Bloomberg has carried a report on the situation at 1MDB that Malaysians must keep a sharp eye on:
The Edge Financial Daily said this week the fund had missed a 2 billion ringgit ($563 million) loan repayment on Dec. 31. It has been given until Jan. 30 to settle the debt, which was first due on Nov. 30, the article said, citing people it didn’t identify.
The ringgit is the worst performing currency in Southeast Asia in the past six months, having lost 11 percent. It fell to a five-year low this week on concern a decline in oil revenue will make it harder for the government to achieve its fiscal deficit target and will reduce the current-account surplus. The nation is Asia’s only major crude exporter.
See the full Bloomberg report here.
I find it strange that 1MDB missed its loan repayment on 31 December, when we are told that the firm has redeemed in full the US$2.318 billion (RM8.2bn) invested in a Cayman Islands registered fund. If the funds have been redeemed, how and why did 1MDB miss the loan repayment?
We need to have a thorough independent audit on this whole Cayman Islands affair – indeed the whole investment in PetroSaudi, which is also registered in the Cayman Islands – and a verification exercise on the funds that are now supposed to have been redeemed. (It bothers me that 1MDB has had to change its external auditors three times in five years.)
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Kampung Chetty Batu Ferringi Compesation package :
1) 3-bedroom apartment measuring 700 sqft (ready in 2017) valued at RM70K.
2) RM14,400 to cover rental for two years while the apartment
Danny : Don`t be conned by the bluffing CAT. There is no 70k houses in Penang anymore. The 70k house will come with 2 agreement, another one at 120k – 140k for upgrading with some tiles. This will total up to 180k to 240k. Even some 72k house are being charged RM500 for every floor up. Don`t believe. Go ask the buyers of Centrio in Jalan Permai, Jalan Bukit Gambier. Remember how some … purchasers cried in Komtar when they have to pay 180k instead of 72k. Don`t be taken in by the … this bluffing CAT. Please don`t simply… Read more »
You are very ignorant.
There is no 100% move in condition for any property you purchase nowadays. You will still need to install iron grills to the windows, repainting, kitchen setup, tiling on the concrete floor etc.
Well we are not alone !! In fact with BN, the country is much better of than many countries in the world. The rakyat of the richest states, Penang and Selangor are facing even greater hardship than the rest of the country unable to get a roof over their head with disaster of environmental and ecological disaster looming over us, & land and properties been hijacked and sold by the CAT govt with their crony developers laughing to the banks. One of the poorest Pakatan state, Kelantan is caught up in the throe of a religious revolution to hudud with… Read more »
Why are silly programs like the MyEG duplication allowed to continue?
Programs like these do nothing but to increase costs for businesses by creating another monopoly.
There are thousands of foreign workers entering the country every day while the Civil Service is overstaffed with idle civil servants. Why is the civil service left untrimmed while we continue to import foreign workers who will repatriate their earnings back to their home countries?
RM38 per MyEG online renewal of work permit, where is the open tender?
Starting 2015, Penangites paying their water bill at post office have to pay agency charges of 90sen per bill. Extra income for Syed Mokhtar?
gk ong,
arul has been very evasive when questioned. please read the interview in EDGE article and u see what I mean.
I read that interview and thought he was not very forthcoming with answers.
Arul will provide answers according to the scripts (model answers) provided.
He should be brave enough to have a public dialogue session (live TV telecast) with Tony Pua and Rafizi (moderate by The Edge) to answer all those allegations which Umno has claimed to be baseless..
‘Evasiveness’ is a core skills required for this job.
raja raj
ananda has to extricate himself out. under the previous deal, ananda group has given the guarantee to subscribe rm2b of new equity in the power asset spv if imdb cant repay rhb and mbb. this new info is available in the latest EDGE article.
i guess its more like dollars and sense than just political consideration. neither ananda is attracted to imdb power assets after being alledgedly overpaid more than RM1b under the original deal for which imdb has to write-off the goodwill.
Austerity coming to Malaysia soon ?
http://www.aljazeera.com/indepth/features/2015/01/eu-austerity-faces-rising-public-anger-20151881219157639.html
Just scrap, not suspend, the Khidmat Negara program in order not to waste RM400 a year.
Ananda buying stake in imdb power assets Arent these r same power assets sold to imdb by him except for additional power plant under genting previously which is near expiration? Since the acquisitions what value added has imdb contributed except to get three power contracts on private negotiation from the govt? Even then work on the jimah n solar plants are behind time Imdb group as todare has not repaid the 2b loan due to mbb n rhb Dun forget there is another 3.5b restructured into long term assets that has to be repaid Now u understand why imdb has… Read more »
No need so long ‘justification’, it is simply the case of ‘I help you, you help me’ that cronies base their ‘prinsip’ on.
gk ong ; Exactly its the you help me I help you. The CAT make it easy for the developers and the developers make it easy for him but the rakyat suffer
No CAT in Johor but it is easy for local and foreign developers to build expensive homes in Iskandar beyond the affordability of average Malaysians. Do not forget those reclamation work eg. the Forest City.
Ananars : When come to janji the CAT janji become capati dalam perut. When come to promise the CAT sure has a good sandiwara by going senile ““`I am not aware“““. Baljit refreshed Guan Eng’s memory, saying that Anwar had promised Kampung Buah Pala residents that they would be delivered land titles for their village homes within two weeks if the then opposition coalition of PKR–DAP–PAS wrested the state government from Barisan Nasional in the 2008 polls. The opposition alliance, which later came to be known as Pakatan Rakyat, won the state government in the general election. But the land… Read more »
Bottom line is those Kpg Buah Pala folks were compensated favourably with a house each, so no need to make further noise unless they have sold the house and spent the money foolishly.
Darren : Talking of bottom line, the opposition lied to the people. Whether these KBP folks were compensated or not the opposition lied to get what …. No amount of compensation can undo these wrongs because their lies is now destroying the island and making the rakyat suffer with unaffordable houses, increase in assessment, stall rental, water tariff increase etc etc , ecological and environmental disaster, traffic congestion and land and properties being hijacked for their developer cronies benefits. etc etc . Think hard why would a commerce chamber allocate the Property Committee post to the chief wife. Worse still,… Read more »
Fakta sebenar penyelesaian isu Kpg Buah Pala:
Pada 2009, Mahkamah Persekutuan memutuskan bahawa penjualan tanah kampung ini adalah sah dan pemaju berhak meneruskan projek mereka mengikut undang undang yang sedia ada.Namun Kerajaan Negeri mengambil inisiatif berunding dengan pemaju untuk mendapatkan pampasan buat penduduk. Setelah berunding, seramai 24 penduduk Kampung Buah Pala menerima rumah teres dua tingkat yang bernilai kira-kira RM500,000 pada hujung tahun 2012.
Raja Raj. Pada 2009, Mahkamah Persekutuan memutuskan……………………………… The land has been sold by the state govt and Pakatan DAP, PKR leaders including the CAT and tiger knew about it. Now the issue is not about compensation. Its about wanting to know the truth. And the truth is Pakatan lied to the people knowing full well that the land has been sold and they cannot deliver the land to the people…. Although the 24 (less 9) have been compensated with a house, the issue is the people of Penang have been taken for a ride that High Chapparel will be preserved… Read more »
No doubt gave ample or over-ample compensations to selected Kg Buah Pala folks who stroked the CAT, but the undeniable fact is: It Opens Wide The Floodgate To Frenzy & Irresponsible Development In Penang. It Encourages Developers To Botak The Hills Before Paying A Pittance Fine. It Emboldens A KL Developer To Rape & Ravish Madame Pykett In The Dead Of Night. It By Accident Or Fated, Changed The Once Trusted Acronym D.A.P. Into Developers Association Of Penang, a cosy association by technical default of political + business marriage behind devious doors of tearing up voters trust into the Komtar… Read more »
Going by the argument from iSupertunglang, the tenant who rented your property will have ownership to the property after sometime? Do not set such precedence.
gk ong, either you are very, very, ignorant or buat bodoh! The whole saga of super-good compensation to Kg Buah Pala tenants was the socialist works of your venerable Niao Kong. Superduper-good compensation is not a bad idea if done with all sincerity. After all, isn’t this the stance of DAP for all who face social injustices? This was to show how socially caring CAT was when it came to secure compensation for the landless tenants with the help of politicians. To say now it is wrong to overcompensate that leads to ownership of land & new homes is to… Read more »
Mahathir told a news portal, Sarawak Report, that the explanation offered by the 1MDB was “shallow”. If 1MDB is genuinely driven by business considerations and the US$2.318b Caymans fund had been fully redeemed, then Arul should come clean on why its loan repayments. Mahathir is unhappy because Najib is not listening to his instructions – may be listening but not obeying. Najib is the driver and he will be responsible for any likely accidents; why would he listen or obey instructions from a backseat driver even if it is Mahathir himself? Mahathir thought his criticism was previously effective to remove… Read more »
Both camps from Najib and Mahathir are using media (print and social) to sling mud at one another. There could explosive (C4 pun not intended) revelation to come?
Ananda Krishnan in talks to take stake in 1MDB IPO. This prove that 1MDB has potential.
CAT leader mouth are just too foul.
Then why Tun M continues to question 1MDB and does not get good reply?
Ananda is partner-in-?????, you should why Lee Kar Shing or Lee Hsien Loong or Jack Ma is not investing in 1MDB?
gk ong : Anybody can question. Mahathir question and he did get a reply. Whether it is a good reply or not is subjective just like some may say your comment is good while some may say its idiotic. As for why Lee Kar Shing or Lee Hsien Loong or Jack Ma is not investing in 1MDB. Is this not an ignorant statement. Why Jack Ma or Lee Kar Shing or this so and so many big shots did not invest in Samsung, Microsoft, Toyota and many good companies throughout the world. Use your head and ask yourself why !!!… Read more »
Ananars use your head and ask yourself why Ananda invest.
He has to do his part to be in the good book of Jibby to safeguard his existing interest like Astro..
If Jibby allows Jack Ma the exclusive right for his Ali Baba’s Taobao to operate in Malaysia, do you think Jack Ma would not do it?
raja raj : You also use your head. We are talking of 1MDB not any other investment like Taobao or whatsoever. . When billionaires like Ananda invest they know the potential including the potential of keeping their other investment in rein. They don`t simply invest 3 billions just to please you or anybody.
Is a perpetual loan defaulter fit for public listing in the first place? Just wonder how this is going to be explained in the prospectus. Or to the SC.
The new CEO Arul should disclose clearly to us how much was redeemed from Cayman Island and why 1MDB has difficulty in loan payment.
Arul should know that not paying loan on time is a bad example that encourages PTPTN loan defaulters to futher delay their loan payment.