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03/01/2016

$7.41 BILLION VALUATION OF 1GDB 60% BANDAR MALAYSIA SALE TO CREC DOES NOT COMPUTE! MALAYS ROBBED AGAIN BY PM GROSSMAJIB'S DESPERATION! PROFITS MINIMISED, NOT MAXIMISED!

by el dorado, Donplaypuks® intrepid correspondent for land scam affairs







The simple math behind the sale of 60% of the Bandar Malaysia (old Sg. Besi Airport land in Kuala Lumpur) project by 1GDB (Grossmajib Development Bunkum) to CREC shows:

1. PM Grossmajib's desperation in flogging the Rakyat's prime assets to cover up fraud, misappropriation of funds, CBT, money-laundering, personal enrichment, abuse of power and gross mismanagement by primarily himself at 1GDB.

2. A u-turn on his promise to the Rakyat that 1GDB considered these investments as being for the long-term. and wholly for the benefit of Malaysians.

3. A huge mismatch in valuation of land when compared with the TRX project.

The math for the Bandar Malaysia land works out as follows:

1. Land area = 495 acres
2. 1 acre = 43,560 sq.ft.
3. 495 acres = 495 x 43,560 = 21,562,200 sq.ft.
4. Price paid by CREC for 60% = $7.41 billion
5. Therefore 100% = 7.41/0.60 = $12.35 billon

6. Price per sq. ft. = $12.35 billion/ 21,562,200 = $572 per sq. ft. (psf).

In August and May 2015, 1GDB sold land at the TRX project at $4,645 psf and $2,774 psf to Affin Bank and Tabung Haji respectively. CLICK HERE.

These transaction in themselves showed that land sales to GLC's were grossly manipulated by PM Grossmajib and over-valued to bailout 1GDB which had insufficient cash flow to service debt and interest of about $5 billion, as opposed to being genuine arms-length deals. 

Bandar Malaysia (BM) is situated only a couple of kilometres down the road from TRX as the crow flies. So, why is BM land valued at somewhere between roughly 12% to 21% of the TRX land values?

And why sell 60%, i.e. control, to a foreign Chinese party?

Answer: Desperation. This is the PM who allowed the Buntutsan newspaper to post a racist headline 'What more do the Chinese want?" 'He followed this up later with more racism and bigotry when BUMNO/SCUMNO lost the popular vote at GE 2013 and spewed out the vitriol "This is a Chinese tsunami!" Now, when his thievery has been exposed, he goes running to China to bail him out! The Chinese of course will not part with billions of dollars for a minority stake and leave themselves at the mercy of a crook and liar like PM Grossmajib.

Grossmajib's lies have finally caught up with him. He had been touting about that 1GDB had $51 billion of assets as reflected in its 2014 balance sheet. However, what he conveniently forgot to mention is that as much as $30 billion of these "assets" were dud investments or were siphoned out by him (the RM2.6 billion and US$700 million) to bribe and buy votes, rig GE 2013, and enrich himself (and his wife). 

The auditors were then initially fooled into accepting that the money was invested in fake off-shore entities controlled by Jho Paris Hilton who issued IOUs and other dubious paper confirmation that the investments were good.

When later the auditors protested and asked for real proof, they were sacked by PM Grossmajib and replaced by Detoilettes & Co, in which Grossmajib's son is a non-audit partner!

With this land sale, 1GDB will reduce its $49 billion liabilities (as shown in its 2014 accounts) by $25 billion. ($17.5b from IPP sale and $7.5b from BM land sale). That still leaves $24 billion plus another $10 billion in exchange rate losses (against the US$) = $34 billion to pay off. Where is the money coming from if they have sold off all their assets and BM will only start generating income in, at the earliest, about 3 year's time?

AND DO NOT FORGET THAT AN ADDITIONAL $4 billion of 1GDB's dead investments (via money borrowed from KWAP) were transferred at no loss to the MoF by PM Grossmajib (as Finance Minister also) to hide the massive fraud from public eyes and auditors, by subjecting it to the OSA. How will this debt be repaid by PM Grossmajib? Obviously from the unheard of $20 billion PMO slush fund budget or the fraudulent $30 billion PPFI project!

This is why the so-called "rationalisation plan" bandied about by PM Grossmajib and 1GDB CEO Arul Kaunda Kundi is a con job. It's in reality an irrational and fraudulent plan. It's entire focus is to try and distract us from the massive fraud, misappropriation, CBT, money-laundering, theft, abuse of power and blatant cover-up that has been taking place.

No sane businessmen, business model and enterprise will start out by claiming to maximise returns to the Rakyat with a paid up share capital of $1 million, then borrow $46 billion, and in a matter of 2 years, start selling off the very national assets gifted to it, in a fire sale to repay debt.

It shows the complete stupidity and ineptness of PM Grossmajib as a "trained" economist (and he has never refuted a public accusation that he did not complete his UK degree), finance minister, prime minister and Chief Advisor to 1GDB. He does not even have the business acumen or common sense to start and operate a nasi lemak stall. How on earth did the Malay population ever convince themselves to vote for a man (and his wife) who has been consistently robbing them blind for over 20 years? And been implicated in the Altantuya gruesome murder too!!

The sting in the tail with selling out to China will be revealed later when the fine print is leaked. There will obviously be "soft loans" by the government to CREC, waiver of GST and import duties for machinery etc. and pioneer status and 10-year no tax incentives. PM Grossmajib and 1GDB CEO Arul Kaunda Kundi will dare not reveal the details to the Rakyat just now for fear of being roasted alive.

In the final analysis PM Grossmajib and 1GDB will succeed in minimising, not maximising, profits, because they know nothing about business or finance. They know everything about fraudtrepreneurship, conmanship and serially lying. From the very beginning PM Grossmajib and Jho Paris Hilton knowingly and deliberately set out to criminally misuse 1GDB as a front to secure billions of ringgit for BUMNO/SCUMNO to stay in power by money politics, and illegally enrich themselves personally in the process.

Now, they have been caught with their pants down. The emperor's nakedness has been revealed by the WSJ, Sarawak Report, Donplaypuks® and others for the whole world to see.

Any endeavour that is at its very conception and inception motivated by greed, and has as its main aim dishonesty, crime and fraud, will always fail sooner than later.

It's shameful and disgraceful that PM Grossmajib clings on to power, blinded by power and money. What a detestable and incompetent ogre!

Malaya was colonised militarily successively by the Portuguese, Dutch and British between 1511 - 1957. Now do we want to be economically colonised by yet another super power, by putting all our eggs in one basket? To the extent that even the award of the KL-Singapore high-speed railway project to yet another China party seems a foregone conclusion? PM Grossmajib can't live with the Chinese and yet can't live without them? What kind of dark and convoluted racist game is PM Grossmajib playing? The frightening thing is that neither his own party, BUMNO, nor his Cabinet Ministers have a clue as to what is going on!

It's also important to understand that with the sale of 60% of BM to CREC, 100% of Edra (IPP) to CGNC, both China companies, 1GDB and PM Grossmajib have little room to manoeuver with its $5 billion over debt to Aabar/IPIC. With no cash, they may be forced to accept an equity for debt swap with the Arabs. Then the horror of horrors may result - Malaysia may become a minority shareholder in its own "sovereign" company, 1GDB Holdings. This will be the heist and sell-out of the century by a Malaysian prime minister, a financial and economic disaster of Krakatoan proportions!

It's in the hands of the Malays who have been manipulated, lied to and conned for so many, may years, to bring PM Grossmajib down at once and stop the rot. Otherwise, we will end up like the basket cases of Ethiopia, Somalia, Iran, Iraq, Libya, Syria, Afghanistan, Pakistan etc. - up the shit creek without a paddle or a dime!



Donplaypuks® with multi-billion dollar land scams, serially lying PM Grossmajib!

6 comments:

AO said...

You have said it all.

Shouldn't this crime minister b charged with treason for his gross negligence and mismanagement of the nations's wealth? We are currently bearing the consequences of the ringgit being forsaken as pariah by foreigners. He allowed himself to be swayed into dubious con deals that has seriously eroded our nation's resources. Today, the economic disaster he created has caused much suffering and pain to all except the VIP crooks who have enabled each other to steal and deceive.

Donplaypuks® said...

AO

Do not be misled that the Crime Minister allowed himself to be swayed by Jho Paris Hilton and the like.

Right from the beginning he was the one who came up with the idea of using 1GDB as a front to siphon out billions of dollars for BUMNO/SCUMNO and himseld (and his wife). He then looked around for other crooks, theives and fraudsters to assist him his crime spree! That's the truth of it!

houdini said...

https://www.blogger.com/comment.g?blogID=6837597152027639367&postID=4835695644237735181

Anonymous Anonymous Anonymous said...
Someone should ask in Parliament, of the so called 60% of the Bandar Malaysia deal - which isn't really 12b anyway (the relocation cost of Sungai Besi is part of the 12b. It can easily be 2-3b or more to setup Sendayan once everybody puts their hands up for a piece of the pie) how much is being guaranteed as financing by CREC, and will eventually end up directly in the hands of foreigners, as IWH doesn't have 7b+ to pay? Even if they are financed at 80% (and who will lend them that 80%) where will the 20% or 1.4b cash come from?

This is just smoke and mirrors. There will be another flip.

What about those Indonesian buddies who were supposed to help out with TRX?

More and more these guys are starting to sound like the dreamer coffee shop project brokers and commission agents that can be found in hotel lobbies all over KL.

Saturday, January 02, 2016 6:40:00 PM

RKC said...

China has inked a Free Trade Agreement with Australia. With the agreement China has demanded and got relaxed access to the labour market (i.e the right to send its workers to some of its projects without the usual English language test and labour market testing) and the right to relaxed foreign investment review boards restrictions. China has corrupted the leaders of some African countries and taken over the control of their resources and farm land. Large number workers from China, skilled and semi-skilled have flooded the work force.

China will demand the same rights as it creeps into Malaysia with the help of NAJIB and 1MDB. It may boost the economy for Malaysia but there will have to be some sacrifices made by people like Perkasa Ibrahim Ali and the Red shirts.

Robert Chelliah.

SAT said...

Wo Hao.(Depending on how it's pronounced, it could mean 'I'm crying'.

Shereen said...

Traitor!!