23
Apr
15

Dr M on 1MDB – Where is the rest of the money?

On 1MDB – Dr Mahathir Mohamad


19. Total initial borrowings amounted to 42,000,000,000 (RM42 billion). As far as can be ascertained the investments are as follows:

a. Purchase of Tanjong Energy (now known as Powertek Energy Sdn Bhd) from Ananda Krishnan for RM8.5 billion. This is higher than market price. The licence was about to expire.

b. Purchase of Genting Sanyen Power (now known as Kuala Langat Power Plant) for RM2.3 billion. Again high above market price. The licence was abut to expire.

c. Purchase of Jimah Energy for RM1.2 billion.

d. Purchase of 70 acres of land in Jalan Tun Razak for RM320 million ie: RM64.00 psf. Land last sold in the area was at RM7,000 psf.

e. Purchase of 495 acres of land in the former Sungai Besi TUDM airport (now known as Bandar Malaysia) about RM363.5 million, ie. at RM 91.00 psf. Estimated value RM1,000 psf.

f. Purchase of 234 acres land in Air Itam in Penang RM 1.38 billion, ie. at RM135.00 psf.

20. It should be noted that TRX land is close to land recently sold at RM7,000 psf. Assuming the market price is RM3,000 psf, the true value of this land is RM6 billion. The government has therefore lost 5 billion plus because 1MDB paid only RM320 million.

21. With regard to the Sungai Besi Airport land, 1MDB paid RM363.5 million for 495 acres – ie. at RM91 psf. Assuming market price for this land is RM1,000 psf, the government lost approximately RM20 billion.

22. The land in Penang is of poor quality and has more than 1,000 squatters. Yet 1MDB paid RM1.3 billion, ie. RM135 psf.

23. These are all the purchases that are known. They all add up to RM14.7 billion. So there is approximately RM27 billion left.

24. More than US$1 billion was said to be paid to PetroSaudi without verification as to the value of this company or its assets.

25. Where is the rest of the money?

…more
On 1MDB – Dr Mahathir Mohamad
23 April 2015 – TMI

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

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there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
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