About 1MDB, we must differentiate two things; how much was stolen and (b) how much more has 1MDB got to settle its loans and liabilities?
What PM Najib said the other day was not true. He is lying again. He told the press that 1MDB is debt free. It is debt free up to RM10 billion. 1MDB has much more debt and liabilities. It has to pay back in total around RM95,000 million. If it has paid only RM10, 000 million, it still has to pay a balance of RM85, 000 million.
People can steal from whatever funds that came in. The funds that came into 1MDB system were from 2 sources; (a) the bond revenue raised domestically and all the other loans and credit facilities from Malaysia and (b) the money raised from bond issues outside Malaysia. Most notably from the funds raised by Goldman Sachs.
What 1MDB must pay back include the money stolen and money borrowed.
- So from the USD6500 million raised by Goldman, how much did Robin Hood Najib and his merry men- Little John Jho Low( 2nd in command), the others including the female protagonist Maid Marian Jasmine Loo stole? This is a gender friendly team. Little John Jho Low had some female assistants too. Why has none of these people brought before the court?
- How much was stolen from the RM5 billion raised by way of Islamic Medium term Notes?
- How much was stolen from the RM4 billion loan given to SRC and has been never been accounted for/ The 2 protagonists Nik Faisal Arif Kamil and Dato Subuh must be assumed to be Najib’s macais.
- How much was stolen from some RM23 billion raised domestically through loans, credit facilities, second or 3rd round of Islamic medium term notes?
- And to this list, one must add another RM4 billion raised through derivatives- not accounted for again.
Only a team or even a platoon of forensic accounting teams can unravel the mystery and they must report to an independent select committee of a commission appointed by the Agong,
None of these bloody thieves must get away.
RM58,000 million raised from these sources constitute money that came into 1MDB system. If we assume that 50% got stolen, then the stolen amount is around RM29, 000 million.
Table 1: source of funds that can be stolen from.
To the question as to how much must 1MDB finally pay out will include (a) the stolen portion( RM29,000 million), (b) the interest owed for the amount raised and borrowed over 3 years (c) the amount they paid Goldman Sachs. It must pay back the amount raised by Goldman Sachs, IMTNs, other loans, credit facilities and so forth
Now there is also the guarantee by IPIC on the USD6500 million bond issue by Goldman Sachs. The bond raised must be paid eventually.
If IPIC sues for USD6500 million and wins, 1MDB must also pay this amount. If 1MDB pays this guarantee because 1MDB reneged on several agreements, it still has to pay the USD6500million bond amount.
It will pay USD6500 million twice. IPIC must have given its guarantee after getting promisesworth RM6500 million. Having reneged, 1MDB must pay this value too.
Let us say the total amount – debt and liabilities is RM95,000 million as Donplaypuks calculated. Najib has gone to the Press saying, he has settled some RM10 billion of debts of 1MDB.
1MDB has to settle RM95 billion. If it has paid RM10 billion, it still has to pay RM85 billion.
So watch out, Najb will be selling the country’s assets and will come out with more infrastructure projects at inflated prices. All the costs will now be inflated to give enough fat for Najib to skim.
The 1MDB scandal and the men of God.
The pillage and rape on 1MDB is a bigger issue than Hj Hadi’s private member’s bill. I think Hj Hadi’s motion will end up a dud. The responsibility to amend any act lies with the government of the day. It could have been done quite easily though standing order 48.
Since news about 1MDB came out, no PAS MP has seriously talked about the issue. It safe to think they are ignorant about the issue. Perhaps they think theft, embezzlement are not serious matters.
The problem is this. Even if they regard these things as temporal or secular issues, they still cannot insulate themselves from the root of the matter- the moral character of the country’s leader.
The leader is a serial liar. When news about a certain amount of money was deposited in his personal account, Najib denied it. Or to be exact, he lied about it.
He told the nation, it would be stupid of him to receive money into his own account. Other leaders stated the same thing. It would be stupid for someone, let alone the PM to accept money into his own account. In the end we now know the PM is stupid. Some people even called him a super moron.
Najib lied about the money being a donation from a dead Arab king or prince or whatever. When he owned up, he said, he did indeed receive the money but quickly added, he did not use it for himself. That is not relevant anymore. The fact is , he received money into his account. Now, we know, it is money stolen.
He used money he stole before 2013, to buy election votes. If he has shared the loot with selected division heads, it means that UMNO divisional leaders too received stolen money. If they have used the money to pay election workers and even pay voters, then UMNO bribed itself to victory.
He also said the money was given by the Arabs for him to fight Islamic extremists like ISIS. The problem is, in 2009, ISIS did not exist yet.
Then he said actually the money was given to UMNO to fight DAP. Because the DAP is an agent of the Jews and Israel. It is anti Malay and anti Islam. The money was also used to keep the faith of the majority of Muslims on the pure tenets of Islam.
The report by the PAC revealed that only Najib as Prime Minister by the provision of article 117 of 1MDB’s company charter can approve any movement of money from 1MDB. He approved the remittance of USD700 million into an account owned by Jho Low. Which means he approved the theft of USD 700 million to an account which does not belonged to the jv company between Petrosaudi and 1MDB.
Others helped him steal the money. Or it was him who ordered these underlings. First there was Casey Tang who insisted and lied the Petrosaudi was a company owned by the Saudi government. It never was.
He did that so as to induce the remitting bank to send the money quickly. Casey Tang lied about the identity of the company; he did not have the authority to declare the dealings between petrosaudi and 1MDB were government to government matters or G to G.
USD 700 million was stolen from 1MDB which can only be approved by Najib. Later, another USD330 million was again deposited into Jho Low’s account at Good star Ltd. GoodStar is actually a fence for Najib and his band of thieves.
None of the people of God spoke about this theft. Haji Hadi even went to say, unless the theft was witnessed by 4 upright people( men only), we cannot say Najib and his gang- Najib, Jho Low, Shahrol Helmi, Ismee and the board of directors at 1MDB, committed theft and embezzlement.
Instead, the men of God was interested only on Haji Hadi’s private members bill. It is just still a proposal or motion to change Act 355. We have not even debated on the Act. We are disputing Haji Hadi’s private member’s bill.
Just look at what happened along the process. Some men of God called other people kafir harbi. Kafir harbi can be killed off as they are considered open enemies of Islam. The Muslims who do not support Haji Hadi’s bill are also called denigrating names. Some are called anti Islam, apostates, disbelievers. PAS supporters and religious teachers say, when these people die, they cannot be buried in Muslim burial grounds.
I hope the good people of Malaysia can call a spade a spade. These are calls by hate groups and religious supremacists to incite hatred and fratricidal conflict and even war.
The cowardly government of Najib does nothing to stop the voices of hate groups and supremacist. Najib allowed these hate voices to rear their ugly heads because they serve his personal political interest.
That is the attitude of some men of God. They are more interested in defending Islamic supremacy rather than crusading against the biggest heist of the century.
We must never forget 1MDB. It it Najib’s theft machine.
Table 2: who stole the money and where did the money go to.
|The thieves||The amount stolen from bonds raised by Godman Sachs= USD 6.5 billion( USD million)||The amount stolen from the IMTN
|from KWAP= RM4 billion
|Total in RM
|Jho low dan rakan2||2,249||2,310|
|Qubaisy , Husseini||473|
|Pak arab prince turky||4.0|
|Casey tang, jasmine loo||5|
*Goldman Sachs charged exorbitant fees. Let us say they ought to charge only 5% on the USD6500 million. They charged USD593 million. 5% is only USD325 million. They overcharged by US268 million. USD 268 million I consider extortion money.