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?

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


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All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
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fears their government,
there is TYRANNY;
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there is LIBERTY.

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