Elephant in the room in Terengganu state assembly crisis?

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It is poetic justice that the BN finds itself in a right old pickle in Terengganu with the defections of three state assembly reps. After all, most of us don’t need to be reminded about the BN’s power grab in Perak in 2009. But there is a larger elephant in the room in Terengganu – the state’s sovereign wealth fund which morphed into the controversial and opaque 1Malaysian Development Berhad.

To this day, BN continues to rule Perak despite winning a measly 44 per cent of the popular vote in GE13.

In Terengganu in GE13, the BN won a little over half the popular vote, winning 17 seats to Pakatan’s 15.

The mainstream media have not analysed enough the wheeling and dealing involved in setting up first the state’s sovereign wealth fund, the Terengganu Investment Authority, and then its successor, the 1MDB, which now has billions of ringgit supposedly and controversially parked in the Cayman Islands, of all places.

(The latest news is that 1MDB’s banker in Golden Sachs has left the US bank.)

TIA was formed in 2008 and renamed as 1Malaysia Development Berhad in January 2009. The flamboyant and extravagant Jho Low reportedly played a key role in the formation of TIA/1MDB.

Soon after, RM5bn was raised from bonds issued (i.e. RM5bn was borrowed) on the back of the state’s future oil revenue. Where was that money really invested?

Now despite being saddled with debt, 1MDB has been granted interests in a couple of big prime land development projects.

In April 2009, I raised the question whether the political crisis involving the Menteri Besar’s post back then amounted to a battle over the gravy train.

I believe we are not getting the real picture behind this political crisis. Instead we are fed some line about the ex-MB being unhappy he was to lose his post ahead of his daughther’s wedding ceremony. I mean, come on…

As for Pas, if at all there is a state election – and there should be one, I hope the party won’t see it as a referendum on hudud.

If at all the party were to win a future state election, the people’s desire for change – for an end to BN rule – should not be misinterpreted as support for hudud. That would be akin to regarding the Penang Pakatan’s sweeping triumph in GE13 as an endorsement of hill-slope development or the controversial RM6.5bn tunnel mega project, massive land reclamation and ill-advised land swap deals. Which it was not.

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Wee Chin

Malaysia spent ‘hardly anything’ on MH370 search, so said Hisham.
http://www.youtube.com/watch?v=UfAz3XS8UK0

Then Hisham must be commended.
Or perhaps the bill will be settled later by the unfortunate MCA who will take over the role of Transport Minister?

looes74

Hahahaha! It also mean that Malaysia is doing NOTHING in MH370 search. I wonder if that’s why no scorpene submarine is used for SAR

Ernie

PM said MAS may have to go bankrupt as it could not be salvaged after years of loss. Even investors cannot salvage their investment with MAS is now at all time low of 19 sen/share. BN could possibly face the same fate as MAS? The sign is all there, just look at India’s Congress Party that has just lost to BJP. The Indians are not afraid to ditch the Gandhi legacy which is said to be tainted be corruption by the existing party. Ubah is necessary in Malaysia before our nation’s wealth is wasted with no salvage value.

looes74

Emie,
Like I say, just sell it to SIA. Problem solved. Better still, perhaps have just SIA. Heck 50% of the staffs are Malaysians or ex Malaysians anyway. Madhater can go to hell la. Anyway, if Madhater hated singapore so much, why he had his reunion at NUS?

bowen

Better salvage yout 19sen MAS if you are unfortunate to own one or you get nothing ehe MAS goes bankrupt.

Most Malaysians have a stake in MAS since your EPF money is making it afloat and not sunk in deep ocean of loss?

Roy

Ernie is right.
The Indian voters are not afraid to ditch Gandhi family.
The Malays here should not be afraid to say no to Najib without any loss of respect to the Razak legacy.

Quramie

Indian film maker Rupesh Paul, the man behind erotic movie “Kamasutra 3D”, is already working on a movie based on the MH370 disappearance. Just wonder which script he will follow? Who will be the actor for Hisham’s role?

http://www.themalaysianinsider.com/malaysia/article/kamasutra-director-now-working-on-movie-based-on-flight-mh370

mong

A cracked mirror will not yield the same flawless image. it is a matter of time before the crack gets bigger. Only a fool will maintain the cracked mirror in the house. Bad Feng Shui

looes74

Anil,
This is the fellow I am talking about. Let see if he enters into your blog for discussion purposes. He contributed some in Din Merican’s blog

http://econsmalaysia.blogspot.com/2014/04/structural-break-in-monetary-and.html

P.S : He’s LSE econ graduate

looes74

Good to have healthy debate. In fact, I wanted to see debate between CL Flamiaris and ktemoc (another Penang (Ayer Itam lang). The funny thing is both of them stay in aussie land.

Something like this……This would be extremely stimulating

ktwong87

There is a longer copy of the article from The Edge available at:
http://www.fz.com/content/1mdb%E2%80%99s-banker-quits-goldman-sachs

Includes mention of 1MDB – Jho Low – TRX and “US$3 billion bond was for the Tun Razak Exchange development, but was almost immediately sent out by 1MDB to be invested with some little known funds overseas. Questions have been raised as to why 1MDB needed to raise so much money (RM36 billion to date) in such a short period of time and then park so much of it (RM18 billion) overseas.”

Also some bits about about Taib Mahmud – Sarawak.

looes74

Good question! Why park overseas 18 billion which is 50%? Time to ask Hisham the economist to explain. I am looking forward to debate between Anil and Hisham

Don Anamalai

Poor rakyat gets BR1M but the cronies get more from 1MDB?

Any behind-the-scene stories of the making of the1-day wayang kulit in Trenggannu?
I doubt it is so easy to leap out of Umno only to U-turn in less than 24 hours if there is no ‘habuan politik’ involved, right? Perhaps ex-MB knew the leverage he had, to squeeze out extra perks on the way out?

Yang

Lets put it this way which would be more right as in every society. Some work hard and with brain and connection (not necessary political) and gets to be rich just like from 1MDB. Some work easy for a living just like getting some Brim. Just like I work so hard that I am well off that the state govt have to (take) back what is due to me.

Wee Chin

Remember the TV game show ‘The Price is Right?’?

In this case we are not sure who named the price and who got the price right.
The Kenduri Kahwin is just a smokescreen.

looes74

Kee chik will tell you about this wonderful clip from allan parera (comedy court)

http://www.youtube.com/watch?v=cMTb1pduM2c

Allan sang some wonderful christian songs as well

Stylo Logan

Umno’s price is always right because there is no open tender higher price is needed for cascading benefits from contractor A to Z the Ali Baba way!

Ananars

Don`t worry anything in UMNO BN will be resolved. Lets see how DAP will resolve PAS hudud. Playing with time by PAS will not solve the problem but create a feeling of betrayal when it start implementing which it resolve to do. You can fool some of us some of the time, but you cannot fool us all the time. You can fool us with Karpal in Bukit Gelugor this time but you cannot fool the people in Teluk Intan and future by election.

looes74

Yeah, money money come come. Semua kow tim.

I wanna apply for a job as an UMNOite. Can? …

looes74

Anil,
Sorry to burst your bubble…….and mine too. Semua kow tim liao

http://www.malaysiakini.com/news/262710

Hmmm……..Now I know why so many Nar Nar birds around

Jeffer

3 wedding receptions, no excuse if cannot be kow tim!

Tan YG

What goes around, comes around