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Wednesday, 26 April 2017

1MDB-IPIC: Bombshell letter from the British Virgin Islands Govt

Further to my blog post two days ago on the USD6 billion settlement between IPIC and 1MDB, there has been a new development.

In IPIC's announcement to the London Stock Exchange on the settlement with 1MDB dated 24th April 2017, the last paragraph states this:

"The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities."

By any account, this is an unusual statement to make as it hints that 1MDB may have paid IPIC or Aabar the disputed amounts but not directly saying it.

The reason is simple.

IPIC cannot say it as they had previously announced to the stock exchange and to the world that they had never guaranteed the fund units and that Aabar BVI does not belong to them.

In fact, they had issued a press statement back in April 2016 that effectively says it didn't receive billions in payments sent by Malaysia fund 1MDB.

IPIC cannot now say "oops, we made a mistake" as it would be a big loss of face and unimaginable damage to their reputation.

It is as good as saying that their two top officials at IPIC and Aabar had cheated another country and pocketed billions.

Imagine if Malaysia Govt had to announce that their top officials of Khazanah and PNB had cheated billions from another country and pocketed billions in their accounts?

This is also the reason why the former IPIC Managing Director and Chairman of Aabar, Qubasi as well as the Managing Director of Aabar Badawy has never been charged for any crime in this whole affair despite all the evidence pointing to them in the signed agreements and payments.

Today, Finance Minister II Johari said again that based on the documents he has seen, he is very confident that 1MDB will win the arbitration.

Of even greater consequence, MalaysiaKini reported today that Johari has revealed that there is an official letter from the Registrar of Corporate Affairs of the British Virgin Islands Government dated Aug 11, 2016 that confirms that the disputed Aabar BVI is officially owned by IPIC.

The existence of this official letter would be a bombshell to IPIC and its arbitration efforts.

On top of that, 1MDB also has in its possession, verified officially signed letters of guarantees by Aabar's top bosses then that they guarantee the fund units totaling USD2.5b, which 1MDB is monetizing now - probably with IPIC's help to honour the guarantees.


This would also mean that it is very likely that IPIC has agreed that by the year 2020, 1MDB can claim back the USD3.5b from them which 1MDB will then use to pay the USD3.5b bonds due in the year 2022.

So, the USD2.5b + USD3.5b of 1MDB that was previously in default has been resolved.

This completes the last step of the rationalization plan and prove that not a single ringgit of 1MDB's money is missing.

No RM2.6 billion issue and no Goodstar money being diverted anymore.

Therefore, not a single Ringgit of Government money or tax-payers money has been used to "bail-out" 1MDB.

Yes, the opposition will be very angry at this development as they have attacked 1MDB for more than two years now and it was their main attack weapon against the Government - thus there will be disbelieve and heck of a lot of anger.

But the reality is that the last plank of the rationalization exercise is well in progress.

Despite various Pakatan people lying that Malaysia now have to pay double to IPIC or that taxpayers now have to foot the bill, the foreign investors and the financial markets don't believe them.

If foreign investors believed that Malaysia govt now have to pay USD6b extra to IPIC or have to use tax-payers money to bail-out 1MDB, they would have punished Malaysia and sold down our shares or taken money out. Not put money in.

Over the last two days since the settlement announcement, our Ringgit and our stock-market has gone on quite a rally today and yesterday, which signifies strong investor confidence.

Ringgit Rallies two days ago from RM4.40 to RM4.35 vs the USD
The Sun daily also reports that analysts have said "the arbitration settlement agreement between 1MDB and Abu Dhabi’s IPIC is also seen as a boost for the local market."

Bursa Malaysia also benefits as the stock market continue its rally


1MDB did a lot of good too!

Some may argue that things may have gone wrong with the initial transactions but then hindsight is 20/20. Most importantly is that 1MDB and the govt has delivered in recovering all the money and ensuring all 1MDB's debt has been settled.

On top of all those Corporate Social Responsibility (CSR) exercises such as rural electrification, mini water projects, mobile clinics, scholarship for students and the tens of thousands of people sent for their Haj, 1MDB also have done good stuff including helping Malaysia finally solve the lop-sided Power Plant agreements of Mahathir's that has cost the Rakyat RM200 billion over the past 20 years.

1MDB also paid for to build and upgrade 8 military bases costing billions throughout Malaysia. Watch the video:



And then there is the Tun Razak Exchange, which is progressing fast and includes Malaysia's tallest building (taller than KLCC) to be completed in 2018 and is already half-way completed.

Here is a video of it's progress as at end December 2016.


This is the progress of the KLCC-beating TRX Signature tower earlier this month:


And of course, Bandar Malaysia is also coming up which is deemed as the ASEAN hub of the One Belt One Road initiative that connects Malaysia to the world by rail.


For all of Pakatan's attacks on 1MDB weaknesses, you will seldom see them highlighting the positive side of 1MDB which you can see is very substantial too and crucial to the growth of Malaysia in the coming decades that will generate hundreds of billions in growth and hundreds of thousands of jobs.

The DOJ and Switzerland invetigations

A basic foundation of the July 2016 US DOJ civil suit and the Switzerland investigation was due to the fact that 1MDB said it had paid money ti IPIC but IPIC had then said earlier in 2016 they did not receive such money - thus there is missing money and hence money laundering.

Now that IPIC has admitted that there was such payments then there is no "missing money" and hence no money laundering.

For a more detailed recap on why all those allegedly "missing money" was never legally owned by 1MDB and why I think the USA DOJ civil case and Swiss investigations will now fail  , read my July 2016 post.

Sunday, 23 April 2017

The April 2017 IPIC-1MDB settlement: What you need to know.

The news that 1MDB and Abu Dhabi's IPIC has come to a USD6 billion settlement instead of continuing with their international arbitration has come to a shock to many but not to me.

I had always believed that IPIC had the most to lose should the arbitration continue.

Once clue given by the Singapore Straits Times is this:
"Messy and protracted arbitration over the dispute would have brought into the open serious failings in the management of state-owned entities such as 1MDB, Abu Dhabi's International Petroleum Investment Company (IPIC) and its associate concern Aabar Investments, they said."
But a bigger clue is this:
"Mr Qubaishi, who served as IPIC's managing director, was arrested in the Gulf emirate. He has yet to be charged with a crime."

Mr Khadem Al Qubaishi was IPIC's managing director of IPIC and also the Chairman of Aabar Investments. As late as the year 2015, he was listed as the Arab world's 14th most powerful person.

Qubaishi and the Aabar CEO Mohamed Badawy Al Husseiny, who are also  the targets of the US Department of Justice civil case for money laundering, are he ones most complicit in the 1MDB-IPIC dispute.

Money from 1MDB had entered into their own accounts, their signatures are everywhere in all the agreements between 1MDB and Aabar and they are also the owners and directors of that so-called "Fake Aabar" in the British Virgin Islands.

The evidence on them is overwhelming.

By right, they would be the first ones charged for fraud, corruption and abuse of power and yet both have never been charged.

The reason is simple. If they are charged for those crimes, it is an admission that Abu Dhabi's top officials had defrauded 1MDB with fake companies and unauthorized fund receipts. This would mean that 1MDB would immediately win the arbitration over IPIC.

Qubashi and Badawy being found to be guilty would also be very embarrassing for the Abu Dhabi government.as it would be like our Chairman and CEO of Khazanah or PNB being found guilty of falsifying documents and companies to cheat billions from other countries.

Therefore, it is no surprise that IPIC had agreed to abandon the arbitration and reach a settlement with 1MDB.

For the longest time, IPIC had never recognized that 1MDB had paid them USD3.5 billion and that Aabar had guaranteed 1MDB's two fund units - the so-called Brazen Sky Cayman fund units and the GIL funds.

Now, IPIC has admitted to these payments and said they will work with 1MDB to resolve this as Bloomberg had reported and IPIC had announced:
"The two countries also agreed not to pursue legal action before December 2020 as they negotiate the dispute over $3.5 billion linked to the two bonds, the person said."
As part of this settlement, 1MDB will pay U$2.5 billion through proceeds raised from the sale of units Brazen Sky Ltd. and 1MDB Global Investment Ltd., 

The USD2.5 billion fund units owned by 1MDB

To recap, 1MDB still had two financial assets in the form of units.

1) The Brazen Sky units of US$940m.

This is balance of the US$2.38b profits and capital of the US$1.8b investment in PetroSaudi. where US$1.44 b had already been redeemed and used.

This fund is guaranteed by the real Aabar PJS (although IPIC had initially disputed this).

The initial transfer from 1MDB to PetroSaudi was the source of all those allegations that Riza Aziz and Jho Low had received all those money. Now since 1MDB not only got back all the money but even made a decent profit of USD500 million on the investment in PetroSaudi, it means that no funds were stolen here and all investments made by PetroSaudi was legitimate - hence no crime committed.

2) US$1.5b GIL funds, also guaranteed by Aabar PJS.

This is balance of the US$3b GIL 2013 bonds. where US$1.5b was retained for 1MDB's own use.

It is this US$1.5b GIL fund which people allege the RM2.6b in Najib accounts came from.

If this fund is now redeemed, it means that the RM2.6b cannot possibly be stolen money since no money has been stolen.

It looks like the recent recovery of oil and commodity prices have allowed for the assets under these two funds to recover and to be realized by the fund managers.

It is not clear if IPIC/Aabar had also honoured its guarantee and assisted in redeeming these units but it's highly possible given that IPIC does not want to risk anymore embarrassment. 

1MDB had always had the Deed of Guarantee from Aabar on both these units duly signed by the then Chairman and CEO of Aabar 



Using the USD2.5 billion proceeds 1MDB can now repay the US$1b paid by IPIC in June 2015 plus all remaining interest for the US$3.5b bonds guaranteed by IPIC.

A continuation of the June 2015 USD6 billion Asset-swap arrangement

The entire USD6 billion of payments and guarantees was identified as assets for the June 2015 1MDB-IPIC asset swap agreement in exchange with IPIC was based on the following:

Let's list the individual components as a,b,c,d,e and f.

Assets from 1MDB:
a) USD 3.5 billion cash deposits paid to Aabar BVI.
b) USD 1.5 billion GIL funds (Fund Manager introduced by BSI and guaranteed by Aabar BVI)
c) USD 940 million Brazen Sky fund units (Guaranteed by Aabar Investments ABU DHABI - not the disputed Aabar BVI - this is in the AG report and the PAC report)
Assets from IPIC:
d) 1MDB's USD 3.5 billion bond principal
e) 1MDB's USD 1.5 billion future bond interests until bond maturity in 2022 for the USD3.5 billion bond
f) USD 1 billion in cash advance (paid to 1MDB in June 2015)
Under the latest settlement agreement,1MDB will redeem, probably with IPIC's help due to the guarantee, the  "b) USD 1.5 billion GIL funds". and the "c) USD 940 million Brazen Sky fund units " 

This approximately USD2.5 billion will then be used by 1MDB to settle the "e) 1MDB's USD 1.5 billion future bond interests" and pay IPIC back the "f) USD 1 billion in cash advance"

As you can see, b, c, e and f has been settled.

This leaves a) and d) to be settled.

With that, the dispute with IPIC is now limited to the "a) US$3.5b assets that 1MDB insist it had paid to IPIC, which IPIC denied receiving and was the key issue in their arbitration.

But now IPIC has finally admitted that there was such payments and said that they will work with 1MDB to resolve these payments which would then be used by 1MDB to pay for the dUSD3.5 billion bonds when it eventually comes due in five years time in the year 2022.

That is why IPIC and 1MDB are giving themselves up to the year 2020 to settle this and would not resort to any lawsuits between each other during this period.

The arrangement also means that 1MDB does not give up its right to legally sue IPIC for these USD3.5 billion but can only do so after the year 2020.

This settlement is clearly still within the spirit of the original June 2015 Asset-swap arrangement and is in fact, clearly a progression of that deal.

1MDB has clearly made good progress to recover their money and pay off debts and I can see redemption or sale of the fund units as the second last step. It is hoped that 1MDB and IPIC can take that final step to resolve the final USD3.5 billion.

The fact that IPIC has now finally acknowledged there was USD3.5 billion of such payments from 1MDB to "certain parties" means yet another critical step for 1MDB to finally clear all its controversies and "missing money" allegations.

A basic foundation of the July 2016 US DOJ civil suit was due to the fact that 1MDB said it had paid money ti IPIC but IPIC had then said earlier in 2016 they did not receive such money - thus there is missing money and hence money laundering.

Now that IPIC has admitted that there was such payments then there is no "missing money" and hence no money laundering.

For a more detailed recap on why all those allegedly "missing money" was never legally owned by 1MDB and why I think the USA DOJ civil case and Swiss investigations will now fail  , read my July 2016 post.

Thursday, 20 April 2017

The BIG LIES: Tabung Haji, SRC, Putrajaya Perdana, Rafizi Ramli and Najib

This is not the first time Rafizi has tried to maliciously link Prime Minister Najib, Tabung Haji and SRC.

His previous attack had caused some 3,600 depositors to withdraw RM500 million from Tabung Haji and lose their place in the waiting list to perform their haj. This eventually caused a big backlash against Rafizi - losing him a lot of trust and support as people's lives were affected negatively. But this will not stop him from trying again.

But first, let's look at the latest allegations Rafizi made in his latest two blog entries here and today:

  1. WANG PENCEN DARI SRC INTERNATIONAL DAN WANG TABUNG HAJI DIGUNAKAN UNTUK MEMBAYAR JHO LOW
  2. TABUNG HAJI PERLU JELASKAN KENAPA SYARIKAT BERSEKUTUNYA TERIMA RM140 JUTA DANA SRC INTERNATIONAL SDN BHD
  3.  Sebanyak RM170 juta disalurkan terus dari SRC International Sdn Bhd ke Putra Perdana Construction Sdn Bhd, iaitu RM35 juta pada 8 Julai 2014, RM105 juta pada 14 Julai 2014 dan RM30 juta pada 8 Ogos 2014.
  4. Pada hari yang sama iaitu 8 Julai 2014, sebanyak RM34.99 juta dipindahkan dari Putra Perdana Construction Sdn Bhd kepada Dato’ Seri Najib Tun Razak (sebanyak RM27 juta) melalui sebuah lagi syarikat bernama Permai Binaraya Sdn Bhd.
  5. Jumlah RM140 juta yang diterima oleh Putra Perdana Development Sdn Bhd dalam bulan Julai dan Ogos 2014 kemudian dibayar kembali oleh Putra Development Sdn Bhd pada 12 Disember 2014 kepada SRC International Sdn Bhd melalui Putra Perdana Construction Sdn Bhd.
Assuming (and this is a big assume) all of Rafizi's data and allegation is correct, then the first thing you need to know is this:

FACT 1. Najib is not a board of directors nor in the management of either Tabung Haji, SRC international nor Putrajaya Perdana Bhd or any of their subsidiaries.

This means that under the law, he is not responsible or even aware about the day-to-day transactions and business dealings between the companies,

Also, the second point you must know is this:

FACT 2. SRC International core business IS to invest in companies or projects and make a return.

Knowing this, there is no reason and nothing illegal in what SRC International is doing in having business dealings with Putrajaya Perdana Bhd 

FACT 3. SRC International and other companies in Malaysia DO engage in CSR activities.

Petronas does this, Khazanah does this too. And so do public listed companies such as Genting Bhd, which earlier courted controversy for spending RM190 million in CSR on some foundations in 2013.

Which leads us to this 

FACT 4. That "Najib personal account" is not a day to day personal account. In fact, he does not even manage these accounts himself.

Watch this video where after he was sacked as Deputy Prime Minister, Muhyiddin had admitted himself that there had always been a secret UMNO president account even from way back then which is used for party purposes.


This practise is allowed for under UMNO's constitution as the UMNO president holds a lot of discretionary power due to secrecy and political reasons.

And this is why we come to:

FACT 5. Najib had received at least USD200 million (RM880 million) from Saudi Arabia directly into his account of which at least USD80 million (RM352 million) directly from the Ministry of Finance, Saudi Arabia



The Pakatan people will never highlight this and you are probably not aware of this.

That there were transfer of funds, was also confirmed by the Saudi Arabia Foreign Minister.


Why did the Saudi's give Najib money? Well it was because of Anwar Ibrahim and his past links to terrorists and also due to Saudi's own interest to stop the Arab Spring in their own backyard which took place from 2009 to 2014.

Do you really think that if Najib had lied about the Saudis that their King Salman will still come here to Malaysia, be so buddy-buddy with Najib and invest RM31 billion in Malaysia in Feb 2017?

FACT 6: Rafizi did not dare accuse that Najib had spent any of the alleged RM27 million on Najib himself but paid to 17 parties including allegedly to former PAS Deputy President Nasharuddin Mat Isa

Now, we know Nasharuddin was no longer Deputy President of PAS as of  the year 2011 and in fact, he was no longer anywhere in PAS leadership before GE13 as he was was expelled from PAS's governing council. He did not even recontest his parliamentary seat at the 2013 election.

In fact, Nasharuddin went on to found a NGO foundation called Yayasan Nassar,  which gave its purpose as:
"Yayasan Nassar ("YN") ditubuhkan untuk tujuan mengurus, mentadbir perkara-perkara yang berkaitan dengan pendidikan bantuan kerajaan bagi sekolah harian ataupun agama, kebudayaan, kebajikan dan sosial. Ini adalah untuk menjaga keharmonian agama, kebajikan serta sains social masyarakat setempat mahupun sejagat."
Yup! For education, charity and religious harmony purposes.

This could explain where accusations from Rafizi that Nasharuddin received money from Najib in 2014 is wrong. It probably went to his foundation and not to Nasharuddin personally.

Also, since Nasharuddin had already been kicked off from PAS leadership in 2013. Rafizi's allegations that Najib's money to Nasharuddin had been used to "buy" PAS in order to "cover-up" 1MDB (which only became an issue in 2015) and be friendly to Najib is so slanderous.

This is why PAS President Hadi Awang says Rafizi is a 300% liar and asked him to repent.

Now, back to Tabung Haji and Putrajaya Perdana and so-called "wang pencen":

FACT 7. No WANG PENCEN or wang Tabung Haji was used to pay SRC International.

This fact is actually contained within Rafizi's own postings where he wrote:
"Dalam bulan Mac 2014, Putra Perdana Development Sdn Bhd telah membeli 37.5% pegangan di dalam Iskandar (Holdings) Company Limited dari Unity Capital Partners (Cayman) Limited. Kedua-dua syarikat tersebut iaitu Iskandar (Holdings) dan Unity Capital Partners. "
"Dalam bulan Disember 2014, seperti yang dilaporkan sendiri di laman web Putrajaya Perdana Berhad yang saya tunjukkan di atas, Tabung Haji membeli 30% pegangan di dalam Putrajaya Perdana Berhad dari Cendana Destini Sdn Bhd"
Rafizi even posted the graphic of these milestones.


Right, March 2014 and Dec 2014.

But then Rafizi himself had stated that the first ever dealings between Putrajaya Perdana and SRC international only started in July 2014.

And also, Rafizi himself said that Tabung Haji only invested to buy 30% of Putrajaya Perdana Bhd in December 2014.

Do you see how sotong this is? Back to the future?

Putrajaya Perdana bought those allegedly "Jho Low"-linked companies in March and the first ever dealing with SRC was in July while Tabung Haji came in only in Dec 2014. So, how can it be that any SRC money or wang pencen or Tabung Haji? Back to the future?

In fact, those Jho Low linked companies are holding companies that has 133 million sq ft of gross floor area to be developed in the Medini hub of Iskandar Malaysia, which is worth quite a bit now.

Not to mention that it was Rafizi himself that revealed that Putrajaya Perdana was already a profitable company even in 2013, the year before all those dealings that Rafizi alleges with revenues of RM705 million, current assets of RM445 million and pre-tax profits of RM62 million.

Putrajaya Perdana Bhd FY2013 financial summary taken from Rafizi's blog

FACT 7. SRC money is not WANG PENCEN 

Not anymore. SRC International may have loaned money from KWAP but this money is guaranteed and the entire loan is being serviced properly and not in default.

So, legally it is not wang pencen at all. What SRC international does with their money and their profits is up to SRC and nothing to do with KWAP.

And plus, as Rafizi pointed out, Putrajaya Perdana paid back RM140 million, the bulk of the proceeds, to SRC International within the same year leaving a balance, which were either paid back later or for work done or for the above-mentioned CSR, which SRC is entitled to do.

FACT 8. Putrajaya Perdana Bhd was a listed company. Tabung Haji did not overpay to buy a 30% stake.

On Jan 31 2008 the then listed UBG bought 49% in Putrajaya Perdana Bhd for RM332 million cash or 16.6 times Price-to-Earnings ratio (PE Ratio). This values 100% of Putraja Perdana Bhd then at RM678 million.

In turn, when Tabung Haji bought 30% of Putrajaya Perdana for what Rafizi says is RM193 .5 million, it would mean valuing 100% of Putraja Perdana Bhd then at RM645 million - lower than in 2008.

And as Rafizi previously showed proof, even in 2013 Putrajaya Perdana already had revenues of RM705 million, current assets of RM445 million, pre-tax profits of RM62 million and after tax profit of RM45 million.

But after Tabung Haji bought the stake, in 2015 Putrajaya Perdana did even better.

Putrajaya Perdana Bhd FY2015 financial summary
In FY2015, Putrajaya Perdana's revenues almost doubled to RM1.2 billion, total assets has almost doubled to RM709 million, pre-tax profits is now RM80 million and after tax profit has grown to RM57 million.

This means Tabung Haji had paid a historical PE of 14.3 or a future PE of just 11.3 times - as compared to the 16.6 times that UBG paid in the year 208.

This is not considered over-valued if you compare to the currently listed construction company on Bursa where the PE ratio of IJM Bhd is 27.28 times or Gamuda (20.14 times) or Binapuri Bhd (100.23 times).

In fact, As of October 31, 2016, Putrajaya Perdana's outstanding order book and tender book stood at approximately RM1.25 billion and RM1.93 billion, respectively.
This suggest that when Putrajaya Perdana Bhd is eventually re-listed as per their plans, Tabung Haji would make quite a good profit and in no way had lost money to Jho Low, Rafizi or anyone.

As you can see from the above, so many of Rafizi's malicious allegations on SRC and Tabung Haji and Wang Pencen have been debunked as mere lies,

Why would you want to trust someone that even a religious leader like Hadi Awang calls a 300% liar?

Which leads us to our final fact for the day:

FACT 9. Rafizi is a court confirmed serial liar and his self-admitted job is "to hasut the rakyat tiap-tiap hari". So there is very little reason to trust him.

5 court cases confirmed lost by Rafizi just within the past year. More on the way...
or you can watch him admit it himself here:


Monday, 27 February 2017

Kisah Residensi Kerinchi: Bertuah kerana tidak termakan hasutan dan fitnah pembangkang

A collection of news articles about this incident that are not my own writings but added together tells the tale of how dangerous and selfish the Pakatan people are.

Hari ini, portal Free Malaysia Today melaporkan bahawa selepas lebih 6 tahun, seramai 472 keluarga menarik nafas lega apabila kediaman usang yang dihuni mereka sejak 1971 bertukar wajah dengan apartmen moden “Residensi Kerinchi”.

“Kami sangat bimbang sekiranya projek pemaju terbengkalai, jika rumah tidak siap hancurlah harapan kami.”

Ia antara luahan penduduk Flat Empat Tingkat, Kampung Kerinchi ketika cadangan projek pembangunan semula atas tapak mereka seluas 2.8 hektar itu berada di kemuncak pada 2010.

Berbanding kediaman sebuah atau tiada bilik di Flat Empat Tingkat sebelum ini yang harganya RM50,000 sahaja, Residensi Kerinchi menampilkan 3 bilik tidur dan 2 bilik air bagi setiap unitnya yang berkeluasan 83.61 meter persegi bernilai antara RM350,000 dan RM400,000 seunit.

Menurut Pengerusi Persatuan Penduduk Residensi Kerinchi, Ahmad Rahman, penantian selama lebih 6 tahun itu berbaloi meskipun pelbagai dugaan yang dialami oleh para penduduk sejak projek pembangunan itu diumumkan.

“Keadaan kami sangat teruk ketika mendiami flat berkenaan, selain masalah kebersihan seperti tikus dan sampah-sarap, ia juga merupakan lubuk penagih dadah suatu ketika dahulu.

“Namun kini, dengan bantuan kerajaan pusat dan syarikat pemaju, hasrat kami untuk memiliki rumah selesa akhirnya tercapai,” katanya.

Warga emas Siti Rohani Idris, 67, berasa teruja dengan kediaman baharu yang jauh lebih baik daripada apa yang diimpikannya.

“Kami menerima kunci rumah baharu itu bulan lepas, apabila melangkah masuk sahaja ke Residensi Kerinchi, saya sekeluarga sangat gembira kerana kemudahannya seolah-olah kediaman kondominium mewah.

“Selain ada sekuriti dan padang mini permainan, mereka juga turut menyediakan kolam renang.

“Oleh kerana pihak pemaju tidak menggalakkan kami menyidai baju di ampaian, kami turut diberi sebuah mesin basuh 2 dalam 1 yang dilengkapi dengan fungsi pengering bagi setiap unit rumah,” katanya.

Katanya, pelan pembangunan pemaju mempunyai skim yang membantu mereka sebelum berpindah ke rumah baharu, antaranya elaun pindah keluar ke rumah transit di PPR Kerinchi sebanyak RM5,000 dan pindah masuk ke Residensi Kerinchi sebanyak RM8,000.

“Selain itu, pihak pemaju turut memberi bantuan kepada penduduk yang mempunyai anak-anak yang bakal masuk ke alam persekolahan dan mengangkut barang untuk berpindah hatta kenduri-kendara, sepanjang kami mendiami rumah transit selama 6 tahun,” katanya.

Pengarah syarikat pemaju Suez Domain Sdn Bhd, Datuk Yasran Hussain berkata, walaupun projek pembangunan ini mengalami sedikit kelewatan, namun penduduk berpuas hati dengan apa yang ditawarkan oleh pihaknya.

“Sepatutnya kediaman ini siap pada Mac 2016. Jadi setiap keluarga dibayar RM1,250 sebulan untuk tempoh lapan bulan projek lewat. Kami tidak menukarkan nilai itu dengan hal lain, tetapi kami berikan secara tunai kepada mereka setiap bulan,” katanya.

Katanya, projek membangunkan Residensi Kerinchi begitu dekat dengan hatinya kerana ia bukan hanya sekadar mengaut keuntungan, malah turut menaik taraf kehidupan kaum Bumiputera di tengah-tengah kawasan elit itu.

“Ketika sesi penyerahan kunci pada Januari lalu, ramai warga emas yang menangis terharu melihat kediaman baharu mereka yang telah siap, dan turut mengenangkan ada dalam kalangan anggota keluarga yang tidak sempat merasai rumah baharu itu.

“Ada dalam kalangan mereka terlalu teruja sehingga mula berpindah dengan serta merta selepas mendapat kunci dengan menanggung kos pemindahan sendiri, meskipun kami telah menetapkan jadual pemindahan dan kos ditanggung secara percuma,” katanya.

Kerinchi Residensi, yang menempatkan 472 unit apartmen dibangunkan di kawasan lebih 2.8 hektar di atas tapak bekas kawasan rumah pangsa empat tingkat di Kampung Kerinchi.

Projek bernilai kira-kira RM600 juta itu yang setiap satunya berkeluasan 83.61 meter persegi, bernilai antara RM350,000 dan RM400,000 seunit. Ia dilancarkan Perdana Menteri, Datuk Seri Najib Razak hari ini.

Sementara portal MSTAR pula melaporkan bahawa Perdana Menteri Datuk Seri Najib menyelar Ahli Parlimen PKR-Lembah Pantai, Nurul Izzah Anwar kerana lebih mengutamakan politik berbanding kepentingan rakyat berhubung projek Residensi Kerinchi di sini.

Beliau sering mengingatkan pemimpin Barisan Nasional bahawa rakyat perlu diutamakan dan projek berkenaan benar-benar memenuhi kehendak dan kepentingan rakyat.

"Saya cukup musykil dengan ahli parlimen Lembah Pantai (Nurul Izzah) yang cuba gagalkan projek ini dan bawa ke mahkamah sebab dia utamakan politik, tetapi akhirnya gagal.

Dilaporkan, Ahli Parlimen Lembah Pantai itu cuba menjejaskan usaha pembangunan semula rumah pangsa empat tingkat Kampung Kerinchi sehingga projek itu tertangguh dua tahun.

Mengimbas kembali ke insiden 4 April 2012, tindakan sekumpulan mahasiswa yang cuba mengganggu rundingan secara aman 34 penduduk flat PKNS, Kampung Kerinchi bersama Dewan Bandaraya Kuala Lumpur (DBKL) yang enggan mengosongkan rumah masing-masing untuk pembangunan kawasan itu menyebabkan sebahagian penduduk marah dan mengejar serta memaki-hamun kumpulan terbabit.


Kejadian berlaku jam 10.30 pagi itu, selepas sebahagian daripada 433 penduduk yang bersetuju mengosongkan rumah mereka mula berang dipercayai kerana kumpulan terbabit cuba menghasut segelintir penduduk lain supaya tidak berpindah.

Kumpulan ini diketuai oleh penghasut-penghasut yang amat rapat dengan Pakatan terutama Parti PKR iaitu Adam Adli dan Safwan Anang.

Jikalau penghuni-penghuni flat itu termakan dengan hasutan pembangkang pada tahun 2012, tentulah mereka tidak dapat merasa kebanggaan, keselesaan dan keuntungan yang dinikmati hari ini.

"Yang jadi mangsa adalah 35 orang yang terikut dengan hasutan dan mereka sekarang menyesal," katanya.

Sehubungan itu, Najib mengingatkan semua pihak khususnya rakyat supaya tidak termakan dengan hasutan daripada pihak tertentu.

"Kita kena nilai sama ada ia baik atau buruk, memberi manfaat kepada kita atau tidak.

"Ini bukan soal politik tetapi kepentingan dan kebajikan rakyat," katanya.

Saturday, 4 February 2017

A Malaysian perception: Cost of Living vs Standard of Living and affordability

The general perception is to blame BN for price increases in Malaysia and if you listen to Pakatan's promises, you would believe that prices will never increase.

It's a false hope and dream. It CANNOT BE DONE.

In fact, since 2008 Pakatan State Governments have raised prices of licenses, parking rates and business permits (Penang and Selangor), water charges in Penang 4 times.

On top of that Penang also increased assessment rates, doubled the rental rates of stalls and doubled the water extraction rates - all of which causes costs to individuals and businesses which also increases inflation.

But the reality is that prices have increased in every country in the world and all throughout thousands of years of history.

Show me one country that does not have any increase in house or food prices in the past 20 years. We move there together.

We should not confuse the cost of living with the standard of living. Just blindly reducing the cost of living is going against world-wide trends and going against history.

That is why DAP and Pakatan's promises are lies and they WOULD NOT BE ABLE TO DELIVER on this without inflicting massive damage and distortion to our economy.

For example, the price of goods in the 1960s and 70s were much lower than now but is the standard of living and people's livelihood any better than now?

The standard of living, among others, includes factors such as real income, quality of jobs, availability of jobs, a safer and greener environment, quality and affordability of housing, access to quality healthcare, quality and availability of education, better roads and better infrastructure.

Would you also want the house that you buy today at RM100,000 to still be valued at RM100,000 twenty years later?

If you were a FELDA settler, would you want your income to be RM2,000 per month now and still be RM2,000 twenty years later? If palm oil prices increase, cooking oil prices will also increase. But if palm oil prices do not increase then how will the FELDA settlers income increase too?

Since it impossible to contain the cost of living forever as it is a world-wide and a historical trend, BN's transformation policies and strategies is to minimize inflation - especially for the lower income groups - and increase the real income level of the Rakyat at a faster rate than inflation and increase our overall standard of living.

This is the real challenge and a challenge which BN can prove that they have substantially delivered on.

To ensure the B40 income group are not adversely impacted and helped, there are many govt policies that have helped - such as BR1M, minimum wage, school aid, KR1M, reducing prices of passports and other govt services, capping the price of electricity for the lowest income groups, exempting those with RM5,000 to no longer pay income tax, exempting thousands of items from GST, subsidies for certain items such as tong gas prices, cooking oil and many others.

The many development programs and job creation efforts by the govt coupled with a focus on increasing domestic and foreign investments have also helped dramatically increase the income levels of all Malaysians - particularly the Bumiputra segment which had lagged the overall population before.

HUMAN NATURE

Pakatan have once again taken advantage of the recent increases of food prices - particularly vegetables and seafood prices - due to the monsoon and festival season and the recent petrol prices increase in an attempt to incite the public.

It is human nature that people tend to look at the short-term variations without considering the true picture. We can easily get incited easily by those with personal agendas when prices of food goes up due to monsoon season reducing supply and due a major festival increasing demand.

But when the monsoon and festival seasons are over and the prices goes back down, those who incite us will keep quiet and pretend nothing happens.

However, there is no disputing that there will always be a long-term increase in food prices - something that has happened since thousands of years ago.

But what we do not easily see is the long-term increase in our standard of living and the increase in general affordability.

THE BIG MAC AND RON95 

One way to see this is to use the famous The Economist's Big Mac index which has recorded the price of a Big Mac in each country since 30 years ago in 1986.

We can also look at the price of petrol - specifically RON95 since historical prices are widely recorded and is indisputable.

Some will say that we do not eat Big Macs everyday and it does not represent real life but due to so many differing factors - quality, location, the different food sources that goes into making a Big Mac, brands - among other foods, this is the closest that you can get to compare food prices and hence, food price inflation, whether locally or among countries.

In 1993, the price of a Big Mac in Malaysia was RM3.35 while RON92 (not even RON95) was RM1.06 per liter.

Data from the Department of Statistics shows that the Median household income for Malaysians during that year was RM1,077 per month for the median Malaysian family and RM887 for the median Bumiputra family.
The Median Malaysians household income has improved dramatically - especially since 2009.
This means that if you spent your entire monthly income on Big Macs, you can only afford to buy 321 Big Macs in the entire month - which is why a McDonalds visit was considered a luxury 24 years ago for many Malaysian families - particularly for the Bumiputra household whose income can only afford to buy 265 Big Macs.

Whereas the median Malaysian family could only buy 1016 litres of RON92 per month then (Bumiputra = 837 litres).

However, the Median monthly Household Income 16 years later in 2009 would have increased to RM2,830 for the median family and RM2,531 for Bumiputra families.

In 2009, the price of a Big Mac had increased to RM6.80 from RM3.35 while RON95 petrol (an upgrade from RON92, which is no longer available) would cost RM1.80 per litre.

Thus the median family at that time can now afford 416 Big Macs and 1.572 liters - 95 more Big Macs (29.45% increase) and 556 more liters (54.74% more) compared to 16 years ago.

The Bumiputra family however can now afford 372 Big Macs and 1,406 liters - which is 107 more burgers (40.6% increase) and 569 liters more petrol (68.04%) than 16 years ago - outperforming the general population.

This clearly proves three things:
1. Petrol and McDonalds are more affordable in 2009 to the median family compared to 1993
2. Although still below the average of Malaysia, the well-being of the Bumiputra families had increased at a faster pace than the general population.
3. The standard of living for Malaysians and Bumiputra have increased.

Fast-forward another 5 years from the year 2009 to the year 2014 (2015 and 2016 data not available yet but expected to have further improved) and you can see how the various transformation policies to assist the B40 segment and reduce income disparity mentioned above have helped the median Malaysian family.

In the year 2014, the Median monthly household income was measured at RM4,585 for Malaysian families and RM4,214 for Bumiputra families.

At this time, the price of a Big Mac is now at RM7.60 while RON95 petrol was RM2.30 per liter, the same as it is now in February 2017.

In 2014, the median Malaysian family can now afford 603 Big Macs (44.96% more than 2009) and 1,993 liters of RON95 (26.79% more) while the median Bumiputra family can buy 554 burgers (48.97% more) and 1,832 liters of petrol (30.30% more).

In fact, the increase in the number of Big Macs for the 5 years between 2014 and 2009 is much higher than for the 16 years period between 2009 and 1993.

Despite the currency changes and removal of fuel subsidies, this indicates a much faster improvement in the standard of living for all Malaysians while the bumiputra population continues to gain pace faster to narrow the gap with the general population.

Also, if you listen to the the opposition you may believe that inflation only happens in Malaysia or is worse in Malaysia.

Again, the Big Mac Index shows this is not true. In this table, Malaysia has experienced the second lowest food price inflation and only lags behind Japan which has been grappling with serious deflation for some time.

Pakatan's propaganda makes it seems they can stop prices from increasing but the reality is that they keep increasing prices too as explained earlier. And plus their false promise is really going against basic economics, against history and against worldwide trends.

Or perhaps Pakatan wants to make us into a communist country if they win, abandon the free market and control the price of everything in Malaysia?

If not, it is better for them to export their "expertise" to control prices to the other countries in the world on this table as they need Pakatan more than us when it comes to inflation.

Another point to note that even though Malaysia had moved away from blanket subsidies which benefits the rich five times more than the poor to targeted aid, one reason why petrol was much less affordable in 1993 to Malaysians was due to the tax on fuel imposed by Mahathir

In Dec 1993, the global price of crude oil was just USD13.56 per barrel while the exchange rate was USD1 to RM2.40 - meaning crude oil was just RM32.54 per barrel but RON92 was RM1.06 per liter then.

Compare this to the price of Crude oil in 2009 of USD74.67 per barrel (or RM278.52) and the price in 2014 of USD111.88 (RM391.55) per barrel where petrol prices was between RM1.80 to RM2.30 per liter.

Despite the more than 10 times difference in the ringgit price of crude oil between 2014 and 1993, the price of petrol locally only doubled as Mahathir had taxed petrol at 58.62 sen per litre for decades. These taxes were abolished in the year 2004 after Mahathir retired.

CARS AND HOUSE AFFORDABILITY

Over the years, not only have food and petrol become more affordable to the Malaysians but other purchases too - for example, cars and houses.

According to Department of statistics household income data, the Median household monthly income in 1989 (27 years ago) was RM816 per month.

At that time, the cheapest car you can buy was the Proton Saga 1.3 at RM17,575.

 

This would mean that the cheapest car was 21.5 times of the average household's income.

Moving on to 2014 where the median household is now RM4,585 per month (it had jumped from RM2,830 in 2009).

The cheapest car you can buy now is the Perodua Axia at RM24,600.

Not only does this car have as much interior space as the 1989 Proton Saga, has more specifications, much more safer and also more fuel economical.

At this price, it would mean that the cheapest car would be 5.36 times of the average household's monthly income - a big difference compared to 21.5 times in 1989.

The increasing affordability of cars to Malaysians is proven by the ever increasing amount of cars on the road and car sales figures by the Malaysian Automobile Association (MAA).

In 1990, Malaysians bought 106,454 private cars. At that time our population was 18.21 million people.

By the year 2015, when our population was 30 million people, we bought 591,298 cars in that year. Out of these, 94,902 units were Honda cars which sells for RM70,000 and above - almost as many as all cars sold in 1990 where the majority were Proton and Perodua cars priced below RM30,000. This clearly shows that the middle class had improved their standard of living and cars are now more affordable to many more Malaysians.

This again proves cars are much more affordable to more Malaysians as our overall income and standard of living had increased despite an increase in price.

According to the agency that tracks property prices, National Property Information Center (NAPIC) figures, a RM100k house in 1990 would be equal to RM433.4k in 2014.

Therefore, in 1989 a RM100k house would cost 122.5 months of the median household income.

While in 2014, a RM433.4k house would cost 94.5 months of the median household income - again indicating a general increase in affordability for property purchases despite a big increase in price.

DON'T GET INCITED BY LIES EASILY

It is thus important that we do not fall into the trap and buy into the propaganda by the opposition and just look at price increase in absolute term but in RELATIVE increase when compared to our income levels and most important of all, the standard of living of Malaysians which have enjoyed dramatic improvements since 2009.

Still don't believe me? Go look at the airports to see how many more Malaysians are traveling nowadays or go to the suburbs and terrace houses and you will see that the number one problem of most suburbs is that there is not enough places to park their cars. Or look at the roofs of the houses with Astro TV dishes, which seems to grow wildly like mushrooms.

There is no doubt that Malaysians are much better off than ever before and more goods are more affordable to us when compared to before despite an inevitable increase in the Cost of Living - a historical and global trend.

Therefore the focus of any good government is to always increase income levels, relative affordability and the Standard of Living - as compared to just Cost of Living using policies that goes against basic economics theory that will badly distort the nation and cause long-term ruin like in the case of Venezuela and its unsustainable price controls  - a country which Pakatan used to ask BN to learn from in order to control prices.

 

Here is a video of a Sotong in 2014 - when petrol price also increased to RM2.30 per litre - telling Malaysia that we should be Venezuela too.


Since then Saudi Arabia had more than doubled their petrol prices while at one stage in Feb 2016, Malaysia's petrol price was even cheaper than Brunei when we tracked global oil prices down while Brunei did not. And plus, he did not tell his audience that Malaysia is now a net importer of oil (we still export a lot of gas) and that Malaysia is nowhere near as big an oil exporter as Saudi, Venezuela or Brunei.
 

To make matters worse from "when petrol increase 20sen, karipap will also increase 20sen" Rafizi, when petrol prices dropped back from RM2.30 to RM1.60 months later he could not explain why karipap did not reduce in price.

Despite huge amount of price controls and subsidies and what Rafizi told us about Venezuela, last year Venezuela had inflation of 800% and economic contraction of 19%, widespread shortage of everything, hunger and on the brink of total collapse.

Venezuela is a clear example that Pakatan's promised policies before would give short-term pleasure but will bring great disaster to Malaysia in the medium to long-term as it is against good economics governance and basic theory of supply and demand.

Due to good economic growths and policies to increase our income levels while providing aid to the poorer section of society, the overall Malaysian standard of living has increased despite the many misleading propaganda spread by the politicians who just wants to incite you, make you feel bad by lying to you so that they can grab power for themselves.

Do you really think that these people can fight against basic economics theory of supply and demand, against thousands of years of history or fight against global trends? Do you think they will succeed or are they just lying to you?

A good government or political party should never lie to the public that they can keep prices the same forever as it is just not possible. Instead, they should promise to keep increasing the income levels, economic growth and increase the standard of living of the people while continuing to provide aid and assistance to the segment of the population most in need of help.

Friday, 13 January 2017

JHO LOW, ERIC TAN and the Arabs

A piece of news that has escaped many people is that on September 1st, 2016,  The Wall Street Journal (WSJ) finally admitted that at least USD200 million into Najib's accounts came from Saudi Arabia sources and at least USD80 million can be directly traced to the Ministry of Finance of Saudi Arabia.


WSJ also said that USD20 million into Najib's account came from the USD24 million transferred to Prince Faisal bin Abdullah, governor of Riyadh and 7th son of King Abdullah.

I have no idea why the Governor of Riyadh and Saudi Arabia's Ministry of Finance would help Najib with this money.

WSJ also alleged that from Aabar BVI, about US$637 million went to a company called Blackstone Asia Real Estate Partners in the British Virgin Islands, where it was POOLED with other funds and then a total of USD$170 million to Mr. Najib’s bank accounts in multiple transactions during 2012, bank transfer documents show.

ABC had previously reported that these transfers from BlackStone were backed by a 2011 letter from one Prince Saud AbdulAziz Majid Al Saud from Saudi Arabia who appears to be the then Governor of Madinah Province.

These Aabar BVI funds allegedly came from USD1.4 billion collateral for the USD3.5 billion 1MDB bonds guaranteed by IPIC. This guarantee was never disputed but IPIC had recently denied receiving these collateral - meaning they had guaranteed the USD3.5 billion bonds for fun.

Khadem al Qubasi the shareholder of Aabar BVI's boss is also Sheikh Mansour and is also the chairman of IPIC's Chairman.

It is still not clear why IPIC, Sheikh Mansour and Saudi's Price Saud would help Najib with this USD170 million transfer though.

This revelation of Saudi Arabia's Ministry of Finance adds yet another level of intrigue and mystery as this means that the USA's DOJ and WSJ have now accused the governments and high officials and royalties for three different Muslim-majority nations of conspiring to help Najib with funds.

I suspect the real story is more interesting and more complicated than this. 

JHO LOW and the Arabs

A point also missed out by most people or deliberately not highlighted is that Jho Low graduated from the Harrow School in England and The Wharton School of Business, University of Pennsylvania, in the United States.

A person who is fluent in Arabic, he tells of how at these schools he met and befriended Arab royalty, describing the relationship as being important since how they became friends at such a young age created a great amount of trust between them. He even started a US$25 million investment fund at school with investments from his Arab friends.

So, two things about Jho Low are:
1) His job was always a fund manager
2) He was closer to the Arabs at a much younger age than he is close to PM Najib or his family.

In fact, even before Najib became the Prime Minister or even the Finance Minister in late 2008, Jho Low had been dealing on behalf of the Arabs - a fact that Jho Low had stressed multiple times before on his links while in school.

For example, The Edge reported that in  late 2006, the then 26-year-old Jho Low approached Khazanah Nasional seeking support for Kuwait Finance House’s bid for RHB Bank Bhd. Khazanah had a 30% stake in RHB Bank at the time and how he then made RM400 million in 2007 in flipping Iskandar, Johor land by bringing in the Abu Dhabi state-owned Mubadala Development Co.

Later on in May 2008, Jho Low would be successful in facilitating the purchase of a 25% stake in RHB from EPF by Abu Dhabi's Abu Dhabi Commercial Bank for for RM3.876bn (USD1.23bn then).

The price of MYR7.20 a share represents a 36 percent premium (3.1 times book value) to the bank's current price. Based on the purchase price, the deal is the 'largest investment to date of a Middle East investor into the Malaysian financial sector,' said Employees Provident Fund (EPF), 

This RM3.876b sales allowed EPF to make RM2.16b profits in less than two years or more than double the RM1.715b it effectively paid for the 25% stake or a 126% profit in two years. EPF had bought a 32.8% stake in EPF a little less than a year ago for RM2.25 billion.
Therefore, Jho Low was acting on behalf of the Arabs and doing fund management/deal-making even before Najib became Finance Minister or Prime Minister.

In a sense twist of irony, based on correspondences they had found in the Justo files, Saraawak Report confirmed the close ties of Jho Low with the Saudi Arabians in their report dated 2nd January 2016 titled "How Najib Used PetroSaudi To Wage Black Propaganda Against Anwar -EXCLUSIVE" where he detailed how Jho Low was the man who bridged the Saudi royalty with Najib.

Since Jho Low was the one with the Arab royalty relationships, I do not find it surprising that he is used as a go-between to convey political funds, support and donations from the Middle East to Najib.

The fact that Wall Street Journal had reported that a substantial amount of money had even come direct from the Saudi Ministry of Finance's account means that the Saudis had certainly supported or assisted Najib to fight against the Colour revolution during the crucial Arab Spring period (Read Arab money and the Malaysian Spring?)
The controversial transfer alleged by WSJ into Najib's account was the USD681 million (the famous RM2.6 billion) from Tanore just before GE13 - where USD620 million was returned - the balance remaining works out to be only RM50 million after exchange rates differences and was supposedly spent on party matters and various charitable causes and programmes .

This money came from funds guaranteed by Aabar BVI from the USD3 billion 1MDB bonds raised in 2013 after the Crown Prince of Abu Dhabi HRH Sheikh Mohammed bin Zayed Al Nahyan came to Malaysia to sign a JV with 1MDB.

Recall that our AG had said all the transfers including the USD681 million were backed by a letter from various Saudi royalty and that MACC had interviewed all the witnesses.

For the last transfer, it is also not clear why Crown Prince Sheikh Mohammed and Khadem's Aabar BVI would assist Najib with this transfer.

Eric Tan

As for Tanore's Eric Tan, he was previously described as a proxy. Now there are allegations that Eric Tan is a Jho Low's proxy.  However, it is not clear who he is a proxy for. It could very well be a medium for the Arabs who wishes anonymity while Jho Low's role is to make sure that money reaches the PM's accounts. 

But for sure, Jho Low is NOT Eric Tan. Would you think that Singapore would allow a fake or non-existent person to open a bank account? 

A point to note is that these transfers would not have been possible without the assistance of Khadem Al-Qubasi, the former Managing Director of IPIC and Chairman of Aabar Investments PJS.
H.E Khadem Abdulla Kadem Butti Al-Qubaisi served as Managing Director, Chief Executive, and Director at International Petroleum Investment Company PJSC, since May 2007.
He is a close confidante of IPIC Chairman Sheikh Mansour, who is the deputy prime minister of the United Arab Emirates, minister of presidential affairs and member of the ruling family of Abu Dhabi. He is the half brother of the current President of UAE, Khalifa bin Zayed Al Nahyan.
Khadem was named at number 14th spot in Gulf Magazine’s 2014 list of the Top 100 World’s Most Influential Arabs, and included in the Oil & Gas Power Middle East top 50 in 2011.
He received the Arabian Businessman of the Year for 2009 in the UAE, and also received the coveted #1 Award as the ICIS Power Player of the Year 2009.
He served as the Managing Director of IPIC from 2007 to 2015 and served as the Chairman of Aabar Investments PJSC from 2012 to 2015..
H.E. Al-Qubaisi served as Managing Director at National Central Cooling Company PJSC since May 2011.
He serves as Chairman of Compania Espanola de Petroleos S.A. and Aabar Properties LLC. H.E. Al-Qubaisi serves as Co-Chairman of First Energy Bank. He serves as the Chairman of First Gulf Bank PJSC.
He has been the Chairman of Supervisory Board of NOVA Chemicals Corporation since January 1, 2011. He served as the Chairman of Supervisory Board of Arabtec Holding P.J.S.C., since May 2012.
He served as the Chairman of First Energy Bank B.S.C.(c) until March 2016. He served as the Chairman of Arabtec Holding P.J.S.C. from May 08, 2012 to May 2015. He served as the Chairman of the Board at NOVA Chemicals Inc.
He served as the Chairman of the Board at NOVA Chemicals Corporation since January 01, 2011 and served as its Director from January 01, 2011 to April 22, 2015.
He served as the Chairman of Hakkasan Limited until April 14, 2016. He served as the Chairman of Supervisory Board at Borealis AG from March 5, 2010 to April 2015.
He served as the Chairman of National Central Cooling Company PJSC and Falcon Private Bank Ltd. He served as Chairman of Abu Dhabi National Takaful Company P.S.C. until August 5, 2014.
He served as the Chairman of Gulf Energy Maritime PJSC until June 2008. He has been a Deputy Chairman of Supervisory Board at OMV Bulgaria OOD since May 2010. He has been a Vice Chairman of Duqm Refinery and Petrochemical Industries LLC since July 2012.
He served as Deputy Chairman of the Board of Supervisory Board of OMV Aktiengesellschaft from May 26, 2010 to May 10, 2012 and served as its Member of Supervisory Board. He served as Vice Chairman of Supervisory Board at Borealis AG.
He served as Vice Chairman of UniCredit S.p.A. from May 2012 to October 2012 and served as its Director until October 2012. He served as a Member of Supervisory Board at Borealis AG from March 5, 2010 to April 2015.
He served as a Member of Supervisory Board of AMI Agrolinz Melamine International GmbH and Borealis Agrolinz Melamine GmbH. H.E. Al-Qubaisi serves as a Director of ChemaWEyaat and Board Member of Emirates Investment Authority.
He serves as a Director of Abu Dhabi National Chemicals Company. He served as a Director of Arabtec Holding P.J.S.C., from April 28, 2012 to May 2015. H.E. Al-Qubaisi served as a Director of First Gulf Bank PJSC, National Central Cooling Company PJSC and Hyundai Oilbank Co., Ltd.
It is almost unthinkable that a person such as this would assist our PM to misappropriate money - especially since he was holding a couple of billion of UK Pounds of Barclay Banks shares in his own name in 2008 (before 1MDB even existed or had any money).

Although Khadem and his ex-CEO Mohamed Ahmed Badawy Al-Husseiny is also named as a subject of the US Department of Justice civil suit along with Jho Low and despite multiple media reports saying that the UAE govt had arrested Khadem, it is strange that neither of them has ever been charged for any crime by UAE - even until now.

Don't you find it strange that these two people who allegedly faked a state-owned company's name in the BVI and supposedly misappropriated billions are also not charged by UAE?

Another  point to note that at the point of transfers, the money does not legally belong to 1MDB anymore but to various entities related to the foreign governments and officials.

It is still not clear to most people why would Najib want to allegedly steal money that is borrowed. Money that is borrowed would eventually have to be repaid. If someone really wanted to make money, it would have been easier to do lop-sided Independent Power Plant deals at the expense of the rakyat like a past Prime Minister where you could be guaranteed at least RM1 billion per year.

Further to this, it is also not clear why would anyone want to transfer "stolen money" that is already safely and anonymously overseas and then bother to transfer it back locally to an account in his own name where dozens of people from Ambank to Bank Negara would know about this.

Even stranger is that this money allegedly stolen is also not spent on himself but given to various NGOs and for political purposes.

Muhyiddin has never commented what he meant by what he said in this September 2015 UMNO supreme council meeting - right after news broke of Najib's RM2.6 billion in his personal accounts.



Wall Street Journal in their report titled "1MDB Probe Shows Malaysian Leader Najib Spent Millions on Luxury Goods" where they reported that Accounts of prime minister paid out US$15 million for clothes, jewelry and a car.
"Of the apparent personal spending, one of the most regular recipients of funds from Mr. Najib’s accounts was Jakel Trading Bhd., a Malaysian luxury clothing retailer. Between 2011 and 2014, Mr. Najib transferred over US$14 million to Jakel, according to the documents. 
There was a recorded expenditure on June 28, 2011, at Signature Exotic Cars, a car dealership in Kuala Lumpur, for US$56,000. Signature’s managing director, Daniel Lim, didn’t respond to a request for comment." reported WSJ.
I think most Malaysians would know that Jakel Trading is nowhere near to being a luxury clothing retailer. They are famous for cloth, for prayer mats and for Islamic clothing. It is well-recorded that various NGOs and UMNO itself had regularly contributed prayer mats and clothing to various mosques around the country during that period. 



To claim that Najib spent US$15 million for luxury clothing for himself or even his family from Jakel is laughable - not to mention downright malicious by WSJ.

As for the "luxury car" that Najib bought for US$56,000, perhaps WSJ is not aware of car prices in Malaysia. On June 2011, US$56,000 is equivalent to RM3,003 or RM169,680 - perhaps enough to get a second-hand Toyota Alphard or a new Honda Accord. Not quite sure if this qualifies as a luxury car.

A more plausible explanation is that the car is for a gift to a charity or for use to transport goods.


Given the above, WSJ's accusations does not make sense and that PM Najib's continued assertion that he did not personally benefit from the RM2.6 billion seems likely.

Given such relentless and lop-sided reporting by WSJ  and Sarawak Report, the revelation that the Ministry of Finance of Saudi had transferred huge sums of money directly into Najib's accounts, the fact that so many royal families and VIPs in the Middle East are involved in dealing with Najib over the 1MDB and RM2.6 billion issue added by the fact that the reason expose that Soros and his Open Society Foundation was principally involved in the "Malaysian Program" with Soros himself having a personal interest, I can't help feeling that there is more than meets the eye when it comes to 1MDB and the Najib's RM2.6 billion issue.

In fact, an even more ominous clue is from the Wikileaks exposed document from Soros to the USA Government.

This document as part of the "Podesta emails" Wikileaks expose that got Hillary Clinton investigated by the FBI and which contributed to her loss in the presidential elections.

These 3 pages are excerpts from that document.





This is on the last page (pg 14) of the secret document that George Soros used in March 2016 where he personally lobbied the US govt to disassociate themselves from Najib.

Four months later, the DOJ took civil action related to 1MDB.

Other than saying that Najib is corrupt, a Islamic extremist and too close to China, they also suggested that Najib murdered Kevin Morais and dump his body in a cement drum.

There were 3 major demands by Soros to the USA government.

1) Make the TIP Report independent of political designs
2) Dissociate from Najib…soon
3) Demand Anwar’s release

Under point 3, Soros clearly said that Anwar would be instrumental as the new leader of Malaysia if Najib falls.  (So, who says that Soros and the OSF "Malaysia Program" is not political? )

And if Najib doesn't fall, Anwar can provide the USA Govt with "insight and strategic leverage" on Malaysia.

Which basically means that Anwar can advise the USA Govt how to deal with Malaysia for the USA Govt's benefit.

I don't know about you but for Soros to outright say something like this smacks of treachery to me.

Soros also claims that Najib has perverted Islam, wants to implement Hudud nationwide and is a supporter of the IS militants and extremism!

Obviously Soros is telling lies to the USA Govt to pressure them to act against Najib.
Najib is known widely as a moderate and is an assassination target for IS. Our govt had also arrested more than a hundred people suspected of IS activities or planning to go overseas to fight.

Soros also says that Najib will not be too loyal to the USA since Malaysia adopts a neutral policy and that Najib is getting too close to China now.

This document was part of the "Podesta emails" Wikileaks expose that got Hillary Clinton investigated by the FBI and which contributed to her loss in the presidential elections.



On top of this, it must be noted that it is Mahathir's men in Khairuddin Abu Hassan and also Matthias Chang who were the ones who made all those reports in the Swiss, Singapore, Hong Kong and USA government that made these investigators look into the 1MDB issue.

So far, Singapore has been active in their investigations but between the USA and China, we know who Singapore is more loyal too.

Certainly the political intrigue and power struggle is not just local anymore but has taken on a geo-political dimension.

Time will tell who the real thieves or traitors of Malaysia are.

In the meantime, 1MDB is well on its way to recovery and may prove to be a success soon after its restructuring and transfer of its various operating units to the Ministry of Finance.

On top of the various CSR efforts, one thing that local media seldom (Sarawak Report or MalaysiaKini has never mentioned this) is the 8 military bases that 1MDB is paying for and developing. These are now all close to completion.