1MDB’s predicament can be summed up as follows:
Its assets amount to RM51.4bn
Its liabilities RM49.0bn
Equity RM2.4bn
——————–
But 1MDB’s assets include ‘goodwill’ of RM3.3bn less RM1.2bn already written off. (Goodwill here refers to the amount it paid for power assets less the actual value of those assets. The Edge calls it an “overpayment”.)
Its assets also include RM5.0bn in revaluation gains mainly on its land bought cheaply from the government.
If not for these non-cash items i.e. ‘goodwill’ and property revaluation surplus, 1MDB’s equity would have been RM4.7bn negative (i.e. not a pretty picture) instead of RM2.4bn positive.
These items have enabled 1MDB to show rosier bottom-line figuures than it otherwise would have posted in the last few years.
And let’s not forget the assets also include the billions parked in the Cayman Islands.
Figures from The Edge, 17 November 2014
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Anil. 1MDB land in Penang over priced RM1.38Billion. 1. Impossible a Chief Minister of Penang don’t know at the time its sealed change name. Land Office knows for sure!! 2. Impossible the DAP Div Head Chairman that area don’t know. This is not a transaction of a plate of char keow teow RM5.00. satay ayam 10pcs RM7.00!! Worst this land sits in that Umno ‘Pendatang Usul’ Division. 1. Impossible that Umno Div Head … with Wanita … don’t know. 2. Impossible … State Sec don’t know. 3. Impossible BN Chairman … don’t know. 4. The list goes…. Anil, I m… Read more »
Well, Atila, you have to come up with some concrete evidence to show they are working together. What you have said above seems more like speculation/a hunch or suspicion.
Anil thanks. What is more tragic is, there are many amongst us who have eyes but see not… sad !!!
kee
continue reading anilnetto.com minus those banana-type comments.
also recommend you read Kee Tuan Chye’s books.
as for Zunar books, don’t order via MPH (link to you know who lah) – may be you can get it at those stalls like Upper Penang Street fair ….
Ok thks Dorai.
MPH only carries BN-Friendly LAT books, not Zunar as the owner is toeing the line.
Anil, please allow sidetrack a bit, after reading from gk ong that zunar’s books not available in mph, i sent an email to zunar asking him where i can get his books, and i just read from malaysiakini, the police is demanding a list of zunar’s online customers ???
What bullies our police !!!
Met with some old classmates and everyone expressed dismal the situation we are in…
Yes, kee, I met a former colleague in the corporate sector who also lamented the situation we are in. He said he has stopped reading independent news portals because it gave him heartburn to read about what is happening in the country.
Anyway, you can read Zunar’s latest comment here:
http://aliran.com/civil-society-voices/2014-civil-society-voices/zunar-now-police-targeting-online-customers/
Read Zunar cartoon properly . It is not just cartoon but one that is politically motivated against the current govt. Like the Chinese saying, you get an eye for an eye
How about just buy direct from Zunar? And get it post-laju.
These days, one can get a digital copy of any publishing, from anywhere.
Zunar should consider this approach to save time (printing), save costs (commissions to outlets) & get a wider audience reach.
The police are trying to intimidate the cartoonist and people who purchase his books online? Buying a cartoon book can be a dangerous and seditious? Clearly the police is on wrong priority and not working on the very high crime rates in most housing estates such that the residents are paying Rm millions monthly employing their own private security. This cost is not including the alarms, cctv and other security systems installed by home owners to counter the weakness of the police efforts. This has become a way of life for Malaysians due to the failure of the police. And… Read more »
Paying taxes to feed the polis personnels, now we have to pay GST for maintenance fees of condos. Now, why security has to be taxed when we already paid for its public maintenance?
There should be a Bill: if a body or public service is not doing a satisfactory job, we have a right to complain & call for drastic abolishment of such public service.
ananars
how about finance 101?
Ahmad … showed 1MDB corporate social responsibility car program e.g. paid for Hajj pilgrimage. So Ananars can apply 1MDB sponsored haji trip and come back holy wiser with … comments?
Najib can teach Abe how to get Japan out of recession with his 1MDB methodology?
Abe hiked the GST and Japan went into recession. Najib better take note.
Please do not simply open your mouth. Japan is now in recession and GST has not been hiked yet. It will be hiked after the GE
FYI Yang:
Japanese Prime Minister Shinzo Abe called for early elections just two years into office after the third quarter 2014 figures showed that the growth rate was negative as a result of the hike of national sales tax from 5% to 8% in April this year.
The tax hike reduced consumer spending and killed whatever growth potential in the already listless economy. It was a major shock to Japan that the April sales tax hike could damage the economy so much.
Noticed that the BN authority is not allowing retailers to hold ‘Pre GST Sale’.
But rakyat likely to make hugh purchase early next year before GST kicks in in April in order to save 6%.
The introduction of a sales tax increase in April this year in Japan strangled consumer spending causing the economy to dip into recession. So it is likely that consumer spending in malaysia will be high in 1st quarter next year, then retailers will suffer from April onwards.
In one article I read, apparently even borrow short and lend long.
If you are able to borrow short and lend long, this means that you are in a very good position with good cash flow and you can save and earn more interest.
Actually its likely the more important point about 1MDB is that a bunch of wrongs HAS ALREADY BEEN COMMITTED in 1MDB..The firm has already been bailed out at least twice with cheap properties and govt guarantees of loans – BILLIONS – YET, it does not have much of net fully-valued assets after 5 years of operation. It is structurally unsound although not impossible to keep afloat. IT IS NOT A SWF, “W” of SWF means wealth, savings, NOT borrowed. Its a LEVERAGED FUND – like a Hedge Fund but worst, it invest primarily in illiquid assets which proper Hedge Funds… Read more »
Malaysians could end up paying more for electricity over the next few years as Putrajaya helps debt-ridden 1Malaysia Development Berhad (1MDB) settle its loans totalling RM42 billion, Pakatan Rakyat lawmakers told a forum last night. Petaling Jaya Utara MP Tony Pua pointed out that the sovereign wealth fund has been given contracts to build and operate power plants, and sell electricity, to pay off its debts. Another lawmaker Rafizi Ramli said that if 1MDB cannot pay those debts and if it went down, it could pull the economy down with it as almost RM20 billion of the debts have been… Read more »
Thank goodness we have good opposition in parliament to keep Jibby in line.
Tony Pua at 1MDB Unconstructed Forum (19 November 2014):
Najib Must Answer …
http://www.youtube.com/watch?v=WS-QqS7zvOw