Thursday, November 13, 2014

1MDB Flip-flops

Last week, Deputy Finance Minister Ahmad Maslan (left) came under fire in Parliament when he said the government did not provide a Letter of Support for the $3 billion (RM10.02 billion) loans that 1MDB Global Investments Ltd, a wholly-owned subsidiary of 1MDB, has borrowed.
Then on Monday, this same idiot admitted that the government had issued a LOS to 1MDB for its loans. However, he insisted that it was not tantamount to a guarantee.
And one day later, this nincompoop conceded that the federal government will step in to meet the financial obligations of 1MDB under the LOS it gave. He said this will happen only if 1MDB itself has made all efforts, including restructuring, to raise money to pay its debt but is still unable to do so.
Of course, he and the rest of the BN government conveniently forget that if there is a bail-out, it is taxpayers’ money that is being used. Our money. My money.
I am not the only critic. Others have long questioned the sovereign fund's heavy debts, the opaque operations and the irresponsible utilization of funds.
One staunch critic is ex-PM Mahathir Mohamad who had called on Putrajaya to explain how the fund had benefitted Malaysians – especially since a RM38 billion debt was incurred in just five years of operations. He had rightly pointed out that there was really no need for 1MDB as it only served to add on to the country's debt mountain.
"1MDB is said to be a sovereign wealth fund, but it is not. It is money that we have borrowed. When we borrow, we have to pay back. This is not wealth”, Mahathir had said.
Even Mahathir makes sense when he talks about 1MDB!
Yesterday, I was in Brickfields to attend the MIA Toastmasters meeting. We saw a roomful of twenty-one people (14 Toastmasters and 7 non-Toastmasters). It has been a long time since the Malaysian Institute of Accountants witnessed a vibrant Toastmasters meeting – and of course, the food quickly ran out!
I was there to deliver my CC speech #6 titled “Cry for Me” and I was evaluated by Meyyappa. A decent speech although I reckon it could be better.
And we started fourteen minutes late – so my score for this meeting is only 4.5 over 10. Still, it was an enjoyable meeting.

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