The village idiots are so happy to lose RM40 – RM42 billion of assets just to pay their debts
If 1MDB hadn’t lost the billions of money that can be used to pay the debts, they could have the resources to develop Bandar Malaysia and TRX on their own and don’t have to sell it to foreigners at all. That would be a happy ending. Is Shahrir Samad the kind of politician to be happy giving away our sovereign lands to foreigners? He must truly be an idiot.
Imagine, to pay off RM42 billion of debts, 1MDB had to sell nearly RM42 billion of assets.
Basically that is RM42 billion of assets lost to other people’s hands. And 1MDB had to pay billions of interests and pay billions of fees along the way! People actually clapped their hands when he announced that 1MDB will lose about 80% of their assets to pay off debts.
If for example the CEO of Apple had announced 80% reduction of assets, he and the board of directors would have been hung dry by the shareholders. But yesterday, some Umno people gave him an applause! Unbelievable.
It is not enough that the rakyat had to pay RM950,000,000 in the form of standby credit for 1MDB, now they will lose majority of the assets to foreigners!
1MDB is on the verge of bankruptcy and they had to perform this asset stripping exercise dubbed ‘the rationalisation plan’ so that 1MDB will appear to be a success. The only success 1MDB has done so far is to stupefy the cabinet ministers and Najib Razak’s cybertroopers.
“We did it so help the rakyat”
Another lie Arul Kanda said was that 1MDB bought the IPPs in 2012 at above market prices because they want to reduce the tariff, in order to help the rakyat.
In the first place, the answer to the question as to why the IPPs were bought at above market prices did not have any correlation with the increase or decrease of rakyat’s electricity bills.
The immediate impact it had was that 1MDB incurred about RM18 billion of debts! The end game unfortunately is – the rakyat had to lose their IPPs after this stupid company had bought them at such high costs and on top of that, they had to pay higher electricity bills!
PM increased electricity rates in January 2014 after throwing away RM18 billion to buy IPPs in 2012
So what kind of stupidity have Arul Kanda said when he told the simpletons at PWTC yesterday that buying private IPPs from their owners at an astronomical prices will bring down the tariffs?!
Did he eat a bottle of stupid pills yesterday morning and hoped for the best?
Which part of this had benefited the rakyat? 1MDB promised that the tariff will be reduced, but that was just a lie. Worse, the tariff rate did not even maintain at the current level it had, it went up instead!
The only people that laughed the loudest were the IPP owners and the banks that gave the debts to 1MDB. Tun Dr. Mahathir said so many times as to why 1MDB is so stupid to pay so much for the IPPs when they could get it cheaper after their licence agreements expired.
17. RM18 billion was spent to purchase IPP belonging to Ananda Krishnan, Genting Sanyen Power (now known as Kuala Langat Power Plant) and Jimah Energy.
18. The prices paid for Genting Sanyen and Ananda’s IPP were well above market price. 1MDB also paid RM6 billion for unpaid loans. The Jimah IPP was to put up another power plant. But 1MDB had no money to build this plant
19. Genting Sanyen and Tanjung Energy (now known as Powertek Energy Sdn Bhd) were nearing expiration of their licenses. Had 1MDB waited until the licenses expired, the price would be next to nothing.
20. Why 1MDB did not wait until the expiry of the license is a mystery. Genting and Ananda clearly made more money than they were entitled to. One estimate is that the high price netted the sellers an extra RM3 billion. Besides they are relieved of the loan of RM6 billion.
21. So not only is the borrowing costly but the high cost of investments will mean low returns. Why is 1MDB so stupid.
22. As stated above 1MDB is unable to get the IPP listed again. Who would want to own overpriced and obviously unprofitable power plant.
Some people are saying that Arul Kanda was a legendary debater at a high school stage. Perhaps something went wrong along the way which made him appear to be a liar, a buffoon and a clueless hoodwinker these days.
No wonder an Umno grassroot leader sees him as a spinner. But even George W. Bush went to an ivy league university at Yale.
I will just let Arul Kanda make a fool of himself over things I was responsible for
As long as my salary is ridiculously high, I don’t mind becoming the silly mouthpiece for Shahrol and Najib.
I wonder how those two jokers fare in defending my political career… endless possibilities.