Three cabinet ministers reportedly walked out of the cabinet meeting today, as speculation mounts over a rift between ministers on the handling of the 1MDB debacle.
Quoting sources, China Press reports that the trio were Rural and Regional Development Minister Mohd Shafie Apdal, Communication and Multimedia Minister Ahmad Shabery Cheek and Youth and Sports Minister Khairy Jamaluddin.
The daily also reported that Deputy Prime Minister Muhyiddin Yassin uncharacteristically left the meeting room after the session was concluded.
The source told the daily that normally, cabinet ministers would stay back after the meeting was concluded for further deliberations on cabinet decisions.
Of the four cabinet ministers, Shafie, Khairy and Muhyiddin have all gone on record to demand for accountability for 1MDB's problems.
Recently, the spotlight has fallen on Shafie because of his comments which appear to be an attempt to disassociate cabinet from 1MDB's problems.
However, as reported by Malaysiakini earlier, Prime Minister Najib Abdul Razak is 1MDB's final decision maker.
As the Umno Youth leader, Khairy had demanded that the authorities expedite their probe on 1MDB.
As for Muhyiddin, he had called for 1MDB's top leadership to be sacked.
In a related development, Khairy wrote on Twitter that he had to leave the meeting early to catch a flight to Cambodia. - mk
3 menteri keluar mesyuarat kabinet...
Ketika timbul spekulasi terdapat perselisihan menteri-menteri berhubung pengendalian 1MDB, tiga anggota kabinet dilapor keluar daripada mesyuarat kabinet hari ini.
Memetik sumber, China Press melaporkan bahawa mereka ialah Datuk Seri Shafie Apdal, Datuk Seri Shabery Cheek dan Khairy Jamaluddin.
Harian itu juga melaporkan Timbalan Perdana Menteri Tan Sri Muhyiddin Yassin meninggalkan bilik mesyuarat selepas mesyuarat tamat.
Sumber itu berkata, biasanya menteri kabinet akan tinggal sebentar untuk berbincang lanjut berhubung keputusan kabinet.
Daripada empat menteri itu Shafie, Khairy dan Muhyiddin dikatakan menuntut ketelusan dalam isu 1MDB.
Khairy kemudian menjelaskan bahawa beliau keluar awal kerana mempunyai penerbangan ke Kemboja.
“Cubaan yang bagus,” tulisnya di Twitter sebagai reaksi terhadap laporan itu. - mk
Mana wang 1MDB? Ini senarainya...
Berdasarkan carta disertakan bersama kenyataan rasmi Presiden dan
Pengarah Eksekutif Kumpulan 1MDB Arul Kanda Kandasamy, RM18 bilion sudah
dibelanjakan untuk pembelian IPP manakala RM15.4 bilion dilaburkan ke
dalam dana saham seperti Brazen Sky dan Aabar Investments. – Gambar The Malaysian Insider, 3 Jun, 2015.
Syarikat
sarat hutang 1Malaysia Development Bhd (1MDB) hari ini menjelaskan
hutang bernilai RM42 bilion digunakan untuk membeli penjana kuasa bebas
(IPP), tanah dan dana pelaburan di Brazen Sky serta Aabar Investment.
Presiden dan Pengarah Eksekutif Kumpulan 1MDB Arul Kanda Kandasamy dalam satu kenyataan berkata, terdapat banyak spekulasi ke atas penggunaan wang RM42 bilion yang dibangkitkan terhadap syarikat pelaburan negara itu khususnya RM27 bilion yang didakwa hilang atau lesap.
"Kami menyediakan ringkasan mengenai ke mana hutang RM42 bilion digunakan, maklumat yang didedahkan sepenuhnya ini sudah diaudit dan diumumkan kepada umum membabitkan akaun dari 31 Mac 2010 hingga 31 Mac 2014.
"Kami percaya penjelasan ini akan memperjelaskan segala kekeliruan mengenai perkara ini," kata Arul dalam satu kenyataan hari ini.
Berdasarkan carta disertakan bersama kenyataan rasmi Arul, RM18 bilion sudah dibelanjakan untuk pembelian IPP manakala RM15.4 bilion dilaburkan ke dalam dana saham seperti Brazen Sky dan Aabar Investments.
Selepas mengambil kira sebanyak RM5.8 bilion dalam perbelanjaan wang dan RM1.7 bilion dalam kos tanah, 1MDB sekarang mempunya RM900 juta lebihan tunai.
Daripada RM18 bilion yang dibelanjakan untuk sektor IPP, RM8.5 bilion dibelanjakan untuk pembelian Powertek, RM2.3 bilion bagi Loji Kuasa Kuala Langat, RM1.2 bilion bagi loji kuasa Jimah dan 1MDB menanggung sejumlah RM6 bilion hutang sedia ada.
1MDB juga membayar sebanyak RM6.1 bilion bagi pelaburannya dalam saham Brazen Sky, RM4.2 bilion dana pelaburan Aabar Investment dan RM5.1 bilion lagi kepada 1MDB Gil Fund.
1MDB membayar RM200 juta untuk pemilikan tanah TRX, RM400 juta bagi pembangunan Bandar Malaysia dan RM1.1 bilion lagi untuk pembelian sebidang tanah di Air Itam, Pulau Pinang.
Kira-kira RM4.5 bilion dibelanjakan untuk menanggung kos pentadbiran dan gaji pekerja,
RM900 juta untuk kos pertukaran asing manakala RM400 juta lagi digunakan membayar cukai.
Kritikan semakin memuncak terhadap syarikat milik penuh Kementerian Kewangan itu yang ditubuhkan pada 2009 apabila mencatatkan hutang sehingga RM42 bilion dan disokong Putrajaya.
Jabatan Audit Negara kini sedang memeriksa buku kira-kira 1MDB, dengan laporan awal dijangka dikemukakan kepada Parlimen pada bulan Jun ini, manakala PAC mula melakukan siasatan ke atas syarikat itu pada 19 Mei lepas.
Arul gagal menghadiri siasatan bersama PAC Selasa lepas dan kemudian menjelaskan bahawa beliau berada di luar negara ketika itu.
Beliau berkata beliau tidak dapat menghadiri sesi pendengaran siasatan kerana beliau hanya menerima notis daripada Kementerian Kewangan pada 21 Mei lepas. – tmi
RM42 billion accounted for, says 1MDB chief...
Debt-ridden state fund 1Malaysia Development Bhd (1MDB) today clarified that the RM42 billion debt was used to purchase independent power producers and land and poured into investment funds such as Brazen Sky and Aabar Investments.
In a statement, 1MDB president and group executive director Arul Kanda Kandasamy said that there had been much speculation over the use of the RM42 billion debt raised by the firm, in particular the RM27 billion which was alleged to be lost or missing.
"We provide a summary of what the RM42 billion debt has been used for, information that is fully disclosed in 1MDB's audited and publicly available accounts from March 31, 2010, to March 31, 2014.
"We trust this clarification will help to clear any confusion on this matter," Arul said.
According to charts enclosed with Arul Kanda's statement, RM18 billion was spent on the purchase of IPPs while RM15.4 billion was invested into funds such as Brazen Sky and Aabar Investments.
After taking away RM5.8 billion in financial expenditure and RM1.7 billion in land costs, 1MDB is left with RM900 million in cash surplus.
Of the RM18 billion spent on IPPs, RM8.5 billion was for Powertek, RM2.3 billion for the Kuala Langat Power Plant, RM1.2 billion for the Jimah power plant, and 1MDB incurred RM6 billion in inherited debt.
IMDB also paid RM6.1 billion for its investment in Brazen Sky, RM4.2 billion for Aabar Investment and RM5.1 billion for 1MDB Gil Fund.
1MDB paid RM200 million for the TRX land, RM400 million for the Bandar Malaysia tract and RM1.1 billion for land in Air Itam, Penang.
Some RM4.5 billion went towards cost of finance and working capital, RM900 million was for foreign exchange costs and RM400 million was paid in taxes.
Criticism has been mounting over the state investment vehicle, established in 2009, which has chalked up debts of up to RM42 billion, backed by Putrajaya.
The auditor-general is currently looking through 1MDB's books, with a preliminary report expected to be submitted to the Parliament in June, while the Public Accounts Committee started its investigation into the company on May 19.
Arul Kanda failed to attend a scheduled inquiry with PAC last Tuesday, explaining later that he was abroad at the time.
He said he was not able to attend the hearing as he only received the notice from the Finance Ministry on May 21. – tmi
1MDB's 'tell all' raises more queries, say critics...
1MDB's
attempt to account for how its RM42 billion in loans was spent raises
more questions than answers, according the company's top two critics.
Of the items listed, noted Petaling Jaya Utara MP Tony Pua and Pandan MP Rafizi Ramli, the most suspicious was the RM4.5 billion used for "cost of finance and working capital"
"To
claim that RM4.5 billion was used as financing cost as part of the debt
total is disingenuous. It means 1MDB borrowed more money to pay
interest on its loans.
"It means all the assets it acquired don't earn enough to even pay for the interests incurred," Pua told Malaysiakini.
According to Rafizi, who is a certified chartered accountant, a financing cost bill of RM4.5 billion would mean that 1MDB's financing cost was around 10.7 percent - a record of sorts.
Rafizi speculated that the financing cost probably included consultancy, arranger fees and interest.
He explained the coupon rate of 1MDB's bonds are between 4 percent to 6 percent, thus it could be concluded that at a 10.7 percent financing cost, 1MDB could have paid "exorbitant" financing fees and short term interest.
"One would have to wonder what kind of short term financing and advisory (services) that 1MDB subscribed to because most of its debts are not due yet," he told Malaysiakini.
Why didn't they liquidate assets?
Rafizi's estimate was based on an assumption that for the period of 2009 and 2010, financing for its RM6 billion loan was at 5 percent, or RM300 million per annum.
And thus, he said, the balance of the financing cost (RM3.9 billion) would have been paid over the period of 2011 and 2013 for the additional RM36 billion in loans.
Therefore,
he added, an average of RM3.9 billion over RM36 billion would roughly
translate to 10.7 percent financing cost over the loans taken in this
three year period.
Meanwhile, Pua and Rafizi said 1MDB's claim that RM15.4 billion was used for Brazen Sky Ltd, 1MDB Global Investment Limited and Aabar Investment PJS also warranted further explanation.
"What is RM6.1 billion for Brazen Sky? Where is the RM5.1 billion invested by 1MDB in Global Investment Limited? And why deposit RM4.1 billion with Aabar Investments PJS?" asked Pua.
Rafizi said the figures were already out in public domain, but what remains unknown is how the money was used and how much cash is left.
"What exactly are these assets? If they are cash, why was it not liquidated to pay for the loans, without having to resort to (business mogul) T Ananda Krishnan or the IPIC (International Petroleum Investment Company) injection?
"It is precisely because 1MDB had failed to account for these details that the question of missing money arose in the first place," he said.
Foreign exchange loss
On 1MDB's claim that RM900 million was incurred on foreign exchange cost, Rafizi said this should be read as "foreign exchange loss" which was "deplorable".
"What kind of company allows RM900 million realised in foreign exchange losses? This is purely bad management and incompetence, if not outright dereliction of duty.
"Which transactions and what assets had caused such losses?" he asked.
Both
Rafizi and Pua agreed that 1MDB's explanation of where the money went
did not help the company's credibility crisis and instead led to more
questions regarding its management.
Earlier today, 1MDB issued a statement to explain how its RM41.8 billion in loans were used, in response to former premier Dr Mahathir Mohamad's claim that RM27 billion could not be traced.
1MDB president and group executive director Arul Kanda said this information was fully disclosed in 1MDB's audited accounts from 2010 to 2014 and was publicly available.
"We trust this clarification would help to clear any confusion on this matter," said Arul. - mk
Of the items listed, noted Petaling Jaya Utara MP Tony Pua and Pandan MP Rafizi Ramli, the most suspicious was the RM4.5 billion used for "cost of finance and working capital"
"To
claim that RM4.5 billion was used as financing cost as part of the debt
total is disingenuous. It means 1MDB borrowed more money to pay
interest on its loans."It means all the assets it acquired don't earn enough to even pay for the interests incurred," Pua told Malaysiakini.
According to Rafizi, who is a certified chartered accountant, a financing cost bill of RM4.5 billion would mean that 1MDB's financing cost was around 10.7 percent - a record of sorts.
Rafizi speculated that the financing cost probably included consultancy, arranger fees and interest.
He explained the coupon rate of 1MDB's bonds are between 4 percent to 6 percent, thus it could be concluded that at a 10.7 percent financing cost, 1MDB could have paid "exorbitant" financing fees and short term interest.
"One would have to wonder what kind of short term financing and advisory (services) that 1MDB subscribed to because most of its debts are not due yet," he told Malaysiakini.
Why didn't they liquidate assets?
Rafizi's estimate was based on an assumption that for the period of 2009 and 2010, financing for its RM6 billion loan was at 5 percent, or RM300 million per annum.
And thus, he said, the balance of the financing cost (RM3.9 billion) would have been paid over the period of 2011 and 2013 for the additional RM36 billion in loans.
Therefore,
he added, an average of RM3.9 billion over RM36 billion would roughly
translate to 10.7 percent financing cost over the loans taken in this
three year period.Meanwhile, Pua and Rafizi said 1MDB's claim that RM15.4 billion was used for Brazen Sky Ltd, 1MDB Global Investment Limited and Aabar Investment PJS also warranted further explanation.
"What is RM6.1 billion for Brazen Sky? Where is the RM5.1 billion invested by 1MDB in Global Investment Limited? And why deposit RM4.1 billion with Aabar Investments PJS?" asked Pua.
Rafizi said the figures were already out in public domain, but what remains unknown is how the money was used and how much cash is left.
"What exactly are these assets? If they are cash, why was it not liquidated to pay for the loans, without having to resort to (business mogul) T Ananda Krishnan or the IPIC (International Petroleum Investment Company) injection?
"It is precisely because 1MDB had failed to account for these details that the question of missing money arose in the first place," he said.
Foreign exchange loss
On 1MDB's claim that RM900 million was incurred on foreign exchange cost, Rafizi said this should be read as "foreign exchange loss" which was "deplorable".
"What kind of company allows RM900 million realised in foreign exchange losses? This is purely bad management and incompetence, if not outright dereliction of duty.
"Which transactions and what assets had caused such losses?" he asked.
Both
Rafizi and Pua agreed that 1MDB's explanation of where the money went
did not help the company's credibility crisis and instead led to more
questions regarding its management.Earlier today, 1MDB issued a statement to explain how its RM41.8 billion in loans were used, in response to former premier Dr Mahathir Mohamad's claim that RM27 billion could not be traced.
1MDB president and group executive director Arul Kanda said this information was fully disclosed in 1MDB's audited accounts from 2010 to 2014 and was publicly available.
"We trust this clarification would help to clear any confusion on this matter," said Arul. - mk
cheers.
No comments:
Post a Comment