13
Apr
15

Ministerial clowns managing RM42 billion debacle

Tony Pua says the government and 1MDB have become the ultimate butt of jokes in the global financial community.

KUALA LUMPUR: In a complete flip-flop by the Ministry of Finance (MoF), CIMB announced Wednesday that it had been informed by the Ministry of Finance that it had decided “not to consider the sale of Edra Global Energy Bhd to strategic investors and as such, CIMB’s services as Adviser to the potential sale are no longer required”.

Petaling Jaya Utara MP Tony Pua recalled that it was only last week, on March 26, 2015, that CIMB Group Holdings Bhd announced that they had been appointed by MoF to find strategic investors for the potential sale of Edra, 1MDB’s energy arm. “CIMB’s role will include identifying potential buyers and running a competitive process for Edra to drive an optimal outcome for MoF,” said the bank in a statement.

“This was a far-reaching decision which directly implied that 1MDB has all but abandoned the original option to raise funds via an initial public offering (IPO) of Edra Global,” said Pua who is also DAP’s National Publicity Secretary. “No company with any confidence in its own business and financial valuation to raise funds via an IPO would concurrently appoint another investment bank to conduct an auction for its assets.”

The above announcement was made immediately the day after the Second Minister of Finance, Husni Hanadzlah, informed Parliament during his winding-up speech that CIMB had been appointed only to provide a third-party valuation of 1MDB’s energy arm strictly for the purposes of the IPO.

What in the world is happening at MoF and 1MDB? Who exactly is leading the entire restructuring exercise?

“We have a bunch of Ministerial clowns managing 1Malaysia Development Bhd (1MDB),” said Pua.

Is it the newly-announced task force comprising Ahmad Husni, Minister in the Prime Minister’s Department Abdul Wahid Omar, Chief Secretary to the Government Ali Hamsa and Treasury Secretary-General Mohd Irwan Serigar Abdullah?

Or is it the new President and CEO of 1MDB, Arul Kanda Kandasamy with his board of directors chaired by Lodin Wok Kamaruddin?

Or for that matter, is the Finance and Prime Minister Najib Abdul Razak calling the shots? Or worse, is it once again, the wheeling-dealing billionaire prodigy Jho Low masterminding behind the scenes?

…more
Ministerial clowns managing RM42 billion debacle
April 2, 2015 – FMT

Advertisements

0 Responses to “Ministerial clowns managing RM42 billion debacle”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

Archives


%d bloggers like this: