Tidak wujud unsur bail out 1MDB

oleh Syed Agil Jamalullail

Pelik bila Guan Eng hanya mendedahkan bayaran-bayaran yg dibuat oleh MOF utk 1MDB dan tidak mendedahkan aset-aset yg diterima MOF akibat drpd pelan rasionalisasi 1MDB.

Pelan rasionalisasi 1MDB disebut sejak 2015 dan pemindahan aset kpd MOF diusulkan sejak 2016. Antara yg berlaku semasa pelan rasionalisasi 1MDB ialah pemindahan aset dan pinjaman 1MDB kpd MOF INC, kementerian kewangan.



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Apa yg berlaku ialah aset dan pinjaman 1MDB saling berkaitan. Ini kerana perolehan aset 1MDB dibeli menggunakan dana drpd bond atau pinjaman bank, maka aset tersebut akan terkait dgn pinjaman jangka panjang tersebut. Contohnya 1MDB GIL bond terikat dgn aset-aset investment units dan 1MDB bond terikat dgn aset hartanah Bandar Malaysia.

Hal ini berlaku kerana 1MDB tidak menerima dana duit kerajaan atau mana-mana sumber dana rakyat, maka syarikat perlu menerima pinjaman/pelaburan drpd peminjam/pelabur.

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Semasa pemindahan aset berlaku, 1MDB ada sekitar RM60 billion dan RM41.7 billion hutang.

1. Baki hartanah di TRX and saham di Lend Lease’s LifeStyle’s Quarter – RM8 billion.
2. 100% hartanah Bandar Malaysia – RM26 billion
3. US$2.5 billion unit dana pelaburan 1MDB – RM10.83 billion
4. Claim keatas IPIC US$3.5 billion, security deposits dan lain2 – RM15.17 billion

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Malah malaysiakini pernah siarkan artikel tentang bagaimana Bandar Malaysia boleh menjana RM105 billion jika dijual dalam tempoh yg lebih strategik.

Dan dalam temubual terbaru 1MDB bersama CNBC, aset 1MDB dianggarkan bernilai sekitar RM43 billion manakala hutang hanya bernilai sekitar RM30 billion.

Bagaimana untuk katakan 1MDB dibailout apabila bayaran diambil drpd pencairan aset-aset syarikat sendiri dan bukan aset kerajaan. MOF dapat aset 1MDB sebagai timbal balik, tidak seperti RM30 billion forex yang hilang hangus begitu sahaja -saj

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Rujukan:

[1] 1MDB PRESS RELEASE 26-10-2017 http://www.1mdb.com.my/press-release/stop-misleading-the-people-tony-pua-your-economic-sabotage-has-failed

[2] Malaysiakini: Bandar Malaysia boleh hasilkan RM105 billion
http://www.malaysiakini.com/columns/382332

[3] TRX: Lend Lease’s LifeStyle’s Quarter http://www.thestar.com.my/business/business-news/2017/03/27/ready-for-unveiling/

[4] 1MDB 2018: Aset RM43 billion vs hutang RM30 billion http://www.freemalaysiatoday.com/category/nation/2018/04/21/1mdb-debt-now-at-rm30bn-backed-by-rm43bn-assets/

7 thoughts on “Tidak wujud unsur bail out 1MDB

  • May 23, 2018 at 9:38 AM
    Permalink

    Ada 2 kemungkinan. Samada x faham atau buat2 x faham. Selama ini Najib dan Arul urus eluk je.

    Reply
  • May 23, 2018 at 11:13 AM
    Permalink

    Konspirasi terhebat alaf ini…nampak mcm ada yg x kena dgn sidang media kp sprm semalam.kp sprm sila buat sumpah laknat…yg pelik asal DRM jd pm mesti ada keluarkan statement bunuh..masa dsn xde pun dgr ugutan bunuh bunuh ni..

    Reply
  • May 23, 2018 at 11:31 PM
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    Kerana terlalu sibuk dgn politik fitnah,LGE dah lupa basic accountings system dr and cr.

    Reply
  • May 24, 2018 at 12:22 AM
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    hehehehe
    lagi mau tegak benang basah ker?
    tak baca PAC ker?
    nak suruh kerajaan amik balik dedak tu.. haram korang makan duit rakyat.
    hehehehehehe
    patut la madey nak jadik menteri pelajaran
    memang bodoh puak puak mykmu nih. .

    Reply
  • May 24, 2018 at 8:42 AM
    Permalink

    Mungkin Guan Eng hanya nampak hutang rm41.7 bilion diambil alih tapi x nampak aset yg diambil alih walaupun angka nilaianya rm60 bilion iaitu lebih besar dari hutang. Kenyataannya x boleh dipercayai. Kena tukar orang yg lebih bijak membaca akaun untuk jadi menteri kewangan.

    Reply
  • May 25, 2018 at 6:52 PM
    Permalink

    Lim Sian See/ Eric See To / Syed Agil Jamalullail – Claims of 1MDB’s RM41.7 billion liabilities.

    Reference 1 (RM41.7 billion liabilities extracted from DAP’s Tony Pua)
    http://limsiansee.blogspot.my/2017/05/1mdb-is-rm60b-enough-to-pay-for-rm417b.html

    Reference 2 (RM41.7 billion as at May 2017 according to DAP’s Tony Pua)
    http://www.theedgemarkets.com/article/bandar-malaysia-deal-collapse-marks-failure-1mdb-%E2%80%9Crationalisation-exercise%E2%80%9D-says-daps-pua

    Lim Sian See:
    When you transfer “businesses”, you transfer BOTH the assets and the liabilities attached.
    In any case, it doesn’t really matter as 1MDB has always been 100% owned by the MOF. Whether the assets and liabilities are parked under 1MDB, which is parked 100% under MOF or the assets and liabilities are parked under different subsidiaries or holding companies under MOF, the end result is still the same.
    The opposition will never admit that 1MDB’s current situation has been mitigated and well-managed or the rationalization plan has been successful.

    Understanding 1MDB’s Debts.

    1MDB‘s debts are almost entirely through borrowings. These borrowings take the form of bonds. A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a specific amount of money for a specific period of time in exchange for periodic interest payments at designated intervals.

    1MDB bonds are deliberately mispriced and cost a lot more than what the funds raised are worth. In other words, the interests to be paid to investors are much higher than the average market yield rates. Furthermore, the consultation fees was also overpriced.
    Reference 3
    http://www.kinibiz.com/story/issues/205395/how-1mdb-lost-rm6-bil-through-bond-mispricing.html
    Reference 4
    http://www.theedgemarkets.com/article/cover-story-1mdb%E2%80%99s-habit-overpaying-raise-money
    Reference 5
    https://www.themalaysianinsight.com/s/1126/
    Reference 6
    https://wanhasni.wordpress.com/2016/07/30/dark-world-of-finance-part-4-1mdb-bonds/

    Certain 1MDB Bonds are issued for the purpose of developing the asset resources of Malaysia, namely Tun Razak Exchange and Bandar Malaysia Projects. But the funds from the bond issues never reached the projects.
    Reference 7
    https://www.msn.com/en-my/money/topstories/trx-city-%E2%80%98did-not-see-a-single-cent%E2%80%99-of-usdollar3b-raised-for-project/ar-AAxA6EZ?li=BBr8Mka

    As of May 2018, 1MDB still has a debt liability (guaranteed by MOF) of about RM30 to RM40 billion.
    Reference 8 (RM38 billion as at May 2018 according to Malaysia MOF Lim Guan Eng)
    http://www.freemalaysiatoday.com/category/nation/2018/05/24/here-it-is-rm1087-3-billion-in-debts-and-liabilities/
    Reference 9 (RM30 billion as at April 2018 according to 1MDB’s President, Arul Kanda)
    http://www.freemalaysiatoday.com/category/nation/2018/04/21/1mdb-debt-now-at-rm30bn-backed-by-rm43bn-assets/

    Lim Sian See/ Eric See To / Syed Agil Jamalullail – Claims of 1MDB’s RM60 billion assets

    Reference 1
    http://limsiansee.blogspot.my/2017/05/1mdb-is-rm60b-enough-to-pay-for-rm417b.html

    1. Remaining land in TRX and share of Lend Lease’s LifeStyle’s quarter – RM8 billion

    Lim Sian See:
    After selling about 60% of the land in Tun Razak Exchange (TRX), there is still 40% of land left for sale which the govt says they would not sell in the next two to three years until the infrastructure is ready to allow it to unlock higher value and premium later.
    The Govt also have ownership of 40% share in the June 2014 Joint-Venture for the 17 acres TRX LifeStyle Quarter project with Australia’s Lend Lease group with a gross development value of RM8 billion.
    This project comprises a retail mall (which is already 25% leased out) and due to open in the year 2020, 6 residential block and a luxury hotel. Lend Lease is among the largest international property group and is in charge of funding the development (govt contributes the land and helps with approvals) and marketing them world-wide to its international clients.
    At the present moment, this 40% remaining TRX land and 40% share of the LifeStyle Quarter is worth approximately RM8 billion but is expected to increase further as the infrastructure is put in place and due to property appreciation.

    THE ACTUAL STORY:
    1MDB bought TRX Land 70 acres from govt for RM194 million or RM64 psf in 2010. But the market value of the land at the time was estimated to be at about RM8.2 billion or RM2700 psf.
    Reference 10
    https://www.malaysiakini.com/news/366826

    1MDB then sold parcels of the land to other parties at current market values, but the funds generated were never used for the development of the remaining land.

    1.6 acres parcel sold to Tabung Haji for RM188.5 million or RM2800 psf.
    Reference 11
    https://www.thestar.com.my/news/nation/2015/05/08/tabung-haji-defends-decision-to-buy-trx-land-from-1mdb/

    1.25 acres parcel sold to Affin Bank 1.25 acres for RM255 million or RM4700 psf.
    Reference 12
    https://themalaysianreserve.com/2017/04/03/affin-bank-buys-rm255m-land-in-trx-for-new-hq/

    3.42 acres parcel sold to Mulia Group for RM655 million or RM4400 psf.
    Reference 13
    http://www.theedgemarkets.com/article/imdb-sells-trx-land-indonesias-mulia-group-rm665-million

    Another parcel sold to Aroma Teraju (100% MOF company) but the government at the time never revealed the sale amount or land parcel size, citing confidentiality clauses.
    Reference 14
    https://www.propertyguru.com.my/property-news/2017/11/164810/najib-insists-on-hiding-cost-of-trx-apparently-due-to-confidentiality-clause

    Another 17 acres parcel was to be co-developed by 1MDB and Australia’s Land Lease Group, development to be called Lifestyle Quarters. Project financing did not come from any 1MDB bond issues (Reference 7), instead the JV group announced that they intended to secure their own financing.
    Reference 15
    http://www.theedgemarkets.com/article/newsbreak-lendlease-trx-looking-raise-more-rm25-bil

    2. 100% of Bandar Malaysia land – RM26 billion

    Lim Sian See:
    After the recent cancellation of the sale of 60% share in the Bandar Malaysia project signed in Dec 2015, the government now owns 100% of the land and project.
    After value-enhancement, development plans completion, various approvals granted and increased visibility for the project, the former buyers had valued this land as high as RM26 billion today compared to RM10.35 billion valuation when the sale agreement was signed two years ago.
    Again, this RM200 billion gross development value Bandar Malaysia project is an appreciating asset that will only increase in value over time as the project develops.

    THE ACTUAL STORY:
    Bandar Malaysia is 197 hectares or 486 acres. It is a 26-years long run project. It was acquired by 1MDB in 2015 with the cost of RM368.72 million with additional cost of RM2.717 billion (partly funded by Government for RM1.117) for the reallocation of the current Sungai Besi Airport which act as Royal Malaysian Air Force (RMAF) airbase to Sendayan, Negeri Sembilan. However, 1MDB has used part of the allocation (RM288 million) from Government allocation to pay 1MDB debt and not used accordingly to the original purpose of the allocation.
    Reference 16
    https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad

    This means for the 486 acres, 1MDB will only pay the total amount of RM2.25672 billion or RM106 psf (RM368.72 mill + RM1.6 bill + RM288 mill). As at December 2015, the fair market value of the land was estimated at RM12.35 billion or RM583 psf. Together with the intended development project planned, the total GDV was estimated at RM26 billion.
    Reference 17
    http://www.theedgemarkets.com/article/bandar-malaysia-deal-spotlight-land-tops-rm20b
    Reference 18
    http://www.malaysiandigest.com/news/673403-bandar-malaysia-deal-falling-through-who-stands-to-benefit.html

    In December 2015, 1MDB announced a 60% equity sale of Bandar Malaysia to IWH-CREC for 7.41 billion. The buyer, a consortium known as IWH-CREC Sdn Bhd, is a 60:40 joint venture between Iskandar Waterfront Holding Sdn Bhd (IWH) and China Railway Engineering Corporation. 1MDB is to receive 10% deposit amounting to RM741 million from IWH-CREC.
    Reference 19
    https://www.thestar.com.my/news/nation/2015/12/31/1mdb-to-sell-stake-in-bandar-malaysia-for-7_41bil/

    On May 2017, the sale was terminated by TRX City, another MOF company, citing non-payment obligations by IWH-CREC. It was also announced that ownership of Bandar Malaysia has reverted back to MOF. Nothing was mentioned about the RM741 million deposit paid by IWH-CREC to 1MDB, and questions started to be raised on who will pay back the RM741 million deposit.
    Reference 20
    https://www.thestar.com.my/business/business-news/2017/05/03/bandar-malaysia-agreement-with-iwh-crec-lapses/
    Reference 21
    http://www.theedgemarkets.com/article/1mdb-or-mof-foot-refund-rm741m-deposit-paid-bandar-malaysia

    Later in the same month, IWH-CREC announced that it received back its RM741 million deposit, purportedly from TRX City, although TRX City initially announced that it was IWH-CREC who broke the terms of the contract. Furthermore it was 1MDB who received the deposit and now it is being paid back by TRX City.
    Reference 22
    https://www.edgeprop.my/content/1132942/deposit-returned-iwh-crec
    Reference 23
    https://www.malaysiakini.com/news/382327

    3. Monetization of US$2.5 billion 1MDB’s Fund Units – RM10.83 billion

    Lim Sian See:
    As part of the recently-signed settlement between 1MDB and Abu Dhabi Govt’s IPIC, these fund units which were mischievously claimed by opposition for the longest time as worthless is being monetized and the first tranches of payments have already been received by 1MDB from the foreign buyers of the funds.
    On 28th April 2017, the Singapore Straits Times owned by the Singapore government reported:
    “To overcome the hurdle, 1MDB agreed to waive its right to claim from Aabar the US$2.43 billion guarantee. In return, Abu Dhabi arranged for an undisclosed entity domiciled in the Seychelles to buy the units from 1MDB at the guaranteed value, to be settled by deferred payments from this month to October 2022, said a senior financial executive familiar with the matter.”

    THE ACTUAL STORY:
    Is there really a “monetization” of the 1MDB’s “Investment Fund Units”?
    Reference 24:
    https://www.theedgesingapore.com/smr/?q=article/1mdb-vs-ipic-settlement-or-compromise
    Reference 25
    https://www.malaysiakini.com/news/420016

    Even 1MDB’s Board of Directors are disputing these “investment units” and calling it a “scam”, claiming that 1MDB is actually insolvent.
    Reference 26
    https://www.thestar.com.my/news/nation/2018/05/23/1mdb-unable-to-pay-debts-say-two-directors/
    Reference 27
    https://www.nst.com.my/news/nation/2018/05/372456/some-1mdb-investments-described-scam-says-finance-minister

    Even 1MDB’s President Arul Kanda is now unsure if the “investment units” actually exists. He’s now feigning ignorance on the financial matters of 1MDB. But in April 2018 and prior to GE14, he went on a roadshow telling everyone that 1MDB has no financial issues. For the record, Arul Kanda is THE ONLY staff that 1MDB employs currently.
    Reference 28
    http://www.freemalaysiatoday.com/category/nation/2018/05/23/new-1mdb-audit-into-scam-behind-rm9-8-billion-units/
    Reference 29
    http://says.com/my/news/what-arul-kanda-was-saying-about-1mdb-before-ge14-and-how-his-tune-has-changed-now
    Reference 30
    http://www.freemalaysiatoday.com/category/nation/2018/05/24/guan-eng-reminds-arul-youre-still-1mdb-staff/

    To monetize “investment units”, someone has to pay for it, or “buy” it over. But who actually paid for these units or who 1MDB sold these “units” to has never been answered.
    Reference 31
    http://www.freemalaysiatoday.com/category/nation/2017/04/22/pua-who-is-undisclosed-buyer-in-new-1mdb-ipic-settlement/

    With regards to the investment units, it has always been regarded as suspicious as neither 1MDB or Najib’s MOF have been able to explain where these investment units are placed exactly, with which custodian banks, and what is their current value.
    Reference 32
    http://www.theedgemarkets.com/article/lawmaker-demands-updates-1mdb-subsidiary-brazen-skys-units
    Reference 33
    http://www.freemalaysiatoday.com/category/nation/2016/10/24/brazen-skys-rm940-million-unit-funds-managed-by-fund-manager/
    Reference 34
    http://www.theedgemarkets.com/article/malaysia-says-monetisation-investment-units-part-1mdb-rationalisation

    4. Claim on IPIC for US$3.5 billion in payments already made by 1MDB – RM15.17 billion

    Lim Sian See:
    Again, this is part of the 1MDB-IPIC settlement signed recently.
    This was also reported by the Singapore Straits Times in that same article.
    “Under the settlement, Malaysia and IPIC will enter into negotiations to resolve roughly US$3.5 billion in cash advances and payments 1MDB made to several Abu Dhabi entities. Should IPIC fail to make full settlement before the deadline of end-December 2020, the Malaysian government can pursue legal claims against IPIC.”
    Among all assets, this is still the biggest question mark but is anticipated to be resolved as IPIC has little choice since all those legal documents are in 1MDB’s favour as the settlement to end the arbitration was signed due to the bigger picture of diplomatic relationships and not embarrass any party.

    THE ACTUAL STORY:
    The 1MDB and IPIC dispute is not resolved although it has been claimed otherwise. While the USD3.5 billion in question is still guaranteed by IPIC, the guarantee has been disputed because the amount has been fraudulently taken by Aabar BVI which is not related to IPIC.

    Kindly refer back to Reference 24
    https://www.theedgesingapore.com/smr/?q=article/1mdb-vs-ipic-settlement-or-compromise

    For a simple easy to understand chart to depict 1DMB’s & IPIC’s dispute.
    Reference 35
    http://www.theedgemarkets.com/content/1mdbipic-dispute-explained

    SUMMARY:
    1. Claims of TRX balance land and shareholdings in Lifestyle Quarters worth RM8 billion is based on current market value (CMV) of TRX land value, at about RM4500 psf and the gross development value (GDV) of Lifestyle Quarters, at about RM8 billion.

    2. All TRX land was acquired by 1MDB at a heavily discounted price from the government, for RM194 million instead of RM8.2 billion.

    3. Claims of 100% ownership of Bandar Malaysia as 1MDB’s assets is misleading. This is because ownership has already transferred from 1MDB back to the MOF, therefore 1MDB do not own any stakes in Bandar Malaysia. Furthermore 1MDB has caused MOF to pay back RM741 million to IWH-CREC, via TRX City, when the 60% Bandar Malaysia equity sale was cancelled. Nothing was ever mentioned about what happened to the RM741 million deposit that 1MDB received from IWH-CREC. Nothing was ever mentioned about 1MDB repaying back the RM741 million to TRX City or MOF for that matter.

    4. Claims of Bandar Malaysia valued at RM26 billion is misleading as development has not started, and the acquisition cost by 1MDB is merely RM2.25672 million.

    5. “Profits” are derived from land disposal and development of TRX and Bandar Malaysia land parcels. None of the profits derived from the land sales were used to finance the development of the remaining TRX land. These are being used as a “rationalisation exercise” excuse to repay 1MDB debts.

    6. If there are any profits via land disposal or development of TRX and Bandar Malaysia land parcels, it belongs to MOF as they are the sole owner of 1MDB.

    7. 1MDB debts are acquired through bond issues using the future income of Malaysia’s resources as collateral and MOF or the Federal Govt as the guarantor.

    8. Some of the funds from these bond issues are supposed to be used to develop Malaysia’s assets, like TRX & Bandar Malaysia but said funds never reached TRX or Bandar Malaysia for project development financing, instead all of 1MDB’s TRX & Bandar Malaysia project development have to be financed using the intended development land as collateral, or the JV partner has to secure own financing by other means.

    9. Funds (profits) from these land disposal or development exercises should be returned back to MOF and not to be used to repay 1MDB debts since the debts were never acquired to develop TRX and Bandar Malaysia in the first place.

    10. If profits from these land disposal or development exercises are being used to repay 1MDB debts, then the MOF is being deprived of profits that they rightfully own and repaying for debts that has nothing to do with the development of TRX & Bandar Malaysia.

    11. Besides, even if the MOF needs to repay 1MDB for the acquisition of the land assets, it should be based on the original amount 1MDB paid the government for, plus whatever normal market interests that should be paid for any borrowings for the purpose of the acquisition. By the way, this is rather nonsensical by itself because a 100% govt owned GLC need to borrow money at a high interest rate to buy debt-free lands owned by other 100% wholly owned govt agency.

    12. With regards to the investment units, it has always been regarded as suspicious as neither 1MDB or Najib’s MOF have been able to explain where these investment units are placed exactly, with which custodian banks, and what is their current value.

    13. Currently, these “investment units” are claimed as fraudulent by 1MDB’s own directors or status unknown as claimed by its president. Monetization has never been proven conclusively, just verbally.

    14. The 1MDB and IPIC dispute is not resolved although it has been claimed otherwise. While the USD3.5 billion in question is still guaranteed by IPIC, the guarantee has been disputed because the amount has been fraudulently taken by Aabar BVI which is not related to IPIC.

    Reply

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