👇🏽
– - –
– - –
1.
2. RELATED: 1MDB RATIONALISATION GOING SMOOTHLY: KHALID
3. RELATED: TAN SRI KHALID IBRAHIM ON THE 1MDB RATIONALISATION AND RESTRUCTURING EXERCISE
4. RELATED: NAJIB PRAISES PAS' ACCEPTANCE OF 1MDB EXPLANATION, EYES 'CHANGE' IN STATE
– - –
PAS SATISFIED WITH 1MDB EXPLANATION BY ARUL KANDA
1MDB was thrust into the limelight recently when a US$602.72 million (RM2.58 billion) payment, which was part of its settlement agreement with Abu Dhabi's International Petroleum Investment Company (IPIC), was delayed.
REPORTED BY NEW STRAITS TIMES
KUALA LUMPUR, AUGUST 7, 2017 –
PAS has given the thumbs-up to 1Malaysia Development Bhd (1MDB) chief executive officer Arul Kanda Kandasamy after a meeting with him today.PAS deputy president Datuk Tuan Ibrahim Tuan Man was reported by online news portals as saying that Arul Kanda’s explanation on the debt incurred by 1MDB and its debt rationalisation plan was “satisfactory.”Arul Kanda, who was one of the guests at a PAS roundtable discussion on 1MDB held in Ampang, spoke for more than two hours to Tuan Ibrahim and members of the Pas central working committee.Also present were former Selangor Menteri Besar Tan Sri Khalid Ibrahim, and several academicians from public universities."On the whole, on our part, we are satisfied with the explanation made by Arul, specifically on the rationalisation plan he has proposed to overcome the crisis in 1MDB,” Tuan Ibrahim was quoted as saying at a press conference after the closed-door discussion was held.
Tuan Ibrahim said 1MDB should be given the opportunity to settle its debt.He also told reporters that Arul Kanda also showed them the Public Accounts Committee (PAC) report on 1MDB."PAC was unable to solve the problem as it comprises eight Barisan Nasional MPs and five opposition MPs, and no action has been taken,” he said.At the same time, he reiterated the call by PAS president Datuk Seri Abdul Hadi Awang in October 2015 for a Royal Commission of Inquiry (RCI) to look into the 1MDB issue, especially during the period before Arul Kanda was appointed as the state investor's new president.Arul Kanda was made its new president and group executive director in January 2015 after the firm's chief executive Mohd Hazem Abdul Rahman resigned.1MDB was thrust into the limelight recently when a US$602.72 million (RM2.58 billion) payment, which was part of its settlement agreement with Abu Dhabi's International Petroleum Investment Company (IPIC), was delayed.In a statement on August 1, 1MDB said the payment, which was originally due on July 31, was delayed as it was awaiting funds that were due to be received last month."1MDB itself is awaiting funds that were due to be received in July 2017. Due to the need for additional regulatory approvals, the receipt of those funds has been delayed to August 2017."As these are the funds which will be used to pay IPIC, 1MDB has written to IPIC to inform them of our commitment to meet the obligations, originally due on 31 July 2017, in August 2017,” it said.
('PAS Satisfied with 1MDB Explanation by Arul Kanda.' – New Straits Times, August 7, 2017)
– - –
1. PAS SATISFIED WITH 1MDB EXPLANATION BY ARUL KANDA
2.
3. RELATED: TAN SRI KHALID IBRAHIM ON THE 1MDB RATIONALISATION AND RESTRUCTURING EXERCISE
4. RELATED: NAJIB PRAISES PAS' ACCEPTANCE OF 1MDB EXPLANATION, EYES 'CHANGE' IN STATE
– - –
RELATED: 1MDB RATIONALISATION GOING SMOOTHLY: KHALID
"In conclusion, 1MDB's nett current asset value will enable it to weather current and future liabilities with surplus." – Tan Sri Khalid Ibrahim
REPORTED BY SINAR HARIAN
– TRANSLATION –
SHAH ALAM, AUGUST 11, 2017 –
The issue regarding the 'bailout' of 1Malaysia Development Berhad (1MDB) is no longer relevant, seeing now that the restructuring of the company is going smoothly.
Former Mentri Besar of Selangor, Tan Sri Abdul Khalid Ibrahim, who attended the PAS-1MDB round-table discussion recently remarked that the focus was directed towards the restructuring of the company's debts, initiated by Chief Executive Officer Arul Kanda Kandasamy and its Board.
Khalid said that 1MDB has paid over US$10 billion (RM42.9 billion) in interest, with RM10 million equity.
"In conclusion, 1MDB's nett current asset value will enable it to weather current and future liabilities with surplus," he wrote on his Facebook update.
He elaborated that the management of the restructuring of 1MDB to ensure its current asset value remain and that there be no obstacles in repaying the debts and commitments to be seen to be going smoothly.
– MALAY ORIGINAL –
RASIONALISASI 1MDB BERJALAN LANCAR: KHALID
SHAH ALAM, OGOS 11, 2017 –
Isu bailout 1Malaysia Development Bhd (1MDB) tidak lagi relevan, memandangkan penstrukturan semula syarikat itu berjalan lancar.
Bekas Menteri Besar Selangor, Tan Sri Abdul Khalid Ibrahim yang menghadiri perbincangan meja bulat PAS-1MDB baru-baru ini berkata, fokus perbincangan adalah ke arah penyusunan semula hutang syarikat yang telah dimulakan Ketua Pegawai Eksekutif Arul Kanda Kandasamy dan ahli lembaga pengarahnya.
Khalid berkata, 1MDB telah membayar lebih daripada AS $ 10 bilion (RM42.9 bilion) dalam bentuk faedah dengan modal ekuiti bernilai RM10 juta.
“Kesimpulannya, nilai aset bersih semasa yang dimiliki 1MDB kini boleh menampung liabiliti semasa dan akan datang dan masih ada lagi lebihan,” kata Khalid di Facebooknya.
Katanya, pengurusan penstrukturan semula 1MDB perlu bagi memastikan nilai aset semasa dikekalkan dan tiada halangan dalam membayar hutang dan komitmen yang dilihat berjalan dengan lancar.
('Rasionalisasi 1MDB Berjalan Lancar: Khalid.' – Sinar Harian, August 11, 2017)
– - –
1. PAS SATISFIED WITH 1MDB EXPLANATION BY ARUL KANDA
2. RELATED: 1MDB RATIONALISATION GOING SMOOTHLY: KHALID
3.
4. RELATED: NAJIB PRAISES PAS' ACCEPTANCE OF 1MDB EXPLANATION, EYES 'CHANGE' IN STATE
– - –
RELATED: TAN SRI KHALID IBRAHIM ON THE 1MDB RATIONALISATION AND RESTRUCTURING EXERCISE
But the political drama - coupled with the distribution of distorted facts and false information especially in social media network – had painted a picture that 1MDB was in a disarray and being used to finance political activities.
FROM ABDUL KHALID IBRAHIM'S FACEBOOK
FROM ABDUL KHALID IBRAHIM'S FACEBOOK
Salam. Saya telah membuat nota ringkas tentang mesyuarat antara 1MDB dan pemimpin PAS pada Isnin lalu. Moga ia memberi pencerahan kepada kita semua. Terima kasih.
(Peace. I had written a short note on last Monday's meeting between 1MDB and PAS leaders. May this clarification be helpful to us all. Thank you.)
---------------
I would like to thank PAS for including me in the roundtable discussion with 1MDB top management on Monday. I am also grateful that both representatives from PAS and 1MDB were very cordial and professional throughout the discussion. It was a frank and open discussion.
My concern as a Malaysian citizen mainly rests upon the ability of 1MDB to operate without loss failing which would burden the country and its taxpayers. It has been contended that the rationalisation exercise by the government for 1MDB was equivalent to a RM42 billion mega bailout. 1MDB was also accused of misappropriation and leakages and therefore unable to perform its financial commitments and obligations.
In the face of these allegations, I therefore focused the discussion to the debt restructuring plan of 1MDB initiated by its CEO Arul Kanda Kandasamy and the new constituted board members.
During the discussion, I managed to establish that 1MDB operates on a low or small equity capital while relying on leverage financing to support its investment with capital gain potential in medium term - riding on social and political support from the government to enhance value and profitability for its projects.
The main challenge faced by the company is its obligation to service the interest payment while the project is in its initial and development stage.
It was easy to appreciate that 1MDB has paid over USD10 billion in interest at the back of RM10 million of equity capital and until today, it still manages to service these debts and financial commitments.
But the political drama - coupled with the distribution of distorted facts and false information especially in social media network – had painted a picture that 1MDB was in a disarray and being used to finance political activities.
It must be pointed out that while the Public Account Committee (PAC) successfully evaluated 1MDB’s operation but it was not clear if the company was sustainable. At the discussion, CEO Arul briefed us on the current financial position showed us the balance sheet of the 1MDB following the restructuring plan enforced by the management.
In conclusion, the net present value of the assets owned by 1MDB was able to service its current and future liabilities and resulting in a surplus. To avoid future complications in operating the assets of 1MDB, these assets were to be transferred to MOF Inc as owners – as per the restructuring plan. 1MDB is to make the appropriate payment of the debts as and when the income and gains from assets transactions by MOF Inc flow to 1MDB.
The restructuring management of 1MDB must ensure for the current net present value of the assets continue to be maintained so that there will be no disruption in servicing the debts and commitment. And of course, the value of the assets of 1MDB should be much more the current net assets value as the transaction was embarked outside 1MDB - no thanks to the bad political publicity it has been receiving.
Given this scenario that restructuring is in good progress the issue of bailing out 1MDB is irrelevant.
As explained by Arul, by end of 2017 the enforcement of assets transactions and continued servicing the debts and commitment 1MDB is poised to be transformed into a new entity or liquidated. This would end the era of confused investment entity.
Another issue discussed was 1MDB’s debt to IPIC. The settlement to IPIC were not enforced as 1MDB paid to Aabar BVI, a wholly owned subsidiary of IPIC. However, the payment was not transmitted to the parent entity. Fortunately, 1MDB had been able to prove the agreement made between the two parties and the arrangement is now on track.
As to the uproar over US Attorney General’s efforts in securing assets belonging to Malaysia during which 1MDB was said to be involved on the alleged illegal transactions.
CEO Arul state no monies nor assets belonging to company or its subsidiaries is involved. They have been legally advised to ignore the legal drama in the US. In any case, the idea of the US trying to save Malaysians of their assets is akin to the argument that the US was trying to save the world from weapon of mass destruction by bombing Saddam Hussein and the people of Iraq. When it concerns the US, there is no such thing as a free lunch.
*Tan Sri Khalid Ibrahim is the former Selangor Mentri Besar, ousted from the post - entirely by calumny, without any formal charge in court - by his own party cohorts, and now is the Member of Parliament (PKR) for Bandar Tun Razak.
('Entry on August 8/2017, at 23:46h.' – Abdul Khalid Ibrahim Facebook, August 8, 2017)
– - –
1. PAS SATISFIED WITH 1MDB EXPLANATION BY ARUL KANDA
2. RELATED: 1MDB RATIONALISATION GOING SMOOTHLY: KHALID
3. RELATED: TAN SRI KHALID IBRAHIM ON THE 1MDB RATIONALISATION AND RESTRUCTURING EXERCISE
4.
– - –
RELATED: NAJIB PRAISES PAS' ACCEPTANCE OF 1MDB EXPLANATIONS, EYES 'CHANGE' IN STATE
"PAS’ stand is that we should give 1MDB a chance to implement its rationalisation plan.” – PM Najib Tun Razak
REPORTED BY MALAYSIAKINI
AUGUST 12, 2017 –
Prime Minister Najib Razak today said that PAS, which now practiced mature and constructive politics, no longer made baseless attacks on issues.He said PAS adopted the principle of “tabayyun” whereby the party did its checking and verification before making its conclusion on any issues."In the 1MDB (1Malaysia Development Bhd) issue, PAS called (1MDB_president and chief executive officer) Arul Kanda (Kandasamy) and after getting the explanation from Arul Kanda, did the party made its stand."PAS’ stand is that we should give 1MDB a chance to implement its rationalisation plan,” he told reporters after opening the ‘Prime Minister With The People’ programme and launch of the Machang parliamentary constituency People’s Housing Project at Sekolah Menengah Kebangsaan Bandar Machang today.At the event, Najib, who is also Umno president, opened the Machang Umno delegates conference.Also present were Kelantan Umno liaison chairman Mustapa Mohamed, Urban Wellbeing, Housing and Local Government Minister Noh Omar and Machang member of parliament Ahmad Jazlan Yaakub.The prime minister, who is on a one-day visit to Kelantan, said because of PAS’ maturity in politics, the party had become a constructive opposition party."We oppose (one another), but in certain matters that bring good and benefit for the people, we can cooperate,” he said.To a question whether the cooperation would lead to a political cooperation, Najib said “That we don’t know, we see the situation”.Last August 7, PAS deputy president Tuan Ibrahim Tuan Man was reported as saying that the party was satisfied with the explanation given by Arul Kanda on 1MDB’s debts and the company’s debt settlement plan.Hope for 'change'At the same event, Najib said he is also hoping that there would be a change in Kelantan in the 14th general election compared to the previous election as support for Umno and BN in the state improved."The federal government is doing the best for all the people of Kelantan."As prime minister I have never used the policy of punishing the people of Kelantan. If measured in terms of allocation I have given more than the previous leader."Under the Eighth Malaysia Plan, the amount allocated to Kelantan was only RM3.7 billion, while in the 11th Malaysia Plan the allocation amounted to RM12.87 billion, almost four times," he said.Among the developments implemented by the federal government in Kelantan are the Kota Bharu - Kuala Krai Expressway, housing projects, hospital, new bridges as well as building and repairing mosques.
('Najib Praises PAS' Acceptance of 1MDB Explanation, Eyes 'Change' in State.' – Malaysiakini, August 12, 2017)
👋🏽
– - –
The NINE QUESTIONS Blog will return with more facts.
– - –
