Muhyiddin: 1MDB – The straw that could break the camel’s back

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1MDB is proving more to be more than an ordinary hot potato for Najib; in fact, as Muhyiddin put it, it could prove to be the straw that finally breaks the camel’s back (BN rule).

Helped by Mahathir, critics in Pakatan, Sarawak Report, bloggers and social media, the 1MDB debt issue is grinding away at the approval ratings of the PM.

Now Muhyiddin has “taken the bull by the horns” (though, he says, he’s not too sure who the bull is!) and come up with this luahan at a meeting on Saturday. “I cannot imagine how a government-sponsored company can chalk up a debt of RM42bn in such a short space of time,” he said.

“We have to show the rakyat that we are transparent and view this as a serious matter… I told the PM, ‘Sack all those guys on the board of 1MDB.’ Buang mereka!”

To this, someone can be heard saying, “Sack the president!” at first softly, and the second time, more loudly, more insistently. Najib should be worried: the whispers are growing louder, even within Umno.

As for the 1MDB CEO, “Bukan sahaja buang, panggil police siasat! Betul? Ambil tindakan,” demanded Muhyiddin.

“Only then will the people realise we are serious; otherwise, this burden will weigh down on us heavily.”

But this video clip does not answer the question alluded to by Muhyiddin: Who is the Bull? Are the Board of Directors of 1MDB the main drivers of this saga? or are they merely the frontmen and perhaps eventually the fall guys to take responsibility for the mountain of accumulated debt while the one really responsible, the real Bull, remains hidden from public view?

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owc

Dr Mahathir wanted to know whether 1MDB had parked its cash in Singapore because it was involved in money laundering, or was simply lying to hide the fact that the money had disappeared. Najib had previously said the cash was being kept in Singapore to facilitate withdrawals, since Bank Negara Malaysia’s approval was needed for transactions over RM50 million. But Dr Mahathir said such approvals should not be a problem for 1MDB if the cash, if it did exist, was obtained through legal means.

http://www.themalaysianinsider.com/malaysia/article/najib-responsible-for-1mdb-reply-on-singapore-funds-says-dr-m

amer

While the nation is facing a 1MDB debt crisis of RM42 billion, our 1PM has a different priority of studying prospects of halal food in Japan!!! Or halal food in exchange of Japan bullet train for the KL-Singapore HSR?

http://www.thesundaily.my/news/1429939

glissantia

Under guided democracy, we must trust the wisdom of our betters. Agree, Mahathir…?

gk ong

KLCI fell 20.12 points or 1.1% to settle at 1,767.38, dragged down by Tenaga Nasional Bhd on rumours the state-controlled utility may acquire 1MDB’s power assets. Besides Tenaga, other major KLCI movers included Petronas Dagangan Bhd and Kuala Lumpur Kepong Bhd. All three stocks were among Bursa Malaysia’s leading decliners. “Due to the political factor, investors PANICKED, hence, leading to profit taking activities on blue chips,” Interpacific Securities Sdn Bhd senior dealer Sam Ng told theedgemarkets.com. Anything linked to 1MDB will make investors nervous. Lim Kok Wing will have to work extra hard for Najib to improve the image of… Read more »

daud

Ringgit down. Stock down. BN must go down.

amer

The near-term outlook for Malaysia’s stock index has turned “bearish,” according to Hong Leong Investment Bank Bhd in a report on Monday. The KLCI has tumbled 5.1% from its April high. Foreigners were net sellers of Malaysian stocks for a 4th straight week, bringing outflows this year to RM4.75 billion, compared with RM6.9 billion of outflows for 2014. The political uncertainty which is causing the market to react this way. The 1MDB debacle and the impending AG’s report, which will be tabled soon to the PAC, is causing the selloff.

abb

calvin,

i am really surprised fei low doesnt sue to protect his reputation. and of course, the kwai loh or qatari alledgely in cahoots with fei low
and has duetsche bank ever deny on the remittance of the funds as alleged. and for the matter deny the veracity of the hacked mails?

jinny

Those 1MDB folks are now playing hide and seek with PAC to buy time?

amer

Knowing that the time is nearly up, CEO Arul Kanda is delaying the meeting with PAC in an desperate attempt to earn an extra month of gaji at 1MDB?

abb

calvin, the courts are there for imdb and the board to sue if sarawak report is fabricated. goodness, are u trying to tell me the board doesnt know what is happening and now need the AG to conduct an audit to determine the acutal financial position of 1mdb. if so, truly they have been sleeping in their job. or for the matter deloitte is sleeping on their job? we are not talking abot child’s play here. its RM42b mate. hey, dont u ever think you are the only guy who know finance. surely, cash is not unit or some level… Read more »

Yang

Lim Kit Siang once cursed Anwar for lying to Parliament regarding Malaysia’s RM270 billion exposure (worth RM518 billion today) and RM30 billion loss (worth RM58 billion today) playing the market. The late Karpal Singh also stood up to question Anwar in Parliament regarding the sodomy allegations against him. Karpal even said, “Anwar perlu taubat.” Now, Anwar is god-sent and the man who is going to save Malaysia.

http://www.malaysia-today.net/why-1mdb-is-not-okay-and-the-forex-loss-okay/

Opposition sycophants & lackeys must open up their brain first before believing inthe deception of the CAT and defacto men.

gk ong

Dr Mahathir has fired another salvo at embattled Najib, saying the prime minister had “lied” over the status of 1MDB’s US$1.103 billion which was said to have been kept at the BSI Bank in Singapore, and should be investigated by the police under penal code. Najib may need the creativity from Lim Kok Wing to outmaneuvre the old man?

amer

Zeti said Bank Negara had received a complaint from the Swiss-based BSI Bank on an account linked to the debt-ridden 1MDB. Has Bank Negara updated Cabinet, Finance Ministry & PAC on this matter? If not, PAC should query Bank Negara soon, or get the details from The Monetary Authority of Singapore.

Abb

Calvin Arul said its cash in bsi Najib confirmed in parliament Now its units from the second finance minister U want us to believe imdb? Dont tell us arul supposedly an estbalished merchant banker doesnt know the difference between units and cash By the way units are 3rd level assets if u understand what is the meaning of that The british frontman didnt ervn deny the mails and only lamented the hacking Fei low ddint deny ethe mails either when questioned by the press and only sidetrack the question If the mails are false on the siphoning of billions to… Read more »

Don Anamalai

Adalah jelas bahawa dalam kes wang tunai yang didakwa oleh Perdana Menteri dan pegawai-pegawai Kerajaan, Bank Negara dan 1MDB telah dibawa balik dari Caymans Islands dan disimpan di BSI bank di Singapura serta pindaan kepada jawapan pertama bahawa bukan wang tunai yang dibawa balik dan disimpan di Singapura, tetapi dokumen, kesemuanya tidak benar. Mereka yang membuat lapuran yang salah ini telah melanggar undang-undang jenayah Seksyen 218. Perkara yang amat serius sedang berlaku. Wang syarikat milik Kerajaan yang dihutang dengan jaminan Kerajaan sebanyak tujuh billion (tujuh ribu million) Ringgit sudah tidak dapat dikesan di mana ia berada dan percubaan dibuat untuk… Read more »

daud

Che det is right.

calvinsankaran

Abb, Obviously you have a selective reading habit and not well versed with the world of corporate finance. Whether you believe in 1MDB based on the conflicting answers by them is not the issue. The issue here is to check if there were irregularities / improprieties in 1MDB and that’s what being done by AG. Sarawak Report (allegedly) fabricated its so-called evidences and yet people accept it without question. Tony Pua has been twisting and turning and changing his tune everyday and yet you believe him 100%. The Petrosaudi has made a police report not just to the Fraud Section… Read more »

calvinsankaran

Talking about Asset Classes – don’t let the Edge fool you. Level 3 is not junk or worthless asset but, according to wikinvest: “Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability (examples include certain private equity investments, certain residential and commercial mortgage related assets (including loans, securities and derivatives), and long-dated or complex derivatives including certain foreign stock exchanges, foreign… Read more »

atan

There is no confidence at all on Najib now because of the 1MDB scandal.
Yesterday KLCI went down by 15 point to below 1800 after Najib announced his RMK11, simply because it looked good on paper but unlikely to be implemented successfully given the poor track record of Najib’s administration. You can make increase average income but it is the rich that is getting richer, as teh KPI should be on the Ginni Coefficient!

gk ong

Yesterday stock indices all over Asia went up (China almost by 3%), but KLCI went down another 7.5 point. In other words, investors pulled out their money from Malaysia and invested elsewhere most likely due to poor confidence on RMK11.

Lim Kok Wing will have to put its reputation to test to repair the battered image of Najib in the eyes of foreign media and investors. For the sake of our Ringgit, we have to wish him luck. But please do not swamp our TV with those propaganda-laced jingles and music videos.

ajith v

KLCI dropped 1% by noon today.
A clear sign that investors have no confidence in Najib 5-year plan.

calvinsankaran

I don’t think many of those (including Anil here) really listened to what DPM was saying. Instead they picked up a few lines from the speech and make huge conclusion out of it. Basically what he says is that 1MDB has brought so much of pain and bad publicity to Najib and the govt that they board must be sacked to allow this to happen. He wasn’t trying to undermine Najib, break ranks or even accusing any wrongdoings in 1MDB. BTW, I have done an independent analysis on Sarawak Reports’ expose on 1MDB and it showed to my surprise that… Read more »

Yang

Calvin ; You are spot on right. All are unsubstantiated allegation like I said before taken from some source here and there and then create a web of deception to misle the people.

Ed G

‘BTW, I have done an independent analysis on Sarawak Reports’ expose on 1MDB and it showed to my surprise that the evidence they produced were (allegedly) fabricated and doctored from the hacked documents illegally extracted from PetroSaudi servers’.

Possible to furnish related details pertaining to the alleged fabricated and doctored documents as per your independent analysis?

CEO Maestro

Right or Left both are feudal warlords where money in billions dictate blind loyalty as long as gravy train not drying up!
Becoz of adat setia also blindly practised, left and right both enjoy immunity to continue to fool and laugh all the way to Cayman?

Rasputin

Najib is under tremendous pressure. His future is bleak. If he decides to quit there two options
for him. Either he steps down quietly and meekly like Pak Lah, or out of frustration and vengeance, dissolves Parliment and calls for a snap election that would put UMNO and BN in
disarray. If the latter is his option then Putrajaya will be an open house for PR.

Yang

Rasputin; You are in an illusion state created by the illusionist. He will be here to stay but beware PAS that will soon control Pakatan. Azizah won PP due to PAS not PKR or DAP.

atan

How is sacking the board members solve the RM42 billion problem? If that is the case, we should sack LTH, KWAP, KWSP, and heck, we might as well sacked the entire gov machinery and put in one who will serve the people, with integrity. How can the second Finance Minister say that it was an oversight when they first claimed that funds withdrawn from Caymans had been parked in Singapore. We are not talking about oversight in the case of a few thousand ringgit. We are talking billions. In any organization the executives would have been sacked long ago.

Ming Chew

Heard of this? BULL ….!

Michael

The left hand does not know what the right hand is doing…its all crazy.

Phua Kai Lit

Invisible hands in the pockets of publicly-managed funds (EPF, Tabung Haji, etc).

gk ong

The 1MDB cash transferred from Cayman Islands to the Singapore bank is now invisible.