'Darah Melayu mengalir dalam tubuh saya'
The current shadow-boxing over PM's Burden Lies in Over-Selling "Acche Din"Mahathir's man Syed Ali Alhabshee warned that whatever allegation if left unanswered would appear to be the truth and confuse the people."! If nobody would defend the President, the truth will be out in the next elections and I don't think UMNO within or without will be confused about who the PM now Everybody is giving the PM a sincere reprimand not only Nazri and Mahathir
If only Najib had been truly been a 1Malaysia PM for all, today, it would be the rakyat who would have been defending him, instead of the UMNO types whose loyalty swings with the wind.Mahathir demanding a statement from Prime Minister Najib Whether himself is unhappy with hotheads like Ibrahim Ali from Perkasa or whether we are seeing doublespeak Mahathir (as opposition alleges) is a moot point.Nothing more aggressive than the attacks from Mahathir.
Mahathir's Syed Ali Alhabshee should end his political shadow play
Prime Minister Najib Abdul Razak has come under intense attack from within Umno as well as the opposition.
People in Malaysia are asking where Zhen Low is getting all this money to waste on Paris Hilton. And Low's father is not happy with all this unwanted publicity back at home. He is the brother of notorious partyboy Taek Jho Low, who may or may not be an arms dealer according to press reports. Nothing like a good champagne ordering contest to spice up your vacation. Low won, with the $2.6 million bill but people back at home are questioning his lifestyle and businesses. Anyway, Zhen (or Taek) should keep in the back of his mind the fact that all the money on Earth can't cure herpes. All I see in these photos is a topless herpes spreader doing her thing. In an unrelated story: all of the jellyfish around St. Tropez have contracted herpes.
Now we must hear what our Prime Minister has in mind when he delivers his Amanat Presiden to the UMNO General Assembly. Will he contradict his Deputy Prime Minister who has set a conciliatory tone for UMNO delegates? Embrace Malaysia with its rich diversity and face the challenges of intense globalisation with strong faith in our own people.–
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With the filing of a police report late last week by a member of Prime Minister Najib Tun Razak’s own political party, the long knives have appeared in Malaysia, seeking the premier’s scalp over the scandal-ridden state investment fund 1Malaysia Development Bhd.
1MDB is said to be seeking permission for an extension from Bank Negara, the country’s central bank, on nonperforming loans from the country’s Tier 1 banks out a concern that if no extension is granted, the banks could be forced to make major provisions.
Although he has made only oblique comments publicly, the man behind the move to oust Najib is former Prime Minister Mahathir Mohamad, who publicly withdrew his support for the Prime Minister via his blog, Che Det, in August
Veteran newsman Datuk A. Kadir Jasin says the 1MDB saga has taken a sensational and potentially dangerous twisthas weighed in on the report lodged against 1Malaysia Development Berhad (1MDB) by an Umno leader, saying the scandal has now taken on a "sensational and potentially dangerous twist"He was commenting on the police report lodged by Penang's Umno Batu Kawan division leader Datuk Khairuddin Abu Hassan against 1MDB over the alleged mismanagement of its finances.
"The police report is the culmination of weeks of controversies surrounding the so-called sovereign fund," Kadir, the former editor-in-chief of New Straits Times, said in a blog posting today.
However, due to various factors, both parties eventually decided not to proceed with these plans.
WUMNO Schools for scandal Finally, an UMNO guy has got out of the feudalistic mindset and starting to question the leadership. This should be the way to ensure good governance and competent leadership.the main reason that delegate laments hen a problem occurs, an administrative tantrum is thrown. In praise of boring governance
Saying "The assets are good, I'm sure they will rise again" is hardly satisfactory. Bland rhetoric empty of substance just won't do when RM40 billion debt isn't a big deal? What would happen to us all if this actually does collapsevitiates the investment climate because of several factors — extreme complexity of UMNO's politics combative and rent seeking attitude of UMNO war lords, aggressive pursuit of revenue targets,The political class has made it worse by often using the department to settle scores with political rivals, upright bureaucrats or even an investigating journalist. Remember the witch-hunt against those even remotely connected with the sting operations against a former defence minister Najib?
over dependence on judicial remedy dependent on judicial outcome., extensive recourse to retrospective measures, and contentious interpretations of legal provisions. This not only renders the entire process of appeals and judicial review virtually infructuous, it also creates huge uncertainty for investors. The upshot is a strong negative perception aboutMalaysia as an investment destination. This is not good for Make in Malaysi.These features, which have created an environment of great uncertainty and outright harassment for both domestic and foreign direct investors, must be urgently addressed if Malaysia to revert to a high growth trajectory.
Tan Sri Lodin Wok Kamaruddin is chairman of the Board of Directors, 1MDB.
should remain a private matter, closed off from state intervention.
a real apple polisher...the reason being the PM is screwing up , only blind people like you who passed out from primary education will talk like this because you are nuts!!Wasn't Lodin involved in Najib's Scorpenes purchase: 1MDB has been maligned - chairman Lodin Wok Mahathir fears about Najib’s intentions while distracting from the core business of governance.The current shadow-boxing over conversions is intrinsically linked to political battles over the fault line of Mahathir'cronies and Najib's apple polishers has only served to raise older As the chairman of the Board of Directors of 1MDB, In the interests of increasing the company’s transparency, I have held meetings with members of the media where I listened to and responded to their concerns.I have viewed with surprise recent statements, both in the media and by certain individuals, suggesting that the company has failed to respond to various questions that have been directed at it over the past months.but as the Board of Directors, we welcome debate, and as a company that is wholly-owned by the Ministry of Finance – and by extension, the people – we believe that public scrutiny of 1MDB is a good thing, and will only serve to strengthen the company and its governance.
In the interests of increasing the company’s transparency, I have held meetings with members of the media where I listened to and responded to their concerns.PM's Burden Lies in Over-Selling "Acche Din"Mahathir fears about Najib’s intentions while distracting from the core business of governance and.
opposition fears about Najib’s intentions while distracting from the core business of governance . isn't it a wonder he is always "Flying on a jet plane" ? always on holiday, the dissappearing PM What causes disquiet is bodies like Perkasa, which are extremely close to government and to state power
As a consequence, 1MDB’s investment in the company was converted into a fixed income instrument in the form of Murahaba notes, essentially a loan, with an annual interest rate of 8.75%. This loan was paid back in full, for US$2.318 billion with a profit of US$488 million, in 2013.
Repatriating these funds to Malaysia would have exposed them to fluctuations on the foreign exchange market, as being witnessed at the moment. In order to ensure that 1MDB maintained a strong liquidity position with a truly diversified global portfolio, these funds were invested in a 1MDB subsidiary that was registered in the Cayman Islands. However, the company has already redeemed a significant portion, US$1.4 billion, of the fund and expects to redeem the remaining amount in the coming months.
Overpaying for power assets
In line with the government’s strategic aim of ensuring Malaysia’s energy security, 1MDB has acquired a number of energy assets since 2012. These acquisitions have allowed the company to diversify its fuel mix and country risks, as well as benefit from healthy cash flows and the expertise of their excellent management teams.
The claims relating to the amounts 1MDB paid for its energy assets revolve around values that were attributed to the assets at the time they were acquired and on the basis of certain assumptions made by external parties.
However, the company takes a long term view and consider broader synergies for the group, as well as the social and economic impact on the country, when we evaluate assets and forecast economic returns.
As such, it is the management team’s strong belief that the value paid for these assets, which may have involved a premium in certain instances – as is common when acquiring another business, is commensurate with their existing and future potential.
It is also important to note that since acquiring its first energy assets in 2012, 1MDB has built this into the second largest independent power producer in Malaysia, with a strong presence in international markets within three years.
In total, 1MDB’s energy business has consolidated 5594MW of net capacity, comprising both gas and coal fired plants.
This portfolio provides the business with healthy cash flows and enables 1MDB to participate in bids for coal and gas fired plants, the two primary fuel source for power generation assets in the markets that the company operates in, allowing it to create further value and drive future growth.
As such, the economic benefit gained from these assets means that the company has recuperated any excess value it may have paid at the time of the acquisitions.
Overpaying for land
Any decision the company makes to invest in real estate is reached following an extensive period of due diligence, which includes the appointment of independent appraisers to determine the value of the land at the time of the acquisition, whilst also taking into account the value the company can add to it.
All of 1MDB’s investments are undertaken in line with the best interests of the business, and with a view to stimulating economic growth and prosperity in Malaysia.
We understand that there has been some speculation about the value paid by 1MDB for a land parcel in Penang. This land is located in the centre of the town of Air Itam, a much sought after area where property prices have seen a substantial increase in recent years.
This is reflected in the prices that other developers have paid to acquire land in neighbouring areas which, at over RM200 per sq ft, is substantially higher than what 1MDB paid.
In fact, in one instance dating back to 2013, approximately 9.8 hectares in Air Itam were purchased for RM267.4 million, about RM251 per sq ft, for a mixed-use development. In another, approximately RM251 per sq ft was paid for a mixed development project near the Kek Lok Si Temple.
Given the general difficulty companies face in finding sizeable plots of land in prime areas of Penang, that are suitable for carrying out large-tier development projects, the amount paid by 1MDB for this land was not only commensurate with its value but highly attractive.
Preferential treatment on power contracts
Any award takes a number of factors into consideration: the technical standards of the bid, the track record of the company, the bidding price, the urgency of the project and the whole systems cost of the bid to name a few. The projects that 1MDB have been awarded, in Malaysia and abroad, have been on this basis.
Earlier this year, a joint consortium consisting of 1MDB and Mitsui & Co, Japan's second-largest general trading company, participated in an open and competitive tender exercise for a 2,000MW coal-fired power plant known as Project 3B. Following due consideration of the various bids, the Energy Commission announced that the joint 1MDB-Mitsui consortium had been chosen as the preferred bidder.
Subsequently, there have been suggestions that 1MDB received preferential treatment, and the basis of these claims is that the company’s bid was not the lowest offered. This rationale is flawed as it fails to take into account the fact that any award is based on a number of considerations, not just the tariff.
Whilst there was a bid that was slightly lower than the one presented by 1MDB, the fact is that 1MDB’s was the lowest compliant bid, with a proposed levelised tariff of 25.33 sen/kWh. There was a bid that was fractionally lower, of 25.12 sen/kWh, but this proposal did not comply with a number of requirements set out by the Energy Commission, key amongst which was their lack of experience operating a coal plant.
As the Energy Commission announced in a public statement, the 1MDB-Mitsui Consortium won the bidding exercise “in a fair and square manner with a well-proven technology that would enhance security of supply expected of a 2000MW coal-fired power plant operating in a grid system of our size”.
It is also important to note that there are other tenders that 1MDB has participated in where the contract has been awarded to other parties.
For example, despite 1MDB offering the lowest bid for a gas-fired plant in Prai, another company was deemed as offering a better overall package and awarded the contract on that basis. readmore Najib jumpa Dr M hutang mengenai berbilion ringgit yang menambah kepada beban hutang sedia ada negara,
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