Tuesday, June 16, 2015

#1MDB: Arul dedahkan Tun M berbohong lagi

Satu demi satu dakwaan Tun M dibuktikan tidak berasas, palsu dan pembohongan

Media statement issued by 1Malaysia Development Berhad on 16 June 2015

For immediate publication

Facts in relation to blog posting entitled “More Investments by 1MDB” by Tun Dr. Mahathir Mohamad

1.                  Tun Mahathir claims that “PetroSaudi did not pay a single cent” in a joint venture with 1MDB.

·        PetroSaudi, via a subsidiary company, owned assets, comprising rights to oil fields in Turkmenistan and Argentina, worth approximately USD2.7 billion. These assets were sold by PetroSaudi to another subsidiary, “JV Co”, which at the time of the asset sale, was a company formed by and initially 100% owned by PetroSaudi for the purposes of a proposed joint venture with 1MDB.

·        In return for the USD2.7 billion asset transfer, JV Co had to pay PetroSaudi USD700 million. This indebtedness resulted from the asset transfer. Accordingly, there was no loan made or “to settle”.

·        On 29 September 2009, 1MDB executed a joint-venture agreement with PetroSaudi. Upon completion of an independent valuation, 1MDB contributed USD1 billion of cash in return for 40% ownership of JV Co, and PetroSaudi was left with a 60% stake in the JV Co. In effect; 1MDB’s contribution was in cash, whereas PetroSaudi’s contribution was in independently valued assets worth USD2.7 billion.

·        It was part of the joint-venture agreement that, of the USD1 billion from 1MDB, USD700 million would be used to pay PetroSaudi for the initial asset transfer to JV Co (see above) whereas USD300 million would remain in JV Co. Upon satisfaction with the independent valuation, as per the joint-venture agreement, 1MDB made a payment of USD700 million to a subsidiary of PetroSaudi, and obtained legal title to 40% share of JV Co, a company with independently valued assets worth USD2.7 billion at the time.

        Accordingly, PetroSaudi had full rights to the USD 700 million paid by 1MDB and these funds were for PetroSaudi to use, at its discretion.

2.                  Tun Mahathir claims:  “suddenly, USD 300 million of the payment by 1MDB is converted to a Murabaha loan”. He further claimed “We really don’t know where it is”.

·        The joint venture with PetroSaudi was terminated in March 2010, with PetroSaudi assuming 100% ownership of JV Co. 1MDB converted its USD1 billion of equity in JV Co to murabaha notes issued by JV Co, under the terms of a Murabaha Financing Agreement. PetroSaudi, as 100% owner of JV Co, fully guaranteed JV Co’s obligations under the murabaha notes.

·        1MDB then made further investments of USD500 million and USD330 million in additional murabaha notes issued by JV Co.

·        In total, 1MDB invested USD1.83 billion cash in murabaha notes issued by JV Co, a company that, by then, was 100% owned by PetroSaudi following the termination of the joint venture in March 2010.

·        In June 2012, the entire USD1.83 billion amount invested by 1MDB in murabaha notes was repaid, by way of conversion into shares of Petrosaudi Oil Services Limited, for a value of USD2.22 billion.

·        In September 2012, 1MDB sold its shares in PetroSaudi Oil Services Limited for USD2.318 billion and received fund units in a Cayman registered fund. The Cayman registered fund is managed by Bridge Partners, a Hong Kong-based fund manager. These fund units were owned by 1MDB via its 100% subsidiary, Brazen Sky, and held through BSI Bank Singapore as custodian.

·        Accordingly, 1MDB invested a total of USD1.83 billion with PetroSaudi (initially as equity, then as murabaha notes), and ultimately owned USD2.318 billion of fund units i.e. a gain over time of USD488 million.

·        The facts detailed above can be verified by reference to the notes to the audited financial statements of 1MDB dated 31.03.2010, 31.03.2012 and 31.03.2014.

3. Tun Mahathir has stated: “Arul Kanda said he saw the cash there and Prime Minister said the money was there. It was not brought back because Bank Negara would ask too many questions. But Bank Negara must get the approval of the Minister according to the law for approving or disapproving any transaction. And the Minister is the effective head of 1MDB. So what is so difficult about getting Bank Negara’s approval?”


·        Despite Tun Mahathir’s vigorous claims, it is a fact that Arul Kanda never said he “saw the cash”. He is on the record as saying he had “seen the statements”, referring to the fund unit ownership and redemptions.

·        Tun Mahathir repeats in his blog posting the original MOF answer to Parliament, but has chosen to ignore the amended answer by MOF and the clarification issued by Arul Kanda on 10 June 2015.

·        There was indeed a misunderstanding on information provided by 1MDB to MOF, which required the original Parliamentary answer to be subsequently amended. This is a matter of public record and has been acknowledged by 1MDB.

·        As the President of the company, Arul Kanda takes full responsibility for this misunderstanding and will ensure better communication with all stakeholders. Furthermore, as clarified by the MOF, appropriate steps have already been implemented to prevent this happening again in the future.

·        We must accordingly question why must Tun Mahathir keep repeating his earlier statement, when clarification has been provided and responsibility has been accepted.

·        As for Tun Mahathir’s reference to Bank Negara Malaysia, it is a fact that Bank Negara Malaysia is presently conducting an investigation on 1MDB. It is only appropriate to await the outcome of this investigation instead of casting doubt and sharing half-truths in the public domain.


4.                  Tun Mahathir claims: “1MDB and the Prime Minister have not shown proof of the existence of the money from Cayman Islands. Is it in Singapore or has USD1 billion dollars disappeared?”

·        From the answer to question (2) above, it should be clear that from September 2012, 1MDB owned, via its subsidiary Brazen Sky, fund units in a Cayman Registered Fund, with a valuation of USD2.318 billion as of31.03.2015. These fund units were held through BSI Bank Singapore, as custodian. This has been the case since 2012.

·        The existence of USD2.318 billion in fund units has never been questioned, and this value was included in the audited financial statements dated31.03.2014, which must provide a true and fair value of the assets of the company.

·        In fact, the first tranche of USD1.22 billion fund units was redeemed in cash in 2014 and the cash proceeds were used to pay for termination of options relating to the energy business, granted to Aabar, working capital and interest payments - as outlined in the company’s publicly available financial accounts.

·        As for the remaining USD1.1 billion of fund units, these have also been redeemed, as previously announced by 1MDB. All “documentary proof” on this redemption will be provided to auditors of 1MDB and the lawful authorities.

·        Despite repeated public clarifications, Tun Mahathir chooses to ask the same question again and again. One must question the motive behind why he keeps saying that the “USD1billion is missing” when it is obvious that the funds have been accounted for and audited.

·        Furthermore, Tun Mahathir has been quoted on the record as stating “RM42 billion is missing”. He now states that “USD1 billion is missing”. This continuous change in figures is perplexing, and raises questions as to the motivation behind these ever-changing claims.

5. Tun Mahathir claims: “Statements without documentary proof are, as we have seen, quite useless. We need proof of all the investments and payments made by the 1MDB. But no proof has been shown accept (sic) for the acquisition of the power plants and purchase of Government land in Kuala Lumpur and private land in Penang. Until signed documentary proofs and not just statements by the Chief Executive Officer or Prime Minister, are shown, we have to assume that the money borrowed by 1MDB has disappeared.”

·        “Documentary proof” for all the assets of 1MDB, including the fund units and other financial assets of 1MDB, has been presented to the auditors of 1MDB. It is based on this that 1MDB’s accounts have been signed off by the auditors, without qualification.

·        In addition, “documentary proof” has now been presented to the Auditor-General and Bank Negara Malaysia, the lawful authorities, who we would expect to carefully scrutinise these documents.

·        We are fortunate in Malaysia to have rule of law which states a party is “innocent until proven guilty”. Due process requires that the lawful authorities first undertake investigations, establish the facts and take action accordingly.

The Prime Minister has already said, on numerous occasions, that if any wrongdoing is proven, action will be taken. 1MDB fully supports this position and is accordingly cooperating fully with the lawful authorities in their ongoing investigations.

About 1MDB

1MDB is a strategic development company wholly-owned by the Government of Malaysia. 1MDB drives market-driven initiatives to help transform Malaysia into a thriving economy – one that is highly competitive, inclusive and sustainable. 1MDB forges international partnerships through joint ventures focused on high-impact projects.

9 comments:

muhamad Danial said...

Dari tunai ke aset dari aset ke unit siapa kuat bohong? Arul dengan yakinnya telah melihat penyata akaun dalam dolar lagi tu hahahaha Blongang bohong boss pun pembohong.

omong said...

Kenapa 1MDB bodoh sangat? Kenapa tak simpan je
kat fixed deposit account in malaysia or countries with high FD rates and earn (more) interests over the years (2009 to 2015)? Plus less risks.
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Kenapa 1MDB bodoh sangat tak redeem je semua investments tu untuk bayar hutang? Kenapa menyusahkan kerajaan kena buat restructuring untuk bayar hutang?
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Kenapa 1MDB bodoh sangat buat jv dengan JV co yg hasilnya takde? Paper reshuffling je yang kita nampak. (Even the purported profit of usd400++ million is not cash, but some paper stuff (shares)).
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Kenapa 1MDB bodoh sangat pergi bagi option kat Aabar, & lepas tu terminate pula option tu dan kena bayar Aabar hampir 1 billion USD ?

omong said...

Kenapa 1MDB bodoh sangat? Kenapa tak simpan je
kat fixed deposit account in malaysia or countries with high FD rates and earn (more) interests over the years (2009 to 2015)? Plus less risks.
.
.
.

Kenapa 1MDB bodoh sangat tak redeem je semua investments tu untuk bayar hutang? Kenapa menyusahkan kerajaan kena buat restructuring untuk bayar hutang?
.
.
.

Kenapa 1MDB bodoh sangat buat jv dengan JV co yg hasilnya takde? Paper reshuffling je yang kita nampak. (Even the purported profit of usd400++ million is not cash, but some paper stuff (shares)).
.
.
.

Kenapa 1MDB bodoh sangat pergi bagi option kat Aabar, & lepas tu terminate pula option tu dan kena bayar Aabar hampir 1 billion USD ?

Tun Faisal Ismail bin Aziz said...

Fix deposit? Nampak sangat tak tahu pasal kewangan :) Bila u tulis mcm tu, bg yang tahu, terus tau u yang bodoh sebenarnya :)

omong said...

1. Recall that 1MDB injected USD 1 billion into the JV co. where it has a 40% stake . Out of that amount, suddenly USD700 mio was given out to petrosaudi for some funny deal.
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POINT 1 : Petrosaudi got USD700mio & free to do whatever it wants with the cash.
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POINT 2 : 1MDB meanwhile got a 40% stake in a company with useless assets (generating returns ada ke?) .
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POINT 3 : No share of returns were recorded from that jv to 1MDB as its equity share was then converted into a loan. (Further loans were given out. And after one year, the jv was terminated).
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Apa yang 1MDB dapat from the jv after the jv was terminated after one year ?
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POINT 4 : Remember that USD1.83 was given to the jv co. & petrosaudi. They can invest and make money (from 2009 to 2015).
.
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But apa yang 1MDB dapat? I.O.U paper?
.
.
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Suddenly 1MDB's 40% in the jv was sold. In return, 1MDB got shares in another useless company.
.
.
.

POINT 5 : Remember that USD1.83 bio was with jv co. & petrosaudi. If jv co. invested and made money, suddenly 1MDB has NO share in it as its equity (later loan) in jv co was swapped into shares in another useless company after the jv got terminated.
.
.
.

So apa yang 1MDB dapat?
.
.
.

Then the shares into the useless company were then swapped into "units" of a cayman fund.
.
.
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But hey, it didn't end there.
.
.
.

Almost half of the units were then redeemed to pay off an option to Aabar which 1MDB stupidly created in the first place and then wanting to terminate.
.
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.

Apa yang 1MDB dapat from its jv with jv co. then ?
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.
.

Remember that USD1.83 bio was given out in 2009/2010 to jv co and petrosaudi for them to invest and make money. And 1MDB has no share in that.
.
.
.

Even the USD488 mio profit purportedly made from the jv has NOTHING to do with the initial capital injected, but merely paper shuffling (of shares in companies ), and later converted into units of unknown value in the cayman fund.
.
.
.

Petrosaudi and jv co must have made a lot of money from 2009 to 2015 from the initial capital and loans given out by 1MDB, but apa yang 1MDB dapat?
.
.
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"Units" with questionable value?
.
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.

If that is not utter stupidity by 1MDB, then please tell me what is it?

omong said...

1. Recall that 1MDB injected USD 1 billion into the JV co. where it has a 40% stake . Out of that amount, suddenly USD700 mio was given out to petrosaudi for some funny deal.
.
.
.

POINT 1 : Petrosaudi got USD700mio & free to do whatever it wants with the cash.
.
.
.

POINT 2 : 1MDB meanwhile got a 40% stake in a company with useless assets (generating returns ada ke?) .
.
.
.

POINT 3 : No share of returns were recorded from that jv to 1MDB as its equity share was then converted into a loan. (Further loans were given out. And after one year, the jv was terminated).
.
.

Apa yang 1MDB dapat from the jv after the jv was terminated after one year ?
.
.
.

POINT 4 : Remember that USD1.83 was given to the jv co. & petrosaudi. They can invest and make money (from 2009 to 2015).
.
.
.

But apa yang 1MDB dapat? I.O.U paper?
.
.
.

Suddenly 1MDB's 40% in the jv was sold. In return, 1MDB got shares in another useless company.
.
.
.

POINT 5 : Remember that USD1.83 bio was with jv co. & petrosaudi. If jv co. invested and made money, suddenly 1MDB has NO share in it as its equity (later loan) in jv co was swapped into shares in another useless company after the jv got terminated.
.
.
.

So apa yang 1MDB dapat?
.
.
.

Then the shares into the useless company were then swapped into "units" of a cayman fund.
.
.
.

But hey, it didn't end there.
.
.
.

Almost half of the units were then redeemed to pay off an option to Aabar which 1MDB stupidly created in the first place and then wanting to terminate.
.
.
.

Apa yang 1MDB dapat from its jv with jv co. then ?
.
.
.

Remember that USD1.83 bio was given out in 2009/2010 to jv co and petrosaudi for them to invest and make money. And 1MDB has no share in that.
.
.
.

Even the USD488 mio profit purportedly made from the jv has NOTHING to do with the initial capital injected, but merely paper shuffling (of shares in companies ), and later converted into units of unknown value in the cayman fund.
.
.
.

Petrosaudi and jv co must have made a lot of money from 2009 to 2015 from the initial capital and loans given out by 1MDB, but apa yang 1MDB dapat?
.
.
.

"Units" with questionable value?
.
.
.

If that is not utter stupidity by 1MDB, then please tell me what is it?

omong said...

Ye ke tak tahu pasal kewangan? Hihi..whatever

Takkan jawab point 1 je kot? Tak nak jawab point lain? Pelik kan..

omong said...

Ye ke tak tahu pasal kewangan? Hihi..whatever

Takkan jawab point 1 je kot? Tak nak jawab point lain? Pelik kan..

IBU PUSPITA said...

Saya ingin berbagi cerita kepada anda bahwa saya ini IBU PUSPITA seorang TKI dari malaysia dan secara tidak sengaja saya buka internet dan saya melihat komentar ibu hayati yg dari honkong tentan MBAH KABOIREN yg telah membantu dia menjadi sukses dan akhirnya juga saya mencoba menghubungi beliau dan alhamdulillah beliau mau membantu saya untuk memberikan nomor toto 6D dan alhamdulillah itu betul-betul terbukti tembus,kini saya sangat berterimakasih banyak kepada MBAH KABOIRENG dan jika anda ingin seperti saya silahkan hubungi MBAH KABOIRENG di 085-260-482-111,saya juga tidak lupa mengucap syukur kepada ALLAH karna melalui MBAH KABOIRENG saya juga sudah bisa sesukses ini dan jangan mudah percaya kepada MBAH yg lain selain MBAH KABOIRENG karna saya juga pernah mengalami yg namanya dibohongin sama para normal yg lain,ini bukan rekayasa dari saya melainkan ini kisah nyata dari seorang TKI,jangan ada percaya klau ada yg memakai pesan ini klau bukan atas nama saya krna itu cuma bohan dan ini resmi saya yg menulis.Untuk yg punya rum erimakasih atas tumpangannya. KLIK _ GHOB _ 2D 3D _ 4D _ 6D _ DISINI












Saya ingin berbagi cerita kepada anda bahwa saya ini IBU PUSPITA seorang TKI dari malaysia dan secara tidak sengaja saya buka internet dan saya melihat komentar ibu hayati yg dari honkong tentan MBAH KABOIREN yg telah membantu dia menjadi sukses dan akhirnya juga saya mencoba menghubungi beliau dan alhamdulillah beliau mau membantu saya untuk memberikan nomor toto 6D dan alhamdulillah itu betul-betul terbukti tembus,kini saya sangat berterimakasih banyak kepada MBAH KABOIRENG dan jika anda ingin seperti saya silahkan hubungi MBAH KABOIRENG di 085-260-482-111,saya juga tidak lupa mengucap syukur kepada ALLAH karna melalui MBAH KABOIRENG saya juga sudah bisa sesukses ini dan jangan mudah percaya kepada MBAH yg lain selain MBAH KABOIRENG karna saya juga pernah mengalami yg namanya dibohongin sama para normal yg lain,ini bukan rekayasa dari saya melainkan ini kisah nyata dari seorang TKI,janan ada percaya klau ada yg memakai pesan ini klau bukan atas nama saya krna itu cuma bohon dan ini resmi saya yg menulis.Untuk yg punya rum erimakasih atas tumpangannya. KLIK _ GHOB _ 2D 3D _ 4D _ 6D _ DISINI

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