Dalam menghuraikan perjanjian itu, yang termasuk pembelian kontroversi loji tenaga dari beberapa kongolomerat, bekas perdana menteri itu berkata dana pelaburan negara itu membayar lebih daripada harga pasaran bagi aset tersebut.
1MDB membayar RM18 bilion membeli pengeluar tenaga bebas (IPP), terdiri daripada RM8.5 bilion untuk Powertek, RM2.3 bilion untuk loji janakuasa Kuala Langat, RM1.2 bilion loji kuasa Jimah dan RM6 bilion hutang yang diwarisi.
Powertek sebelum ini dimiliki Tanjong Public Limited milik hartawan Tan Sri Ananda Krishnan, manakala loji janakuasa Kuala Langat sebelum ini dikenali sebagai Genting Sanyen Power.
"Harga yang dibayar untuk Genting Sanyen dan IPP Ananda jauh melebihi harga pasaran. Genting Sanyen dan Powertek ketika itu hampir tamat tempoh lesen mereka. Kalaulah 1MDB menunggu sehingga tamat tempoh lesen itu, harganya tak seberapa.
"Mengapa 1MDB tidak menunggu sehingga habis tempoh lesen, itu satu misteri. Genting dan Ananda jelas membuat lebih banyak wang daripada yang mereka berhak. Dianggarkan harga yang tinggi itu memberi tambahan RM3 bilion kepada penjual. Selain itu, mereka dilepaskan daripada pinjaman sebanyak RM6 bilion.
"Oleh itu, bukan sahaja pinjaman itu mahal, tetapi kos pelaburannya yang tinggi membawa pulangan yang rendah. Kenapa 1MDB jadi bodoh sangat?" soal Dr Mahathir dalam posting di blognya hari ini.
Beliau berkata ini salah satu sebab mengapa 1MDB tidak dapat menyenaraikan aset kuasanya, sambil menambah tiada siapa yang hendak memiliki "loji tenaga yang terlalu mahal dan jelas tidak menguntungkan".
Beralih kepada tanah syarikat itu di Tun Razak Exchange (TRX), Dr Mahathir berkata ia pada mulanya diperuntukkan kepada satu agensi bagi meningkatkan taraf hidup Bumiputera.
Bagaimanapun, Putrajaya menjual tanah 0.4 hektar itu kepada 1MDB pada RM320 juta atau RM60 sekaki persegi.
Sebaliknya, beliau berkata, tanah berdekatan diurusniagakan pada RM7,000 sekaki persegi, dan 1MDB sepatutnya membayar sekurang-kurangnya RM3,000 hingga RM4,000 sekaki persegi.
"Kerajaan kehilangan sejumlah besar wang daripada jualan itu. Persoalannya ialah, mengapa kerajaan menjualnya pada harga yang begitu rendah.
"Tidak dapat tidak, kita akan terfikir adakah ia kerana PM mengarahkan jualan itu? Jika ya, ia salah dan ia merupakan satu penyalahgunaan kuasa. Nilai penuhnya harus dibayar kepada kerajaan sekarang,” katanya.
Mengenai kemelut terkini melibatkan pembelian sebahagian tanah TRX oleh Lembaga Tabung Haji (TH) bulan lepas, perdana menteri paling lama berkhidmat itu mendakwa pembayaran dibuat sebelum pemindahan hak milik selesai.
"Rupa-rupanya, 1MDB memerlukan wang dengan segera," katanya.
"Para pengarah 1MDB dan TH orang yang sama. Mereka mendakwa mereka berkecuali daripada mengundi. Tetapi jelas ia bukan satu perjanjian yang telus."
Negarawan itu berkata jika Putrajaya boleh menjual tanah itu kepada 1MDB pada RM60 sekaki persegi, maka harga yang sama juga perlu ditawarkan kepada TH.
Sebaliknya, beliau berkata, mereka menggunakan wang untuk jemaah haji bagi memberi keuntungan besar kepada 1MDB.
Senario yang sama juga terjadi dalam kes satu lagi hartanah 1MDB, Bandar Malaysia yang terletak di tapak bekas lapangan terbang Sungai Besi yang dikatakan Dr Mahathir juga diambil alih pada harga sangat rendah yang "merepek" pada RM90 sekaki persegi, apabila nilai tanah itu sekurang-kurangnya RM2,000 sekaki persegi.
Tetapi, katanya, 1MDB membeli tanah di Pulau Pinang pada harga lebih tinggi, walaupun ia tidak terletak di pusat bandar, mempunyai lebih 1,000 setinggan dan tidak mendapat kelulusan kerajaan Pulau Pinang untuk pembangunan.
"Nampaknya seperti 1MDB terlebih bayar kepada penjual untuk tanah yang tidak berguna. Mengapa?," soalnya.
Pengkritik tegar 1MDB itu juga berkata, 1MDB mendakwa mempunyai aset bernilai RM52 bilion tetapi sehingga kini, tiada penjelasan diberikan tentang bagaimana aset itu dinilai. – tmi
Mahathir: Why is 1MDB so stupid...
Former prime minister Dr Mahathir Mohamad has detailed several deals made by 1MDB to illustrate the firm's "stupidity".
This was after he admitted that, despite his attacks against Prime Minister Najib Abdul Razak, the people are still unclear about what exactly has gone wrong with 1MDB.
"From the comments on my blog and the questions I have been asked by people while shopping, it is clear that many do not know much about 1MDB.
"They know enough that Najib has done something wrong with the RM42 billion borrowed money, but are not clear about what is so wrong that I should call upon him to resign.
"So I think I need to explain why 1MDB is wrong in stages," he said in a blog posting today.
Significantly overpaid
Zooming in on 1MDB's investments, Mahathir pointed out 1MDB had significantly overpaid to purchase power assets, even though their licences were about to expire.
"Why 1MDB did not wait until the expiry of the licences is a mystery. Genting (Bhd) and T Ananda (Krishnan) clearly made more money than they were entitled to.
“Specifically,
1MDB spent RM18 billion to buy Ananda's Tanjong Energy, Genting Sanyen
and Jimah Energy, on top of inheriting a RM6 billion loan."One estimate is that the high prices netted the sellers an extra RM3 billion. Besides, they are relieved of the loan of RM6 billion.
"So, not only is the borrowing costly but the high cost of investments would mean low returns. Why is 1MDB so stupid?" he asked.
"As stated above 1MDB is unable to get the IPP listed again. Who would want to own overpriced and obviously unprofitable power plant?" he added.
Land sold for a song
On
the purchase of land, Mahathir said the plot along Jalan Tun Razak was
actually meant for an agency to build shops and so forth for
bumiputeras.However, he said the government sold the 70 acres to 1MDB for RM320 million i.e. at RM 60psf whereas land close by had been sold at RM7000psf.
Based on this, Mahathir argued that 1MDB should have paid at least RM3,000 to RM4,000psf.
"The government lost a huge amount of money from the sales. The question is why did the government sell at such a low price. One cannot help think it is because the PM ordered the sale.
"If so it is wrong and it constitutes abuse of authority. The full value should be paid to the government now," he added.
Following this, he said 1MDB decided to sell a small part of the land at the price it bought the whole 70 acres for.
"Payment was made by Tabung Haji even before the transfer of ownership was completed. Apparently 1MDB needed the money immediately.
"The directors of 1MDB and Tabung Haji are the same people. They claim that they abstained from voting. But obviously it was not an arms– length deal," he added.
Mahathir said if the government could sell the land to 1MDB at RM60 psf, then it should have also sold at the same price to TH.
"But effectively it has used money saved by intending pilgrims to give enormous profit to 1MDB," he added.
He said a similar scenario unraveled with regard to the Sungai Besi airport land."1MDB acquired it at a ridiculously low price of RM90 psf. The value of the land is at least RM2,000 psf," he added.
On the contrary, Mahathir noted that 1MDB bought private land in Penang at a much higher price.
"Yet the land is not at the centre of the city, has more than 1,000 squatters and has not obtained the Penang government's approval for development.
"Seems like 1MDB had overpaid the seller for useless land. Why?" he asked.
Mahathir also pointed out 1MDB claims that it has assets worth RM52 billion.
"So far no explanation has been given as to how these assets are valued. How much is the value of all the power plants. And how much are the prices of land worth?
"Future values after development may be big but billions of ringgit must be invested before the property can be sold. After deducting cost, the return cannot be very big. The power plants and the land cannot be worth RM52 billion.
"Even if this money is used to repay debts, the disappearance of billions must be recovered, or 1MDB should be charged for the loss," he added. - mk
Jho Low pujuk Najib tubuhkan 1MDB...
Tun Dr Mahathir Mohamad memperincikan penglibatan ahli perniagaan Low Taek Jho dalam penubuhan 1Malaysia Development Berhad (1MDB), mendakwa beliau turut "menasihati" Perdana Menteri Datuk Seri Najib Razak berhubung beberapa transaksi perniagaan.
Menulis dalam blognya, Dr Mahathir menyatakan, Low "memujuk" Najib untuk menjadikan syarikat pendahulu 1MDB, Lembaga Pelaburan Terengganu (TIA) sebagai dana berdaulat, tetapi masih kekal di bawah kawalan perdana menteri.
Bekas perdana menteri itu berkata, Najib melantik kakitangan tanpa pengetahuan negeri pantai timur yang kaya dengan minyak itu.
"Terengganu bersetuju pada mulanya tetapi apabila Najib memutuskan untuk menaikkan melalui bon RM5 bilion menggunakan telaga minyak Terengganu sebagai cagaran, istana dan kerajaan fikir ia tidak betul.
"Terengganu meminta agar penerbitan bon ditangguhkan. Najib tetap meneruskannya. Terengganu mengambil langkah wajar menarik diri kerana ia tidak boleh membiarkan telaga minyaknya dalam risiko,” katanya.
Pendedahan Dr Mahathir itu menyokong kenyataan bekas menteri besar Terengganu Datuk Seri Ahmad Said yang memberitahu Dewan Undangan Negeri (DUN) bulan lepas, 1MDB cuba menggunakan minyak dan gas Terengganu sebagai cagaran, tetapi keputusan itu kemudiannya ditarik balik.
Ahmad berkata usaha itu dibuat ketika 1MDB berkait dengan TIA, dan Najib tidak berpuas hati dengan keputusannya.
Dr Mahathir berkata, Jho Low turut menasihatkan Najib supaya Putrajaya menjamin pinjaman RM5 bilion itu, dan perkara itu dilakukan tanpa pengetahuan Kabinet.
"Sebenarnya, perkara seperti itu perlu dibincang dan diluluskan Kabinet. Tidak ada bukti kertas Kabinet disediakan dan dikemukakan untuk kelulusan walaupun jumlah luar biasa besarnya. Malah, untuk masa yang lama Kabinet tidak menyedari aktiviti 1MDB," katanya.
Beliau juga mendedahkan, pinjaman itu diklasifikasikan sebagai 'off-budget', bermakna ia di luar bajet tahunan dibentangkan dan diluluskan di Parlimen.
Dr Mahathir berkata ini dilakukan bagi mengelakkan penelitian pegawai, sambil menambah prosedur itu tidak dipatuhi.
"Perbelanjaan 'off-budget' boleh dibuat, tetapi biasanya hanya dalam jumlah yang terhad. RM5 bilion tidak pernah dipinjam kerajaan atau mana-mana agensinya. Ia tidak boleh 'off-budget'.
"Ia perlu mendapat kelulusan Kabinet terlebih dulu dan kemudian dibentangkan kepada Parlimen. Semua prosedur ini tidak diikuti," katanya.
Beliau berkata, tidak jelas sama ada mana-mana jabatan atau agensi kerajaan meneliti syarat pinjaman itu.
"Tetapi termanya sangat tidak memihak kepada 1MDB dan kerajaan," katanya.
Beliau berkata Goldman Sachs ditugaskan mendapatkan pinjaman RM5 bilion itu pada kadar faedah 5.9%, dengan bank pelaburan global itu mengambil komisen 10%.
"Ini bermakna, daripada RM5 bilion yang dipinjam, 1MDB akan mendapat hanya RM4.5 bilion. Goldman Sachs akan mendapat RM500 juta sebagai komisen, jumlah wang yang tersangat besar.
"Tetapi 1MDB akan membayar faedah 5.9% atas keseluruhan RM5 bilion itu. Kerana ia hanya mendapat RM4.5 bilion, kadar faedah ke atas jumlah ini akan menjadi lebih 6.6%. Goldman Sachs tidak perlu membayar faedah ke atas RM500,000 yang diterimanya sebagai komisen, " katanya.
Sebaliknya, Dr Mahathir berkata, pinjaman yang diambil atau dijamin kerajaan biasanya mempunyai faedah 3% atau kurang.
Bagaimanapun, pinjaman 1MDB adalah pada faedah hampir 7%, atau kira-kira RM350 juta setahun atau hampir RM1 juta setiap hari.
"Siapa meluluskan pinjaman yang begitu teruk itu untuk sebuah syarikat milik kerajaan? Kita ingin tahu siapa. Mesti ada dokumen yang mempunyai tandatangan pihak berkuasa yang meluluskannya. Jika tidak, seseorang perlu menjawab kebodohan ini. Atau adakah ia penyalahgunaan kuasa?
"Tetapi kelulusan akhir mesti datang daripada menteri yang bertanggungjawab. Dan menteri yang bertanggungjawabnya ialah juga yang mengetuai 1MDB,” katanya. – tmi
Dr M: Jho Low got PM to guarantee 1MDB loans...
Flamboyant billionaire Jho Low convinced Prime Minister Najib Abdul Razak to get the government to guarantee the loans of 1MDB, former prime minister Dr Mahathir Mohamad claims.
This was after Jho Low persuaded Najib to make 1MDB's pecedessor, Terengganu Investment Authority (TIA), into a sovereign wealth fund to raise RM5 billion using Terengganu's oil fields as collateral, but this was opposed by the state palace, Mahathir said.
"Jho Low then advised Najib that the federal government should guarantee the loan," Mahathir declared in his blog posting today.
However, the former prime minister claimed, all this was done without the knowledge of the cabinet."Strictly speaking such a matter should be discussed and approved by the cabinet.
"There is no evidence that a cabinet paper was prepared and presented for approval, despite the amount being unusually big. In fact, for a long time, the cabinet was not aware of this," he said.
RM5 billion loan on unfavourable terms
Furthermore, Mahathir said, 1MDB obtained the RM5 billion loan, with government guarantee, on unfavourable terms.
"It is not clear whether any government department or agency scrutinised the terms of the loan.
"But the terms were very unfavourable to 1MDB and the government," he said.
Mahathir said to avoid scrunity, the loan was classified off-budget which would not require it to be presented to Parliament.
"Off-budget spending can be made, but usually only limited in amount.
"A sum of RM5 billion has never been borrowed by the government or any of its agencies. It should not be off-budget.
"It should get cabinet approval first and then be presented to Parliament. None of these procedures were followed," he said.
'A 10pct commission for Goldman Sachs'
Elaborating on the "unfavourable loan", Mahathir pointed out the loan was made at an interest rate of 5.9 percent and entailed a 10 percent commission for Goldman Sachs.
"What this means is that of the RM5 billion borrowed, 1MDB would get only RM4.5 billion.
"Goldman Sachs would get RM500 million as commission, an inordinately large sum.
But 1MDB would pay 5.9 percent interest on the whole of RM5 billion.
"Since it gets only RM4.5 billion, the rate of interest on this amount would be 6.6 percent plus," Mahathir said.
The former prime minister said this was in contrast to normal loans taken by the government, that cost around three percent in interest.
'Najib responsible for 1MDB loans'
"Who approved such terrible terms for a loan to a government-owned company? We would like to know who.
"There must be some documents with the signature of the approving authority.
"If not somebody needs to answer for this stupidity. Or is it abuse of authority," he said."But the final approval must come from the minister responsible and the minister responsible is also the effective head of 1MDB," he said.
Mahathir also noted that Finance Ministry-owned 1MDB is loan is ultimately led by Prime Minister Najib Abdul Razak, who is also the finance minister.
"When loans of more than RM100 million are raised for investment overseas, Bank Negara has to approve," he said.- mk
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