NB.
1. 1MDB'S accounts for the years ended 31st March 2015 and 2016 have yet to be prepared and audited. The MoF has not commented on having the 2013 and 2014 accounts re-audited. No action has been taken by CCM (Companies Commission of Malaysia) to fine 1MDB or its top officers for the pathetic failure to comply with the law!
2. Of the funds raised in the US, RM15 billion disappeared into Najib, Jho Low and their cronies' pockets! More is missing too from funds raised in Malaysia! CLICK HERE.
Based on 1MDB's 31st March 2014 Detoilette audited accounts, it had a total of RM46 billion in borrowings and creditors. (Detoilette because auditors Deloitte announced in 2016 that 1MDB's 2013 AND 2014 accounts audited by them could not be relied upon, and then resigned)! The details are as follows:
Bank Loans, Bonds, Sukuk, overdraft etc. - RM42billion
Derivative Debt, Trade and Other Creditors - RM4 billion.
Yesterday, Najib "cleverly" announced that about RM10 billion of 1MDB's short term debts had been repaid. He deliberately failed to say how much more was outstanding. Or, how these were going to be repaid, given it had sold its IPPs and Bandar Malaysia land. He also did not produce an unaudited 1MDB balance sheet to show us its current financial position.
Also, part of the RM10 billion was used to pay debts incurred by 1MDB AFTER 2014 e.g. RM950 million MoF standby credit!
Since 2014, 1MDB has had to service interest on its $42 billion borrowings at an average of say, about 5% per year. It had also defaulted on some loan interest as well as capital repayments. Tycoon Ananada Krishnan was instrumental in re-financing some RM4 billion of 1MDB's loans in 2015!
More than that, the US$ has ballooned to about 4.40 against the ringgit, adding some RM10 billion to 1MDB's debts, due to exchange rate losses.
Another headache is the US$6.5 billion that IPIC of Abu Dhabi has sued 1MDB for interest and loan repayment guarantees. This is the subject of an arbitration case being heard in London.
Based on the above table, 1MDB had about RM95 billion in debts, which after yesterdays announcement, is reduced to RM85 billion.
So, over to Najib:
1. How is this RM85 billion going to be repaid?
2. Which are the projects Najib is going to inflate to illegally cover-up 1MDB's losses? ECRL? Pan Borneo Expressway? KL-Singapore HSL? Rapid JB? More likely, ALL OF THEM!
3. Who should go to jail for it all? Surely, Najib first?
4. Why have the IGP and AG failed after 1 year, to charge ex-1MDB CEO Sharol Halimi for fraud, theft etc., despite a PAC report demanding it? What about Ismee, Chairman Lodin Wok, Arul Kanda, Mof Chief Secretary Dr. Irwan Serigar Abdullah and Chief Secretary to the Government Dr. Ali Hamsa?
Bamboo River Resort is soon going to be very, very over-crowded!
20 comments:
Lying to public is a common practice, almost many Malaysians are plain stupid, so politicians constantly say what they like ... plain rubbish and bull shit
These bastards lie through their teeth without blinking an eyelid. They lie so much that that they forget what lies they told. Can't wait to see all of them in jail or stoned and whipped.
Don't forget the KWAP loan of RM4 billion to former subsid of 1mdb which is now directly under MOF.
Anon 3.45pm
The KWAP RM4 billion Loan debt is included in the $95 billion. It's the last entry in the borrowings analysis
So what happens if the new auditor find nothing "wrong" with 1MDB? Cover up story lo. ....
This alone shall bankrupt the treasury and make Malaysians be indebted from birth to death.
The whole UMN/?BN cabinet and regime shall be inscribed in the annals of humanity to be the architect and builder of a national sovereign fund that put her citizens to be bankrupted citizens from birth to death.
And all the members of the regime from the PM right down to the office boy in the remotest part of the nation shall bear the responsibility and sin of this despicable deed!
--money just doesn't evaporate...ringgit 95.000.000.000 is a shit load of money----not easy to hide so IF AND ONLY ..IF..you bring ALL the culprits to justice, prosecute Najib and all the cronies and corrupted associates--- CONFISCATE bank accounts local and foreign
properties and businesses of relatives, malaysia should recover TRIPLE the 95billion, BUT who will do the right thing?
Will the 6 million public servant/pensioners/FELDA/rural cum jungle voters still choose BN? If the answer is yes, folks better change all your money to foreign currency and start to line up at foreign embassy for emigration forms. When the shit hits the fan, it ain't pretty...no sirreee.
Donplay,
I have a feeling that you have double counted the USD 3.5 bils bonds (1.75 X 2) at the top. IPIC has assumed the liability to pay these two bonds. Pls check the following link:
http://www.freemalaysiatoday.com/category/nation/2016/06/14/ipic-takes-1mdb-dispute-to-london-court-seeks-6-5-billion/
Correct me if I'm wrong. Anyway if there's double counting, the amended amount is still a helluva lot.
This shows how stupid and greedy MO1 is. With all the stolen money, he still sleeps on a double bed (but one side will slip due to overweight) and has three meals a day.
I am very sure that he will not sleep well every night but will have nightmares of SPRM knocking on his door every minute.
Anon 4.31 P.M.
The US$6.5 billion you refreed to is the principal amount due only in 2022/23.
The IPIC claim is appx. US$6.48 rounded up. It represents overdue interest and other payments asssumed and paid by IPIC. IMDB says it paid this money to IPIC (or at least part of it), but Qubaisy, Husseiny and Jho Low diverted it to 2 fake companies bearing similar names to IPIC subsidiaries. This is now the subject of the London arbitration hearing. Pls refer https://www.bloomberg.com/news/articles/2016-06-14/ipic-seeks-6-5-billion-from-1mdb-malaysia-in-arbitration-bid AND http://www.reuters.com/article/us-malaysia-scandal-1mdb-ipic-idUSKCN0Z00ZM.
This includes, I believe, US$1.2 billion of "units" falsely claimed by 1MDB Arul Kanda that was supposedly placed with BSI Singapore.
So, I don't believe I have double counted and stand corrected.
Thank you for your comments.
Cheers!
MOI is not only stupid and dumb, but advised by people who are greedier and dumber. You must understand that you cannot bring all the money to your grave. Whatever left for your children and grandchildren will be cursed and they will not have an easy peaceful life as the money was all stolen.
This is no laughing matters. Sooner or later, all these debts need to repaid and with an irresponsible govt. in charge, all these debts must surely rest on the Rakyat's shoulders. The rural folks really need to understand a financial tsunami is coming and like a real tsunami, things look calm and the shore will recede to see pretty crabs and fishes jumping up and down. The scenario is surreal until you see the 30 metres wave coming...it's too late bros!
Puan Auditor General, make sure you have every record of the huge figure of 1MDB losses. So, lets see what figures and reports you produce when the time comes.
The money stolen will be used to burn the thieves in the Hereafter
Keep on stealing there is no one to stop the thefts The rest of he world believes there is wrong doing but in Malaysia (bolehland) no wrong seems to have be done.
How strange. Either the enforcement agencies of these countries prosecuting are either stupid and incompetent or telling lies.
Bottom line is this, if the Malay majority still believes that their big Leaders and small leaders have done no wrong then the bleeding continues I guess money can buy them a place in heaven when they all die for all the acts of injustice they are responsible for. I guess they can bribe God to look the other way, wow what an understanding God . I wonder which God, that allows lies, half truths, corruption, stealing , persecution, bullying,, lawlessness, and many more.
I must be living on the wrong side that honesty, integrity, fairness, justice , principles and that God is holy means something.
We are all wrong for believing in good, and we must become as bad as they are to beat the s**t out of them. We must learn to speak with fork tongues, tell lies with a straight face, be treacherous, I mean just have no morals to begin with. After all the goal is Money & Power. Everything else is nonsense.
Good luck and God bless Malaysia for we deserve to be wiped of the face of the earth for turning the other way!
The kampong folks don't understand numbers beyond one thousand, so to them it's like their leader made a loss of 95,000 ringgit.
Money is on that the bloggers’ numbers are right, 80-90 billion LOST/STOLEN....to be paid for by Malaysians.
...and this sick arsehole can continue traveling to China, and now India as though all is well and happy back home. Let's see if this sick prick is bold enough to plan a trip to USA, or perhaps Switzerland.
What future is in store for the children of Malaysia by Umno? A grim future under the shadow of debt burdens? Will they grow up devoid of smiles and laughter? What a cruel regime to commit such a reckless act against an entire generation of children?
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