Chedet # 1672 - Kegagalan Najib Dalam Menjelaskan Dana 1MDB Buat Beliau Tidak Layak Sebagai PM
Thursday, April 23, 201523comments
Seperti yang dijanjikan, Tun Mahathir menjelaskan apa yang beliau maksudkan dengan duit 1MDB yang hilang lesap. Artikel terbaru chedet saya copy sepenuhnya di bawah. Saya terjemahkan lebihkurang mengikut pemahaman saya.
Hilang atau Lesap tidak sama dengan Rugi. Hilang bila duit itu tidak dapat dikesan ... no money trail. Rugi masih boleh dijejak dan diberi justifikasi.
Selaku PM dan juga Menteri Kewangan, Najib harus bertanggungjawab ke atas kewangan negara. Najib juga bertanggungjawab menyediakan Bajet Tahunan bagi perbelanjaan tahunan kerajaan. Jika ada keperluan mendesak, satu bajet tambahan boleh disediakan oleh kabinet untuk kelulusan Parlimen. Terdapat juga dana yang tidak dimasukkan dalam bajet tapi ia tetap juga dibincang dan diluluskan oleh kabinet.
Tapi amat pelik dalam kes 1MDB. Tidak dapat dipastikan apakah kabinet sudah bincang dan apakah mendapat kelulusan kabinet. There seems to be attempts to hide behind official secrecy.
9 - Bila Najib selaku PM, juga Menteri Kewangan dan Chairman Badan Penasihat 1MDB, adalah mustahil pihak pengurusan yang juga dilantik oleh beliau, akan menolak sebarang nasihat darinya. Nasihat akan diterima sebagai satu Arahan.
12 - Adalah mustahil sebuah syarikat bermodalkan RM1 juta tanpa sebarang aset boleh meminjam 42,000 kali ganda modalnya tanpa sebarang bentuk cagaran.... melainkan terdapat jaminan kerajaan. Maknanya, kerajaan adalah peminjamnya. Jika 1MDB rugi, kerajaan harus menanggung kerugian itu. Tapi operasi 1MDB tidak dipantau oleh pegawai kerajaan yang tugasnya menjaga dana kerajaan.
Dari awal penubuhannya lagi 1MDB sudah bermasalah. Ia bermula sebagai satu projek di luar Bajet dan tidak dibentangkan dalam Parlimen.
16. The money was borrowed. So it is not sovereign wealth but sovereign debt.
Bon yang diterbitkan menggunakan khidmat Goldman Sachs terlalu tinggi kosnya. Kadar faedah yang diberi 5.9% melebihi kadar biasa iaitu 3%.
18 - Selain itu, komisen 10% dibayar kepada Goldman Sachs. Ini bermakna 1MDB hanya mendapat 90% dari duit pinjaman bon tapi faedah yang dikenakan adalah atas 100% dana. Ini dengan sendirinya menaikkan kadar faedah menjadi 6.6%
Secara puratanya, faedah keatas jumlah hutang RM42 billion adalah RM2.5 billion setahun. ( ingat kos kewangan yang kita bincangkan sebelum ini ? )
Sejak 2009, aset2 1MDB tidak menjana sebarang pendapatan ( huh ??? )
Tun kemudiannya menyenaraikan aset2 yang telah dibeli oleh 1MDB -
1- Tanjong Energy yang sekarang dikenali sebagai Powertek Energy dibeli dari Ananda sebanyak RM8.5 billion. Harga ini jauh melebihi harga pasaran dan lesen pula hampir tamat.
2 - Genting Sanyen Power yang sekarang dikenali sebagai Kuala Langat Power Plant sebanyak RM2.3 billion. Juga mahal dan lesen hampir tamat.
3 - Jimah Energy sebanyak RM1.2 billion
4 - 70 ekar tanah di Jalan Tun Razak sebanyak RM320 juta @RM64.00 psf. Bandingkan dengan tanah lain dikawasan sama yang nilainya RM7,000 psf ( kalaupun dinilai pada harga RM3,000 psf, harga tanah mencecah RM6 billion. Kerajaan sudah rugi lebih RM5 billion bila menjualnya pada 1MDB )
5 - 495 ekar tanah di tapak Sungei Besi airport ( projek Bandar Malaysia ) sebanyak RM363 juta @ RM91 psf. Nilai pasaran adalah sekitar RM1,000 psf. ( kerajaan rugi RM20 billion )
6 - 234 ekar tanah di Air Itam Penang sebanyak RM1.38 billion @ RM135 psf. ( Terdapat lebih 1 ribu setinggan tinggal di situ ketika ini - pastinya akan melibatkan kos yang banyak bagi tujuan pemindahan dan gantirugi )
23 - Itu aset2 yang kita tahu dan jumlahnya RM14.7 billion. Mana lagi RM27 billion ?
24 - Lebih USD1 billion dibayar kepada PetroSaudi tanpa dibuat pengesahan nilai syarikat maupun aset yang dimiliki.
Mana bakinya ?
26 - Tun persoalkan pula duit yang dilabur di Cayman. Untuk tujuan apa dilaburkan di Cayman ? Berapa yang dibawa pulang ? Berapa yang dibawa pulang kemudian disimpan di Singapura ? Kenapa ? Dari mana ia datang ? Kenapa tidak digunakan buat bayar hutang RM2 billion ? Kenapa blok pertama dibawa pulang tapi blok kedua tidak ?
Kini bank berkenaan telah melaporkan kepada pihak berkuasa Singapura yang penyata itu bukan dari mereka dan ia tidak menunjukkan keadaan sebenar aset 1MDB. Jadi di mana perginya wang itu ?
27 - Jelas sekali yang 1MDB tidak mendapat pulangan dari pelaburan yang dibuat. Bukan saja 1MDB rugi, tapi kerajaan juga rugi lebihkurang RM25 billion dari urusniaga tanah.
28 - 1MDB telah membuat penilaian semula aset2nya kepada RM52 billion. Ini hanya kerana 1MDB telah membeli tanah kerajaan pada harga yang jauh lebih rendah dari harga pasaran. Tidak ada pendapatan selagi projek belum siap, hanya perbelanjaan.
29 - Kehilangan jumlah wang yang besar oleh 1MDB dan kegagalan menjawab serta menjelaskan tentang dana itu yang membuat Najib tidak layak menjadi PM.
PS- Saya nak komen sikit tentang jumlah aset 1MDB RM52 billion itu. Angka itu dicanang sebagai bukti kepandaian Najib dan team 1MDB dalam pelaburan. Kononnya dari modal RM1 juta saja kini sudah miliki aset RM52 billion berbanding hutang RM42 billion.
Nilai tanah harus diambil pada kos belian untuk kita buat penilaian sebenar apakah 1MDB benar2 bijak. Tanah2 itu tidak ada kaitan dengan bisness 1MDB buat masa ini. Bisness 1MDB setakat ini hanya IPP.
Satu lagi, hutang 1MDB tidak ada kaitan dengan tanah2 itu.
Jadi kalau kita tolak peningkatan nilai aset RM25 billion ( mengikut pengiraan Tun sebagai kerugian kerajaan hasil menjual tanah kepada 1MDB ), bermakna, aset 1MDB ( tolak tanah ) cuma RM27 billion.
RM27 billion aset itulah yang berkait rapat dengan jumlah hutang sebanyak RM42 billion ! Masih nak berbangga ?
Point ini akan saya tulis semula sebagai satu artikel lepas ni.
1MDB
1. The management of Government finances is governed by laws, rules, regulations and practices. Companies also have similar systems but Government manages huge sums of money, basically the people’s money and it is imperative that the managers follow the laws, rules and regulations.
2. Corruption prevails in almost all Governments. But usually they involve relatively small sums. The work of auditors are supplemented by special anti-corruption authorities to ensure that as little as possible of Government money is misused, abused or basically stolen by the people authorised to manage it.
3. Governments can lose money through bad investments. We would know where the money is lost. But when huge sums of money disappear, then those entrusted with its management must answer for the disappearance. Disappearance is different from just losing. Disappearance is about money lost which cannot be traced. This can be because of corruption or theft.
4. In Malaysia the PM and DPM usually hold one extra portfolio. Usually the Ministry of Home Affairs and Ministry of Defence alternate between the two. Occasionally while waiting for suitable candidate, the Ministry of Finance is held by the PM. Dato Sri Najib however prefers to keep the Ministry of Finance under him all the time. He has appointed a second Minister of Finance. This is his prerogative of course, but he must ultimately be responsible for what happens to the country’s finances.
5. The first requisite for the management of Government money is the yearly budget. Prepared by the Ministry of Finance from feedbacks by all ministries and departments, the budget is first presented to the Cabinet. If passed it is then presented to Parliament.
6. Government is expected to spend money according to the budget. If the yearly budget cannot meet an urgent need of the Government, a supplementary budget can be presented by Cabinet to Parliament. Drafts of the budgets are prepared by officers of the Ministry. Government raises money through taxes and fees of all kinds. Government may own special businesses such as Petronas, which may contribute to the budget.
7. In Malaysia there is also off-budget-funds which may not be presented to Parliament but are still subject to scrutiny and approval of the Cabinet.
8. Cabinet papers are secret of course. But in the case of 1MDB the presentation to the Cabinet and approval by it seems to be unclear. There seems to be attempts to hide behind official secrecy.
9. What we do know is that 1MDB has as its advisor the Prime Minister and Minister of Finance. It is inexcusable that the management which is appointed by the PM would reject his advice. So like the British Advisor of old, the advice of the Advisor is a directive.
10. Since then three CEOs of 1MDB have resigned without explanation. Could it be because they could not accept the advice!
11. The Government invested one million Ringgit in the 1MDB. According to known records 1MDB then borrowed from various sources 42 billion Ringgit.
12. A company with 1 million Ringgit capital with no assets cannot borrow 42,000 times its capital with no collaterals. That 1MDB is able to do so is because of Government guarantees.
13. In other words it is Government which is borrowing the money. If 1MDB loses money, the Government will bear the loss. Yet the operation of 1MDB is not overseen by Government officers responsible for the management of Government funds.
14. Why has the 1MDB become controversial? What is wrong with 1MDB?
15. From the beginning it was wrong. It started off as an off-budget and it was not put before the Parliament.
16. The money was borrowed. So it is not sovereign wealth but sovereign debt.
17. The bond raised by Goldman Sachs costs more than is usual for Government borrowings. The interest rate at 5.9% was too high. Government loans usually attract about 3% or below.
18. In addition 10% commission went to Goldman Sachs which means that 1MDB gets only 90% of the money borrowed yet has to pay interest on 100%, raising the interest rate to 6.6%. Averaging at 6%, yearly interest on 42 billion Ringgit is about RM 2.5 billion. Since 2009 there has been no income from all the assets. And 1MDB had to borrow RM2 billion to pay the interest. The loan is now RM42 billion.
19. Total initial borrowings amounted to 42,000,000,000 (42 billion Ringgit). As far as can be ascertained the investments are as follows:
a. Purchase of Tanjong Energy (now known as Powertek Energy Sdn Bhd) from Ananda Krishnan for RM 8.5 billion. This is higher than market price. The licence was about to expire.
b. Purchase of Genting Sanyen Power (now known as Kuala Langat Power Plant) for RM 2.3 billion. Again high above market price. The licence was abut to expire.
c. Purchase of Jimah Energy for RM 1.2 billion.
d. Purchase of 70 acres of land in Jalan Tun Razak for RM320 million i.e: RM64.00 psf. Land last sold in the area was at RM7,000 psf.
e. Purchase of 495 acres of land in the former Sungai Besi TUDM airport (now known as Bandar Malaysia) about RM 363.5 million i.e: at RM 91.00 psf. Estimated value RM1,000 psf.
f. Purchase of 234 acres land in Air Itam in Penang RM 1.38 billion i.e: at RM135.00 psf.
20. It should be noted that TRX land is close to land recently sold at RM7000.00 psf. Assuming the market price is RM3000.00 psf the true value of this land is 6 billion Ringgit. The Government has therefore lost 5 billion plus because 1MDB paid only RM320 million.
21. With regard to the Sungai Besi Airport land, 1MDB paid 363.5 million Ringgit for 495 acres – i.e at RM91 psf. Assuming market price for this land is RM1000 psf. the Government lost approximately 20 billion Ringgit.
22. The land in Penang is of poor quality and has more than 1000 squatters. Yet 1MDB paid RM1.3 billion i.e at RM 135 psf.
23. These are all the purchases that are known. They all add up to RM14.7 billion. So there is approximately 27 billion Ringgit left.
24. More than 1billion US Dollars were said to be paid to Petro Saudi without verification as to the value of this company or its assets.
25. Where is the rest of the money?
26. A certain amount was registered in the Cayman Islands. What was the money used for? What was brought back to Malaysia. What was brought back and deposited in a Swiss bank in Singapore. Why? Where was the money brought back from? Why is this money not used to pay the RM 2 billion interest. Why did Bank Negara allow the first tranche to be repatriated to Malaysia and not the second tranche. Now the Swiss bank has told the Singapore authorities that the document did not originate from them and does not represent a true account of the assets of 1MDB. So where is the money said to be registered in the Cayman Islands and is now brought back.
27. Clearly 1MDB is not getting any return from its investments. Not only is it losing money but the Government has lost money when 1MDB paid only RM683 million for TRX and Sungai Besi. Total loss incurred by the Government is approximately 25 billion Ringgit.
28. 1MDB revalued all its assets at 52 billion Ringgit. That is because Government land was brought at far below the market price. It can only use this money to repay loans if it succeeds in selling them off as land or after development. Progress on TRX is very slow and there is no work on Sungai Besi land. No money will be generated during development; only outflows.
29. It is this disappearance of a huge amount of borrowed money by 1MDB and the inability to answer questions regarding what happened to the funds that disqualifies Najib from being Prime Minister of Malaysia.
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