1. 1MDB’S accounts for the years ended 31st March 2015 and 2016 have yet to be prepared and audited. The MoF has not commented on having the 2013 and 2014 accounts re-audited. No action has been taken by CCM (Companies Commission of Malaysia) to fine 1MDB or its top officers for the pathetic failure to comply with the law!
2. Of the funds raised in the US, RM15 billion disappeared into Najib, Jho Low and their cronies pockets! More is missing too from funds raised in Malaysia! CLICK HERE.
Based on 1MDB’s 31st March 2014 Detoilette audited accounts, it had a total of RM46 billion in borrowings and creditors. (Detoilette because auditors Deloitte announced in 2016 that their 2013 AND 2014 audited accounts could not be relied upon, and then resigned! The details are as follows:
Bank Loans, Bonds, Sukuk, overdraft etc. – RM42billion
Derivative Debt, Trade and Other Creditors – RM4 billion.
Yesterday, Najib “cleverly” announced that about RM10 billion of 1MDB’s short tem debts had been repaid. He deliberately failed to say how much more was outstanding. Or, how these were going to be repaid, given it had sold its IPPs and Bandar Malaysia land. He also did not produce an unaudited 1MDB balance sheet to show us its current financial position.
Also, part of the RM10 billion was used to pay debts incurred by 1MDB AFTER 2014 e.g. RM950 million MoF standby credit!
Since 2014, 1MDB has had to service interest on its $42 billion borrowings at an average of say, about 5% per year. It had also defaulted on some loan interest as well as capital repayments. Tycoon Ananada Krishnan was instrumental in re-financing some RM4 billion of 1MDB’s loans in 2015!
More than that, the US$ has ballooned to about 4.40 against the ringgit, adding some RM10 billion to 1MDB’s debts, due to exchange rate losses.
Another headache is the US$6.5 billion that IPIC of Abu Dhabi has sued 1MDB for interest and loan repayment guarantees. This is the subject of an arbitration case being heard in London.
Based on the above table, 1MDB had about RM95 billion in debts, which after yesterdays announcement, is reduced to RM85 billion.
So, over to Najib:
1. How is this RM85 billion going to be repaid?
2. Which are the projects Najib is going to inflate to illegally cover-up 1MDB’s losses? ECRL? Pan Borneo Expressway? KL-Singapore HSL? Rapid JB?
3. Who should go to jail for it all? Surely, Najib first?
4. Why has the IGP/AG failed after 1 year to charge ex-1MDB CEO Sharol Halimi for fraud, theft etc., despite a PAC report demanding it? What about Ismee, Chairman Lodin Wok, Arul Kanda, Mof Chief Secretary Dr. Irwan Serigar Abdullah and Chief Secretary to the Government Dr.Ali Hamsa?
Bamboo River Resort is soon going to be very, very over-crowded!