Wednesday, May 23, 2018

IPIC -1MDB sham settlement, money laundering confirmed-"Units" worthless ,1MDB insolvent,All parties lied to LSE, regulators

by Ganesh Sahathevan



1MDB CEO Arul Kanda deceived banks using false documents 
accessory after the fact to a series of crimes currently before Singapore's courts


As reported by The Star on 23 May 2018:
Former directors say 1MDB can't pay its debts, RM9.8bil of 'investments' are scams.
"The directors of 1MDB confirmed that 1MDB was insolvent and unable to repay its debts," Finance Minister Lim Guan Eng told reporters on Wednesday (May 23) after the meeting.
"The former CFO (chief finance officer) Azmi Tahir had also written to the ministry in March to state that 1MDB will not be able to service its interest due in April and May 2018."

Which confirms the general  conclusions in this previous article:




Saturday, December 30, 2017

IPIC -1MDB "final" payment: Money laundering confirmed, MOF Inc needs to find USD 50 million every six months &USD 3.5 BILLION by 2022,and these is still USD3.5 BILLION owing IPIC

by  Ganesh Sahathevan


While IPIC and 1MDB have made various statements which give the impression that the Malaysian Government and 1MDB have  collectively settled all debts to IPIC,  their own words suggest the opposite and confirm the following:




THE DEAL IS MEANT TO DEFEAT AN ONGOING INVESTIGATION OF THEFT AND KLEPTOCRACY 



"This arbitration settlement has weakened the US DOJ civil suit and claims that 1MDB's funds were stolen," said Umno supreme council member Mohd Puad Zakarshi in a statement today.Mohd Puad is also the director-general of the Information Ministry's Special Affairs Division (Jasa).



WHOEVER PAID THE BILL FOR 1MDB HAS JOINED IPIC IN A SHAM TRANSACTION, WHERE MILLIONS HAVE BEEN PAID FOR WORTHLESS UNITS


 Reuters summary of the IPIC -1MDB settlement: 


Under the settlement (with IPIC), 1MDB will make certain payments to IPIC .... 1MDB said obligations will be met primarily via monetisation of 1MDB-owned investment fund units



The DOJ's assessment of the value of the units:
"relatively worthless"


1MDB and MoF Inc., undertake to IPIC to assume responsibility for all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.



AND, MALAYSIA STILL OWES IPIC USD 3.5 BILLION .THIS PROBLEM REMAINS OUSTANDING

Problems began when the Abu Dhabi fund denied it owned Aabar Investments PJS Ltd, a British Virgin Islands company which received payments of $3.5 billion from 1MDB meant for the IPIC.


Happy New Year,One And All.

Ganesh Sahathevan


References



APR
29

 

by Ganesh Sahathevan


In the matters of Public Prosecutor v Yeo Jiawei and Public Prosecutor v Kelvin Ang Wee Keng. prosecutors have told the court:


Brazen Sky (a wholly-owned 1 MDB subsidiary)  owned all the shares of Bridge Global Absolute Return Fund SPC (segregated portfolio company), a fund that was managed by Bridge Partners.


This is contrary to what 1 MDB and Arul Kanda had to say about the Brazen Sky investments, that is, that Brazen Sky owned units in segregated portfolio company that was managed by some party external to 1 MDBThis story was only changed recently, when in a written reply to MP Tony Pua the Malaysian Ministry Of Finance said (as it turns, admitted) that there was no external manager

Consequently the entire series of transactions 1 MDB says were financed out of those units is in doubt, and 1 MDB's  current debts revalued upward accordingly.The existence of the units and any money that goes with it can be assumed to be a myth.
END 


See also 

Australia's ASIC finds no evidence of 1 MDB's Cayman units 



1MDB has been made aware of an article, dated 10 October 2015, that has been published in the Sarawak Report, an online blog currently banned in Malaysia. This article has published selectively extracted materials and contains serious and unfounded allegations, in a clear attempt to manipulate readers with respect to events that have previously taken place at 1MDB.
1. 1MDB-Petrosaudi
The fund units, owned by 1MDB subsidiary Brazen Sky Limited, were originally valued at US$2.318 billion in September 2012, as the eventual outcome of various equity and murabaha loan investments totalling US$1.83 billion by 1MDB with PetroSaudi between 2009 and 2011. Over the investment horizon, 1MDB has received and reflected in its audited financial statements, cash returns, i.e. approximately US$81 million murabaha profit, and approximately US$263 million dividends from fund unit investments, i.e. a total cash return of approximately US$346 million and a total gain over time of US$488 million (US$2.318 billion less US$1.83 billion).
2. Fund Unit Redemptions
As of 31 March 2014, the fund units were valued at US$2.33 billion.  On 5 November 2014, at the time 1MDB's financial statements for the year ended 31 March 2014 were published,  an amount of approximately US$1.22 billion had been redeemed, in cash, with proceeds being substantially utilised for debt interest payment, working capital and payments to Aabar as refundable deposits for options termination.
A sum of approximately US$1.11 billion in fund units remained, which together with a dividend of approximately US$130 million, equates to the remainder sum of US$1.23 billion described in the notes to 1MDB's accounts.
On 14 and 24 November 2014, approximately US$170 million of the US$1.11 billion fund units were redeemed, in cash, leaving a balance of approximately US$940 million in fund units. On 2 January 2015, i.e. prior to Arul Kanda joining 1MDB, a final redemption of approximately US$940 million was undertaken through a sale of fund units to Aabar, with cash payment being deferred. (Note: Aabar was separately a guarantor of the fund in which the units were invested but by mutual agreement, the redemption was via sale of fund units instead of calling on the guarantee. This fund unit sale agreement was subsequently superceded via the Binding Term Sheet signed between 1MDB and IPIC, the "AA" rated parent of Aabar, on 27 May 2015, upon which a payment of US$1 billion was made by IPIC to 1MDB.)
3. 1MDB President and Group Executive Director Arul Kanda's comment
Whilst Sarawak Report has published a number of alleged 1MDB related documents in the past, which we now know to be stolen and possibly doctored goods, sourced from a convicted criminal, I can confirm that – in this particular case – it appears to have published an authentic 1MDB document, namely minutes of a 12 January 2015 Board meeting. This was the first 1MDB Board meeting I attended, i.e. a week after I joined the company on 5 January 2015.
At the meeting, I stated to the Board, based on my understanding of events that occurred before my time, that the redemption of fund units happened in cash for an amount of US$940 million. However, upon further investigation and verification, it became clear that this was a misunderstanding, which I then clarified to the Board and our shareholder, the Ministry of Finance. This clarification is clearly recorded in subsequent Board minutes and can be verified.
On 13 January 2015, I confirmed via a press statement that the remaining amount of US$1.11 billion had been redeemed, in full. What was unfortunately not made clear, was that the redemptions happened partly in cash and partly through the sale of fund units, with cash payment being deferred. It is this important distinction which caused a misinterpretation of my statement, first during a Business Times interview on 9 February 2015 and subsequently by the Ministry of Finance, in a Parliamentary answer on 12 March 2015.
I have explained in detail the sequence of events to the National Audit Department and to 1MDB's auditors, Deloitte, as part of their thorough and professional review of 1MDB's past transactions. In addition, I have openly and publicly taken full responsibility in June 2015 for the misunderstanding on this matter – i.e. the buck stops with me.
In my capacity as President, I answer to the Board and the shareholder of 1MDB. My strong track record speaks for itself and my only professional agenda is to fix the challenges in 1MDB. There is no need for me to lie or cover-up what has happened in the past, as has been alleged by those who make sensationalist claims to drive their own political agenda. Accordingly, I look forward to being questioned in detail on this matter at the upcoming Public Accounts Committee hearings and for my answers to be a part of the public record, to conclusively put this matter to rest.

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