1GDB'S DEBTS EXCEED $50 BILLION PLUS $4 BILLION DEBT TAKEN OVER BY MOF WITH PM GROSSMAJIB'S THIEVERY!

by bernie madhoff , donplaypuks® intrepid correspondent for $46 billion fraud affairs

Let us be very clear about it.

Right from the beginning, PM Grossmajib set up 1GDB with a premeditated intention to cheat the Rakyat of billions of ringgit, to stay in power.

From the beginning, when the 1GDB (Grossmajib Development Bumkum) financial fraud, CBT and money-laundering schemes were exposed, its total debts stood at $46 billion.

NOT $42 billion as spindoctored (read as deliberately lied) to the Rakyat by 1GDB's Chairman, CEO Financial Controller and "Chief Advisor" PM Grossmajib. In addition to the $42 billion debts, the 2014 balance sheet clearly shows an additional $4 billion in derivative debts.

With a measly paid-up share capital of $1 million, 1GDB would not have been able to raise the $46 billion debt in the form of bonds, loans and bank overdrafts, without letters of support and guarantees issued by OUR government. $6 billion of the $46 billion comprised IPP loans.

PM Grossmajib then illegally authorized the Ministry of Finance to take over 1GDB's $4 billion derivative debts at original cost, thus reducing 1GDB's debt to $42 billion. 

Why?

1GDB had "invested" the $4 billion in a disastrous Mongolian coal mine venture, as well as other dodgy "projects" (Indonesia?), precise details of which it has dared not reveal to the Rakyat. It is probable that a big chunk of this money disappeared into that Black Hole of fraud, misappropriation and CBT off-shore companies headed by PM Grossmajib's co-fraudster, Jho Paris Hilton.

PM Grossmajib then, to avoid further embarrassment and the inability of 1GDB to service interest on the $4 billion debt, passed the buck to the Rakyat by transferring it to the MoF. By this thievery and left hand-right hand trickery, PM Grossmajib managed to reduce 1GDB's debt by $4 billion, i.e. from $46 billion to $42 billion.

But since 1GDB is 100% owned by the MoF, it means we the Rakyat are stuck with $46 billion in debt!

The ringgit has depreciated against the US$ by some 30% since 31 March 2014.

This means that much of this debt, repayable in US$, has now ballooned from $42 to over $50 billion. This more than $8 billion in exchange rate losses will plunge 1GDB into even greater financial losses.

Now do you all understand why 1GDB's accounts for the Y/E 31 March 2015 have not been finalised or audited? Because in reality, not just technicality, 1GDB is no longer a "going concern". In layman's term, it means 1GDB is bankrupt!

What is clear is that they are busy cooking the books at 1GDB to somehow show less losses, or not to file any more accounts at all, by initiating a "re-structuring" or winding up, and transferring the assets (land) to a new MoF company, and classifying it all under the OSA. Then no-one will be wiser to 1GDB and its real losses which might be $30 billion or more.

1GDB's CEO Kenneth Kaunda Kundi continues to lie that the debt is under control. This year alone, 1GDB has added at least another $4.5 billion to this debt, financed by $3.5 billion from Arab friends and another $1 billion stand-by credit (fully utilised) from the MoF. 1GDB's total debts may then be as high as $55 billion when interest is factored in.

1GDB "hopes" to settle the debts paid for by its Arab friends with contra deals involving the Rakyat's crown jewels, i.e. land bank.

Or, the debt will be converted to share capital, in which case  a major portion of 1GDB's assets will be substantially owned by foreigners, taking into account also that it recently agreed to sell off its IPP business to a China company for $17 billion ($10b in assets and $7b in debt). This sale will result in 1GDB booking in at least $3 billion in book losses on its IPP business!!

1GDB and PM Grossmajib's original business plan of owning "strategic assets" and operating "long-term" businesses for the benefit of the Rakyat, has now been openly abandoned. 1GDB's house is on fire, and PM Grossmajib does not care two hoots who gets burnt in the process as long as it's not him.

Note also, that 1GDB CEO Kenneth Kaunda Kundi is continuing to lie and spindoctor about money transfers by 1GDB. The Wall St. Journal (WSJ) and Sarawak Report have exposed the fraudulent transfer of US$700 million to Petro Saudi, and US$850 million to Aabar. 

It's obvious from the WSJ expose - CLICK HERE -  that PM Grossmajib and Jho Paris Hilton are behind the heist of the century by creating off-shore companies whose names closely resemble that of actual Saudi companies, and fraudulently transferring these huge sums of our Taxpayer-guaranteed money for their own ends. 

It's obvious that PM Grossmajib illegally used these funds to secure his political future and that of his party - BUMNO/SCUMNO - at the 2013 general elections. It's obvious too that totally corrupt PM Grossmajib personally pocketed a huge sum of money, as did his party members and cronies. This also relates to the fraudulent $2.6 billion transferred to PM Grossmajib's personal bank account as well as another $42 million from a MOF company.

1GDB CEO Kenneth Kaunda Kundi thinks he is dealing with children by answering questions he is not asked. No one wants to know about the state of 1GDB's relationship with the real IPIC or Aabar. CLICK HERE. Everyone wants to know about the fraudulent transfer of  billions of ringgit of the Taxpayer's money to the fake Aabar, Petro Saudi and Jho Paris Hilton's Goodstar Ltd.

The litany of lies about the crime of the century at 1GDB continues to flow from PM Grossmajib and the Chairman, Board of Directors and CEO of 1GDB.

Has there ever in the history of the world been a more corrupt, dishonest, disgraceful and shameless prime minister such as this and his government of murderers, thieves, looters and plunderers and cronies than that led by PM Grossmajib and his wife?

Donplaypuks® with >$50 billion debts, O' Great Serial Liar PM Grossmajib!