Arul Kanda's capacity for self-incrimination remains unparalleled
Arul Kanda's latest ,recorded by CNBC: "I'm very proud to say that 1MDB has not defaulted on any of its payment obligations. We continue to service the debt."
Clearly fake news, and its adds to this existing charge:
1. In a media statement issued on or about 13 January 2014,Arul Kanda Kandasamy , CEO 1MDB, a civil servant, declared:
“1MDB hopes that the redemption of these funds, in full, draws a line under this matter. 1MDB can confirm that it has now redeemed the US$2.318bil (RM 7 billion) invested by the company in a Cayman Islands-registered fund, following a commitment made by the chairman of the board of directors on Dec 23, 2014,”
3.On or about 28 January 2015 Bloomberg reported that 1MDB had planned to obtain a third extension to its RM2 billion loan by another month,
4. It is inconceivable that 1MDB would delay (for a third time) repayment of a very large loan ,when it claims it has cash in hand of at least RM 7 billion.
5.It is obvious therefore that 1MDB does not have even RM 2 billion let alone RM 7 billion, in cash and cash equivalent,and that the funds said to have been redeemed in paragraph 2 above have not been redeemed,and if yes,not available for 1MDB to use even for the repayment of its loans.
6.It does appear then that Arul has made false statements in the execution of his duties as CEO of 1MDB,and in doing so has misled 1MDB's lenders.who include Malayan Banking Bhd, RHB Bank, and others,all of whom are likely to have suffered material losses as a consequence.
6) As a very senior civil servant Arul appears to have breached Section 218 of The Malaysian Penal Code ,which for ease of reference is reproduced below:
Public servant framing an incorrect record or writing with intent to save person from punishment or property from forfeiture
218. Whoever, being a public servant, and being, as such public servant, charged with the preparation of any record or other writing, frames that record or writing in a manner which he knows to be incorrect, with intent to cause, or knowing it to be likely that he will thereby cause, loss or injury to the public or to any person, or with intent thereby to save, or knowing it to be likely that he will thereby save, any person from legal punishment, or with intent to save, or knowing that he is likely thereby to save, any property from forfeiture or other charge to which it is liable by law, shall be punished with imprisonment for a term which may extend to three years or with fine or with both
7) Arul's management of the funds referred to in paragraph (2) are clearly in breach of the law, and hence he appears in addition to have committed and act or acts of criminal breach of trust.Section 405 of the Malaysian Penal Code which for ease of reference is reproduced below:
Criminal breach of trust .
405. Whoever, being in any manner entrusted with property, or with any dominion over property either solely or jointly with any other person dishonestly misappropriates, or converts to his own use, that property, or dishonestly uses or disposes of that property in violation of any direction of law prescribing the mode in which such trust is to be discharged, or of any legal contract, express or implied, which he has made touching the discharge of such trust, or wilfully suffers any other person so to do, commits “criminal breach of trust”.
8) Being a civil servant he then appears to be in breach of the provisions of Section 409 of the Malaysian Penal Code:
Criminal breach of trust by public servant or agent 409. Whoever, being in any manner entrusted with property, or with any dominion over property, in his capacity of a public servant or an agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment for a term which shall not be less than two years and not more than twenty years and with whipping, and shall also be liable to fine.
The facts disclosed above provide evidence of very large amounts of public money being mishandled to the point where the must be considered lost to the nation. For this and the reasons detailed above I ask that the Royal Malaysian Police treat this matter as one of great urgency.
END
1MDB seeking another loan extension
Kuala Lumpur: 1Malaysia Development Bhd (1MDB) is planning to seek another one-month extension on a RM2bil loan to give it more time to sell a stake in its energy unit, sources said.
The state-owned investment company needed more time to repay the debt as it was still in discussions with billionaire T. Ananda Krishnan, Malaysia's second richest person, they said.
Ananda may excercise an option, granted when he sold energy assets to 1MDB in 2012, to buy part of the Edra Global Energy Bhd unit, the people said.
A spokesman for 1MDB declined to comment.
The debts of 1MDB has reached RM41.9bil as of March 2014, according to the firm's annual report. Once it has settled the loan, IMDB plans to list Edra Global in a RM10.8bil initial public offering that would be Malaysia's biggest since Felda Global Ventures Holdings Bhd went public in 2012.
Bank Negara does not comment on individual companies, governor Tan Sri Dr Zeti Akhtar Aziz told reporters in Putrajaya when asked about 1MDB’s debt yesterday.
If granted, it will be the third extension of the loan from Malayan Banking Bhd and four other lenders.
1MDB was given a grace period until the end of January to repay the debt, according to reports.
1MDB built its energy business by buying assets from Ananda and Genting Bhd. It agreed to pay RM8.5bil in 2012 for Ananda's power interests, which included generation plants in Malaysia, Egypt, Pakistan and the United Arab Emirates. Ananda is Malaysia's second richest person with a net worth of about RM33bil, according to the Bloomberg Billionaires Index.
1MDB appointed Arul Kanda Kandasamy, the former investment banking head at Abu Dhabi Commercial Bank PJSC, as president earlier this month. Kanda said in a Jan 6 interview that 1MDB is embarking on a strategic review of operations.
The company redeemed a US$2.32bil (RM8.35bil) investment in a Cayman Islands fund, it said in a Jan 13 statement. — Bloomberg
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