Wassap war on 1MDB

Received a Wassap message from someone who is not so fond of the BN government last night.

It was a pro-Pakatan Malaysiakini report quoting senior journalist blogger Kadir Jasin criticizing the controversial 1MDB programme.

Obviously she had received the message from someone else as the story went viral via the Wassap network.

Then early this morning, I received another Wassap message on 1MDB. It was from a friend who is an Umno supporter, who is to be more precise, a supporter of PM DS Najib Razak.

1MDB is now extensively used by critiques of the PM to undermine him.

I am a bit tired and muddle headed at the moment to try to analyze the claims of both sides.

For that, I leave it for you all to decide.

The only observation I want to make here is that defenders of the BN government seem to be far less sophisticated in the psychological battle as the pro-Pakatan side utilize their potent cyberwar machinery such as Malaysiakini  to spread information to undermine the BN government.

I have repeatedly wrote about this : Umno and its BN allies have no real cyberwar strategy at all to counter those of Pakatan's.

Anyway, this is the one against 1MDB : 

1MDB got loan extension from Bank Negara'

12:46PM Dec 13, 2014

The controversial state investment body 1Malaysia Development Berhad (1MDB) had sought an extension period for its non-performing loans (NPL) from Bank Negara, veteran newsman A Kadir Jasin claimed today in a blog posting, quoting "sources".

Kadir claimed that Bank Negara governor Zeti Aktar Aziz had in a recent meeting allegedly agreed to the request despite being unhappy with 1MDB's large borrowings, as not doing so could seriously impact the banking system.

"If it (the extension) was not given, there would have been a massive default and Tier 1 banks that extended the loans would have to make huge provisions," Kadir wrote.

"This could lead to the downgrading of the local banking system."

Kadir also claimed that some "very harsh words" were traded during the meeting between 1MDB top officials and Bank Negara.

Non-performing loans are loans that are in default or are close to being in default.

1MDB had so far accrued a RM49 billion debt against RM51.4 billion in assets.

'Dr M grilled 1MDB top guns'

In that same meeting, Kadir claimed 1MDB chairperson Lodin Wok Kamaruddin had offered to step down.

"One source said at the meeting with Bank Negara, Lodin had offered to resign immediately. But that is not the concern of Bank Negara," Kadir said.

"Lodin was appointed by the Prime Minister (Najib Abdul Razak). If it is true that he offered to resign, he should tell that to Najib," he added.

He said that 1MDB sought to extend the NPL period from three to six months, and its ability to keep the extended period will depend on whether it “can or will” bring home the RM7 billion it had controversially parked in a Cayman Islands fund.

Kadir also said that in a recent meeting, former premier Dr Mahathir Mohamad (right), who had openly criticised 1MDB, had "grilled" top 1MDB officials.

"Sources said Dr Mahathir grilled the 1MDB team on the company’s modus operandi," he said.

"The source said Dr Mahathir feels obliged to take up the matter with 1MDB and to speak openly on the subject because many parties had come to see him to inform him about the goings-on in the company," he added.

Malaysiakini has contacted 1MDB over the claims and is awaiting their response.

And this is the one in defense of 1MDB :

(Ini satu maklumat penting ttg 1MDB)

1MDB lapor keputusan penuh tahunan diaudit untuk 12 bulan berakhir 31 March 2014

1MDB mengumumkan keputusan penuh tahunan untuk12 bulan berakhir 31 Mac 2014, satu lagi tahun yang produktif untuk kumpulan di mana ia memperoleh beberapa aset tenaga dan hartanah berkualiti tinggi untuk portfolionya yang semakin berkembang.    

Kumpulan mencatatkan kerugian berjumlah RM665.3 juta untuk tahun kewangan ini, sebahagian besarnya berpunca daripada kos pembiayaan yang lebih tinggi berjumlah RM2.4 billion, berbanding RM1.6 billion pada tahun kewangan sebelumnya, sebagai sebahagian daripada strategi untuk mengembangkan pangkalan asetnya.  Nilai pangkalan aset kumpulan meningkat kepada RM51.4 billion, berbanding RM44.6 billion pada tahun kewangan sebelumnya, dengan jumlah pinjaman meningkat daripada RM36.2 billion kepada RM41.9 billion.  Jumlah keseluruhan pendapatan meningkat 64% daripada RM2.6 billion kepada RM4.3 billion, mencerminkan kualiti portfolio aset-asetnya yang sedang dibangunkan dan kekukuhan penjanaan pendapatan.  

Pangkalan aset berkualiti tinggi ini disokong oleh wang tunai yang kukuh dan simpanan yang sepadan berjumlah RM16.7 billion, dengan perniagaan berada pada kedudukan yang baik untuk membiayai perbelanjaan modal yang besar bagi 12 – 24 bulan akan datang, dan menyediakan ruang yang luas untuk mencapai keperluan pembiayaan masa depan.  Fokus utama untuk perbelanjaan modal dalam tahun kewangan berikutnya termasuk projek yang diperoleh oleh anak syarikat tenaga kami dan pembangunan berterusan TRX, yang merupakan hub kewangan pertama Kuala Lumpur, oleh anak syarikat hartanah kami.  

Sejak penghujung tahun kewangan pada Mac 2014, 1MDB telah menebus sejumlah lebih RM4 billion daripada pelaburan kami dalam Syarikat Portfolio Berasingan (Segregated Portfolio Companies) yang berdaftar di Cayman Islands, dengan bakinya dijangkakan untuk diperolehi sepenuhnya pada November 2014. Dividen sebanyak RM435 juta daripada pelaburan ini juga telah diperolehi selepas tahun kewangan berakhir Mac 2014 dan akan dimasukkan ke dalam akaun tahun kewangan seterusnya berakhir Mac 2015.

Pengarah Urusan dan Ketua Pegawai Eksekutif Mohd Hazem Abd Rahman berkata:

 “Kami mengekalkan fokus kami kepada mengembangkan pangkalan aset syarikat dan kapasiti pelaburan. Ini telah dipacu oleh perbelanjaan modal yang besar dalam jangka pendek, yang menyebabkan kerugian yang telah dijangka untuk tahunan kewangan ini disebabkan kenaikan jumlah pinjaman.  Walau bagaimanapun kami yakin bahawa aset-aset berkualiti tinggi dan projek yang telah diperolehi akan memacu perniagaan kami ke hadapan serta memastikan pertumbuhan dalam jangka masa panjang.