The World Anthem




The Universe is aswirl with news of serially lying, misappropriating, defrauding, plundering and looting PM Najib's global record swindle of 1MDB's $46 billion debt and RM30 billion hole in its balance sheet. Not to mention him being linked to two murders - Altantuya (CLICK HERE AND HERE) and Hussein Najadi.

But let us not be totally distracted by that and lose track of the unaccounted for RM28 billion debt racked up by another "project initiative" by Najib doubling up as Finance Minister, at the Ministry of Finance (MoF). Najib's comrade in arms is also there, namely, Secretary General to MoF, Mohammad Irwan Serigar Abdullah. Serigar, who has since its inception in 2009 been a director of the now infamous 1MDB, was recently promoted as its Chairman.

When asked about the fraud and fiasco at 1MDB, a 100% owned subsidiary company of MoF with a paid up capital of RM1 million and which had raised RM46 billion in sovereign guaranteed loans, Serigar maintained that he had not been consulted or called for meetings!!?? What exactly were Serigar's priorities - to focus on Najib's pandas or the peanuts being consumed by monkeys at the national zoo?

I have already written extensively about my suspicions about this RM28 billion PPFI loan from EPF, which has, according to a PAC inquiry, been fully disbursed to Bumiputra contractors. Except, the MOF has classified it all under the Official Secrets Act (OSA) and will not publicly reveal the projects or the names of the contractors! CLICK HERE AND HERE.

More than that, the Malaysian Bumiputra Contractors Association is still clueless about the projects or who were the contractors who were so fortunate as to receive a golden handshake (in Malay, 'durian runtuh') from Najib and Serigar's MoF!

Despite some pointed questions to the MoF by DAP MP Ong Kian Meng and Bizkini, the MoF has been superbly stonewalling from giving clear answers.

At the heart of it all are these serious unanswered questions by the Najib, Serigar and the MoF:

1. Why was a  RM30 billion so-called Private Finance Initiative (PFI) scheme funded by the government borrowing from the EPF and guaranteeing it? PFI projects are meant to be funded by the contractors. Yet, the government borrowed money from EPF and paid the contractors!

2. What exactly was constructed and who were the contractors? If there is nothing fraudulent, why has it all been concealed under the OSA?

2. What benefit did the government receive from leasing back 186 parcels of empty, raw agricultural land, from PPFI? If nothing, then it is an outright scam, a fraud.

3. How does Najib, Serigar and the MOF propose to repay the RM28 billion when it is not included in the government's budget?

And here are some similarities to the 1MDB mega fraud:

1. Billions of ringgit borrowed secretly and disbursed on secret projects and classifying them under the OSA.

2. Raising billions of sovereign debt with no real capital or assets of value. 1MDB's debt:capital ratio was 1:46,000, PPFI > 1:28,000!!

3. Committing the unpardonable financial sin of borrowing money to repay debt interest, and repeatedly rolling over debt.

4. Using the PAC to cover up suspected massive fraud.

5. The involvement of Najib and Serigar. What exactly was Ali Hamsa, the Chief Secretary to the Government, doing while all this was going on?

Just like the 1MDB global fraud, the PPFI RM28 billion "secret projects" disbursements fail the smell test. There is the stink of fraud, misappropriation and looting written all over it!

The Auditor General had better take another look at PPFI's financials before, like the fiasco at 1MDB, the horses bolt off to Kazakhstan or Taiwan!!

1 comment:

houdini said...

Despite what that "famous" lawyer Quintin Rosaro says Down under, it is very possible that the US DOJ has shifted the Hearing date for the proceedings of Assets seized under the Kleptocracy Act (to September) so the "plaintiffs" will which case the latter must make a physical appearance....and when they do that they will be served with arrest warrants (they can always apply for bail or whatever).
The postponment is most likely `cos the perps have not made any appearance so far...for fear of arrest.