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14/05/2015

WHY 1GDB LAND SALE TO THE POOR PILGRIMS FUND & OTHERS IS A BAILOUT CRIME BY GROSSMELDAJIB!

by snake oil salesman, donplaypuks® intrepid correspondent for bail out affairs

They can all deny it till they are blue in the face and then asphyxiate and expire permanently, but the truth will remain the truth. 

Prime Minister Grossmeldajib who wears the pants and her husband who wears the skirts, 1GDB and its CEO Kenneth Kaunda Kundi and the mamak CEO from the cash rich Poor Pilgrims Fund, clearly all lied to all Malaysians about why 1GDB sold 1.5 acres of its gifted land for RM189 million. 

In a normal non-bailout transaction, the buyer would have paid only 10% of the purchase price upon signing of the S&P. There is no way a buyer (cash rich Poor Pilgrims Fund) would pay the seller (1GDB) 100% of the price (RM189 million) before completion of full due diligence, fulfilment of essential contract clauses, approval of sale and transfer from the authorities (City Hall) and most importantly, transfer of non-encumbered title deed.

In this suspect transaction, the cash rich Poor Pilgrims Fund paid out the entire sum of RM189 million within 1 month of the contract signing.

There can only be one reason why this happened:

Cornered rats Grossmeldajib and 1GDB desperately needed the money to service debt interest of about RM189 million. They had no other money since its bank account was barren.

I had reasoned in an earlier blog post that they could not touch the US$1.1 billion parked in BSI bank in Singapore as it must have been pledged to 3rd parties. This was confirmed today by a Malaysia Insider.

BUMNO/SCUMNO/DUMBNO and its worthless supporters decided to mislead the public by saying that there was no bailout since the cash rich Poor Pilgrims Fund had forecast that they would make RM178 million profit before tax from a 3-year proposed condominium project they were planning for the site.

Hey, el mega stupidos, we are not talking about a bailout of the cash rich Poor Pilgrims Fund, but the insolvent 1GDB which is no longer a going concern since it cannot service its debts and other creditors without the Rakyat's money.

Make no mistake. The land gifted to 1GDB way, way below market price by Gossmeldajib, was given in trust by the Rakyat to maximise profits, for the benefit of the Rakyat (1Malaysia). They are only technically the legal owners. 1GDB was appointed as OUR Trustee, not our sodomist and rapist!

By selling parcels of 1GDB's crown jewels, the land bank, Grossmeldajib and 1GDB have exposed themselves as madcap and incompetent businessmen, and desperate fools. They are selling prime land to service interest cost, a business model favoured by those to whom thievery and ponzi get-rich-quick schemes, are second nature. Therefore, 1GDB will make no real profit from the land bank sold, since the  surplus will go towards paying interest and repaying capital. 

Whatever profit the cash rich Poor Pilgrims Fund and a government pension fund will make from the land sales will not go to 1Malaysia, but to a select few. This was not the original idea behind transferring the land to 1GDB. Land owned 100% by 1Malaysia should be developed, and the profit thereof accrued to, all Malaysian. If 1GDB land is 1Malaysia Rakyat-owned, by what logic is anyone demanding that it be sold only to Bumiputra concerns?

We did not, and do not, need 1GDB to merely sell land. The government can do that with its bloated 1.2 million-strong civil service, without incurring one cent in commission and consultants' fees or 1GDB's hugely overpaid CEO and directors' salaries, bonus and fees. Your and my grandmothers will volunteer to do it for free, as national service.

By hiving off bits and pieces to criminally service debt, not only will there not be a properly planned integrated development, but 1Malaysia in its entirety, will no longer be the full beneficiary of the profits. Just look at Singapore's centrally government planned and brilliantly executed built-up scintillating skyline. Compare that with our pathetic CBD and its haphazard wismas and towers in KL. We have gone astray because we have employed the crooks, the thieves, the robbers, the con artistes and ponzi scheme specialists, the racists, the religious bigots, the lame, the incompetent, the lazy, the low IQ Ministers and the quasimodos. The result - utter chaos, financial ruin and 4th world developments. The Maha Firauns and Grossmeldajib have sacrificed meritocracy on the altar of mediocrity and short-term gains.

We now find that land was also sold for RM1.2 billion @ RM2,400 per sq. ft to a government pension fund, with the justification that they need new self-owned permanent office space as opposed to renting it. This is about13% cheaper than the land bought by the cash rich Poor Pilgrim's Fund. But why is it necessary for a government Statutory Fund to buy land from the government at peak prices? When Putrajaya was built, many government offices in KL and Selangor became vacant. There is no surplus to fit the pension fund's needs? Rubbish!

This madness must stop today! Grossmeldajib had no clear investment plan for 1GDB at its inception. But along came that anal keling (AK) and conned them into buying expiring and old IPP's, on which 1GDB wrote off RM3 billion due to paying grossly and fraudulently/criminally inflated prices. BUMNO/SCUMNO/Barang Naik benefited from corrupt and illegal "donations" of at least RM300 million, from the owners of these IPP's.

Then, details of who had subscribed to 1GDB's mega RM46 billion bonds and loans, were deliberately kept secret, because of the financial and political fall out that may have arisen had we known they were strong-arming our banks and cash rich pilgrim and pension funds to bail 1GDB out.

To facilitate this giant ponzi scheme, they paid ridiculous interest rates of between 6%-11% on loans and raised funds overseas to escape central bank scrutiny. Who were the main, real beneficiaries? The Grossmeldajibs, Anak Keling (AK), Francis Yo Pavarotti, Pahang Resorts Casino, a royal family, Jho Paris Hilton, a couple of Arabs and a USA merchant bank which raked in unheard of 12% or US$400 million in fees.

Who are the real losers? 1Malaysia.

We must all act together to pension off the Grossmeldajibs and their mafia gang immediately to Kamunting prison. The Grossmeldajibs, and they alone, are responsible for this financial mess. There is no point in asking the lackeys and baruas at 1GDB for explanations and answers. The buck stops with the prime minister who is also the Finance Minister and who bull-dozed through the concept of 1GDB and maintained tight secrecy over its funding, guarantees, acquisitions and dealings to hide thievery, looting and fraud.

Otherwise, there will be no choice but to increase GST and Income Tax to fight the recession we will face with an exploding RM46 billion debt and additional RM3 billion in trade creditors. There is also the fraud/ scandal/CBT of another RM30 billion borrowed from pension funds by a private (but 100% public) finance initiative. The MoF (which also come under Grossmeldajib) is lying to 1Malaysia about what the money was really spent on, and who were the real beneficiaries of that stupendous sum of money (almost certainly BUMNO/ SCUMNO nominees to finance GE 2013 and 2018). 

1GDB has been not been royally screwed by a Chinamen, Jho Paris Hilton, as BUMNO/SCUMNO/DUMBNO cybertroopers would have you believe. 1GDB has and is being continually raped and looted by a thieving and cowardly Bugis, Grossmeldajib. Yes, that Bugis descended from that particular sissy bunch that fled Celebes in the 17th century to escape civil war, not those who stayed back and fought for their freedom!

Do not later say you were not warned by me. The biggest losers will be the Malays and Bumiputras. Act now or prepare for some unheard of cold winters in sunny 1Malaysia!


Donplaypuks® with bail outs disguised as proper business and sales, man!

2 comments:

Anonymous said...

This article should be read by Shafie, Hisham and Zahid, the 3 wise men in the Cabinet, and Muhydeen the reluctant Deputy, and all the fence-sitters who are reluctant to admit their idol has clay feet.

Your article shows clearly how the bumis were ripped off, and will continue to be scammed as long as there is no change in the government and 1MDB.

Anonymous said...

The language maybe very harsh. IMHO,not hard enough!! Its not Najib and Rosmah, its the whole band of brothers called UMNO and BN screwing the whole country. All should be stood in front of the Merdeka Padang and be cursed. MACC start freezing some accounts!