Thursday, March 12, 2015

1MDB Devour More Funds; Cayman Cash in Singapore

Yesterday, Pandan MP Rafizi Ramli claimed that an UMNO division chairperson had confided in him about a new injection of at least RM900 million into impoverished 1MDB to help with their cash flow – and that it was approved after a cabinet meeting. 

The latter came to know about it during Najib Razak’s closed-door meeting on debt-ridden 1MDB to UMNO leaders on March 08, 2015.

According to the informant, up to RM300 million has already been channelled to 1MDB – and Rafizi expressed concern that it wasn’t even made public.

But this meeting’s organizer, i.e. Cheras UMNO division head and Najib worshiper Syed Ali Alhabshee promptly described the Rafizi allegation as "another opposition fiction".

We know who to believe, don’t we?

Already, yesterday’s Singapore Business Times reported that RM970 million was issued to 1MDB after the Cabinet met two weeks ago on a proposed cash injection.

Petaling Jaya Utara MP Tony Pua believed that the injection of funds into 1MDB were most likely to service the interest of 1MDB’s debts from March to June 2015 that is about RM1 billion, “which only goes to show that the firm cannot even afford to pay the interest, let alone the loan”.

And that’s not all. According to Najib himself, “the balance” of 1MDB’s investment funds managed by Cayman Monetary Authority of $1.103 billion funds has been redeemed in the form of cash and is still kept in US dollar denominated currency at BSI Bank Limited Singapore, a wholly-owned subsidiary of BSI AG, Lugano, Switzerland.

I don’t understand this. There is no reason to keep the money in Singapore unless 1MDB are trying to escape Bank Negara Malaysia’s scrutiny. Something’s cooking and it stinks to high heavens. I am sure Malaysians won’t like it one bit! I, for one, am going to puke!

Yet, Bank Negara Malaysia governor Zeti Akhtar Aziz reaffirmed that the country’s banking system is resilient, even in the event of an 1MDB default. Methinks she is trying to give us some measure of comfort. She is unbelievably confident. She must have also been infected by Najib's stupidity.

I don’t know about other Malaysians but my view is that our country will go bankrupt if we don't stop Najib. He is running the country into the ground. Full stop. Malaysians, brace yourselves for more nasty surprises.

Last evening, I was also in Petaling Jaya and I dropped in at Shah’s Village Hotel in Lorong Sultan to listen to some good speeches at the MIM PJ Toastmasters meeting. Check out the photos below:

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