Arul Kanda must quit 1MDB over Bandar M’sia fiasco

Dec 31, ’15 1MDB proudly announced IWH sale agreement
“final milestone in 1MDB rationalisation presented to Cabinet on May 29, 2015”
expected to be completed by June 2016
Arul Kanda boasted “IWH highly attractive development partner..”
value maximisation, acceptable commercial terms and certainty of transaction . .

RM7.41b sale of 60% equity in Bandar M’sia collapsed
IWH’s inability to meet payment terms and schedules
Tony Pua asks if refund of RM741m deposit borne by 1MDB or govt
finance minister said IWH to pay 6% interest on outstanding payments until 2023

(MY comments : Well 1MDB and gomen are both the same – it is taxpayers money. But this is a relevant question. The buyer IWH paid a (10%?) deposit of RM741 million.

If this aborted deal is IWH’s fault, then the deposit of RM741 million is burnt.
Gone up in smoke.
IWH will not get their money back.
Lim Kang Hoo will shit enough bricks to build a new causeway to Singapore.

But if the deal was aborted because of 1MDB’s fault or the MOF’s fault then IWH will be asking for the refund of their 10% deposit (RM741 million).

Will the gomen refund the deposit?
Got mani or not?
What about ganti rugi?
Surely there will be damages, losses, claims and such.
Siapa akan tanggung bayar ganti rugi?

Or are they following the Slumberjack Privatisation Model.
You know where they first sign the contracts and the agreements.
Then they break the contracts and agreements.
Then the lucky concessionaire claims and gets paid ganti rugi or compensation.
Paid by the gomen for breaking the agreement.

For example they signed the agreement for the crooked bridge.
Then they cancelled the crooked bridge.
Then the lucky concessionaire was paid about RM700m compensation.
Without even having to build the crooked bridge. Unbelievable.

Or like the muallaf fellow who got the AES deal.
Then they cancelled or suspended the AES.
(What is happening to the AES now?)
Then they paid the muallaf fellow compensation.

So will 1MDB or whoever subsidiary pay “compensation” to IWH for breaking this Bandar Malaysia S&P Agreement? That can be a lot of shopping money.

With termination MOF now to independently service RM2.4b 1MDB sukuk
for the Bandar M’sia project of which not single sen utilised for development

My comments : This is NOT AN ISSUE. That RM2.4b sukuk was subscribed by all the gomen managed or gomen owned institutions and GLCs. The KWAKS, the Tabungs, the Providend Funds etc. They subscribed for the RM2.4b sukuk, using ALL OUR MONEY.

So even if 1MDB does not pay interest (oops . . . profit sharing, its a sukuk) on the RM2.4 billion hutang NO ONE is going to declare an event of default. The CEOs are not suicidal. The hippo may just sit on them and squash the crap out of their CEOs.)

As an example there is talk that the plantation giant has technically defaulted on one of their loans with Tiger Bank. But Tiger Bank reshceduled the loan “before” the default date happened. Baik sungguh Tiger Bank. I dont think this is legal. I believe Tiger Bank must have got a special black and white ICMA approval from Bank Negara Malaysia to allow the rescheduling. BNM in turn must have got a black and white ICMA approval from MOF. ICMA means “I Cover My Ass”.

Just like the KWAP fellows are keeping absolutely quiet despite SRC NOT BEING able to service or repay that RM4.0 Billion debt. They feel happy (sampai boleh melanc_p) that the RM4 billion is guaranteed by the Malaysian taxpayers. That is beside the point. A default is still a default.

MOF bear burden of payments to Perbadanan Pewira Hartanah Malaysia
wholly-owned subsidiary of (LTAT)
RM2.7b contract to relocate RMAF base
of which nearly RM2 billion still outstanding.

all-important question : who will refund RM741m deposit paid by IWH ?
Will 1MDB refund the deposit
or will finance ministry once again bailout 1MDB
fork out RM741m as a result of the 1MDB real estate fiasco?

My comments :

So has RM700 million already been paid to Perwira Hartanah for the relocation?
Where did this RM700 million come from?
Did it come from that 10% deposit or RM741m paid by IWH?
Where is this money now? What has it been used for?

Who is Perwira Hartanah?
Is it registered in the British Virgin Islands ?
Is the Chief Th_ef involved again?
Where is this RM700 million that was paid to Perwira Hartanah?

Folks, can you smell another rat here?

– http://syedsoutsidethebox.blogspot.co.id