Cayman Islands funds now in assets, not just cash Ferdtan: It started with one big lie that 1Malaysia Development Berhad (1MDB) had redeemed its balance of investment from the Cayman Islands in “cash” and transferred to BSI Singapore to pay the RM2 billion loan installment.

When no money was forthcoming to pay the debt as promised, Malaysians were piqued. After contradictory statements from various parties, Second Finance Minister Ahmad Husni Hanadzlah admitted in Parliament that the billionaire Ananda Krishnan helped 1MBD pay its installment.

Now the Finance Ministry have said, or corrected, (again when forced in Parliament) that the US$1.1 billion (RM3.97 billion) was transferred, not in cash but in the form of “assets in US dollars” to Singapore.

Finance Ministry, exactly what do you mean by this? Assets in US dollars? What type of assets? Current liquid assets like gold, or even blue chips shares?

Or was it in the form of fixed assets under somebody’s name, expensive high-end posh apartments in the Park Laurel condominium in Manhattan and a mansion in Beverly Hills?

Wg321: The Finance Ministry was forced to admit that there was no cash transferred by 1MDB from Cayman Islands to the BSI bank in Singapore.

This was because of transparency in the Singapore banking system. BSI bank in Singapore refused to cover up for 1MDB. They reported this lie to the Monetary Authority of Singapore.

As a result, Deutche Bank and other creditors felt very jittery. They may request for early settlement of their loans to 1MDB.

How is it possible for Tun Razak Exchange (TRX) to become the future financial hub of the world when there is so much dishonesty in the Malaysian government? Foreign investors will prefer to open their financial offices in Singapore than in Malaysia.

Odin Tajué: I already suspected something was not right when we were told that the almost RM4 billion (in cash) was not brought into Malaysia as Bank Negara Malaysia’s (BNM’s) approval was required for amounts of RM50 million and above.

There is absolutely no reason for any difficulty in getting an approval, seeing the money would really be owned by the government – that is, the people – and it was to be brought back to the country and not taken out.

Not long later, I wrote a piece to inform that there was, in fact, no money deposited with BSI Singapore. Indeed, the finance minister, his ministry, and 1MDB have been doing nothing but telling one lie after another.

Swipenter: So there was never any cash in BSI Singapore. Now what kind of assets are these? How liquid are these assets? Are these assets in the form of gold, silver, shares, bonds, jewellery, land titles, etc? Was cash used to redeem these assets? If so, how much?

1MDB must have used up all their cash to purchase inflated assets in the hope of reselling them to others at an even higher price. We have already a situation where they buy low and sell high (in the case of the TRX land). Now we may also have another situation of buy high, sell higher.

So watch out for your monies in EPF, Tabung Haji, PNB, KWAP. The assumption here is all Malaysians are born stupid and are ready made for them to rip off again and again.

Abasir: Najib lied about the Altantuya Shaariibuu killing though there is anecdotal evidence of his involvement in the cover-up, lied about the Scorpene ‘heist’, lied to the world about moderation even as bibles and a bride were seized by his religious goons, lied to the rakyat about the jet plane in Almaty, lied about the viability of 1MDB even as it was racking up debts to settle earlier debts, and lied about the US dollars kept in Singapore to avoid BNM’s regulatory hoops.

Along with him, the entire cabinet lied by abetting the liar, by nodding their heads each time a lied was uttered. The man has zero credibility. The cabinet has zero credibility. Does anyone still think that Malaysia isn’t a failed state?

Anticonmen: Where is there such a thing as ‘transferring’ asset from bank to bank? An asset is a non-cash item. It is therefore not a transfer but a mere withdrawal from a safe deposit in one bank to another bank’s safe deposit.

Why not reveal the nature of this so-called asset?

Wira: Indeed, I don’t understand why one transfers assets from one country to another. After all, the assets remain the same, only the documents are moved, unless the finance minister is referring to tangible things like diamonds, gold and paintings.

Can the finance minister be more straightforward to inform us what specific assets were moved to Singapore and why did we purchase tangible assets as aforementioned?

Guna Otak: Oops! Just got the words mixed up. A five-letter word (asset) versus a four-letter word (cash). A difference of only one letter. So, no big deal. A transfer is still a transfer.

Paul Warren: An IOU slip from a bankrupt could also be construed an asset.

Mushiro: It was clear based on their earlier explanation that they used a bank in Singapore to facilitate easier withdrawals in view of Bank Negara’s rules, where its approval is needed for transactions over RM50 million.

If it was only assets that they have in the bank in Singapore then how do they explain the facilitation of easier withdrawal. And these are experts and consultants preparing answers for ministers.

Oh yes, and in what form is the 1MDB assets?

6th Generation Immigrant: If one survives by half-truths, mistakes, multiple corrections, amendments and lies consistently, as is being shown by 1MDB and the Finance Ministry responses, one shall be confused because one shall not be able to draw the differences between truths and lies eventually – no one knows what’s real anymore.

This is the issue Malaysians have with Umno and BN. This is why honesty is the best policy.

Perak Boleh: How to trust the government when it is always lying?

The Tabung Haji chairman lied about the TRX land, the House speaker lied about his resignation, the PMO (PM’s Office) lied that the PM’s wealth came from his inheritance, and now the Finance Ministry lied on the US$1.1 billion cash in Singapore bank.

Apa Ini?: It will no doubt get worse before it gets better, Najib.

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