The Edge’s tabulation yesterday was slightly different from Mahathir’s earlier tabulation. But no matter which list, plenty of questions are raised.
The Edge’s tabulation (31 May 2015)
15bn – power plants (overpaid?)
13bn – high-risk unnamed investment “units” (values in doubt)
4.25bn – deposited with Aabar Investments (Abu Dhabi) for guaranteeing US$3.5bn bonds
9bn – interest payments, discounts to bond holders and payment to Goldman Sachs
2.4bn – 1MDB financing cost (2014)
Now let’s compare that to
Mahathir’s tabulation (23 April 2015) from his blog post
8.5bn – Purchase of Tanjung Energy from Ananda Krishnan (higher than market price)
2.3bn – Purchase of Genting Sanyen power plant (higher than market price)
1.2bn – Purchase of Jimah Energy
12.0bn – Purchase of power assets
0.3bn – 70 acres Jalan Tun Razak land (Bought at RM64psf vs market RM7000psf)
0.4bn – 495 acres former Sungai Besi for Bandar Malaysia (Bought at RM91psf vs market RM1000psf)
1.4bn – 234 acres of Air Itam land (RM135psf)
27bn – Balance – Where is it?
1bn – Paid to Petro Saudi
Losses incurred by government on sale of land to 1MDB (according to Mahathir)
5bn-plus – Sale of Jln Tun Razak land (market value RM6bn but sold to 1MDB for RM0.3bn)
20bn – Sale of Sungai Besi land (Bandar Malaysia) below market value
This RM25bn is what Mahathir says the government lost by selling land on the cheap to 1MDB. That loss to the government is 1MDB’s gain as it reaps surpluses on land revaluation over the years.
That is why Najib can say 1MDB has over RM51.4bn in audited assets (which includes these two plots of land) for the year ended 31 March 2014.