Thursday, March 30, 2017

1MDB MONEY

blogtunm.blogspot.com Tun M 
1. I welcome Najib’s statement that 1MDB has cleared all its bank debts and short term debts.

2. Since 1MDB is not doing any business, the payment cannot be from profits. It must be from the RM10.97 billion sale of Edra Global Energy Bhd’s asset, Syarikat Bandar Malaysia Sdn Bhd (Sungai Besi Airport) equity and the Tun Razak Exchange Land.

3. The payments listed adds up to RM3.9 billion. So 1MDB is left with RM7.07 billion.

4. But the total debt incurred by 1MDB is RM50 billion as of January 2016.

5. Bank Negara has instructed 1MDB to bring back all the money that was invested not according to the approval given by the bank upon presentation made by 1MDB.

6. 1MDB issued a statement on 28th April 2016 that it respects authority and decision of BNM.

7. On May 25, 2016 1MDB announced that it has made full payment of a fine imposed by BNM.

8. No mention is made of the amount of the fine.

9. No mention is also made about bringing back all the money that had been “invested” abroad.

10. It would be interesting to know whether 1MDB has other assets to sell to pay the balance of the RM50 billion debts amounting to RM40 billion. If there are no more assets, how does 1MDB propose to raise this RM40 billion.

11. What is the rate of interest on this balance? Unless the interest is paid the RM40 billion would increase considerably. Is 1MDB paying the interest, if not on the principal.

12. If there are no more assets, where is the RM40 billion. It is a large sum of money. It must be somewhere. Has the money been invested. If so in what. Or has it been frozen. If so who has frozen the money and why. Is 1MDB entitled to claim the frozen money? Has 1MDB brought back all the unfrozen money invested not in accordance with the approval of BNM as required. If not where is the money.

13. The statement by Najib in answer to Er Teck Hwa (DAP – Bakri) raises more questions than answers.

14. Perhaps the Prime Minister can explain. It is the people’s money. They are entitled to know as in the end they will have to pay, one way or another.
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