Saturday, October 17, 2015

The Idiot Guide to the Illogical Kandasamies of 1MDB

Ladies and Gentlemen

A word of caution before you read this post.

We the Public can only refer to data in the Public Domain. 1MDB on the other hand knows what data they have and what data was compromised by Petro Saudi. On the other side we have Claire Brown of Sarawak Report who has a set of document and will release them after she pancing 1MDB. While all of these is happening 1MDB also shares confidential information to parties who are not part of the investigation but is working for them to improve their so called "communication strategy".

And the output can be seen from how "professional" their recent responses to all queries regarding the company.

GLC bawah telunjuk BooGees beb....carpet merah..

Tapi sayang bunyi dah jadi macam AhBeng naik EVO.

Anyway let us examine the introduction of a new set of data into the Public Domain.

1MDB's Reply to Sarawak Report Allegations1MDB has been made aware of an article, dated 10 October 2015, that has been published in the Sarawak Report, an online blog currently banned in Malaysia. This article has published selectively extracted materials and contains serious and unfounded allegations, in a clear attempt to manipulate readers with respect to events that have previously taken place at 1MDB.
1. 1MDB-Petrosaudi
The fund units, owned by 1MDB subsidiary Brazen Sky Limited, were originally valued at US$2.318 billion in September 2012, as the eventual outcome of various equity and murabaha loan investments totalling US$1.83 billion by 1MDB with PetroSaudi between 2009 and 2011. Over the investment horizon, 1MDB has received and reflected in its audited financial statements, cash returns, i.e. approximately US$81 million murabaha profit, and approximately US$263 million dividends from fund unit investments, i.e. a total cash return of approximately US$346 million and a total gain over time of US$488 million (US$2.318 billion less US$1.83 billion).
2. Fund Unit Redemptions
As of 31 March 2014, the fund units were valued at US$2.33 billion.  On 5 November 2014, at the time 1MDB's financial statements for the year ended 31 March 2014 were published,  an amount of approximately US$1.22 billion had been redeemed, in cash, with proceeds being substantially utilised for debt interest payment, working capital and payments to Aabar as refundable deposits for options termination.
A sum of approximately US$1.11 billion in fund units remained, which together with a dividend of approximately US$130 million, equates to the remainder sum of US$1.23 billion described in the notes to 1MDB's accounts.
On 14 and 24 November 2014, approximately US$170 million of the US$1.11 billion fund units were redeemed, in cash, leaving a balance of approximately US$940 million in fund units. On 2 January 2015, i.e. prior to Arul Kanda joining 1MDB, a final redemption of approximately US$940 million was undertaken through a sale of fund units to Aabar, with cash payment being deferred. (Note: Aabar was separately a guarantor of the fund in which the units were invested but by mutual agreement, the redemption was via sale of fund units instead of calling on the guarantee. This fund unit sale agreement was subsequently superceded via the Binding Term Sheet signed between 1MDB and IPIC, the "AA" rated parent of Aabar, on 27 May 2015, upon which a payment of US$1 billion was made by IPIC to 1MDB.)
3. 1MDB President and Group Executive Director Arul Kanda's comment
Whilst Sarawak Report has published a number of alleged 1MDB related documents in the past, which we now know to be stolen and possibly doctored goods, sourced from a convicted criminal, I can confirm that – in this particular case – it appears to have published an authentic 1MDB document, namely minutes of a 12 January 2015 Board meeting. This was the first 1MDB Board meeting I attended, i.e. a week after I joined the company on 5 January 2015.

At the meeting, I stated to the Board, based on my understanding of events that occurred before my time, that the redemption of fund units happened in cash for an amount of US$940 million. However, upon further investigation and verification, it became clear that this was a misunderstanding, which I then clarified to the Board and our shareholder, the Ministry of Finance. This clarification is clearly recorded in subsequent Board minutes and can be verified.
On 13 January 2015, I confirmed via a press statement that the remaining amount of US$1.11 billion had been redeemed, in full. What was unfortunately not made clear, was that the redemptions happened partly in cash and partly through the sale of fund units, with cash payment being deferred. It is this important distinction which caused a misinterpretation of my statement, first during a Business Times interview on 9 February 2015 and subsequently by the Ministry of Finance, in a Parliamentary answer on 12 March 2015.

I have explained in detail the sequence of events to the National Audit Department and to 1MDB's auditors, Deloitte, as part of their thorough and professional review of 1MDB's past transactions. In addition, I have openly and publicly taken full responsibility in June 2015 for the misunderstanding on this matter – i.e. the buck stops with me.
In my capacity as President, I answer to the Board and the shareholder of 1MDB. My strong track record speaks for itself and my only professional agenda is to fix the challenges in 1MDB. There is no need for me to lie or cover-up what has happened in the past, as has been alleged by those who make sensationalist claims to drive their own political agenda. Accordingly, I look forward to being questioned in detail on this matter at the upcoming Public Accounts Committee hearings and for my answers to be a part of the public record, to conclusively put this matter to rest. (here)

Yes Arul

We know that you only joined 1MDB after the "redemption" was done.

And yes we also know that your track record speaks for itself....

Wonder when the MOF was informed of your "further investigation and verification"

For 127 Days the whole world was mislead to think that it was actually CASH

Friday, August 14, 2015

Warkah buat Ahli UMNO: The One Step Guide on How to Remove PahlaWANG BooGees and HUsNit Ulam Jawa

As some of you may be aware...

I'm no longer on FaceBook, I lost control over my account on the 12th of August 2015 while trying to teach some people on how to write with proper data....

When I wrote the short status saying that the fixing was done at levels closer to the peg, LSS as usual come over with to comment....this time around a Cinabeng I can't remember his name also tagged along with LSS...must be part of his groupie accusing me of "word play"

LSS edited his post to reflect my comment...even asked me if I was happy

Dude like I give a's your post do what ever you like with it.

Truth is the comment is Not about Word Play at all

Tun M is not as stupid as BooGees to expropriate 1.08 ringgit from all the holder of USD who wanted to covert to MYR. 

I was trying to respond to the tag along Cinabeng....then suddenly...I lost total control over my account. (Hope Cinabeng is reading this....the vely the difelen Engrish meaning mah..thiouuu)

Pendek cerita

My account has been reported for breach of FB Terms and Condition for being an Anonymous.

They no longer welcome Anons.....

Apalah salah saya..

Anyway folks frankly I don't really give a shit about being "Viral" on Social Media or having many frens and followers...

FYI I've created a new account purely for monitoring purposes. Pi la search sekarang saya sunyi sepi takde kawan doe....

Folks today is not about that actually

Today is where I'm in MY OWN DOMAIN


So here goes...

Saturday, July 4, 2015

Just Asking: Conversations with the UNVERIFIED UNOFFICIAL Spokesperson of #1MDB

As expected Lim Sian See has responded but in draft mode

Source (here)
 He provided a preview to the post after I posted link here (note link token expired)

UPDATE 1539HRS LSS has published the post here

As I mentioned in my previous post

Do let me know if I've missed anything or if you have supporting documents that could add more granularity to the transactions mentioned above.
Since LSS has responded in "draft mode" I'm unable to copy paste the contents of his post over, only way is to for screen print so bear with me folks 

Let us start with his explanation on the 700Million USD Loan provided by PSI to JV Co 

Let us go back into February, when I first send that tweet out, I drop by one of your post asking a rather similar question

Thursday, July 2, 2015

Just Units: Pre PAC Questions for Arul Kanda Kandasamy

Salam Ramadan to all my readers

Today is the 2nd of July 2015, exactly 2,248 days since I first stood up to oppose the setting up of Terengganu Investment Authority (here), it was merepek then to me......sekarang lagi la merepek in case your're wondering what I think of 1MDB.

I seldom write about them, ada la sekali dua kut over the years.....

There was this one time when 1MDB went against OFFICIAL GOVERNMENT policy on UEC (here) gua pun kasi la comment sket.....mana bole kasi Scholarship to students whom our Education Ministry tak recognise pun certipiket

Then there was this time when news came out about Qatar Investment Authority getting a SpeSial deal to become "Strategic Real Estate Development Partner" for the Sg Besi land (here)...always wondered why of all people 1MDB seems very smitten with the Arabs....fulus besau ke?

Apart from that I've stayed away......buang karan beb

Anyway folks...of late ni berlambak orang duk tanye kat gua privately what I think of 1MDB and whether I could write about them....

Some have sessions with me to extract about what I know....fardu kifayah

Gua sebenornye malas tahap gaban....tapi benda ni macam dah masuk tahap mengarut

I don't need to elaborate where the situation is right now... cause if you read my blog there's a very high chance that you are already "aware" of the situation unless of course your're the occasional zombie sesat

But bear in mind that your "awareness" is limited to the information and documents that are available in the Public Domain

And the Authenticity of these documents and the various information available to all of what we kelantanese say......was-wah la weh

So folks why don't we do a deep dive on the mysterious chain of investment executed by 1MDB with its 1st Partner.....Petro Saudi International

This is gonna be fun as always........I guarantee one......gua Sovereign Risk kat cyberspace beb confirm tak default punya....worst case at the end of this post lu cerah sikit kepala hotak

Mana mau start gua pun garu kepala....

Monday, December 1, 2014

Lapsing into Sterility: The Sorry State of UMNO's PAU and Cerita Kerajaan 3 Segi

How do you feel after a few days of theatrical choreographed orgy of Minion Leaders from the Ruling Party who thinks that they are the ONE AND ONLY outsource partner by the Raja2 Melayu to stand in the front lines of any assault on the Malays, Bumiputra and the Islamic Religion.

Bole belah?

For how many years have we not heard the same message being played over and over again.

Brani kira?

Go all the way back to Tun Mahathir's time...

Then try a little bit of Badawi...

And finally for the main course lap up the recent PAUs under Najib

Anything different?

At least in 2006 we had Mukhriz who dared to go against the norm

Mukhriz dibidas kerana perlekeh ucapan dasar Abdullah
KUALA LUMPUR 16 Nov 2006 -- Beberapa pemimpin UMNO hari ini membidas Datuk Mukhriz Mahathir yang menyifatkan ucapan dasar Presiden UMNO, Datuk Seri Abdullah Ahmad Badawi semalam sebagai tiada mengandungi idea baru. (here)

This time tight grip...ada Solidariti ...jangan main main..

Year in year out we hear about their open admission that the party itself is in need of a serious repair

Be it from their conduct, their lifestyles, how they engage the new electorate, how they carry their perjuangan, new media, cyber this cyber that dan lain lain benda basi...

Don't you think that they need to fix themselves first before wanting to fix the problems for the Malays, the Bumi and the Muslim Ummah?

Anyway UMNO members allow me to share with you something divine.....

Beribu tahun dahulu this Ayat came down... oh sebelum gua lupa kat Malaysia ramai yg sembah Allah, selain dari orang Islam. Check my Allah out.
YOU ARE OBSESSED by greed for more and more (2) until you go down to your graves.1 (3)Nay, in time you will come to understand! (4) And once again:2 Nay, in time you will come to understand! (5) Nay, if you could but understand [it] with an understanding [born] of certainty, (6) you would indeed, most surely, behold the blazing fire [of hell]!3 (7) In the end you will indeed, most surely, behold it with the eye of certainty:4 (8) and on that Day you will most surely be called to account for [what you did with] the boon of life! 

 The term takathur bears the connotation of "greedily striving for an increase", i.e., in benefits, be they tangible or intangible, real or illusory. In the above context it denotes man's obsessive striving for more and more comforts, more material goods, greater power over his fellow-men or over nature, and unceasing technological progress. A passionate pursuit of such endeavours, to the exclusion of everything else, bars man from all spiritual insight and, hence, from the acceptance of any restrictions and inhibitions based on purely moral values - with the result that not only individuals but whole societies gradually lose all inner stability and, thus, all chance of happiness (Muhammad Assad The Message of the Quran Al Takathur (The Piling Up) here)

Krik Krik Krik

Let's go on.

Can I ask you all UMNO people a question?

Don't you realise that Allah has pointed this out giler lama dah.

Yang lu orang duk terhegeh hegeh ni pehal?

Fix that

Are you all fired up to take on the issues affecting our society?

Did you get that from the hambar?

Or from watching it...

Do you feel INSPIRED at all

I didn't watch any of it live.

Prefer to read the text instead. So today gua pun pergi cari la kat Google. Jumpa la a few links including the UMNO Official site (here)

Brader sorry minta maaf gua carik tak jumpa boleh bantu?

Gua pun tweet la benda ni

Sampai sekarang gua tunggu belum jawap.

Cyber itu ini ni benda 24 jam la pakcik.

Yg gua pelik tu pehal tak upload like 5 minutes after the speech.

Susah sangat ke?

Anyway today actually gua nak cakap sikit pasal perception Kerajaan Tiga Segi

PM as the someone who is acting on the Executive power to govern from YDPA, he can technically be in 3 places when he is undertaking the function.

How he does this is beyond my knowledge but what I see is his action.

What we saw in the last few days was this 3segi in action

Take the Sedition Act. It started with a speech for reasons beyond my understanding...a possible Bottom Left Kerajaan 3Segi observation...


Snowballed into NUCC

Remember them folks?

This is what they were supposed to do after being formed

Source here

Instead they focused on Harmony Act apekelancau ntah

Takde sape suruh main petik aja Janji Najib on Sedition Act kat website as part of their justification....

When he realised that they've gone rogue he came forward

KUALA LUMPUR, July 11 — Datuk Seri Najib Razak criticised the Bar Council today for openly discussing the contents of the yet-to-be finalised national harmony Bills, hailed as progressive laws that have met strong resistance from conservative members of the establishment. The prime minister said the disclosure was against the spirit on which the National Unity Consultative Council (NUCC) was founded, adding that the consultation process in drafting the laws were meant to be done “confidentially”. “NUCC is not the right forum and platform to discuss this… it is meant to be done confidentially,” Najib told reporters after chairing the Umno supreme council meeting here. “What the Bar Council is doing is against the purpose of the NUCC. All the discussions and details should be discussed behind closed doors,” he said, but without naming anyone in particular. (here)

Anyway you all remember when I wrote about the need for consent about any amendments of Sedition Act 1948 (here) ?

Allow me to reproduce the key point from that...

 Article 159 (5)
(5) A law making an amendment to Clause (4) of Article 10, any law passed thereunder, the provisions of part iii, Article 38, Clause (4) of Article 63, Article 70, Clause (1) of Article 71, Clause (4) of Article 72, Article 152, or 153 or to this Clause shall not be passed without the consent of the Conference of Rulers.

The Sedition Act changes in the 1969/70 was made under the Clauses of Article 10 (4)

Article 10 Freedom of speech, assembly and association. 
(1) Subject to Clauses (2), (3) and (4)— (a) every citizen has the right to freedom of speech and expression; 
(2) parliament may by law impose— (a) on the rights conferred by paragraph (a) of Clause (1), such restrictions as it deems necessary or expedient in the interest of the security of the Federation or any part thereof, friendly relations with other countries, public order or morality and restrictions designed to protect the privileges of parliament or of any Legislative Assembly or to provide against contempt of court, defamation, or incitement to any offence;
(4) in imposing restrictions in the interest of the security of the Federation or any part thereof or public order under paragraph (a) of Clause (2), parliament may pass law prohibiting the questioning of any matter, right, status, position, privilege, sovereignty or prerogative established or protected by the provisions of part iii, Article 152, 153 or 181 otherwise than in relation to the implementation thereof as may be specified in such law (source Federal Constitution

Bukan YDPA aje beb..... Conference of Rulers

Fantastic situation don't you think.

Now we got a possible observation from the bottom right of the triangle a few days back with the "UTurn announcement" and subsequent clarifications...

I was disappointed

Gua tweet dia....jarang gua buat

Cause if you did that you wouldn't hear this

Source here

Well worry not people the thumbs are up

Source here

All fine and dandy now. Let's chill and watch this unravel further.

“Najib’s announcement will have no effect if the court decided that the Sedition Act is invalid,” Gobind said when met by Astro AWANI.
Lawyer Yusmadi Yusoff, said although the court will soon decided on the validity of the Sedition Act 1948, the decision will not prevent Najib from obtaining a new ‘mandate’ in Parliament, by creating a new version of the Act.
Yusmadi said, if the court decides that the Sedition Act is invalid, Najib may create ‘Sedition Act 2.0’. “We have to remember the court is set to decide only on the Sedition Act 1948. Najib can still create a new version of the Act,” he said.
Prime Minister Datuk Seri Najib Tun Razak announced during his keynote address at the 68th Umno General Assembly on Thursday that the Sedition Act 1948 will be maintained and strengthened. He added the amendments to the Act will be tabled at the upcoming Dewan Rakyat session. Read more here 

Anyway whatever happened to Muhyidin's cadangan?

Isn't that just way too obvious folks?

We heard the term Pengkaderan....

Apa hasil satu tahun?

Now we hear Peremajaan

While Opposition favourite mascot is still out there somewhere...

Well I've heard of how great she is and all...

But what does she represent to the man on the street? How many of that across your whole eco-system?

I can go on but I think you know what I mean rite.

So go fix yourself up UMNO

Inspire the Malays and Bumiputras again.

Drastic moves are required... no doubt... but sometimes you gotto do what you got to do...

As for issues affecting the Malays, Bumiputra and Islam I think it deserves a separate post altogether in a more neutral setting instead of being cluttered with UMNO's noise.

Gnite folks

PS: Mr Prime Minister you need to effectively manage the Public Perception of the Triangle, how critical decisions are being made and announced to the public. Your competitor can't even get their leaders to sit together and endorse a policy. You on the other hand has the institutional knowledge embedded in Barisan, armed with UMNO's core spirit and the Al Quran and Sunnah to guide you. Tak bole la main selamba dog aje terjah policy action camtu. We the Rakyat can see through all that
Minds are like parachutes; they work best when open. -Lord Thomas Dewer