Land going back to the gov’t means we must cough up the money to make up the difference.
Clever Voter:No one knows why the deal fell through. But one doesn’t need to be an expert to explain why. It boils down to risk appetite of Chinese consortium.
Foreign exchange control could be one reason too. The risks are combination of both political and economic, although to a lesser extent social. This is a business deal but a very expensive one.
The political position of one man, PM Najib Abdul Razak, and with an impending general election signing the deal will require big risk appetite and the guts to go along with it.
If the deal has gone through, it is questionable whether this will benefit the society. After all, there are already a few white elephants around.
Voice: Earlier intention in selling of this Bandar Malaysia land is to pare down 1MDB humongous loan and debt obligation.
The selling of the land is now not taking place. So, how will 1MDBmeet their earlier loan and debt obligation, what is the effect and implication of this disposal failure on its commitment, if any, and what are the total debt now as of todate, bearing in mind the interest and the decrease in our currency value compared with many major currencies in the world?
Hardboiled:This is good news and bad news. 1MDB fails to settle their bad debt and they now have to service the costs of having Bandar Malaysia land.
In addition, in this climate and with the coming elections, a serious master developer will bide its time. Now 1MDB looks even worse off than before. The only possible good news from this is that it’s now back in Malaysian hands.
Ipohcrite:I remember shortly after the 1MDB debacle broke out, there were so many fawning personalities who bravely thumped their chests and raised their voices, saying that Bandar Malaysia was such a prized and prime piece of property that there was no shortage of takers queueing up to buy it from 1MDB.
I wonder where all those brave and mighty souls have gone to – not a squeak from them. Hmmm, maybe it was indeed a really prized piece of property as after all that, the government has decided to retain it for land price appreciation, whilst letting its debt balloon out of control.
Wira: The government sold the Sungai Besi airport land cheaply to 1MDB and now have to assume the ownership of those land many times its original value.
1MDB is supposed to make a lot of seed money for the people from the land but where are those megabucks now?
Malaysian Official 1 (MO1) cannot even show us conclusively where the money which were deposited to his personal account had gone to. Land going back to the government means the rakyat must cough up the money to make up the difference.
Anonymous #40538199:All those involved in recommending and approving the deal should be suspended from their positions.Investigation should be launched to ascertain their capability and integrity in holding their positions.
Maybe the Malaysian Anti-Corruption Commission (MACC) should raid the homes and bank accounts of these people to ascertain whether they are living beyond their official income.
Pemerhati:Bandar Malaysia project is a long-term project which requires huge investment. Any smart investor will look at various factors such as the rate of return, long-term risk factors that might affect the rate of return or even threaten the investment, etc.
Over the long term, Malaysia would appear to be a risky place to invest. This is because the Umno-led government has proven to the world through the 1MDB scam that it is a kleptocracy and its allegedly crooked leaders will try to remain in power to escape certain imprisonment by possibly massively rigging elections or by the illegal use of force.
The continued alleged theft and declining oil revenues will bring great economic hardship to the people, 60 percent of whom have been indoctrinated with the dangerous Wahhabi Islam which is the same as the Islamic State (IS) ideology.
When this happens many of the indoctrinated Muslims can easily become IS fighters and cause mayhem similar to the one seen in Syria and Iraq. All investments in the country will then be seriously jeopardised.
Sans Prejudice:To be fair, the 1MDB vessel was already springing leaks in its hull when 1MDB chief Arul Kanda was enlisted to save it from sinking.
Like a spider, he was spinning webs of half-truths trying to mend the gaping holes. Obviously, the spins didn’t work, much to the disappointment to his employees.
So, it comes as no surprise that he was kept out of the loop in the decision to terminate the Bandar Malaysia deal as an ominous sign that his days in 1MDB are numbered.
He has apparently run out of fairy tales to keep the hulk afloat and like an old rubber tree that has stopped producing latex, what do you do with it? Chop it down, of course, and save on fertilisers.
Anonymous S303:Isn’t 1MDB owned by the same “person” – that is, the Ministry of Finance (MOF)?
It is funny that the ultimate shareholder decides to retain him in one company and takes him away from another? Did the consortium pay any money, and if they did, did the money also disappear?
Anonymous 29051438068738: Arul as a professional manager is indeed an exemplar to all – someone who every business school ought to hold up as the ideal.
Moreover, he could not get anyone resembling an auditor to verify the books. And finally, as a professional manager, he refrained from debating a parliamentarian who accused him of being less than honest.