Tuesday 19 April 2016

Why is Abu Dhabi walking away from Malaysia's 1MDB ?


This is more than just a tight slap on the face for 1MDB. This is an insult to Malaysia and Malaysians.  

Maybe those in 1MDB, Arul Kanda Kandasamy included, are numb but Malaysians are not dumb. 

If you had any sense of shame you would know that this insult is far more damaging and humiliating than the occasional news of Malaysian drug mules and football bookies (including well connected ones) in foreign prisons.

Below is IPIC's statement to the London Stock Exchange and 1MDB's past promises.

1MDB Debt Settlement Arrangements

On 10 June 2015, IPIC GMTN Limited issued an announcement (RNS Number 7064P) relating to a binding term sheet dated 28 May 2015 (the Binding Term Sheet) and other ancillary documents entered into between International Petroleum Investment Company (IPIC), Aabar Investments PJS (Aabar), Minister of Finance, Inc., Malaysia (MOF) and 1Malaysia Development Berhad (1MDB), in connection with:

1- the extension by the IPIC group of financial support to the 1MDB group at the request of both 1MDB and MOF;

2- the acknowledgement by 1MDB and MOF of the liabilities owed by the 1MDB group to the IPIC group; and

3- the conditional settlement, release and discharge of certain obligations and liabilities between the parties.

Status of the Binding Term Sheet

IPIC has performed all of its obligations to date under the Binding Term Sheet. 1MDB and MOF have failed to perform certain payment and other obligations owed by them to the IPIC group pursuant to the terms of the Binding Term Sheet, including the obligation to pay to IPIC U.S.$1,102,725,000 plus interest accruing under the terms of the Binding Term Sheet.

As a result, 1MDB and MOF are in default pursuant to the terms of the Binding Term Sheet and IPIC's and Aabar's obligations under the Binding Term Sheet have terminated.

1MDB and MOF continue to be bound by their respective obligations under the terms of the Binding Term Sheet, including their continued indemnification of IPIC and Aabar for any non-performance under the Binding Term Sheet and in relation to any claims which may be made against IPIC pursuant to the guarantees entered into by IPIC in respect of certain 1MDB group bond issuances.

Following such default, IPIC and Aabar have engaged with, and extended opportunities to, both 1MDB and MOF to remedy their defaults without success. IPIC and Aabar have now reserved all of their rights under the Binding Term Sheet and are considering their options in relation to this dispute, including referring the matter to the appropriate dispute resolution forum. - London Stock Exchange

Why is IPIC walking away from the world famous (albeit for the wrong reasons) strategic development company which is personally controlled by the Prime Minister cum Finance Minister of Malaysia  Datuk Seri Mohd Najib bin Tun Abdul Razak? 

Shouldn't IPIC be proud to be associated with Najib Razak the famous Prime Minister of Malaysia who has received billions of ringgit in donations from the 'unknowns of Saudi Arabia' ? 

IPIC is wholly owned by the Abu Dhabi Government and they are walking away from the Malaysian Prime Minister controlled 1MDB, which is also wholly owned by the Malaysian Government. 

What does that tell you? 

The guys from Abu Dhabi no longer trust Najib Razak the Prime Minister of Malaysia, do they? 

1MDB can go to hell together with all those conniving criminals but who will end up paying all those debts, the approximately RM50 billion, chalked up by the world famous 1MDB that is wholly owned by the Malaysian Government? Its you and me, most probably via GST.

Maybe Najib is not aware yet of this latest insult from Abu Dhabi as he was busy officiating a new police lock-up system on Monday
Whoever digs a pit will fall into it; if someone rolls a stone, it will roll back on them - Bibble.

We shall wait for the Saudi Foreign Minister's words of wisdom. He must be aware of this latest lost of trust and confidence by Abu Dhabi too. I'm sure he is. 


Anonymous said...

You have journalists to manipulate news and your judge to manipulate the law. Ass smart lawyers to defend you and smartass consultants to plan your plots, but could you ever outsmart God in the end?

Anonymous said...

Let's all singing to the Shania Twain's signature tune Ka Chingggg... :

''We live in a greedy little world,
That teaches every little boy and girl,
To earn as much as they can possibly,
Then turn around and
Spend it foolishly,

We've created us a credit card mess,
We spend the money that we don't possess,
Our religion is to go and blow it all,
So it's shopping every Sunday at the mall..

All we ever want is more,
A lot more than we had before,
So take me to the nearest store,
Can you hear it ring..
It makes you want to sing..
It's such a beautiful thing, ka-chinggggg.......

Lots of diamond rings,
The happiness it brings,
You'll live like a king,
With lots of money and things.."

Read more: Shania Twain - Ka - Ching Lyrics | MetroLyrics

Souka said...

Mungkin Pak Arab dari Abu Dhabi ni pandai sikit dari puak Saudi, dan dah boleh agak 1MDB tidak lagi ada aset yang berharga untuk bayar balik hutang sebelum Jun ni. Sah ada akal sebab depa reject bayaran dengan "units, just units".

Anonymous said...

Since Friday last week til yesterday, we witnessed 2 arabs each from saudi arabia and UAE.

FM of Saudi Arabia appeared to have exonerated najib. The pro najib was quick to declare najib had spoken the truth about donation and this was happily echoed by najib's ministers KJ and Azalina including the happy trigger AG Apandi. Without documentation as proofs, no rational and sane thinking malaysians believe this FM.

Yesterday, eith sufficient documents and factual statements, IPIC had declared to LSE that the deal between IPIC and 1MDB is definitely off as the latter failed to fulfil its obligations. Most malaysians believe this and getting worried on how the rakyat finally have to bail out 1MDB. Understandably bloggers like The Unspinner came with statement "The Arabs are not rational, may loose the deal". Hahaha, kena batang hidung sendiri, boleh kutuk pula arab ini.

So readers, the truth will prevail and it SHALL definitely SHAME najib and the gang.

Anonymous said...


The most idiot blogger pemakan dedak now is your dear friend, rocky. Please la bro advice to stop his moronic attempt to spin in najib's favour. He seems so desperate to support najib his writings is now at the level of lowest UMNO's bloggers. I am shocked at his attempts. What a shame!!!

Anonymous said...

"We shall wait for the Saudi Foreign Minister's words of wisdom. He must be aware of this latest lost of trust and confidence by Abu Dhabi too. I'm sure he is."

The Saudi fairy tale is unravelling.

That 2.6 billion came from the UAE deal.

Bet on it.

It is 1MDB money, all the way.

Now they just have to issue the arrest warrants.

Anonymous said...

The level of stupidity of articles wrote by dato ahirudin atan (rocky bru's) is mind boggling..after years of writing, he eventually become the news... sad..

Anonymous said...

Bro, some 3.5 billion US dollars paid to bogus Aabar in BVI, what the hell happened to the money dude? That would be like some 13 billion in Malaysian ringgit which is missing without a trace. I was suprised not a single person of authority in Malaysia commented on this? What the heck. That's 13 billion ringgit is a hell lot if money. A whopping 13 billion ringgit has dissapeared out of thin air. Do they think 13 billion ringgit is nothing? Or one's mouth already choked full of dedak and couldn't speak up. Are they afraid to speak up? Why so?
What a sorry state of Malaysia we are living now. We are now currently on par with the corrupt regime we used to watch on world news channels. We have become their news material of massive scandals of corruption. Billions of money missing from the state coffers but our elected leaders remained stoned face and chose to look the other way.
Mahathir was right all this while. There's money which had gone MISSING and dissapeared from 1MDB.

Anonymous said...

An educated bedouin named Mujrimin (meaning a sinful criminal) came and took his place in the front row of worshippers behind the Imam, hoping for the merit of the congregational prayer. The Imam was reciting surah Mursalaat and as he intoned the verse "And did we not destroy the first?" something prompted the bedouin to leave his place to go to the last row. The Imam continued reciting "And then we shall destroy the later ones". At this, the bedouin moved again to join the middle row. Eventually the Imam reached the verse "This is how we deal with the Mujrimin (sinful criminals)". The bedouin left the prayer immediately fearing that the Imam was after him!

Anonymous said...

The problem with the politicians governing the country they claim they are the Believers but they behave like the Non Believers! So how to deal with them? Quoting being afraid of AlMighty does not make them feel anything. But as a Believer I agree that they will be punished soon one way or the other. Have faith in the AlMighty....

Anonymous said...

Rocky's level of writings now can be classified as RPK's brethren in arms. All his talk about being ethical, credible and transparent goes out the window with filled pockets to boot. I guess he truly believe in Cash is King!!!

Anonymous said...

Let us bet to see whether the above news will make any difference to najib and his followers?

I bet that it will not because to them there is still solid proof. To them, the whole world including rakyat malaysia is conspiring to topple najib. To them najib has not done anything wrong. It is all lies lies lies damn lies. Look at them and read their writings it all says not guitly not guilty.

To all readers wanna bet?

Casino rosmayle...

Anonymous said...

I'm singing,
"bye bye miss american pie drove the chevy to the levee but the levee was dry"

Unknown said...

Now Hishammudin is asking Mat Sabu to show proof that Saudi bought over Putrajaya. Why he didnt ask najib to show proof of the 2.6b donation from late Saudi King. Wonder will ever all dedak eater have sence of shame in themself.

Unknown said...

There is nothing to bet. The whole world knew donation 2.6b came from 1mdb after money went around the world. The eorld also knew yhay money been siphon out from 1mdb but dedak and najib will not admit. If they do they will go to jail for it.

Unknown said...

You want to know why Abu Dhabi is walking away from Malaysia's 1MDB because 1MDB will sign an agreement you but pay to someone else.

Anonymous said...

Therefore lets get as many people to sign the declaration to kick najib out! Thats the only way. We can talk and talk but if no action najib and his goons will be there and cause more trouble for Malaysia. Agree?

Anonymous said...

Why is Abu Dhabi walking away from Malaysia's 1MDB? Because the bedouin puritans will have nothing to do with Najib's 15000-strong bomoh regiment - did IPIC get screwed up by their abracadabra?

Anonymous said...

re: 1MDB can go to Hell together with all those Conniving Criminals but who will end up paying all those debts, the approximately RM50 billion, chalked up by the world famous 1MDB that is wholly owned by the Malaysian Government? It's you and me, most probably via GST.

"Is it (Paradise) better in hospitality or the Tree of Zaqqum? Indeed, We have made it a torment for the evil wrongdoers. It is a Tree that issues from the Pit of the Hellfire, its fruits like the heads of devils. And, indeed, they shall eat from that to fill their bellies. Then surely, will they have for drink afterwards nothing but boiling water. Verily, their destination will be the Hellfire." (Quran 37:62-68)