Questions re: 1MDB’s RM100 million CSR fund

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Whenever I see the word “foundation”, my antenna is inclined to buzz.

On 11 January, Bernama reported that PM Najib had announced the “establishment of Yayasan 1MDB to manage a RM100 million Corporate Social Responsibility (CSR) Fund“.

The 1MDB Foundation will soon launch “several key initiatives in bridging socio-economic gaps towards fulfilling the aspirational values of 1Malaysia”. Najib would be the chairman of the foundation’s board of trustees.

I have a few questions:

First, where is the money coming from?

Second, who has oversight over how it is going to be spent?

Third, why so much CSR? How many Malaysian firms do you know that have set up a CSR foundation for RM100 million? Bridging socio-economic gaps is fine, but wouldn’t this be better handled through the usual government channels, which are supposed to have their own checks and balances (for what they are worth), rather than an opaque foundation? What are the reporting and disclosure requirements for such a foundation? Does anyone know?

Bear in mind that 1MDB evolved out of plans to set up a Terengganu Investment Authority to create a sovereign wealth fund to manage the state’s securitised future revenue from oil royalties.

The plan is for 1MDB to eventually manage RM11 billion. The first  tranche of RM5 billion has already been raised through the issue of ‘Islamic Medium Term Notes’ guaranteed by the federal government.

Did I just say guaranteed by the federal government? So, fourth, on what basis was the bond financing raised? On the strength of what?

Fifth, are we investing future revenue now and allowing the federal government to be saddled with guarantees?

Clarification would be appreciated.

Already, 1MDB has signed deals with China (for possible investment in dams and a smelter in Sarawak worth US$11 billion) and with PetroSaudi International Ltd (US$2.5 billion).

All I can say is that Malaysians need to keep a close eye on 1MDB.

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LEE THAT NGO

This is a good news for the Sabah and Sarawak canser patients. May I know how to get the application form please?

Anon

Gerakan K,

How much do you think 45 Skyhawks cost?

Plus the RM50.0m(?) jet engines sold off by the Air Force?

There are many more billios lost that others can ring-off nicely to you and tell you how much ring-it we have lost…?

That’s only 2 on a starter list. What quality of life have Malaysians lost but could have gained if BN have not misruled. Instead, we have our homemakers watching South Korean TV programs on Astro.

When do you think Koh Sukun will start his KP-0 on MACC?

Gerakan K

Can you answer me following questions:

1) Do you agree that BN government acted so wrong and deserved condemnation just because of repairing and building houses for the people?

2) Do you agree that 50% housing quota in Kedah introduced by PR government is exceptional good?

I’m short of idea to describe you—-the repetitive parrot that always bad mouthing BN regardless of anything.

O

Gerakan K, I concur with you that all BN plans are launched with much pomp and show but the end results? Sickening! Despicable. For example, 1Malaysia, what does it mean? After spending RM20 million to launch it, the efforts are just the opposite. You know, like the Allah issue, just another deplorable act to divide the rakyat through race and religion. Do you know who they engaged to launch all these 1Malaysia and NKRA, KPI hype? I think it is APCO you know? Who are these people huh? … Allah is God and God is too supreme for humans to… Read more »

Iron

Ah… Mr. K.

When was the last time you look at yourself?

You say others are “repetitive parrots”, funny thing is this … I read all the messages from everyone – including yours – and I found one repetitive parrot.

You guess which one?

YOU, Mr. K !

You are the repetitive parrot !

Motorist

… “Help the poor” slogan is just like any UMNO/BN slogan. Words. Meaningless Words.

They classify themselves as “poor”, so “Help the poor” means help themselves.

Satu lagi projek UMNO…

LBJ

Anil. I used the phrase corporate blackmail to describe the extortion of money from corporations to top the fund. Hehehe.

sam

When i read the post .. CSR.. I thought its the CSR sugar factory in Batu Tiga, Shah Alam …. and government buying it over… its ok… my mistake.

With approx 27 million population. We have dozens of federal ministries…. hundreds of jabatan…..hundreds of state gov. excos….. right bottom to village chief ….

what are they doing ?

Anyway now days its not in RM millions anymore. Kaw… Kaw lah… in RM billions they sapu now days.

Gaya.. Mutu.. Keunggulan…

james

If history is any guide, I won’t trust a single sen of my hard-earn money to this bunch…. This “foundation”, not unlike so many others before it, (could ) be yet another slush fund for … cronies We’ve been fooled so many times before. We’re not going to be again. Never again.

donplaypuks

It’s Corporate, not Govt, Social Responsibility.

Companies, like Petronas, Plus, Sime Darby, Genting, Maybank and those in the league of MNC’s are supposed to set aside some money from their huge profits to payback society.

So, why is Govt setting aside Taxpayers’ money to the the tune of RM100 million for CSR? Something does not smell right. Is this another project for Foc Comm? Hmmm!

dpp
We are all of 1 racem the Human Race

Ong eu Soon

This 1MDB (appears to be) a convenient way for the government to siphon our money in the name of DEVELOPMENT; a blank check for the government to spend our money without any check and balance.

Gerakan K

Great news to share: RM2.1b for rural infrastructure in Sabah, Sarawak (http://www.themalaysianinsider.com/index.php/malaysia/50471-rm21b-for-rural-infrastructure-in-sabah-sarawak) Some great points: ———————————– 1)RM114 million was allocated to Sabah this year to build 2,853 new houses and RM25 million to repair 2,135 existing houses 2)As for Sarawak, we have set aside an allocation of RM133 million to build 3,328 new houses this year and RM29 million to repair 2,491 existing ones 3)Our target is to build 50,500 houses nationwide over the next three years under the programme ———————————– This is the people government I wanted to vote for each GE. Now can you differentiate a practical government… Read more »

SlogInM'sia

Hope this will not end up with a controversy like the Yayasan Basmi Kemiskinan (YBK), that is currently giving the Selangor State Government a headache.
It appears the State is not happy about something and a funny tabloid maintains YBK is transparent.
Anil, please write on this YBK.
Thanks, and God Bless You.

LBJ

Anil

instead of … the phrase you censored, can i use the work arm twist. Maybe this is less offensive?

Anon

Sounds like, but may not be, either a big GLC bank or another of those GLC’s have a can about to burst with worms!

iron

Before this there was a 200 Million Dana.

And before that, another Dana costing 500 Million.

And before that, yet another Dana costing 250 Million.

And before that

Exactly how many of these “schemes” have been launched?

Exactly how much of our money have been siphoned?

Exactly how much more can we Rakyat tahan these non-ending wasting of our tax money?…

No point of paying my tax only for them to suck dry.

Gerakan K

repetitive parrot,

1MDB Foundation purpose is to bride socio-economic gaps. But you said 1MDB = wasting our tax money ??? Using your logic, our government general hospitals/clinics also wasting our tax money ??? You are such are jealous opposition cheerleader that talk nonsense. By the way, our BN government also pushing RM2.1 billions development fund to Sabah and Sarawak with aim to build 50500 houses for the people there[1].

Reference:
[1]http://www.themalaysianinsider.com/index.php/malaysia/50471-rm21b-for-rural-infrastructure-in-sabah-sarawak

O

Hi! Gerakan K, You seem to be branding everyone here, repetitive parrots? As it is that is just another BN plan to spend RM2.1 billion to build 50,500 houses, but will the plan ever materialized? Spend they will, but will the sum total of houses built after the 2.1 billion spent is 50,500 houses? With BN’s sickening track records, the end result will be anyone’s guess? Remember 60% of funds allocated for developments in East Malaysia are always siphoned off by those BN goons? The remaining 40%? Again, how much will be siphoned off along the line and the end… Read more »

Gerakan K

Your statement:

———————————
If the BN run state Governments are so good in East Malaysia, do you think they will be coming over to the West to earn a living?
———————————

I ask you now:

If BN run the state government of Sabah and Sarawak so badly, why almost all people there voted BN?

PR Man

Gerakan K, Good question bro. As it is you need to understand that the natives there had to depend on handouts from BN reps. Also, are you unaware that the Filipino Muslims are (allegedly) given smart card three weeks upon their landing in Malaysia? Are you unaware that the illegal immigrants who now have my card is now (believed to be) 2 times the size of the original population? Are you unaware that the natives are … against the Sabah State Governments (alleged) plan to transfer these illegal immigrants to their schemes so that they can vote come the next… Read more »

LBJ

I have many more questions. But what I really think is that 1Fund is recipient of money from corporates in the name of CSR… Then the fund will disappear from there.

This is Malaysia. We cannot trust what we see or hear.