The World Anthem




by E.S Shankar, Donplaypuks® intrepid correspondent for palmed off oily affairs

I had written in 2015 about this 37% Eagle High Plantations (EHP) Indonesian oil palm public company share investment Najib con job. CLICK HERE.

Since 2015, many - the EPF, CIMB MD & Najib's brother Nazir Razak, Kadir Jasin, PKR MP Rafizi, the Guardian UK etc. - had questioned the logic of making this minority share investment. There were not only major concerns about the environment, but also the profitability of EPH and the exorbitant price Najib wanted to pay for EHP shares, at a whacking 173% premium to its listed price per share. CLICK HERE.

At first Najib tried to force Malaysia's Felda Global Ventures Holdings Plc (FGVH) to fork out RM3 billion (US$680 million) for the EHP shares. This fell apart when FGVH was rocked by several massive fraud allegations, profits plunged by 93% (since 2012) and Najib was forced to sack his handpicked crony, Chairman Isa Samad who was himself implicated in the thievery.

Najib then appointed veteran UMNO politician Shahrir Samad as Chairman of Felda, FGVH's main shareholder. (Isa Samad, no relation of Shahrir Samad, had been Felda Chairman as well.) Shahrir had for the previous couple of years been one of Najib's greatest defenders in the 1MDB/SRC $46 billion fraud. This puzzling behaviour was only understood when Sarawak Report published cheque details of a RM1 million payment by Najib to Shahrir, from money stolen by Najib from 1MDB/SRC!!!

Shahrir of course knows as much about the oil palm business as he does about brain surgery. But true to the typical form of morally, if not also financially bankrupt UMNO/BN sycophants and Najib ass-lickers, Shahrir rammed through the EPH investment for RM2.26 billion (US$505.4 million), justifying it with all kinds of dubious claims. CLICK HERE.

Well, what is Felda's 37% EPH stake worth today?

Felda's accounts will show a write-off of RM1.64 billion in EPH investment book loss. That is a staggering loss of 72% in a mere eight months!

And here are some pertinent questions (with some answers):

1. Why did Najib force Felda to invest in EPH? What was his real motive in investing in EPH which has been making huge losses, RM12 million in 2016 (Rp391 billion) alone? CLICK HERE.

2. Why has no action been taken by the IGP, MACC or Parliament to charge Najib with abuse of power in forcing MoF to guarantee Felda's EPH acquisition loan? The government should not be guaranteeing loans that benefit only one ethnic group or business!

3. Why has the IGP or MACC not investigated Najib's links and deals with Peter Sondakh? CLICK HERE. More so since MoF and Najib have stubbornly refused to disclose how much and in what or whose business in Indonesia Najib had forced SRC to invest in, from RM4 billion in loans raised from government pension fund, KWAP! Interestingly, SRC's accounts have not been made public for about 4 years.

Looking at it in its totality, there is bound to be a link between money missing from 1MDB/SRC that went to Indonesia, Najib's sudden dealings with Peter Sondakh and Felda's forced 37% acquisition of EHP shares. This link will certainly lead to massive, international money-laundering, fraud and attempts to plug 1MDB's missing billions of ringgit, at least RM30 billion, through the back-door, by none other than Najib!!!

What is for sure is that Najib and Shahrir Samad forced Felda to plonk RM2.26 billion in a way below par Indonesian oil palm venture. Felda members should string them both by their goolies and demand Najib and Shahrir compensate them from their own pockets or spend the rest of their natural lives in solitary confinement at the Bamboo River Resort!


AT said...

The question is why invest in a sector with short life span? African palm oil has 2 years left. From 2020, the European Union will not longer import palm oil, not even for bio-fuel. The announcement back in 2015 was intended to allow current existing producers to diversify crops. Instead Najib forces a pre-arranged share investment paying almost double the value of Eagle's shares. WHY? because he can, using OPM, other people's money. In a democratic nation with a proper independent judiciary, the culprit can be jailed for life. Malaysia boleh!

YFC said...

When pirates and thieves steal or plunder anything, there is no such thing as loss to the scoundrels! It is no rocket science to come to the final conclusion that their poor hapless victims are the definite losers!

G Mo said...

Nobody can do anything for now. Not even AG or IGP. The voices that dare to stand against him for now is our TUN. In the meantime we all can only wait for GE.

That's how our country is running now. Let's all hope for the best.

Khor DJ said...

The Malays who supported their leader only have themselves to blame for their extreme jealousy and ego. There are still plenty of lands to sell. Sell..sell..sell..!

Steven said...

Hi Shankar, donplaypuks, .................THE ANSWER IS:

Chin D said...

Oh no, imagine MACC/IRD start checking MCA/Gerakan's books? Not forgetting too MIC. This country is a DISGRACE, to say the least, with LOADS of natural resources (coupled with UNNATURAL political DISASTERS). Hence, our debt level is still high, even after 60 yrs of freedom existence. I remember back in early 90s my ex-boss in Hong Kong told me Malaysians are an intelligent lot, and a good place to invest in, due to our multi-lingual/cultural background. Sad but true, thanks to those BN THUGS, todate, Malaysia is a foregone conclusion of being the MOST corrupted developing nation. Where else can you find a country's leader HAPPILY diversify the RAKYAT's hard-earned $ into his OWN PERSONAL bank account?

Zainal said...

Agree. Malays themselves to take the blame 100%.that include the royals,the bureaucrats, religious leaders, political leaders and their culture for breeding ground of rotting corruptions. Non-muslims are not at fault but scapegoats!

Zainal said...

I cannot finish reading to the end. I am appalled. Best described as despicable.

louis ac said...

Thus shahrir fella used to have a kedai dhobi: Mr Crocodile, remember?Buaya ,laudry hahahaha

Ramli M said...

Umno will sell the tale that Dap should be blamed and stupid Malays especially the Felda folks and rural Malays will believe the tale.

Emran said...

Everyone should be immune now ... wait for GE14, and Najib will still win by crook, then wait for GE15, and Najib will continue to win ... so on and on.

Darren said...

Emran - dont think Bonnie & Clyde has that long lifespan tho.

Chang said...

Paradoxically, the easiest way to make quick and big money in Malaysia is to lose money quick and in this example!

S Donald said...

All the more reason for Felda settlers to vote PH. Truth and jail time.!! ABUP

SPJ said...

At least Jokowi would be pleased.

K Tan said...

In other countries, the thieves wear ordinary cheap clothes, in Malaysia, they wear designer suits.
In other countries, many thieves walk to their scene of crime, in Malaysia, they arrive in their flashy cars.
In other countries, the thieves use crowbars to break in, in Malaysia, they use Special Purpose Vehicles to cash in.
In other countries, the thieves are little men with small voices, in Malaysia, many have titles and speak with authoritative voices.
In other countries, the thieves steal 100's or 1000's, in Malaysia they steal 1000,000's or 1000,000,000's.
In other countries, the thieves are arrested and incarcerated by the authorities, in Malaysia, the thieves are lauded and protected by the authorities.
But Malaysia is special, Malaysia is ruled by thieves, many Malaysians support thieves, worship thieves. That's SMR, Standard Malaysia Robbery.

HSS said...

Well, Well, Well! Another way of looking at things in Malaysia. If the BN Morons werwe doing well and good, then Pakatan Harapan will have to close shop. Just like playing Golf. Barisan's Handicap is 0 and Pakatan is 24.

S Mohd said...

DUMNO GOONS are Barbaric Thieves, it should be recorded in Guiness Book of Records. Their ability to Rob...Rob...Rob... which will go on till no end to it ? ? ?

E Wahid said...

I just returned from KL, 2 taxi and 4 uber drivers i spoken to generally blame the world economy for their hardships, when I asked if they think the current government is mismanagement the country’s financial, most of them simply said let the ministers do their job or Najib is working all he can while showing developments around the areas. Only one driver wants me to share what negative news people outside of Malaysia are getting. Besides the people accessing MC or other portals, the rest I believe are largely ignorant. Too busy with daily life.

Anonymous said...

Say Dona, 1mdb paid USD602 million to IPIC lateley. Can you jar our brains what we are suppose to pay IPIC henceforth? I remember we need to settle the USD 3.5 billion bonds.

Donplaypuks® said...

Anon 29/12/17 6.09 PM, here are the IPIC settlement details as announced by the London Stock Exchange. The 2 payments totalling US$1.2 billion have now been paid by 1MDB:

"International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.

Under the terms of the Settlement, IPIC will receive an amount of US$602,725,000 by 31 July 2017 and a further amount of US$602,725,000 by 31 December 2017.

Separately, 1MDB and MoF Inc., undertake to IPIC to assume responsibility for all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.

The parties have provided suitable undertakings and indemnities in respect of the performance of obligations under the Settlement.

The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities."

Anonymous said...

Thanks Dona for the heads up. It means that Malusia is really fcuked! Where to find RM14.35 bills (USD3.5 bills X RM4.10) to pay the bond holders? And this excludes the bond interest. Malusia sure die ones.

Donplaypuks® said...

Anon 30/12/17 1.52pm Pls refer for full 1MDB $95 billion debt list. From this you have to minus RM16 billion sale of EDRA and RM5 billion IPIC debt settled. There were a few other debts settled, but as 1MDB has not filed accounts for 2015-2017, the current debt true debt position cannot be ascertained. My guesstimate is that it's about RM70 billlion, a heck of a lot more than its "assets' if they are there at all!!!