Two 'very okay' cases

Let's follow this two cases, 1MDB and Felda. Both are under unscrupulous attacks by the opposition and the government's opponents.

First, the 1MDB. Despite severe attacks on 1 Malaysia Development Bhd (1MDB), Prime Minister Najib Razak still gives a glorious picture about the government's entity.

In a written answer to a question from Wong Chen (PLR-Kelana Jaya) at the Parliament today, he said the total worth of 1MDB audited assets for the financial year ended March 31, 2014 was RM51.4 billion.

(NOTE: Also read Rocky's Bru on some crap produced by the Opposition on 1MDB)

The assets comprised current assets worth RM19.5 billion and non-current assets valued at RM31.9 billion. He said 1MDB has solid assets, including two sites earmarked for the Tun Razak Exchange and Bandar Malaysia in the capital.

Other assets include a 94.69-hectare (234 acres) land in Penang, 13 power plants, and desalination (facilities) in five countries, he added.

"The value of the 1MDB assets is supported by its valuation or book value, which was confirmed by an independent auditor (Deloitte)," according to Najib.
To a written question from Tony Pua Kiam Wee (DAP-Petaling Jaya), Najib said that the arrangement between 1MDB and International Petroleum Investment Corporation (IPIC) was made at 'arm's length' with the commercial terms concluded in accordance with market standards.
This is based on information submitted by 1MDB management to the Ministry of Finance, he said.
"An appropriate announcement will be made when the final redemption option value is completed and reported in the next audited financial statements," he added.

I believe Najib is also more than ready to 'clear' the issue once and for all amid mounting pressure for him to sack the whole 1MDB board of directors.

And he might have to give that to the Public Accounts Committee (PAC) first.

KUALA LUMPUR: The present and two former auditors of 1Malaysia Development Berhad (1MDB) are to appear before the Public Accounts Committee (PAC) next month to assist in the inquiry into the government investment firm.
PAC chairman Datuk Nur Jazlan Mohamed said letters have been sent to the Finance Ministry for Deloitte and previous auditor KPMG to meet the committee on June 10 and June 17.
He said the letters were sent to the ministry on Monday. Another previous auditor, Ernst & Young, would be called at a later date.

Meanwhile, not satisfied that the BOD and Najib are 'still around', PKR Rafizi Ramli tried to link 1MDB with the 11th Malaysia Plan (11MP).

He said the 11MP is merely a series of projects costing over RM200 billion planned to beef up the coffers of connected people and cronies with no real impact on the economy, an opposition lawmaker told a forum in Kuala Lumpur last night.

Pandan MP Rafizi Ramli further warned that if the people were not careful, projects under the 11MP would be geared to pluck off the losses of debt-ridden state investment fund 1Malaysia Development Bhd (1MDB).

What a crap!

"You will hear of more and more projects under the 11th Malaysia Plan being built on 1MDB land, in Sungei Besi, in Tun Razak Exchange, in order to add value to 1MDB to be able to cover its losses," Rafizi said.

He said what was most important was to keep watch because just a little nod off could result in huge losses to the country.


And now, let's move to Felda. A report says there is nothing wrong with the purchases of luxury properties in London.

KUALA LUMPUR: There is no wrongdoing in the case of Felda Investment Corp’s (FIC) purchases of two high-end properties in London, Parliament was told.
Minister in the Prime Minister’s Department Datuk Paul Low said no offences were discovered under the Malaysian Anti-Corruption Commission (MACC) Act 2009 from early investigations. 
“If any party has additional information or evidence on the issue, it can be forwarded to the MACC for further action,” he said in a written reply to Loke Siew Fook (DAP – Seremban).
Loke had asked the minister reveal the status of the MACC’s investigation into the two purchases made by FIC.
It was reported that the FIC, the investment arm of Federal Land Development Authority (Felda), had acquired a 4-star hotel in the upmarket Kensington area in London for £60mil (RM330mil). 

Called Park City Hotel, with 62 guest rooms and two units of three-bedroom serviced apartments, it was renamed to Grand Plaza Hotel.

FIC also bought the Grand Plaza Serviced Apartments in Bayswater, London for £98mil (RM538mil). FIC was established in 2013, with a focus on real estate, hospitality and oil and gas sectors.

When the issue popped up a few months ago, many criticis said it would bring down the entire FIC regime, and the Barisan Nasional government as well.

Well, they should bite their tongue more after this...