9 MASSIVE GOVERNMENT/TAXPAYER BAILOUTS YET 1GDB CEO ARUL KAUNDA KUNDI & CRIME MINISTER GROSSMAJIB CLAIM NONE TOOK PLACE? WHAT BLATANT LIES!

by parachutes-are-a-raining, Donplaypuks® intrepid correspondent for multi-billion dollar government bailout affairs

Question: How can you tell when serially lying Crime Minister Grossmajib and 1GDB (Grossmajib Development Bumkum) CEO Arul Kaunda Kundi are lying? 

Answer: Whenever their lips move!

Without any sense of shame, guilt, remorse, self-respect or a sliver of integrity, 1GDB CEO Arul Kaunda Kundi claimed last week that 1GDB, unlike MAS, Proton etc., had not been bailed out by Government/Taxpayer money. 

This claim shows that Kundi was either not there when God gave out brains, or, when he was also on his knees as ball-carrier and brown-tonguer, it all spilled out from nodding his head so many million times in agreement to serially lying Crime Minister Grossmajib.

Kundi conveniently forgot:

GOVERNMENT BAILOUT NO:1

1GDB originally had a paid-up share capital of a measly $1 million. It could not have borrowed $46 billion without guarantees and letters of support issued by the government and forced upon it by serially lying Crime Minister and Chief Advisor Grossmajib to 1GDB!

GOVERNMENT BAILOUT NO:2

$4 billion of 1GDB's borrowing from KWAP was quietly transferred at book cost and no loss to the MoF where serially lying Crime Minister Grossmajib is also the Finance Minister. This $4 billion was apparently "invested' by 1GDB in dud coal-mining ventures in Mongolia, Indonesia and in other similarly dubious businesses and funds. The coal mine "investment" itself saw a loss in value of over 50%. The MoF has refused to disclose the details of this $4 billion "investment" and what they are currently worth, by hiding behind the OSA (Official Secrets Act).

GOVERNMENT BAILOUT NO:3

$950 million MoF "line of credit" extended to 1GDB in 2015 when it had no cash to pay debt interest.

GOVERNMENT BAILOUT NO:4

$650 million (US$150 million) MoF "letter of support" issued last year so that 1GDB could borrow from EXIM bank to pay debt interest.

GOVERNMENT BAILOUT NO:5

$47 million paid by Tenaga in July 2015 when serially lying Crime Minister Grossmajib forced Tenaga to take over 1GDB's 70% stake in the 2000MW $12 billion Jimah Power Project 3B in Negeri Sembilan. 1GDB could not raise 1 cent to finance its obligations.

GOVERNMENT BAILOUT NO:6

In 2015, serially lying Crime Minister Grossmajib forced 2 GLC's to buy 1GDB land at inflated prices when once again it had no cash to pay debt interest. 1GDB raised $255 million and $189 million from Affin Bank and Tabung Haji.

GOVERNMENT BAILOUT NO:7

In 2015, 1GDB announced that IPC of Abu Dhabi had agreed to taking over some $18 billion of its debts and interest in exhange for assets. However, IPIC did not sit at the negotiating table until the MoF indemnified it from losses arising from the transaction. Till to-day, this transaction has not been finalised.

GOVERNMENT BAILOUT NO:8

When 1GDB found out that it had miscalculated the real cost of re-locating the airforce personnel from Sg. Besi, it ran once again for help to serially lying Crime Minister Grossmajib. The real cost was $2.7 billion and not $1.6 billion. The MoF immediately rewarded 1GDB with a no-strings-attached grant of $1 billion, to compensate it for its gross and incompetent management!!

GOVERNMENT BAILOUT NO:9

The JV company that has just bought a 60% stake in Bandar Tun Lazak for $5.28 billion, comprises 36% shareholders including the Johor state fund and Khazanah directly or indirectly. Other GLCs's like EPF and Socso also hold substantial indirect stakes through investments in Iskandar Waterfront etc.

Why have these government linked concerns been milked if not for the fact that they are cash rich, especially since the Bandar Tun Lazak development will not take off for at least another 3 years?

Kundi also claims that 1GDB has reduced its 31st March 2014 balance sheet debt from $51.5 billion, by $40 billion, presumably by:

1. Sales of IPP - $16 billion.

2. Sale of Land - $6.0 billion.

3. Asset swap with IPIC, Abu Dhabi- $18 billion

In the first place, none of these transactions have been completed for Kundi to boast about. In particular, the $18 billion asset swap has not been finalised or precise details, announced to the London Stock Exchange, despite the passage of over 6 months. What was the basis of valuation? Why the secrecy?

As for the sale of land, Kundi and 1GDB have not explained the confusion arising from the fact that a China JV partner has announced to the Hong Kong Stock Exchange that the JV will only be paying $5.28 billion for its 60% equity stake in Bandar Tun Lazak. 

Kundi and 1GDB claim the figure is $7.41b??!!

Also, the Chinese JV partner announced that it will be be paying 50% of the $5.28b when it is only a 40% partner in the JV. What is the extra 10% for - an Ali Baba fraudtrepreneur's secret "commission"?

Given also that the US$ has appreciated by about at least 25%, it means 1GDB's $42 billion loans would have ballooned by an additional $10 billion. How does 1GDB plan to pay off this additional $10 billion and the MoF the $4 billion loan from KWAP?

And this is where we have confirmation that neither serially lying Crime Minister PM nor anyone at 1GDB including CEO Kundi has an ounce of business sense.

What kind of business is it that sells the bulk of its prized assets entrusted and gifted to it at way below market prices, to repay bank loans, bonds and debts instead of generating and MAXIMISING profits? 

On the IPP sale alone, 1GDB has lost $2 billion. CEO Kundi earlier made the stupidest ever statement by saying that originally, the IPPs were bought from BUMNO cronies at grossly inflated values so that future electricity tariff rates would be reduced. Kundi made this idiotic and imbecilic statement despite the fact that we have seen two electricity tariff increases in recent years!!

This is one good reason why 1GDB's accounts for the year ended 31st march 2015 have not been audited. It would show huge losses of billions of  dollars. Serially lying Crime Minister Grossmajib and CEO Kundi are looking for ways to cook the books and conceal the fraud, misappropriation, CBT, looting, plundering, gross mismanagement and abuse of power that has been going on there.

I suspect that soon 1GDB's 40% stake in Bandar Tun Lazak and the Penang land (also bought at inflated cost from BUMNO cronies) will be wholly transferred to the MoF. Since 1GDB will then become an empty shell company, it will be liquidated without an audit and wound up to conceal the missing billions of dollars. This will include the $2.6 billion that went into serially lying Crime Minister Grossmajib's personal bank account, and billions of dollars transferred to dummy corporations named to look like genuine Arab corporations by his thief-in-arms, Jho Paris Hilton!

I dare serially lying Crime Minister Grossmajib to sue the WSJ and Sarawak report if they had defamed and/or slandered him in the $2.6 billion and $42 million looting by him. Sue or be damned forever!

Donplaypuks® with multi-billion government/Taxpayer bailouts, O'serially lying, incompetent and thieving Crime Minister Grossmajib, 1GDB Chairman, Directors and CEO Arul Kaunda Kundi!