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.

p/s 

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. 

1MDB scandal - You call this a Road Map?

Malaysia's beleaguered 1MDB gets US$1 billion injection from Abu Dhabi group

KUALA LUMPUR: Malaysia's debt-ridden state investment firm 1Malaysia Development Berhad (1MDB), has entered into a binding agreement with Abu Dhabi's International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investments.

The deal will see IPIC make a payment of US$1b to 1MDB on or before June 4, 2015, money that will go towards paying off the power-to-energy fund's US$975m loan from a syndicate of international bank lenders.

1MDB has been at the centre of controversy in Malaysia over its massive debt pile and allegations of financial mismanagement by its CEOs and advisory board, headed by Malaysian Prime Minister Najib Razak.

Malaysia's auditor-general and Public Accounts Committee are both conducting probes into 1MDB's accounts.

In a statement, the Finance Ministry said the IPIC deal "marks a significant step towards reducing 1MDB’s overall debt levels, and is a crucial part of the rationalisation plan" for the firm, a plan that's expected to be implemented in full by early 2016.

The Finance Ministry said the agreement with IPIC also includes "further measures to comprehensively address the various financial asset and liability transactions between the parties". 

 Channel News Asia 

To me this appears like nothing but a cheap 'korek lobang tutup lobang' initiative. What do you think?

God save my country!

1MDB - Arul Kanda is back to back Najib

CEO returns for a strategic dinner... and PAC later.

BIG bullshit. No?

BIG bullshit repeated in Parliament by Finance Minister. No?

Bullshit after bullshit. No?

Nur Jazlan: PAC arranging meetings with Arul Kanda, Shahrol

27 MAY 2015 

KUALA LUMPUR: – The Public Accounts Committee (PAC) will arrange meetings with 1Malaysia Development Berhad (1MDB) chief executive officer (CEO) Arul Kanda Kandasamy and former CEO Datuk Shahrol Halmi as soon as possible following their failure to turn up for their scheduled meetings with the PAC yesterday, said PAC chairman Datuk Nur Jazlan Mohamed. 

He said PAC would not delay further in calling them up after confusion arose pertaining to the letter sent to Ministry of Finance (MoF) by the PAC on May 6 for them to testify before the committee. 

“Don’t worry, they will come (to give their statements), they have already made public that they will come. “We also do not want to delay this procedure, we will be calling them up as soon as possible, there is no more delay, the confusion that arose between the MoF and the two witnesses (in regards to the letter) caused some slight problems to us,” he told reporters after holding a meeting with representatives of the Federal Land Consolidation and Rehabilitation Authority at Parliament House today. 

Elaborating further, Nur Jazlan said PAC had sent a letter to MoF on May 6 to get Arul Kanda and Shahrol to give their statements yesterday (May 26) in regards to the PAC’s probe into the company’s dealings. -- BERNAMA

I'm quite sure Datuk Nur Jazlan and his team of MPs in the PAC would have the opportunity to grill Arul Kanda Kandasamy sooner than expected. 

It is understood that the responsible CEO of 1MDB has rushed back to Malaysia from his overseas business engagement to face the PAC in the next few days, or latest by next week. 

It is unclear when Arul Kanda actually landed back in Kuala Lumpur after his unavoidable work commitments overseas but the newly minted CEO did take part in an equally important 'strategic dinner' with prominent figures, some who will go down in history for varying reasons. 

Just hoping that Arul Kanda had grabbed the opportunity to explain how the USD1.103 billion in hard cash could have transformed into assets and later units in a matter of just three months. 

Over and above that, Arul Kanda would have also taken the opportunity to make it clear to Tan Sri Shahrir Samad, Datuk Rahman Dahlan and Mr Paul Stadlen as to how 1MDB had misled MoF officials into believing that the 'units' in the private Swiss bank in Singapore were actually hard cash.

Arul Kanda must not forget that this cash-asset-units twister has now put the Malaysian Prime Minister at risk of being cited for misleading or telling a lie in Parliament. 

A police report has been lodged against Najib over this 'lie'. The police, I'm pretty sure, would be able to wrap up their investigations before the PAC wrap theirs. It's a simple straight forward case. 

If Attorney General Tan Sri Abdul Gani Patail is still in office and not replaced by a young but senior Umno lawyer by the time police conclude their investigations, Gani would have to then decide if there is enough evidence to charge the Prime Minister. (Please make sure the Parliament Hansard doesn't go missing. Tq)

If Malaysia is Italy, Najib would certainly be in Silvio Berlusconi's shoes by now for 'the MoF officers prepared written answer for the Finance Minister'.   

Coming back to last night's jovial Aloft in KL Sentral dinner, Arul Kanda must have also given some exclusive insights to the BNBBC chairman, the Minister and the British Advisor on the possible content of the Monetary Authority of Singapore (MAS)'s recent report to Bank Negara. 

Well the fact is that Arul Kanda is back,  just a day and not a month, after his original appointment with the PAC. The PAC could now continue with its interrupted business and set a date to listen to Arul Kanda. 

Malaysians, and some Singaporeans, are eager for his latest 'I can assure you' assurances. 

p/s Wonder if Shahrol would also cut short his one-month postponement and sit for a similar strategic dinner... so that everyone appears to be on the same page before they appear before the PAC. 

Laporan POLIS terhadap Najib Razak

Datuk Seri Khairuddin Abu Hassan, bekas Naib Ketua Bahagian Batu Kawan yang dipecat dari jawatan Umno atas alasan beliau telah muflis sejurus selepas membuat laporan POLIS dan laporan SPRM berhubung SKANDAL 1MDB tempohari, telah tampil membuat satu lagi laporan POLIS hari ini. 

Laporan terbaru ini adalah lebih khusus.

Selain memohon siasatan ke-atas Perdana Menteri Datuk Seri Najib bin Tun Abdul Razak yang juga Menteri Kewangan merangkap Penasihat Numero Uno 1MDB, Khairuddin juga telah memohon pihak POLIS menyiasat Pengerusi Lembaga Pengarah 1MDB Tan Sri Lodin Wok Kamarudin dan President 1MDB Arul Kanda Kandasamy. 

Jangan belit-belit Datuk Seri. Mana wang berbillion ringgit milik Kerajaan Malaysia yang hilang itu?

p/s Sebelum ini, setahu saya, Khairuddin tidak pernah membuat cadangan untuk membina jambatan bengkok dan difahamkan beliau juga tidak membuat laporan-laporan ini kerana ingin anak beliau menjadi Perdana Menteri Malaysia. Terima Kasih.