PDA

View Full Version : Governance: HOW Sg Besi Air Force Land Was Fixed!



pywong
23rd June 2011, 08:46 AM
HOW Sg Besi Air Force Land Was Fixed! (https://www.facebook.com/media/set/?set=a.2168826701470.201659.1270773921)

By Zakri Ali Rangkuti
1 photo


23th June 2011

Urges the Public Accounts Committee to conduct an inquiry into the National Fund Balance Purchase and Sales Transactions in 1MDB PetroSaudi Investments Limited by 1MDB with PetroSaudi International Limited.

In the debate on the Supplementary Supply Bill 2011 on June 20, 2011, I have called, among others that the Public Accounts Committee to investigate the transactions of purchase and sale of investments in 1MDB PetroSaudi Limited by 1MDB with PetroSaudi International Limited. The call was made ​​because based on the report of auditors, investment purchases and sales transactions are suspicious.

It involves the announcement of profits of RM425 million for the first year of operations ending March 31, 2010 by the Prime Minister as Chairman of the Advisory Board on October 8, 2010 1MDB and Chief Executive Officer Sharol 1MDB Halmi on October 12, 2010. Gains derived among others included the sale of investments in 1MDB PetroSaudi Limited joint venture company between 1MDB and PetroSaudi International Limited.

In this transaction 1MDB invested RM3.5 billion in PetroSaudi 1MDB Limited ​​in cash. In less than five months, 1MDB resold these investments to their partners, that is, PetroSaudi International Limited at a price of RM4.1 billion and gained profits of RM615 million.

However, payment for the sale of this investment is made ​​either by installment or deferred payment for 11 years. This means that the turnover of RM4.1 billion can only be fully realised by March 31, 2023 based on sales transactions being made ​​on the last day of closing the accounts 1MDB March 31, 2010.

1MDB's ability to obtain repayment of RM4.1 billion is undoubtedly based on a special note made ​​by the Auditor KPMG report on the audit report of the accounts of 1MDB ended March 31, 2010.

Note this special read as follows: -

"The Group and the Company held notes receivable amounting to RM4, 139,125,000 as at 31 March 2010. A valuation was performed by an independent financial advisory firm to support the assessment of the appropriateness of the carrying value of the notes receivable as at 31 March 2010. This valuation was carried out based on Certain sets of assumptions. Should it be TLP that these assumptions are critical to the result of the assessment. The notes receivable are backed by a corporate guarantee by the ultimate Issued holding company of 1MDB PetroSaudi Limited, PetroSaudi International Limited PSI). Management believes that PSI is in good financial standing and has the Ability to meet all Obligations required as documented in the Corporate Guarantee Agreement. "

This note explains the KPMG Auditor is solely dependent on the management acknowledgement of 1MDB that PetroSaudi International Limited has a good financial position and able to meet all financial claims as contained in its Corporate Guarantee Agreement documents. Auditor KPMG did not provide assurance whether the outstanding debts of RM4.1 billion can be paid by PetroSaudi International Limited because it is not a guarantee of the Bank or the Government.

Following the call when debating the Supplementary Supply Bill 2011 Act, I wrote a letter dated 22 June 2011, requesting for a Public Accounts Committee's inquiry into this matter in accordance with the provisions of the Meeting Procedure 77 (1) (d):

1) Assess the financial position, shareholders, nominees, and the management of either PetroSaudi International Limited has the ability to pay debts of RM4.1 billion to 1MDB as claimed by the management.

2) To investigate the source 1MDB get to pay for investments in 1MDB PetroSaudi Limited RM3.5 billion in cash. Is it the proceeds of a bond guaranteed by the Government?

3) Investigate the assessment made ​​by management on 1MDB PertroSaudi Limited 1MDB when deciding to invest RM3.5 billion in this joint venture.

4) Investigate the business activities 1MDB PetroSaudi Limited for 1MDB to be able to sell its investment in such a short period of less than 5 months with a profit of RM615 million from the investment of RM3.5 billion. This means a return of 17.6% or 42% based on the annual rate of return (Annualized rate of return). This investigation should be upon 1MDB as a government investment agency that is not involved in the activities of international financial syndicates that are suspicious and possibly criminal.


5) Investigate the place or location PetroSaudi International Limited and its group of companies, including 1MDB PetroSaudi Limited was incorporated. Is it true that PetroSaudi International Limited, is incorporated in the Cayman Islands or British Virgin Islands and is not directly related to the petroleum industry and individuals or organizations from Saudi Arabia?

6) To investigate whether the government is exposed to the investment or loan guarantees made ​​by 1MDB?

I urge the National Public Accounts Committee to investigate this case because it involved the Prime Minister and Minister of Finance cum Chairman of the 1MDB Advisory Board and the issuance of bonds RM5 billion guaranteed by the Government. It is understood up to RM15 billion of bonds to be issued to finance 1MDB. In the first 6 months of observation accounts 2011 to 1 September 2010, I found 1MDB made a loss of RM158.3 million.

1MDB concession awarded the most valuable land in Kuala Lumpur at the RMAF base in Sungai Besi area of 196.6 hectares, while the Air Force Base will be transferred to Sendayang, Negeri Sembilan. Development at the Sungai Besi RMAF Base involves collaboration between 1MDB (30%), Armed Forces Fund Board (30%) and Desmond Lim of Malton Berhad (40%).

In statements issued, this property will be developed as a Malaysia City to strengthen Kuala Lumpur's competitiveness to attract local and foreign investors. This announced development involves only the large returns to investors. Not directly referred to or provided for in the master plan of housing development for low-income citizens and housing for ex-soldiers in dire need of housing in the city.

ANWAR IBRAHIM Opposition Leader HOUSE OF REPRESENTATIVES MALAYSIA

Posted by Switch Tubes


Artikel asal.

CARA TANAH TUDM SG. BESI DIREMBAT !!

By Zakri Ali Rangkuti (Albums) · Updated 4 hours ago

23hb Jun 2011

Menggesa Jawatankuasa Kira Kira Wang Negara Menyiasat Transaksi Pembelian Dan Penjualan Pelaburan dalam 1MDB PetroSaudi Limited oleh 1MDB dengan PetroSaudi International Limited

Dalam perbahasan Rang Undang-undang Perbekalan Tambahan 2011 pada 20 Jun 2011, saya telah menggesa antara lain agar Jawatankuasa Kira-kira Wang Negara menyiasat transaksi pembelian dan penjualan pelaburan dalam 1MDB PetroSaudi Limited oleh 1MDB dengan PetroSaudi International Limited. Gesaan ini dibuat kerana berdasarkan laporan juruodit, transaksi pembelian dan penjualan pelaburan tersebut yang mencurigakan.

Ia melibatkan pengumuman keuntungan RM425 juta untuk operasi tahun pertama yang berakhir 31 Mac 2010 oleh Perdana Menteri selaku Pengerusi Lembaga Penasihat 1MDB pada 8 Oktober 2010 dan Ketua Pegawai Eksekutif 1MDB Sharol Halmi pada 12 Oktober 2010. Keuntungan diperolehi antara lain hasil penjualan pelaburan dalam 1MDB PetroSaudi Limited iaitu syarikat usahasama diantara 1MDB dengan PetroSaudi International Limited.

Dalam transaksi ini 1MDB melabur dalam 1MDB PetroSaudi Limited sebanyak RM3.5 billion yang dibuat secara tunai. Tidak sampai 5 bulan kemudian 1MDB menjual semula pelaburan ini kepada rakan usahasama mereka iaitu PetroSaudi International Limited dengan harga RM4.1 billion dan memperolehi keuntungan sebanyak RM615 juta.

Walaubagaimana pun bayaran untuk penjualan pelaburan ini dibuat samaada secara ansuran atau bayaran tertangguh selama 11 tahun. Ini bermakna perolehan RM4.1 billion ini hanya dapat diperolehi sepenuhnya menjelang 31 Mac 2023 berdasarkan transaksi penjualan ini dibuat pada hari akhir penutupan akaun 1MDB iaitu 31 Mac 2010.

Keupayaan 1MDB memperolehi balik RM4.1 billion ini amat disangsikan berdasar nota khas yang dibuat oleh Juruodit KPMG dalam laporan oditnya keatas akaun 1MDB yang berakhir 31 Mac 2010.

Nota khas ini berbunyi seperti berikut:-

“The Group and the Company held notes receivable amounting to RM4,139,125,000 as at 31 March 2010. A valuation was performed by an independent financial advisory firm to support the assessment of the appropriateness of the carrying value of the notes receivable as at 31 March 2010. This valuation was carried out based on certain sets of assumptions. It should be noted that these assumptions are critical to the result of the assessment. The notes receivable are backed by a corporate guarantee issued by the ultimate holding company of 1MDB PetroSaudi Limited, PetroSaudi International Limited PSI). Management believes that PSI is in good financial standing and has the ability to meet all obligations required as documented in the Corporate Guarantee Agreement”.

Nota ini menjelaskan Juruodit KPMG semata-mata bersandar kepada perakuan pengurusan 1MDB bahawa PetroSaudi International Limited mempunyai kedudukan kewangan yang baik dan berupaya memenuhi kesemua tuntutan kewangan sepertimana yang terkandong dalam dokumen Perjanjian Jaminan Korporat nya. Juruodit KPMG sendiri tidak memberi kepastian samaada hutang tertunggak RM4.1 billion berupaya dibayar oleh PetroSaudi International Limited kerana ia bukan jaminan Bank atau Kerajaan.

Susulan dari gesaan tatkala membahaskan Rang Undang Undang Perbekalan Tambahan 2011 itu , saya telah menulis surat bertarikh 22hb Jun 2011, memohon Jawatankuasa Kira-kira Wang Negara menyiasat perkara berikut menurut peruntukan Peraturan Mesyuarat 77 (1)(d) :

1) Menilai kedudukan kewangan, pemegang saham, nominee, dan pengurusan PetroSaudi International Limited samada mempunyai keupayaan membayar hutang RM4.1 billion kepada 1MDB sepertimana yang didakwa oleh pengurusannya.

2) Menyiasat sumber 1MDB perolehi untuk membayar pelaburan dalam 1MDB PetroSaudi Limited sebanyak RM3.5 billion secara tunai. Adakah ia hasil penerbitan Bon yang dijamin oleh Kerajaan?

3) Menyiasat penilaian yang dibuat oleh pengurusan 1MDB keatas 1MDB PertroSaudi Limited apabila membuat keputusan melabur sebanyak RM3.5 billion dalam usahsama ini.

4) Menyiasat kegiatan perniagaan 1MDB PetroSaudi Limited sehingga 1MDB berupaya menjual pelaburannya dalam masa yang singkat tidak sampai 5 bulan dengan keuntungan RM615 juta daripada pelaburan sebanyak RM3.5 billion. Ini bermakna pulangan sebanyak 17.6% atau 42% berdasarkan kadar pulangan tahunan (annualized rate of return). Siasatan ini perlu agar 1MDB sebagai sebuah agensi pelaburan kerajaan tidak terlibat dalam kegiatan sindiket kewangan antarabangsa yang mencurigakan dan mungkin jenayah.

5) Menyiasat tempat atau lokasi PetroSaudi International Limited dan kumpulan syarikatnya termasuk 1MDB PetroSaudi Limited diperbadankan. Benarkah PetroSaudi International Limited di perbadankan di Cayman Islands atau British Virgin Islands dan tidak mempunyai kaitan langsung dengan perusahaan petroleum dan individu atau organisasi dari Arab Saudi?

6) Menyiasat adakah kerajaan terdedah kepada jaminan atau pinjaman dalam pelaburan yang dibuat 1MDB?

Saya menggesa Jawatankuasa Kira-kira Wang Negara menyiasat kes ini kerana ia melibatkan Perdana Menteri yang juga Menteri Kewangan selaku Pengerusi Lembaga Penasihat 1MDB dan penerbitan bon sebanyak RM5 billion yang dijamin kerajaan. Difahamkan bon sehingga RM15 billion akan diterbitkan untuk membiayai pelaburan 1MDB. Dalam pengamatan akaun 6 bulan pertama 2011 hingga 1 September 2010, saya dapati 1MDB mengalami kerugian sebanyak RM158.3 juta.

1MDB dianugerahkan konsesi tanah paling berharga di Kuala Lumpur iaitu pengkalan TUDM di Sungai Besi seluas 196.6 hektar sementara Pengkalan TUDM akan dipindahkan ke Sendayan, Negeri Sembilan. Pembangunan Pengakalan TUDM di Sungai Besi ini melibatkan usahasama diantara 1MDB (30%), Lembaga Tabung Angkatan Tentera (30%) dan Desmond Lim dari Malton Berhad (40%).

Dalam kenyataan-kenyataan yang dikeluarkan hartanah ini akan dibangunkan sebagai Bandar Malaysia untuk memperkukuh daya saing Kuala Lumpur bagi menarik pelabur tempatan dan asing. Pembangunan yang diumumkan hanya melibatkan yang memberi pulangan besar kepada pelabur. Langsung tidak disebut atau disediakan dalam pelan induk pembangunan perumahan untuk warga kota yang berpendapatan rendah dan penyediaan perumahan untuk bekas tentera yang amat memerlukan perumahan di ibukota ini.

ANWAR IBRAHIM
KETUA PEMBANGKANG
DEWAN RAKYAT MALAYSIA

Dicatat oleh Tukar Tiub

pywong
23rd June 2011, 10:49 AM
The net profit reported is to enable IMDB to go to the money market to raise funds to be sapu'ed. The bonds will then be guaranteed by the Govt so that eventually the tax-payers pay! This tactic has been used over and over again since the 80's.

http://media1-cdn.malaysiakini.com/374/70586c724e7dafb6e0e854b347405d3b.gif

PAC told to probe suspicious 1MDB profits (http://www.malaysiakini.com/news/167725)

Jun 22, 11 5:00pm

Opposition Leader Anwar Ibrahim has urged the parliamentary Public Accounts Committee (PAC) to probe 1Malaysia Development Bhd's (1MDB) “suspicious” earnings.

http://media1-cdn.malaysiakini.com/248/87f99b6e1d28a4f70d5d9562c3f8925e.jpg
Anwar said he had conveyed his request to the PAC in writing today, explaining that the suspicion was raised in the audit report by international firm KPMG.

Among others, he said PAC must probe if 1MDB had issued government-backed bonds to finance its RM3.5 billion investment in 1MDB PetroSaudi Ltd.

He said PAC should also probe 1MDB's decision to divest its shares in 1MDB PetroSaudi Ltd in just five months for RM4.1 billion, which brought in profits of RM615 million.

“This means there was a 17.6 percent return or 42 percent based on annualised rate of return,” said Anwar, explaining that the RM4.1 billion would be paid in stages until 2023.

http://media1-cdn.malaysiakini.com/312/7e09db0615a056bc80381d53303c0124.jpgAnwar said the PAC probe is crucial because Prime Minister Najib Abdul Razak (left) is the 1MDB advisor and also the finance minister.

He added that PAC's scrutiny is necessary as 1MDB will issue more bonds in the future and it is also managing the Sungai Besi air base project, one of the most valuable piece of real estate in the country.

During the debate (http://www.malaysiakini.com/news/167434) on the Supplementary Supply Bill 2011 on Monday, Anwar had told the Dewan Rakyat that 1MDB is expected to issue up to RM15 billion worth of government-guaranteed bonds by 2013.

He said that this was worrying as the company had posted a suspicious RM425 million net profit (http://www.malaysiakini.com/news/144734) on March 31, 2010 after its first year of operations.

“The announcement ... is highly questionable because, upon closer inspection, its financial statement shows that its profits were not from its actual investments or business operations but through paper shuffling,” he added.