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07/04/2018

NAJIB'S ECRL $55 BILLION INFLATED FRAUD SUMMARIZED!

by E.S. Shankar, Donplaypuks® intrepid correspondent for dreamworks locomotive affairs


1. Project - 688km single electrified track built on double tracking formation, running from Port Kelang on the West Coast to Kuantan and Tumpat in the East Coast.

2. Expected completion date - 2024.

3. Original budget - RM27 billion. The key to the success of ECRL is freight volume/income, not passenger numbers.

4. Najib-inflated final fraudulent contract amount - RM55 billion, i.e. extra RM28 billion. Refer Sarawak Report article dated 26 July 2016, about three months BEFORE Najib announced the contract. Najib's crony Jho Low is a co-conspirator in yet another massive fraud perpetrated on Malaysia. CLICK HERE and HERE.

5. Contractor - Communications Construction Company (CCC) a Communist China state-owned company.


6. True Cost? - Likely to exceed RM100 billion, taking into account land acquisition, compensation to settlers, China loan interest, train operating losses for the first ten years (based on current GROSS LOSS incurred by KTM for 2012-2015) and contingency costs. See compound interest tables below.







7. How? - By fictitious additional scope of works, fake invoices, money-laundering and creative accounting.

8. Why? - To part-plug huge hole created in 1MDB's balance sheet by Najib, Rosmah, Jho Low, Riza Aziz and 3 Arabs.

9. Proof of Najib's fraud:
  1. NO OPEN TENDER for public contract awarded to CCC blacklisted by World Bank for fraud and shoddy work.
  2. Najib and Malaysian government have not sued Sarawak Report or its editor Clare Rewcastle-Brown of London.
  3. Current KTM train freight volume for the whole of Malaysia is about 6.2 million metric tons. In order to achieve 53 million metric tons by 2030 for ECRL alone, freight volume will have to grow by about  20% compounded every year between now and 2030 (next 12 years)!
  4. As far as anyone knows, ECRL has not signed any new guaranteed minimum freight volume contract with China or anyone else.
  5. Loan interest @ 3.25% p.a. when countries like Japan are offering under 2% p.a.
  6. No proper project papers or projections have been publicly disclosed as it has all been kept under wraps under the Official Secrets Act (OSA). This is a standard Najib ploy for all no open tender and directly negotiated contracts despite being funded 100% by the Malaysian Taxpayer.

10. Ten reasons why we don't need RM55 billion ECRL. CLICK HERE.

11. What is the one sure proof that this is a massive fraud by Najib? Najib and UMNO/BN all sing the same song that the ECRL RM55 billion inflated fraud is a "Foreign Direct Investment". It is no such thing. Every single cent of of the more than eventual RM100 billion cost/debt will have to be repaid by the Malaysian Taxpayer to CCC and Communist China.

Vote serial liar and defrauder Najib and his UMNO/BN government of thieves OUT! OUT! OUT!

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