The House of Cards that is 1MDB
‘RM2.5bil 1MDB funds sent to Jho Low’s firm’
Why shouldn’t it be when a young talent could rip off billions from a democratic government on arranging the sealing of a phoney joint venture?
The 1MDB-PetroSaudi joint venture (JV) is a fraud, because the latter is a cashless shell whose only asset is paper valuation of oil concession that it does not own, while the former had to pump in RM3.5 billion cash, RM2.5 billion of which was siphoned off immediately after JV agreement was sealed.
Mind you, this RM3.5 billion cash constitutes only a tiny portion of the total loan of RM49 billion it has taken. How was the rest of the loan used?
1MDB’s reported total asset is RM51 billion. How much of it is really worth now, apart from the two pieces of premium land alienated to it at give-away prices?
For how long more can Prime Minister Najib Razak keep his silence on this issue which is obviously capable of raining catastrophic consequences on the nation?
Odin: The Sunday Times was founded in 1822. That means it has been in business for 193 years. One would be very much inclined to accept its report produced together with the Sarawak Reportas accurate.
It has nothing to gain by fabricating stories – something it obviously would not do, anyway, unlike certain newspapers in Malaysia which are now in extremis – but a great deal (money as well as reputation) to lose.
Together with Sarawak Report, it has produced reproductions of documentary evidence, whereas the parties who are the subjects of its investigative journalism have issued only inane statements (for example, views expressed by certain quarters concerning 1MDB should be examined in light of political motivation) and bare denials (for example, funds from 1MDB went to PetroSaudi-owned entities and any other inference is false).
Najib is fully accountable for any dubious dealings conducted regardless of whether he is physically involved in the actual running of 1MDB.
SRMan: Is Jho Low, who was entrusted to set up the country’s state investment fund, 1MDB in 2009, really a serious businessman?
He had been seen partying with the likes of Hollywood stars such as Lindsay Lohan and Megan Fox and socialite such as Paris Hilton. Indeed Low looks more like a playboy who lives a lifestyle of “wine, dine and play”.
Placing his trust entirely on this flamboyant young man in the set-up of the government-owned fund could prove to be one of Najib’s gravest mistakes which potentially could bring him down politically.
But then, is 1MDB really meant for the good of this country or rather a ‘money-shaking’ tree for the scammers?
Magnus: The rakyat have elected 222 of their fellow citizens as their right honourable representatives to the Parliament so why is it not possible for these right honourables to table an emergency motion to debate this financial and political scandal and then apply their integrity intrinsic in their right honourableness to decide if a vote of confidence in the government has to be called for the good of Malaysia?
How can that democratic process be so hard to do given everything that is now out in the public domain and in the clear knowledge of all the rakyat’s right honourables?
Siang Malam: Magnus, you obviously do not know the speaker of the Parliament.
Abasir: This latest scandal under Umno could just be another one in a series of oneupmanships demonstrated by its prime ministers.
Dr Mahathir Mohamad showed his prowess with Perwaja, BMF (Bumiputera Malaysia Finance), Maminco, PKFZ (Port Klang Free Zone) et al, Abdullah Ahmad Badawi had that fling with the ‘Oil for Food’ racket and his brother’s arrangement with MAS (Malaysia Airlines) while Najib, to prove to himself as the most supreme and accomplished in this line of PMs, has come up with 1MDB – now dubbed the mother of all scandals – one in which he has been done 700 million times (without KY Jelly) by that ‘fei loh’ (fat boy).
If ever there was a case to invoke 377A, this is the time.
1Citizen: I admire the people involved in the rip-off for being able to keep a straight face all these years.
How do they sleep at night knowing that the poor Malaysians will have to pay the price ultimately. Wake up, MOF (Ministry of Finance) and Bank Negara and all who are now aware of the fiasco.
Vijay47: Malaysia Anti-Corruption Commission (MACC) director Shamsun Baharin, you were weeping on Saturday that “only 64.4% of Malaysian youth” had confidence in your agency.
God has heard your cries and He has sent you this rotten case for you to investigate and take appropriate action against the guilty. I am sure you must be dying to send the glitterati to Sungai Buloh and in one fell swoop raise the “confidence factor” to 84%.
But no royal commissions, please, we all know where they end up. Don’t aim low, make sure you insist that you must go to New York as many of the suspects are there. With a bit of luck you might even get to question Paris Hilton.
Unspin: Some people are definitely going to jail when the long arm of the law catches up with them. It would be poetic justice if cristal champagne gets replaced with teh kosong.
Bamboo: Norway and Kuwait invest their extra cash for their sovereign funds. 1MDB borrow mega bucks for its investments.
All the nonsensical buying of assets with higher that market price, non-existing ventures and unaccountable money flow point to 1MDB as a front for those involved to siphon easy money, and we have to pay for it eventually as a house built of cards will surely collapse.
Louis: With this revelation, Pandan MP Rafizi Ramli, Petaling Jaya Utara Tony Pua and former Batu Kawan Umno vice-chairperson Khairuddin Abu Hassan should be hailed as heroes. All along they have been suspicious of 1MDB account.
If Umno members have brains, they should campaign to have Khairuddin’s position reinstated.
Elate: Are Isma and Perkasa going to accuse that fat boy as an agent set up by the Chinese in this country to bring down ‘ketuanan Melayu’?
Apapunboleh: Is the PM going to swear again in God’s name that this has nothing to do with him?
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