Thursday, May 21, 2015

The Singapore Lie

1MDB president and group executive director Arul Kanda Kandasamy lied to the country about the $1.103 billion (RM3.97 billion) supposedly parked in Singapore that is actually non-existent. And Prime Minister Najib Razak lied too.
On January 13, 2015, Arul Kanda, who was appointed on January 5 this year due to his "wealth of experience from the financial world and a proven track record of transforming businesses" issued a statement that 1MDB had redeemed in full the $2.318 billion invested by the company in a Cayman Islands registered fund. Meaning, the company had sold their investments in Cayman Islands for the said amount and the money was received by 1MDB.
He consequently confirmed the above presumption in a Business Times interview published on February 07. He had announced that while the funds amounting to $1.103 billion would not be repatriated back to Malaysia and instead, it would be kept in US dollars “as we have $6.5 billion in bonds out there, in which interest payments come up to nearly $400 million a year".
Arul Kanda had specifically stated, “the cash is in our accounts and in US dollars. I can assure you (about that)... I have seen the statements". [Note: The emphasis in italics is mine].
Najib who is also the finance minister confirmed in writing too on March 10 that the $1.103 billion held in cash was indeed parked with BSI Bank in Singapore.
But on Tuesday, Najib contradicted himself – he gave a written reply to Petaling Jaya Utara MP Tony Pua to inform him that there was no cash redeemed from the Caymans investment and whatever held in BSI Bank was only in the form of “assets”. Oii, Najib, kindly clarify what these assets are.
1MDB is just one lie after another. Why don’t Najib and Arul Kanda resign and save Malaysians from further chronic anguish?
I was at UMW in Shah Alam’s Jalan Utas to attend the UMW Toastmasters meeting. I had been invited umpteenth times by Ahmad Tarmidzi Johan (or TJ as he is fondly known) and finally, yesterday, I made it. The meeting was good and I was really glad to see a thriving club.


TJ was kind to give me a speaking slot and I delivered CC #3 titled “I Believe”. I was also the General Evaluator. I was happy to note UMW Toastmasters started the meeting on time. And I am awarding it a 7 over 10 score.

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