), in the full knowledge that two of Malaysia’s own banks CIMB and Maybank were in the process of seeking a merger with RHB.

Using their insider knowledge and the controlling influences of the Malaysian authorities, Jho Low and his business partners, who were the UK based investor Robert Tchenguiz and the then "Chairman of Abu Dhabi’s Aabar fund, Khadem Al Qubaisi", expected to profit by at least half a billion US dollars.

This was to be at the expense of the Abu Dhabi public bank and the two Malaysian banks, expected to eventually buy the 25% share of RHB.

Writing to Tchenguiz 31st May 2011 Low gloated at the prospect of a 50:50 deal on a USD500 million dollar profit:

“Now that the MayBank & CIMB process is happening simultaneously, we can be sure our exit will be likely faster within 6 to 18 months…

Our lawyers are drafting up the USD100 million first lose guarantee for 24 months (with a 12 month extension) to be issued in favour of Aabar inreturn for a 50:50 net profit equal share so that our interests are mutually aligned in this partnership…

…. Our expectation is a minimum of USD500m net-profit for us jointly within 18 months or less...”

http://www.sarawakreport.org/2015/05/jho-low-how-pm-agreed-plans-to-make-usd500m-minimum-profit-from-insider-deal-against-cimbmaybank-exclusive/

http://www.sarawakreport.org/2015/05/why-did-usd1-16-billion-of-1mdbs-money-go-into-an-account-controlled-by-jho-low/

Same Modus Operandi...?

http://www.financetwitter.com/2015/03/1mdb-scandal-an-ali-baba-scam-partnership-goes-bust.html

They are all very well trained & groomed "Rothschild's Puppet Investment Bankers" for the Middle East...& 1MDB in Bolehland...???

You be the judge.

Anonymous said...

flyer 168, what transpired earlier re Barclays and the Abu Dhabi investment, provided the role model for JLow and his "friends" to take 1MDB down almost the same road.

Donplaypuks® said...

Flyer168

Man, you are so prolific. You should write a book about the 1MDB debacle - guaranteed best seller!

flyer168 said...

Donplaypuks® & Anon 01:46,

It's my pleasure to share the holistic picture of this Ponzi scheme.

This is how the then new PEEM Jibby "Naively" signed the deal for "Billion" Ringgit Foreign Direct Investments he talked about & this whole nation is now TRAPPED" in the "quagmire"...

"...The Saudi investment is for a planned $2.5 billion fund that will be set up by PetroSaudi International and a Malaysian government body called 1Malaysia Development.

The fund, which will also be financed by a $1 billion Malaysian government bond sale, will invest in petroleum, oil and gas, green energy and real estate. The joint venture will be allowed to invest outside Malaysia but will have to repatriate profits.

"This will bring a lot of contributions and mega-injections of capital to drive the economic growth of Malaysia, not only in the short term but in the long term," Prime Minister Najib Razak told reporters.

With global investment flows expected by the UN to slow this year and to recover only slowly next year, Najib said that Malaysia would sign more deals with "capital surplus" countries...

News of the deal for which Najib said the Saudis had already transferred their portion of the investment caused the Malaysian ringgit to extend gains to 3.457 per dollar, its highest in nine months, a trader in Kuala Lumpur said.

Najib has embarked on a series of economic liberalisation measures since he became prime minister in April, loosening rules on equity ownership and liberalising financial services in a bid to win more foreign investment..."

09/30/2009 - Malaysia inks $1.5 bln Saudi deal, sees more - https://www.arabfinance.com/2015/Pages/news/newsdetails.aspx?id=150583&lang=en&repcat=awngc

"...There are two very different sides to the prominent Abu Dhabi civil servant Khadem Al-Qubaisi, who chairs the emirate’s Aabar sovereign fund, according to an extensive body of information that has been passed to Sarawak Report.

For example, when he appeared in Kuala Lumpur on March 12th 2013, playing the key figure in a much vaunted multi-billion joint venture investment project with 1MDB, he cut a highly traditional figure.

Clad in flowing white Arab robes he presented a picture of strict Muslim sobriety.

However, as our photographs show, there is another side to this senior executive.

In Las Vegas and the South of France he has become recently known as a super rich playboy, who owns a string of sports cars, three vast villas and one of the world’s largest yachts..."

20 Mar 2015 - http://www.sarawakreport.org/2015/03/why-did-jho-lows-company-good-star-limited-pay-aabars-top-executive-khadem-al-qubaisi-usd20-75-million/

17 May 2015 - http://www.sarawakreport.org/2015/05/jho-low-how-pm-agreed-plans-to-make-usd500m-minimum-profit-from-insider-deal-against-cimbmaybank-exclusive/

"...Nevertheless, one has to admit Jho Low is a genius, single-handedly conned the old fox and seasoned politician former chief minister of Sarawak, Abdul Taib Mahmud of his fortune.

If Taib was just an ordinary tycoon without the political strings, we bet our last penny that Mr Low Taek Jho wouldn’t have much problem cleaning up billionaire Taib Mahmud’s coffer, every single penny of them."

http://www.financetwitter.com/2015/03/1mdb-scandal-an-ali-baba-scam-partnership-goes-bust.html

Finally to share this...Enjoy !

Welcome to the Hotel California...

We are all prisoners of our own device...

You can check-out anytime, but you can never leave...!

https://www.youtube.com/watch?v=iqODbP1T3nk

You be the judge.

Woon Lai Suan said...

Yes, "Beggars can't be Choosers"!!!
Ultimately it is the "Big Picture" that counts.

Woon Lai Suan said...

Yes, "Beggars can't be Choosers"!!!
Ultimately it is the "Big Picture" that counts.