Saturday 30 April 2016

MDB's US$ 2.3 billion "Cayman units", worthless, if not non-existent

OutSyed The Box

Friday, April 29, 2016

Untuk Pengetahun Husni Hanadzlah Yang Bodoh Atau P*nipu Atau Dua-Dua Sekali

Tuan-Tuan ingat tak masa Husni Hanadzlah cuba jelaskan isu pelaburan dalam "units" oleh 1MDB dalam TV. Sila dengar Husni sebut berkenaan units (minit 6:20).  

Now read this. The "units" are non existent.
1 MDB's US$ 2.3 billion "Cayman units", worthless, if not non-existent : Evidence from Singapore's DPP
by Ganesh Sahathevan

In the matters of Public Prosecutor v Yeo Jiawei and Public Prosecutor v Kelvin Ang Wee Keng. prosecutors have told the court:

Brazen Sky (a wholly-owned 1 MDB subsidiary)  owned all the shares of Bridge Global Absolute Return Fund SPC (segregated portfolio company), a fund that was managed by Bridge Partners.

This is contrary to what 1 MDB and Arul Kanda had to say about the Brazen Sky investments, that is, that Brazen Sky owned units in segregated portfolio company that was managed by some party external to 1 MDB. 
This story was only changed recently, when in a written reply to MP Tony Pua the Malaysian Ministry Of Finance said (as it turns, admitted) that there was no external manager.

Consequently the entire series of transactions 1 MDB says were financed out of those units is in doubt, and 1 MDB's  current debts revalued upward accordingly. 

The existence of the units and any money that goes with it can be assumed to be a myth.

No comments:

Post a Comment