1MDB Di Mana Wangnya - 5 Pembohongan Husni !
Thursday, June 4, 20150 comments
Semalam saya ada mengulas sedikit mengenai kenyataan Arul mengenai apa yang dibelanjakan dengan hutang RM42 billion. ( KLiK )
Jika dicampur kesemua nilai yang dihitam gariskan, ianya berjumlah - RM26.8 billion
Memang itulah baki yang dipersoalkan oleh rakyat malangnya penjelasan Arul tentang baki itu tidak lengkap. Malah ia hanya menambahkan lagi persoalan dari rakyat !
Seorang rakan telah membuat grafik bagi memudahkan kefahaman.
Hari ini on the road, jadi tak berkesempatan nak menulis. Jadi saya sekadar membuat sedikit terjemahan satu lagi artikel menarik dari JMD yang telah membuat analisa kenyataan dari Husni Hanadzlah melalui RTM1 1MDB: Dimana wangnya ?
Menarik kerana JMD dengan yakin telah menyatakan bahawa semalam Husni telah MENIPU atau bahasa yang lebih sopan, telah memberi 5 fakta yang tidak benar lagi mengelirukan rakyat mengenai 1MDB !
1 - Bila di asak oleh host rancangan mengenai pendedahan Sarawak Report bahawa syarikat Jho Low menerima USD700 juta, Husni mendakwa Petro Saudi telah membuat laporan polis mengatakan apa yang ditulis oleh SR itu adalah palsu.
Itu adalah satu penipuan.
Petro Saudi ada membuat Polis repot tapi bukan kerana mendakwa SR menfitnah tapi repot kerana emel mereka telah di ceroboh ( hacked ), secara tak langsung memberi gambaran emel yang didedahkan itu adalah benar.
Jika apa yang didedahkan oleh SR selama ini adalah palsu, kenapa pihak 1MDB sendiri tidak menyaman SR ?
2 - Bila ditanya kenapa 1MDB menukar auditor, Husni menjawab 1MDB memilih Deloitte kerana syarikat audit harus ditukar selepas 3 tahun menggunakan khidmat KPMG.
Ini tidak benar.
KPMG ditukar kepada Deloitte di pertengahan tugas mereka mengaudit akaun tahun 2013 1MDB. Pihak KPMG sendiri agak keberatan untuk menjawab kenapa mereka diberhentikan.
Husni terpaksa menipu untuk memberi kenyakinan kepada umum bahawa akaun 1MDB tidak punya masalah.
3 - Husni menyatakan kerana projek 1MDB bersama Petro Saudi lah maka Prasarana berjaya mendapat kontrek sistem Metro di Mekah pada Mei 2015.
Ini tidak benar.
Prasarana berjaya dalam bidaan itu tanpa sebarang kelibat 1MDB atau Petro Saudi. Malahan, kenyataan Husni telah memperlekehkan segala usaha Prasarana selama beberapa bulan ini.
Kerjasama 1MDB - Petro Saudi berakhir tahun 2012, beberapa tahun sebelum Prasarana membuat bidaan projek Metro itu.
Dibawah adalah twit dari bekas CEO Prasarana yang turut menafikan pembabitan Petro Saudi.
4 - Husni kerap mengulangi bahawa dana dari kerjasama dengan rakan Arab telah memberi keuntungan dan pelaburan semua kita bawa balik. Kenyataan sama turut disuarakan oleh Najib dan Arul sebelum ini.
Ini tidak benar.
Kenyataannya dana pelaburan itu tidak pernah pulang walau satu sen pun. Seperti kata Husni dalam rancangan sama, kesemuanya telah digunakan bagi tujuan membayar hutang.
Rakyat tidak mendapat apa pun hasil pelaburan itu. Hanya pihak bank dan pemberi pinjam saja yang untung. Jadi apa bagusnya 1MDB ?
5 - Dari awal rancangan lagi Husni menyatakan bahawa hutang RM27 billion itu tidak hilang kerana jika benar ia lesap, maka pastinya kerajaan dan pihak bank akan panik.
Ini tidak benar.
Pihak bank sudah pun panik.
Pada 25 Mei lalu, Husni ada berkata yang hutang 1MDB yang terlalu besar terpaksa di susun semula kerana tidak mahu hutang itu gagal dibayar seterusnya memberi kesan sistemik kepada ekonomi negara.
Lebih nyata lagi adalah bila konsortium bank dari German telah menuntut kembali wang mereka lebih awal dari tarikh matang ( Ogos ) kerana mereka merasakan pihak 1MDB tidak punya wang untuk bayar hutang yang mereka berikan. Jika 1MDB gagal bayar hutang itu, ia akan beri kesan kepada keseluruhan hutang 1MDB yang lain !
Dalam keadaan panik, 1MDB dan Kementerian Kewangan telah menghasilkan satu rancangan licik bagi menjelaskan hutang itu bertopengkan pelan merasionalisasikan hutang termasuk menggulung ( rewinding ) 1MDB itu sendiri.
Ironinya, pada penghujung rancangan itu, Husni mengaku 1MDB terpaksa menstruktur semula hutang2 kerana jika tidak, kemungkinan 1MDB tidak akan mampu menjelaskan hutang2 itu dan reputasi kredit negara akan terjejas teruk.
Itu menunjukkan bahawa 1MDB disebalik kenyataan jumlah aset RM52 billion yang jauh melebihi liabiliti RM42 billion sedang berdepan dengan krisis kewangan.
( Artikel JMD - Husni Hanadzlah and the misrepresentation of 1MDB facts )
*************
Di bawah pula saya kongsi Status FB seorang lagi otai blogger yang amat disegani ( tapi sudah lama tidak aktif berblog ) iaitu KijangMas. Beliau komen jawapan Arul mengenai RM42 bil. Letih dah menterjemah .... anda bacalah sendiri.
Since today is Yaakob Osman Day, I share his excellent down-to-earth summary of Arul Kanda's revelations of 1MDB's RM41.8 billion debt.
I hope we don't have to wait another eight months for the release of the Asset side of the equation.
I'm keen to see how the DeeBee Charlatans brew reasonably believable Asset numbers as only RM13.7 bilion of the RM41.8 billion were used to acquire hard, tangible assets that could be sighted, touched, smelled and hugged by us all. That's RM12 billion (excluding RM6 billion legacy debts that is another can of worms) for the overpriced IPPs with mostly outdated fully depreciated assets near the end of their lopsided (and will-not-be-renewed-on-those-terms) concessions and RM1.7 billion for the three infamous land parcels in KL and Penang. The balance of RM28.1 billion of debt was used for things which at this juncture are as clear and tangible and comprehensible as flying pigs and the tooth fairy.
And I would definitely fire my CEO and especially my CFO if my Group incurs RM4.5 billion in "Cost of Finance and Working Capital", not to mention the forex losses of RM900 million, against the real, tangible asset acquisitions of RM13.7 billion. And again, I will skin the CFO alive if he pays the Group's “Cost of Finance”, currency losses (“Foreign Exchange Cost”) and Taxes with DEBT. Yes, with DEBT. Gali lubang kambus lubang, gali lubang kambus lubang. Guna hutang bayar bunga, bayar kerugian forex, bayar cukai. What accounting principle is this? All these should have been covered by Operating Income lah, unless the IPP revenues have also dissipated into thin air.
And c'mon lah, “Investment Cost” is an oxymoronic term. By definition, you only invest what you have. You don’t invest debt and other borrowings and then incur “cost” of your investment. Investments MUST generate returns. Investments are not cost centers; they CANNOT incur “cost” more than returns. If they do, then these are not investments but borrowed money lost and pilfered via paper shuffling. And when a company needs to borrow more to service interest and for working capital --- including almost one billion fresh ringgits from the Malaysian Treasury -- it is in no position to "invest" anything. Whatever funds in hand -- including funds raised through debt -- must be available for operations. And really lah, if a company has "Investments" of RM15.4 billion, why need the almost one billion ringgit government lifeline? And why need IPIC’s RM3.7 billion injection that I'm sure was secured at a very high price to ultimately the nation?
Now, simple question. The RM15.4 billion "Investments" in Brazen Sky, Aabar Investment Deposits and Global Investment Limited Funds generate what kind of returns? 5%? 7%? 10%? What? Enough to cover fees and interest costs of borrowing those funds? Again, what convoluted financial logic entails borrowing money at a purported 10-20% p.a. all-in costs for the purpose of "Investments" in fuzzy undefined paper assets and units of dog's balls or something with undetermined and questionable returns? And where are these returns thus far? Not enough to service the debts? Hence needing almost a fresh one billion ringgit of tax payers' money? What's the redemption/liquidation value of these "Investments" today?
Again, how can a company "invest" debt? Mana ada logic? Is this the modus operandi of 1MDB? Borrow at Ah Long terms and try to make money in a crapshoot? Oh, and the Malaysian government inexplicably guarantees this Ah Long debts? What really is the Strategic Value of the RM15.4 billion "investments" in the three entities that justifies a sovereign guarantee for the borrowed money? Otherwise we all will starve or get conquered by some enemy state? What Strategic Value?
Semua ini ada masuk akal ka?
As I commented in YO's post:-
" Good of Arul to lay the big numbers on the table and now he should be well-equipped to clarify and quantify the multiple embedded line items not yet disclosed or detected as we collectively dissect the details and financial logic of the various transactions."
And since we are all constrained by a lack of detailed data beyond the top line numbers, I added:-
"The same info/data/context limitation applies to all.
That's why I'm amused by those who are cocksure of the positive rationale and practicality of these multifarious financial engineering tapdance based just on fuzzy bits of incoherent numbers . . . although these Jacks cannot reconcile their "everything's fine & dandy" stance with the multiple audits and investigations of this enterprise by many entities across all genres, not to mention my old buddy Husni's admission of inherent grave debt-servicing problems.
Where we stand now, based on the chunks of data without the granularity of line item Sources and Application of funds, we can only ask more questions, seek more details of the blobs of debts and "investments" quantified in billions upon billions of fuzziness.
Your (YO's) summary is as far as we can go based on current publicly disclosed info. And the revelations have raised more questions than answers. What we all DON'T NEED is the hysterics of the Jib Gor Jacks who tumble head over heels to rationalize complex derivative-flavored transactions wayyy over their heads and handicapped by their utter ignorance of the intricacies of cross-border financial dynamics and equipped only by these chunks and blobs of top level numbers.
To these Jacks, like almost everyone else, you know Jack Schitt about these numbers. So just STFU and go pursue some other pastime."
And this applies to Rafizi and Tony Pua as well. Shut up. Just shut up. Don't turn this into a partisan political circus This is a matter of national interest perhaps unprecedented in our corporate history. Your partisan barkings will just give Jib Gor the lifeline among the gullible fools within UMNO to not cleansed themselves from within. In effect, you buffoons are now Jib Gor's Talian Hayat. So just STFU and stand aside as the ominous fallout from this scandalous outrage descends on the culprits.
Jika dicampur kesemua nilai yang dihitam gariskan, ianya berjumlah - RM26.8 billion
Memang itulah baki yang dipersoalkan oleh rakyat malangnya penjelasan Arul tentang baki itu tidak lengkap. Malah ia hanya menambahkan lagi persoalan dari rakyat !
Seorang rakan telah membuat grafik bagi memudahkan kefahaman.
Hari ini on the road, jadi tak berkesempatan nak menulis. Jadi saya sekadar membuat sedikit terjemahan satu lagi artikel menarik dari JMD yang telah membuat analisa kenyataan dari Husni Hanadzlah melalui RTM1 1MDB: Dimana wangnya ?
Menarik kerana JMD dengan yakin telah menyatakan bahawa semalam Husni telah MENIPU atau bahasa yang lebih sopan, telah memberi 5 fakta yang tidak benar lagi mengelirukan rakyat mengenai 1MDB !
1 - Bila di asak oleh host rancangan mengenai pendedahan Sarawak Report bahawa syarikat Jho Low menerima USD700 juta, Husni mendakwa Petro Saudi telah membuat laporan polis mengatakan apa yang ditulis oleh SR itu adalah palsu.
Itu adalah satu penipuan.
Petro Saudi ada membuat Polis repot tapi bukan kerana mendakwa SR menfitnah tapi repot kerana emel mereka telah di ceroboh ( hacked ), secara tak langsung memberi gambaran emel yang didedahkan itu adalah benar.
Jika apa yang didedahkan oleh SR selama ini adalah palsu, kenapa pihak 1MDB sendiri tidak menyaman SR ?
2 - Bila ditanya kenapa 1MDB menukar auditor, Husni menjawab 1MDB memilih Deloitte kerana syarikat audit harus ditukar selepas 3 tahun menggunakan khidmat KPMG.
Ini tidak benar.
KPMG ditukar kepada Deloitte di pertengahan tugas mereka mengaudit akaun tahun 2013 1MDB. Pihak KPMG sendiri agak keberatan untuk menjawab kenapa mereka diberhentikan.
Husni terpaksa menipu untuk memberi kenyakinan kepada umum bahawa akaun 1MDB tidak punya masalah.
3 - Husni menyatakan kerana projek 1MDB bersama Petro Saudi lah maka Prasarana berjaya mendapat kontrek sistem Metro di Mekah pada Mei 2015.
Ini tidak benar.
Prasarana berjaya dalam bidaan itu tanpa sebarang kelibat 1MDB atau Petro Saudi. Malahan, kenyataan Husni telah memperlekehkan segala usaha Prasarana selama beberapa bulan ini.
Kerjasama 1MDB - Petro Saudi berakhir tahun 2012, beberapa tahun sebelum Prasarana membuat bidaan projek Metro itu.
Dibawah adalah twit dari bekas CEO Prasarana yang turut menafikan pembabitan Petro Saudi.
4 - Husni kerap mengulangi bahawa dana dari kerjasama dengan rakan Arab telah memberi keuntungan dan pelaburan semua kita bawa balik. Kenyataan sama turut disuarakan oleh Najib dan Arul sebelum ini.
Ini tidak benar.
Kenyataannya dana pelaburan itu tidak pernah pulang walau satu sen pun. Seperti kata Husni dalam rancangan sama, kesemuanya telah digunakan bagi tujuan membayar hutang.
Rakyat tidak mendapat apa pun hasil pelaburan itu. Hanya pihak bank dan pemberi pinjam saja yang untung. Jadi apa bagusnya 1MDB ?
5 - Dari awal rancangan lagi Husni menyatakan bahawa hutang RM27 billion itu tidak hilang kerana jika benar ia lesap, maka pastinya kerajaan dan pihak bank akan panik.
Ini tidak benar.
Pihak bank sudah pun panik.
Pada 25 Mei lalu, Husni ada berkata yang hutang 1MDB yang terlalu besar terpaksa di susun semula kerana tidak mahu hutang itu gagal dibayar seterusnya memberi kesan sistemik kepada ekonomi negara.
Lebih nyata lagi adalah bila konsortium bank dari German telah menuntut kembali wang mereka lebih awal dari tarikh matang ( Ogos ) kerana mereka merasakan pihak 1MDB tidak punya wang untuk bayar hutang yang mereka berikan. Jika 1MDB gagal bayar hutang itu, ia akan beri kesan kepada keseluruhan hutang 1MDB yang lain !
Dalam keadaan panik, 1MDB dan Kementerian Kewangan telah menghasilkan satu rancangan licik bagi menjelaskan hutang itu bertopengkan pelan merasionalisasikan hutang termasuk menggulung ( rewinding ) 1MDB itu sendiri.
Ironinya, pada penghujung rancangan itu, Husni mengaku 1MDB terpaksa menstruktur semula hutang2 kerana jika tidak, kemungkinan 1MDB tidak akan mampu menjelaskan hutang2 itu dan reputasi kredit negara akan terjejas teruk.
Itu menunjukkan bahawa 1MDB disebalik kenyataan jumlah aset RM52 billion yang jauh melebihi liabiliti RM42 billion sedang berdepan dengan krisis kewangan.
( Artikel JMD - Husni Hanadzlah and the misrepresentation of 1MDB facts )
*************
Di bawah pula saya kongsi Status FB seorang lagi otai blogger yang amat disegani ( tapi sudah lama tidak aktif berblog ) iaitu KijangMas. Beliau komen jawapan Arul mengenai RM42 bil. Letih dah menterjemah .... anda bacalah sendiri.
Since today is Yaakob Osman Day, I share his excellent down-to-earth summary of Arul Kanda's revelations of 1MDB's RM41.8 billion debt.
I hope we don't have to wait another eight months for the release of the Asset side of the equation.
I'm keen to see how the DeeBee Charlatans brew reasonably believable Asset numbers as only RM13.7 bilion of the RM41.8 billion were used to acquire hard, tangible assets that could be sighted, touched, smelled and hugged by us all. That's RM12 billion (excluding RM6 billion legacy debts that is another can of worms) for the overpriced IPPs with mostly outdated fully depreciated assets near the end of their lopsided (and will-not-be-renewed-on-those-terms) concessions and RM1.7 billion for the three infamous land parcels in KL and Penang. The balance of RM28.1 billion of debt was used for things which at this juncture are as clear and tangible and comprehensible as flying pigs and the tooth fairy.
And I would definitely fire my CEO and especially my CFO if my Group incurs RM4.5 billion in "Cost of Finance and Working Capital", not to mention the forex losses of RM900 million, against the real, tangible asset acquisitions of RM13.7 billion. And again, I will skin the CFO alive if he pays the Group's “Cost of Finance”, currency losses (“Foreign Exchange Cost”) and Taxes with DEBT. Yes, with DEBT. Gali lubang kambus lubang, gali lubang kambus lubang. Guna hutang bayar bunga, bayar kerugian forex, bayar cukai. What accounting principle is this? All these should have been covered by Operating Income lah, unless the IPP revenues have also dissipated into thin air.
And c'mon lah, “Investment Cost” is an oxymoronic term. By definition, you only invest what you have. You don’t invest debt and other borrowings and then incur “cost” of your investment. Investments MUST generate returns. Investments are not cost centers; they CANNOT incur “cost” more than returns. If they do, then these are not investments but borrowed money lost and pilfered via paper shuffling. And when a company needs to borrow more to service interest and for working capital --- including almost one billion fresh ringgits from the Malaysian Treasury -- it is in no position to "invest" anything. Whatever funds in hand -- including funds raised through debt -- must be available for operations. And really lah, if a company has "Investments" of RM15.4 billion, why need the almost one billion ringgit government lifeline? And why need IPIC’s RM3.7 billion injection that I'm sure was secured at a very high price to ultimately the nation?
Now, simple question. The RM15.4 billion "Investments" in Brazen Sky, Aabar Investment Deposits and Global Investment Limited Funds generate what kind of returns? 5%? 7%? 10%? What? Enough to cover fees and interest costs of borrowing those funds? Again, what convoluted financial logic entails borrowing money at a purported 10-20% p.a. all-in costs for the purpose of "Investments" in fuzzy undefined paper assets and units of dog's balls or something with undetermined and questionable returns? And where are these returns thus far? Not enough to service the debts? Hence needing almost a fresh one billion ringgit of tax payers' money? What's the redemption/liquidation value of these "Investments" today?
Again, how can a company "invest" debt? Mana ada logic? Is this the modus operandi of 1MDB? Borrow at Ah Long terms and try to make money in a crapshoot? Oh, and the Malaysian government inexplicably guarantees this Ah Long debts? What really is the Strategic Value of the RM15.4 billion "investments" in the three entities that justifies a sovereign guarantee for the borrowed money? Otherwise we all will starve or get conquered by some enemy state? What Strategic Value?
Semua ini ada masuk akal ka?
As I commented in YO's post:-
" Good of Arul to lay the big numbers on the table and now he should be well-equipped to clarify and quantify the multiple embedded line items not yet disclosed or detected as we collectively dissect the details and financial logic of the various transactions."
And since we are all constrained by a lack of detailed data beyond the top line numbers, I added:-
"The same info/data/context limitation applies to all.
That's why I'm amused by those who are cocksure of the positive rationale and practicality of these multifarious financial engineering tapdance based just on fuzzy bits of incoherent numbers . . . although these Jacks cannot reconcile their "everything's fine & dandy" stance with the multiple audits and investigations of this enterprise by many entities across all genres, not to mention my old buddy Husni's admission of inherent grave debt-servicing problems.
Where we stand now, based on the chunks of data without the granularity of line item Sources and Application of funds, we can only ask more questions, seek more details of the blobs of debts and "investments" quantified in billions upon billions of fuzziness.
Your (YO's) summary is as far as we can go based on current publicly disclosed info. And the revelations have raised more questions than answers. What we all DON'T NEED is the hysterics of the Jib Gor Jacks who tumble head over heels to rationalize complex derivative-flavored transactions wayyy over their heads and handicapped by their utter ignorance of the intricacies of cross-border financial dynamics and equipped only by these chunks and blobs of top level numbers.
To these Jacks, like almost everyone else, you know Jack Schitt about these numbers. So just STFU and go pursue some other pastime."
And this applies to Rafizi and Tony Pua as well. Shut up. Just shut up. Don't turn this into a partisan political circus This is a matter of national interest perhaps unprecedented in our corporate history. Your partisan barkings will just give Jib Gor the lifeline among the gullible fools within UMNO to not cleansed themselves from within. In effect, you buffoons are now Jib Gor's Talian Hayat. So just STFU and stand aside as the ominous fallout from this scandalous outrage descends on the culprits.
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