PTPTN A DISASTER OF QURANIC PROPORTIONS WAITING TO EXPLODE! POSSIBLE $8-$13 BILLION NPL! PAY UP YOU CHEATS!

Donplaypuks® at http://donplaypuks.blogspot.com

MALAYSIA'S LEADING BLOG FOR SATIRE & MANGLISH. All characters in this blog are fictitious; any resemblance to real persons, living or dead, is purely intentional!

21/03/2018

by E.S. Shankar, Donplaypuks® intrepid correspondent for borrow don't pay affairs

Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN, or the National Higher Education Fund Corporation, was established in 1997 by the government to enable students to borrow money cheaply to finance their tertiary education, locally.

To put it simply, PTPTN's business model is a recipe for a disaster that has mostly, already happened.

Why and how? Numbers do not lie, they tell us the story.

1. It's obvious that even if PTPTN were to double its annual income to $2 billion, it will still lose money. After expenses, it cannot cover about $1.7 billion annual interest cost on $40.35 billion loans, with interest running @ about 4.2 % p.a.

2. The only reason PTPTN has shown profits is because, between 2011-2016 alone, Najib gave PTPTN $8.3 billion in FREE GRANTS! 

3. Without this annual freebie, PTPTN would have gone bust many years ago! So, Taxpayers are well entitled to ask how top management can be held accountable for performance, if Najib and his administration are waiting round the corner with an open cheque book for any amount to bail them out?

4. NON-PERFORMING LOANS (NPL) AS HIGH AS $13 BILLION?

EPF and bank loans total $40.35 billion against Student Loan Debtors of $40.2 billion. However, this is highly misleading, as there seems to be a massive under-provision for NPL bad debts @ $108 million or 0.25% of debtors.

PTPTN has admitted that it was due to collect $18.81 billion between 1997-2016, but actually collected only $10.72 billion, a shortfall of $8 billion. It also revealed that some 660,000 borrowers had not repaid a single cent! CLICK HERE.

Between diploma and degree holders, the average loan per student outstanding, as shown in the accounts, is about $20,000. Using these figures, the NPL could be:

660,000 x 20,000 = $13.2 billion! So, the disclosure that $8 billion makes up arrears overdue by more than 1 year, needs explanation from PTPTN. 

5. In his 2018 budget, Najib has agreed that the Federal Govt, i.e. YOU AND ME, THE TAXPAYER, will generously absorb hundreds of millions of ringgit that PTPTN has been writing off each for loans given to first class degree graduates, as well as discounts for early loan settlements. In 2016, this amounted to $288 million and $94 million respectively. Between 2013-2016 the total figures are $662 million and $443 million! How generous of Najib to put us all in more debt!

6. PTPTN has also done some astounding things:

a. In 2016, it borrowed an additional $5.15 billion in Islamic sukuk funding from local banks. Does it expect to increase its other income by funding it with 100% borrowed money? PTPTN paid $9 million in fees for this sukuk funds.

b. It made additional payments of $406,549 and $513,554 to "important employees", averaging more than $40,000 per person. No details are available as to the exact nature of these payments, why these 11 persons deserved it and if it was over and above their annual bonus. This is a disease that seems to afflict many a GLC and govt corporation under Najib. Regardless of the financial position or performance fiasco at that entity (e.g. FGVH), top management can get away with paying themselves huge salaries, bonuses and perks!

c. There is no explanation why salary cost increased by 17% in 2016.

d. Other than one Chinese, the rest of 25 persons comprising Chairman, CEO, Board members and top management pictured in the 2016 report, some of  whom are government-appointed (including Attorney General Apandi Ali), are ALL Malay/Bumi. Why is this so?

7. So, is there a solution to this nightmare? I did not cause the problem. But, here's my thinking:

a. Firstly, after 20 years, PTPTN must bite the bullet and write off all bad debts. Much of it might be due to deaths, emigration or poor documentation and record keeping. This basically means that somewhere between $8-$13 billion, or up to about 33%, MAY NEVER BE COLLECTED. What in reality is the worst case scenario?

b. Next, all the Bank Loans should be re-negotiated and lending banks forced to take a big haircut. Let them take a hit as part of national service, like WE THE TAXPAYERS.

c. Stop all waivers for first class graduates and early settlement discounts. The interest charge is low. If you don't believe it, try borrowing on commercial terms from banks. The government must make available funds for PTPTN at the same rock-bottom cost of funds as for Bank Negara/MoF/Treasury.

d. PTPTN and the govt must go all out on a debt-recovery blitz. Goddammit, just publish the full defaulters list at its website, in all the newspapers, air the names of  the most recalcitrant borrowers on TV and Radio and take legal action without guilt.

Basically, all these irresponsible borrowers want two bites of the cherry. They got a PTPTN loan which is already funded with Taxpayers money and subsidised low interest, enabling them to get a degree and a higher paying job. Now, when it comes to repayment of that loan, they are asking the Taxpayer to subsidise their loans again with discounts, rebates and waivers! Have you no shame? You borrowed, you pay! It's a struggle? Yes! But, it was not any better for the older generation either. Many of us got nothing from our government, not 1 cent. We too struggled and slaved and stinged and cut corners so that the next generation could get a head start and good benefits. You have a right to higher education, but not the right to pass the burden of your cheap loan to others.

e. The PTPTN Top management and downline staffing should be re-structured to employ more proven professionals and be more inclusive.

f. Our education system should be revamped, like yesterday. Right now, many are pursuing degrees with no proper grades or interest, resulting in them not being able to find relevant well-paying jobs. Bring back vocational schools, so that there will be an additional avenue for young people to acquire practical skills which will allow them to earn decent, living wages.

8. Only then will we have a true and clear picture of the Taxpayer bailout that is required. Let not Najib pretend that it's a government or UMNO bail out. Whichever way one looks at it, it's the Taxpayer who is going to be walloped.

9. Where to find the money? Easy:

a. Cut the Minister of Education's salary for goofing and the MoE budget for wastage. The Minister and his top executives at the Ministry must be whacked for the PTPTN mess.

b. Cut Najib's PMO over-bloated $17 billion budget by at least $10 billion.

c. Abolish the Federal JAKIM and save $1 billion a year, as religion is a State matter.

d. Stop ALL scholarships to Pakistan, Indonesia and the Middle East countries, especially for religious studies. If I am going to subsidise some unknown's education in the national interest, and I am not totally against it, it will not be to countries where our youth get brainwashed to become ISIS and/or Taliban extremists with bomb-making expertise.

ENOUGH IS ENOUGH!

DONPLAYPUKS : All the money disappeared long ago into Najib's pockets and much of it invested in USA & UK properties and other assets by his cronies Jho Low, Riza Aziz, Qubaisy and Husseiny

27/04/2017

IPIC WINS, NAJIB/MoF/1MDB LOSE BIG TIME US6.5B (RM28 BILLION) LONDON ARBITRATION. NAJIB & MINISTERS LIE THEY WON!

Let us be very, very clear at the outset that the announcement (see below) on 24 April 2017 at the London Court of International Arbitration (LCIA) means that, IPIC WON, and Najib/Malaysia's Ministry of Finance (MoF)/1MDBLOST the arbitration case.

(Click on pic for enlarged view).

Basically, the LCIA decision means that Malaysian Taxpayers will have to cough up US$4,705,450,000 (apprx. US$4.7 billion or RM20 billion) between now and 2022, as follows:

1. US$1,205,450,000 (appx. US$1.2 billion or RM5 billion) in equal instalments in July and December 2017 to be paid to IPIC.

2. US$3,500,000,000 (US$3.5 billion or RM15 billion) to paid to 1MDB bondholders in 2022, PLUS all interest, about another RM1.2 billion due to them between now and 2022. 

I have put MoF in front of 1MDB, as the LCIA settlement would have been impossible without the MoF guarantee. In short, this is yet another disgraceful bailout of 1MDB by the Malaysian Taxpayer. 1MDB does not have any cash to guarantee anything.

What does the decision mean? It means that:

1. IPIC's claim of US$1.2 billion/RM4.2 billion that had originally been agreed to by 1MDB, and later unnecessarily disputed, was legitimate. It was not a fraudulent or frivolous claim as bandied about by MoF/1MDB. It is also an absolute lie by Najib, MOF/1MDB that this money will be paid from redeemed "units" parked through Jho Low with undisclosed fund managers or Brazen Sky or BSI Singapore. The LCIA  announcement makes no mention of it at all! The "units" fib was cooked up by Najib and his gangsters. I dare Najib to reveal the name of the "units" fund. All the money disappeared long ago into Najib's pockets and much of it invested in USA & UK properties and other assets by his cronies Jho Low, Riza Aziz, Qubaisy and Husseiny. Refer my earlier blog post. CLICK HERE.

2. It is now 100% confirmed by Najib, MoF, 1MDB and the Malaysian government that US$3.5billion/RM15 billion it said had already paid to IPIC was false. They all knowingly lied about it.

3. US$3.5/RM15 billion of funds already disappeared from 1MDB into the pockets of Najib and his cronies between 2009-2013.

4. The Malaysian Taxpayer is now being forced by Najib and his thieving government to PAY TWICE for 1MDB'S bond debts!

5. No one in Malaysia - Najib, Deputy Finance Ministers and Chairman, Executive Directors and CEOs of 1MDB - has been charged in court for multi-billion ringgit fraud, looting, money-laundering, financial and economic plunder, false accounting and/or conspiracy to do so. This is happening despite last April's PAC Report recommending that ex-1MDB CEO Shahrol Halmi be charged with financial mismanagement. The IGP and AG, a pair of Najib's shameless sycophants, are obviously sleeping on their job.

6. Auditors Detoilette, in which one of Najib's sons is a full partner, has (so far) got away with shameful sub-standard work. In any other country, it would have been subjected to multiple lawsuits by the government and/or banks and bondholders for professional negligence. Remember Exxon and how auditors Arthur Andersen eventually had to close down?

7. The suggestion by scurrilous "analysts" briefed and conned by Jho Low that this settlement weakens the US DoJ kleptocracy case is an attempt at damage control, with one eye on the looming GE14.

If anything, it strengthens their case, as here is a clear admission by Najib and MoF/1MDB that US$3.5 billion/RM15 billion it claimed it had already paid to IPIC never went to them, and now they have to come up with another US$3.5 billion/RM15 billion.

Any other claim by any "analyst", Minister/Deputy Minister from Najib's government of thieves, MoF Chief Thief Serigar or 1MDB executives, is a BLATANT LIE designed to try and pull the wool over the Rakyat's eyes. More than that, it is an attempt by serial liar and thief Najib to save face, now that it has been globally confirmed that there was massive fraud at 1MDB!!!

It was confirmed more than a year ago that IPIC was claiming US$6.5 billion or RM28 billion from 1MDB. Najib, his sycophantic Ministers and 1MDB all pretended that this was an outrageous claim even though the auditor general had already revealed that at least US$3.5 billion or RM15 billion was missing from 1MDB's balance sheet.

In July 2016, the Us DoJ had also confirmed in its kelptocracy claim, mainly against Jho Low, Riza Aziz and Qubaisy and Husseiny (of Aabar, a subsidiary of IPIC), that the missing US$3.5 billion had been deliberately siphoned out from 1MDB to offshore tax shelter companies controlled by Jho Low, Qubaisy and Husseiny, between 2009 to 2013. This would not have been possible without a conspiracy involving top 1MDB directors and Najib, who from day one had sole approving authority as Chief Advisor to 1MDB. More than that, Najib has from 2009 been the Finance Minister under whom nestles MoF and its wholly owned subsidiary, 1MDB!

Najib's cronies had created off-shore tax shelter bearing names very similar to IPIC's subsidiaries to carry out their fraud. They siphoned the moneys out of 1MDB. The real IPIC and its subsidiaries never received the money under dispute.

What is interesting though is what was not announced. IPIC had claimed US$6.5 billion from 1MDB. The LICA settlement only accounts for US$4.7 billion. What happened to the balance of US$1.8 billion or RM8 billion? Is it likely that the Arabs would forgo US$1.8 billion? For sure, Najib/MoF/1MDB are hiding something big! The silence is deafening!

But everyone has forgotten one important aspect of this peculiar arrangement between 1MDB and IPIC. Who cooked up this guarantee arrangement? Who was the "brains" behind it? If right from the beginning MoF had given a Malaysian Government sovereign guarantee, it could have saved the Taxpayer billions of ringgit.

This guarantee agreement is protected by the OSA. I bet that if the OSA documents were to be declassified, we will find that some Najib crony has been a substantial beneficiary of the guarantee fees! Was it a certain Malaysian Indian tycoon fraudtrepreneur? I did not say crooked crony. With Najib and his government of thieves, that is, of course, guaranteed!

Donplaypuks : WHY NAJIB STOLE RM2.6 BILLION AND MORE, IN ALL SOME RM30 BILLION, FROM 1MDB!

nation in distress

The World Anthem

WE ARE ALL OF 1 RACE, THE HUMAN RACE.

04/09/2016

By Donplaypuks®

Shortly after Najib was appointed prime minister on 3 April 2009 following Badawi's resignation, he got a shock when he looked at BUMNO's finances. On paper, BUMNO was rich based on its direct investments and those illegally held through its nominees. In reality, the papers were worth far, far less then the ink they were printed on.

Profits had turned dangerously negative, dividend cash flow was shrinking and many Government (read as BUMNO) Losing Concerns (GLC) were in dire need of massive state bailout. No one had the sense or ability to create new sources of income. 

Petronas was already hinting that it would have to reduce its contribution to the government's budget if it were to remain competitive, maintain internationally acceptable profits and returns on its investments, and not lose its triple A rating for raising debt via bond issues.

That is when Najib turned his attention to 1MDB and turned it into a giant ponzi scheme, having exhausted raiding the bank balances of many a Plc over the years. He had hit rock bottom arm-twisting our corps of fraudtrepreneur corpo-rat tycoons and so-called "captains of industry", who, without government sponsored monopolies, sweetheart deals and built-in corrupt quid pro quo commissions and kick-backs, did not know how to earn risk-free RM1 of interest from Fixed Deposit, with cash of RM1 million!

Najib proudly announced to BUMNO that he was working out a new deal whereby its finances would be secure forever and a day!

Whether this man who boasts that he is a trained Industrial Economist, and some have openly stated that he has faked his educational degree qualifications, thought out the crooked scheme all by himself, or whether he was persuaded by Jho Paris Hilton, remains to be seen. But, rarely, if at all, do 20-something-year-olds with limited experience in merchant banking and finance, approach prime ministers with thievery as a business model. 

It is a certainty that it is Najib who decided on fraud, misappropriation and money-laundering, and then shopped around for a suitable partner. In stepped a willing and able Jho Paris Hilton, blinded by billion dollar signs and friendship with Najib's step-son Riza Aziz and his mother Rosmah (Najib's 2nd wife).

Najib then roped in the usual band of BUMNO yes men into his team, among whom was another fraud king who was once sacked by BNM for being the person primarily responsible for some RM60 billion in forex losses and a GLC MD who led a company involved in the RM8 billion Scorpene submarine acquisition that was linked to the 2006 Altantuya murder when Najib was Defence Minister. Then there were other civil serpents among whom is a chief secretary who now stupidly and ridiculously claims he was not called to attend 1MDB meetings or consulted, even though it was a 100% Ministry of Finance subsidiary!

So, right from the beginning, it was Najib who intentionally planned the rape, looting and plundering of 1MDB. Five year old children will not buy the story that an unsuspecting, innocent, trusting and extra virgin olive oil Najib was hoodwinked by Jho Paris Hilton into commit fraud on a global scale.
It was all about the arrogance of BUMNO in thinking it alone had some kind of God-given mandate to rule Malaysia forever, and about remaining in power in the face of looming permanent electoral loss. Along the way, the massive amounts of money led to Najib and his family's utter corruption and greed, tainted as he already was in the $575 million corruption scandal involving the Scorpene submarines and Altantuya's murder. Many already crooked got sucked into Najib's 'skim cepat kaya' or 'get rich quick scheme'.

Otherwise, Najib would not have appointed himself Finance Minister and wound down the RM10 billion Terengganu Investment Authority so that he would have total control of 1MDB.

Otherwise, Najib would not appointed himself Chief Advisor and sole authority at 1MDB for approving all financial commitments and hiring and firing. 

Otherwise, Najib would not have approved 1MDB starting operations with a poor paid up share capital of RM1 million and then, borrowed RM42 billion overseas in US$ to avoid BNM oversight and by misusing Malaysia's sovereign status.

Otherwise, 1MDB would not have deliberately agreed to acquire IPPs at grossly and criminally inflated values (about RM2 billion), now openly admitted to by 1MDB CEO Kaunda Kundi with the incredible announcement that it was done so that our national electricity company, TNB Plc, would not raise tariffs! (In actual fact, subsequently, TNB raised tariffs twice!)

Otherwise, 1MDB would not have borrowed RM4 billion from a local pension fund, claim it had invested it in a foreign coal-mining venture, and then have the whole "investment" transferred loss free to the MoF. The MoF now refuses to answer truthfully to Parliamentary questions about the current market value of this RM4 by tendering OSA rights.

 

Otherwise, Najib would not have fired 1MDB's two previous auditors for asking questions about 1MDB's dodgy investments and refusing to sign off with a clean audit report.

Otherwise, Najib would not have illegally sacked the AG who was on the verge of indicting him for fraud, misappropriation, money-laundering, breach of fiduciary duty and abuse of power.

Otherwise, Najib would not have shut down a Task Force investigating him by ordering the IGP to arrest officers from BNM, MACC and the AG's office, and transferring some to other government departments.

Otherwise Najib would not have illegally ordered his yes-man, new AG Pandi, to Unconstitutionally classify the Auditor General's Report on 1MDB under the OSA.

Otherwise, without Najib's instructions, the two top directors who illegally transferred RM42 million to Najib's personal bank account from public funds, would not have been able to flee to Indonesia to escape prosecution. Najib then used this money to pay for his and his wife Rosmah's personal expenses running into millions of ringgit, and suspicious multi-million ringgit disbursements to a named Deputy Minister and a BUMNO chief, and to several unnamed BUMNO chiefs and party members.

Otherwise, 1MDB's audited accounts for the year ended 31 March 2015 would not be delayed now for 17 months, while its 3rd auditor issued a strange statement that the public could not rely on its audited accounts for 2013 and 2014. There is a RM30 billion hole in 1MDB's balance sheet represented by "units" and unheard of asset descriptions alien to the financial world. These assets are likely to be worth nothing, having been fraudulently siphoned out by Najib and his corps of robbers in 1MDB and MoF, and his government of thieves.

Otherwise.......(please feel free to fill in the blanks).

Also, RM2 billion of RM2.6 billion transferred to Najib's personal bank account was transferred back to its original source, which the WSJ has revealed to be an off-shore company (Tanore) owned by an Arab individual linked to a 1MDB joint-venture partner. 

This blows to smithereens Najib's disgraceful, shameless, outrageous and blatant lie that the RN2.6 billion was a donation from an Arab Royalty and/or the Saudi government. When that criminal AG Pandi cleared Najib of corruption, he did not utter a word about how and for what purposes Najib used the difference of RM600 million; how much of it went into Najib, Rosmah and their family's pockets, BUMNO's bank accounts and how much to bribe politicians and rig by-elections and the 2013 GE!

Let's face it - in the history of the world, no government or individual, has ever donated RM2.6 billion or its equivalent to the personal bank account of the leader of a nation. It willl never happen in the future either. Certainly not for being a "moderate" Islamic nation which Najib claimed had opposed and fought ISIS, which Malaysia never did since ISIS came into existence only after the RM2.6 billion arrived in Najib's bank account between 2012-2013!

Let's also face it - all this was done with the connivance of BNM. At least one blogger has revealed, without being sued for slander and defamation, that Yeti of BNM in fact knew and advised Najib about the RM2.6 billion bank transfer in and RM2 billion bank transfer out of the country. This explains why, some two years after these events, Yeti was unable to give a straight answer to Australia Broadcasting Corporation's (ABC) questions when asked why BNM had refused to meet AMMB officers who came ready with files and documents about massive cash movements in and out of Najib's and Rosmah's bank accounts. This also explains why BNM has refused to disclose to the public how much 1MDB was recently fined for criminally misleading BNM about the movement of RM2.1 billion overseas. 

Do also remember, Najib has not sued Asia Sentinel for its article suggesting that he is linked to, not one, not two, but THREE murders! CLICK HERE. Neither has he sued the WSJ, as threatened by him and his incompetent lawyers, for exposing the corruption trail from 1MDB to Najib.

Najib has been cornered but refuses to resign gracefully, no doubt floating in false optimism and support given by the very people who are as guilty as him of utter corruption, lack of moral fibre and integrity.

Have no doubt, the final fall of Najb and his government of thieves is just around the corner. When it comes, out will go too BUMNO and all its corrupt, racist and bigoted sycophants who have been criminally sucking our blood while fingering the prayer beads and comforting themselves that they only fear God and His judgement. 

Funny, that's is also what all those Japanese and German generals were saying at the War Crimes Trials after World War 2, shortly before some committed suicide, faced the firing squad or were hung by their necks till they died of  broken necks or asphyxiation!!

 

Posted by Donplaypuks® at 8:16 am

Shankar : "Impossible for serially lying, defrauding, money-laundering, looting and plundering Prime Minister Najib not to have been directly involved in every aspect of the running of 1MDB"

THE NEXT GOVERNMENT.

BARISAN RAKYAT SHALL FORM THE NEXT GOVERNMENT!

SOS

nation in distress

The World Anthem

WE ARE ALL OF 1 RACE, THE HUMAN RACE.

09/04/2016

SERIALLY LYING PM NAJIB ENGINEERS WHITEWASH OF 1MDB PAC REPORT, CARI MAKAN CHAIRMAN HASAN ARIFIN BENDS OVER!

by it's all been accounted for, Donplaypuks® intrepid correspondent for Enron-like financial fraud affairs

CLICK ON LINK BELOW TO BUY BOOK 'MURDERED IN MALAYSIA:THE ALTANTUYA STORY' BY E.S. SHANKAR of http://esshankar.com/:

http://sarawak-report.myshopify.com/

CLICK ON PIC FOR ENLARGED VIEW

Let me state at the very beginning that it is impossible for serially lying, defrauding, money-laundering, looting and plundering Prime Minister (PM) Najib not to have been directly involved in every aspect of the running of 1MDB and its operations, acquisitions, disposals and RM46 billion borrowings, and now confirmed RM50 billion debt as at 31 January 2016.

It was Najib who ordered the winding up of the Terenggau Investment Authority (TIA) to set up 1MDB under the control of the Ministry of Finance (MoF).  The MoF is the sole (100%) shareholder of 1MDB with a last known paid up share capital of RM1 million vs audited loans of RM46 billion. PM Najib is also the Finance Minister. Ultimately therefore, in anything connected with 1MDB and the MoF, the buck stops with Najib. CLICK HERE.

More than that, no appointment to the Board of Directors of 1MDB, including its Chairman and CEO and its Board of Advisors, could have been made without Najib's approval. These are all stated the Articles of Association of the company.

To cap it all, Najib is also the Chairman of 1MDB's Board of Advisors. He is also the person who put together 1MDB and Jho Low who made several investments running into billions of ringgit on behalf of it. It is principally these billions of ringgit that are at the heart of 1MDB's missing RM25-30 billion of funds. The WSJ and Sarawak Report have also reported that Jho Low siphoned out much of this money for his own side-deals, which constitute Criminal Breach of Trust, fraud and International money-laundering. In short, nothing major could have moved in 1MDB without PM Najib signing off the orders!

It was obvious to everyone in Malaysia that when Najib "promoted" Nur Jazlan (to Deputy Home Minister) from the Chairmanship of the Public Accounts Committee (PAC) and replaced him with his stooge Hasan Arfifn last August, the eventual PAC report on 1MDB would be a chunam (whitewash) job to clear Najib of any involvement in the $46 billion fraud at 1MDB, and keep the fall-out to a minion like CEO Sharul Azral. Hasan Arifin, when asked about his job last year, said he was only 'Cari Makan' meaning scratching for a living, a clear indication that he hasn't a clue about his job or its importance.

1MDB, its repulsive President Arul Kanda and the PAC now claim that as the RM46 billion of loans have been "accounted for" in 1MDB's balance sheet, accusations of the missing billions of ringgit are unfounded, and by extension, Najib absolved of any fraud. But, this begs the question why Najib sacked two chartered accountant audit firms, and 1MDB's 2015 audited financial statements have now been delayed for a staggering 12 months.

This "accounted for" is the typical language of the world's great con men. Enron's CEO also said that before its spectacular collapse.

Your give your son Arul Kaunda Kundi $20 to buy some school stuff and he returns with two pencils. When you ask him what happened to the change, he writes down a list of items, but there is not a single receipt as proof. Of course he thought you would trust him and not ask for receipts, especially since he used most of the money to buy a packet of cigarettes! So, technically, he has "accounted for" the $20. When pressed, he gives you an IOU signed by his good friend Jho Paris Hilton. The IOU is not worth the paper it's written on, since the money has already gone up in smoke.

And that is exactly the case with 1MDB. Of the RM46 billion loans raised by 1MDB, RM4 billion from government pension fund KWAP was purportedly invested in a Mongolian coal-mining company. When questioned, 1MDB panicked and Najib transferred the entire "investment" to a MoF 100% subsidiary, SRC. Investigations show that only some $400 million was invested in the Mongolian coal-mine. So, what happened to the balance of RM3.6 billion? SRC's answer was that the RM4 billion has been fully "accounted for" in its balance sheet, but, hiding behind the Official Secrets Act (OSA), it refuses to provide details of the full investment or its current market value. Does anyone suspect fraud? Does Dracula crave for fresh blood?

This is also the case with the balance of 1MDB's RM42 billion borrowings. Of this, RM18 billion was utilised by 1MDB to invest in IPPs. Now, 1MDB President has publicly confirmed that the RM18 billion price tag was deliberately inflated "to reduce future tariff increases by Tenaga"?? A more shameful and ludicrous statement could not have come from 1MDB's office boy. Two audit firms were sacked by Najib when they asked for proof and current market valuations of the investments made. All they have are pieces of IOUs and letters from Jho Low and others. 

When questioned about US$2.1 billion said to have been transferred to a Singapore bank, 1MDB's Arul Kanda first said he had seen the cash. When WSJ exposed the fraudulent story about the cash, Arul and the con-men at 1MDB swiftly back-tracked and came up with a disgraceful lie that the investment was in 'units". Units of what? OSA!

Najib and Arul Kanda are flogging off 1MDB's key assets like the Ipps and land, to cover up the hole in the balance sheet created by the missing RM25-30 billion. They are basically saying to us that as long as the hole is plugged, questions of the $25-30 billion fraud and corruption should not be raised!! If we allow them to get away with it, we will be giving a free licence to every top person in government and private and public corporations to loot and plunder as they please!!

The PAC report clearly states their inquiry was thwarted by the failure of 1MDB to produce concrete proof that its $42 billion had been properly invested. All they have been submitting to nervous auditors are verbal assurances, dubious pieces of letters from Jho, IOUs and "units' not backed up by proper investment certificates and valuation reports. Arul Kanda blocked all PAC access to the accounting records and bank statements of  1MDB's overseas off-shore subsidiaries. Yet, Najib and his entire government of thieves are now trumpeting all over the country that Najib has been cleared of any complicity in the failings of 1MDB, and that billions of ringgit are not missing - that it has all been "accounted for"!!

The fall guy for all the billions of ringgit of looting is 1MDB CEO Sharol Azrul who immediately proclaimed "I did nothing wrong". Reading between, the lines, this means he was following Najib's and others' orders, so why should he be the one to go to jail? He seems to be echoing Colonel Nathan Jessup's words in that brilliant movie 'A Few Good Men' - "We follow (Najib's) orders or men die!". Shahrol also does not seem to understand the Nuremburg Principle - No one is obliged to follow illegal or criminal orders!

The PAC report also clearly identifies instances where Shahrol and his team over-rode company policies and disbursed funds, billions of ringgit, without proper authorisation or approval. Yet the men at 1MDB have been claiming all this time that nothing illegal or untoward had happened at 1MDB. The entire management at 1MDB (except those who resigned as a matter of principle) - Najib, the advisors, Chairman Lodin Wok, all past and present CEOs, Chief Secretary to the government Ali Hamsa and MoF Chief Secretary Serigar Abdullah, etc. - are guilty of criminal malfeasance, dereliction of duty of care (fiduciary duty) and of covering up all the illegalities. It is not beyond the pale that besides Najib, some of the executives and directors are guilty of corruption and accepting illegal inducements and bribes.

The Cari Makan PAC boss Hasan Arifin also stymied all efforts by its members like DAP MP Tony Pua from summoning Najib, Bank Negara Governor Zeti and Jho Low and being grilled by the committee. Zeti is of course concealing the truth about the RM4.2 billion that flowed through Najib's personal bank account. These illegal money-laundering bank transfers took place between 2011-2014, and yet Zeti waffled about "looking into it"!!

Najib also stupidly claimed that RM2.6 billion of that money was a "donation" from some unknown Saudi royalty. This is about as credible as as saying that pigs can fly. Much of that money was used by Najib to buy votes and rig the last General Election. RM2.06 billion of it has still not been satisfactorily accounted for by Najib. AG Apandi claimed it was TT'd overseas, but no one else has seen or heard of those funds. 

In the end, even if Najib manages to defy the will of the people and not resign, he cannot escape the fall-out that will result from criminal investigations of 1MDB going on now in the US, Switzerland, HK, Singapore, Luxembourg etc.

Najib and his government of thieves are threatening ISA and Sedition charges against anyone who raises the 1MDB issue against him, on the ground that he has been cleared by the PAC. But, as Tony Pua said, it's more a case of the PAC failing to clear his involvement and innocence. All this sabre-rattling may be to appease the restless natives and those living in the boondocks. But it's not going to fool anyone else here or around the globe. Rumour hath it that the Auditor General's report on 1MDB names Najib as a criminal. Little wonder it's been Unconstitutionally classified under the OSA.

But the ultimate lie told by Najib from which he cannot escape is about the RM42 million transferred to his bank account by SRC, and utilised by him to buy diamonds (RM3 million) for Rosmah and other expenses for cars, holidays and luxury items. There were also payments of RM2 million to Deputy Minister Ahmad Maslan and RM1 million to UMNO party chief Shahrir Abdul Samad. The full list has yet to emerge, but Najib sycophants like Minister Azalina Othman, Rahman Dahlan and Salleh Syed Keruak may well have been the beneficiaries of his 'largesse" from this fictitious "donation".

RM55 million was paid to local fabric retailer Jakel. Najib claims they sourced carpets and clothes from Jakel for charitable purposes. Another blatant lie! When there is a government Welfare Department which can source donation materials for free or giveaway prices from the general public and corporations, who in their right frame of mind would source goods from a retailer for charities? Who really owns Jakel - Rosmah?

Najib still unashamedly claims that he did not know about the RM42 million in his bank account and did not instruct SRC to transfer the money either. SRC, sticking to the script, also claims it does not know who gave instructions to transfer the RM42 million to Najib's personal bank account!! It has not escaped anyone's attention that SRC CEO Nik Faisal Ariff Kamil has disappeared on Najib's instructions to Indonesia!

It's a simple matter is it not? It would take all of 15 minutes for Governor Zeti of BNM to to get to the bottom of it all. Yet, it would appear that Zeti and BNM have not lifted a finger to clear the mystery of who tansferred what on whose instructions. It would clearly suggest that Zeti is covering up for Najib.

In any event, how could Najib claim to be unaware of the RM42 million when he issued cheques and payments orders favouring his wife, Cabinet and party members against that huge amount of money?

So, one lie leads to another and another! Three murders have also revolved around Najib. CLICK HERE. 

What we have under Najib is clearly a rogue and criminal regime that has no legal or moral authority whatsoever to stay in office. So, we have a gallery of traitors, many of whom have yet to be identified, who are our enemies from within.

I am not intimidated by Najib or his sycophants' threats of ISA, OSA, Sedition Act and the like. Bring it on Najib, I'll see you in court. And if anyone should leak to me a copy of the OSA'd Auditor General's Report on 1MDB, I will publish it here at my blog!!

It is the duty of every right thinking citizen to help unseat this evil regime, which ultimately cheats the Malays most and tarnishes their name internationally.

Donplaypuks® with staying in office Najib and your government of thieves. Resign today!

Posted by Donplaypuks® at 8:56 am

Donplaypuks : Lying, Crooked, Cowardly (and possibly Murdering) PM!

04/12/2015

GROSSMAJIB - THE MOST CRAVENLY SERIALLY LYING CROOKED COWARDLY (AND POSSIBLY MURDERING) PM IN MALAYSIAN HISTORY! SUB-JUDICE, MY ASS!!

by groucho gandhi marx, donplaypuks® intrepid correspondent for painfully laughable affairs

PM Grossmajib who wears the pants and her husband who wears the skirts, have evolved into the biggest, most shameless free-loaders, looters and plunderers in our political history. 

PM Grossmajib is a congenitally serial liar, who by virtue of that character flaw alone, has lost any legal mandate or moral authority to continue serving as the PM. He lied twice to the nation about his leading involvement in the Saiful-Anwar Ibrahim sodomy conspiracy. 

If it were only merely that.

But there are many more compelling reasons why he should not only have been publicly sacked from office a long, long time ago, but also flogged to within an inch of his life and dumped in jail. 

By his failure to force the IGP to investigate who gave the orders to kill Altantuya in 2006 - the crucial motive factor - he has virtually confirmed his complicity and cover-up role in the plot to murder Altantuya and blow up her body with C4 plastic explosives.

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If it were merely that.

Now comes the biggest lie of all, that RM2.6 billion laundered through his personal bank account was a "donation" from his Arab friend. This is the kind of lie which saw new-born babies rolling in their cots and clutching their stomachs in pain from convulsing laughter. The whole world now knows we have a criminal, and possibly a murderer, as our PM.

This RM2.6 billion is clearly from funds raised by 1GDB (1Grossmajib Development Bunkum) which PM Grossmajib has saddled (together with the MoF) with debts of RM46 billion, interest on which it has been unable to service without government bailout and flogging off the nation's prized assets to foreigners. These desperate acts by Grossmajib have stood his own publicly announced philosophy on its head. 

In launching 1GDB with a mere paid-up capital of RM1 million and then borrowing RM46 billion secured principally by government sovereign guarantees, Grossmajib had boldly asserted that the acquisition of  assets such as the IPPs were of strategic importance to the country and for the "long-term". Barely 3 tears into its existence, Grossmajib and 1GDB are now busy dismantling these "strategic" and "long-term" investments to forestall bankruptcy!

The RM2.6 billion was routed through the USA and other off-shore companies and banks to hide their true source, i.e. 1GDB. PM Grossmajib then dipped  his dirty, grubby fingers into the RM2.6 billion to buy votes and rig the 2013 general elections. At least RM3 million found its way into the pockets of  serving Ministers and unscrupulous party hacks such Mazlan and Sharir, who have yet to account for what they did with this money or be investigated by the anti-corruption agency. PM Grossmajib also refuses to account for another RM42 million routed through a wholly-owned government subsidiary company, or RM2 million deposited in his wife's bank account. RM2 billion (US$631 million) was transferred out from PM Grossmajib's bank account to a Singapore bank with no explanation.

PM Grossmajib stupidly claimed not only that the RM2.6 billion was a "donation" from some Arab friends to his party, but that he had not "personally" benefited from it!! He and his party would not have scraped through victoriously at GE13 without this money to fund its campaigns. Of course, this also begs the question why if it was truly a donation, it was not accounted for in the annual financial statements of his party. Or why, without anyone else from his party being aware of it, the funds came in and a major portion of it (US$631 million) disappeared back off-shore never to be seen again!

At a bare minimum, PM Grossmajib is guilty of international money-laundering, wire fraud and theft, CBT and massive corruption.

If it were merely that.

In recent months, it has also emerged, as maintained by Pascal Najadi, that his father, Hussain Najadi, the founder of the Arab Malaysia Bank Group, was murdered in 2013 because he he had reported to BNM and the police about 1GDB's and PM Grossmajib's billion-ringgit money-laundering escapades.

 

click here to read more at Donplaypuks

Donplaypuks® with sub-judice and civil disobedience, man!

Posted by Donplaypuks® at 5:32 a.m.