22Oktober2017

Cakap elok pasal 1MDB…Tan Sri Khalid Ibrahim terus dicop ‘makan dedak’

Melihat latar belakangnya memang susah nak pertikai pandangan yang diberi oleh Tan Sri Khalid Ibrahim mengenai isu korporat.Sebagai bekas CEO pertama Permodalan Nasional Berhad selama 14 tahun,bekas CEO Guthrie Berhad dan segala macam syarikat lain beliau dikira cukup masak pasal a,b, c sampai z  bidang ini.
 
Jangan lupa semasa di PNB beliau mula dikenali apabila berjaya mengetuai operasi mengembalikan syarikat perladangan,Guthrie Corporation Plc (Guthrie Plc) ke tangan kerajaan Malaysia melalui  yang dipanggil " dawn raid" pada 7  September 1981 di bursa saham London.
 
Kebetulan beliau adalah salah seorang orang luar yang dijemput oleh pimpinan PAS Pusat untuk sertai pertemuan dengan CEO 1MDB,Arul Kanda di sebuah hotel di Ampang Isnin.
 
Pertemuan berkenaan yang disertai oleh hampir semua pimpinan utama PAS kecuali Presiden Datuk Seri Haji Hadi Awang kerana sedang berehat atas masalah kesihatan adalah bagi mendapat penjelasan mengenai soal 1MDB.
 
Pimpinan PAS yang diketuai Timbalan Presiden Datuk Tuan Ibrahim Tuan Man mungkin mengajak Khalid sekali kerana beliau faham selok belok hal korporat.
 
Semua orang sudah baca bagaimana pimpinan Pakatan Harapan mengamuk habis mendengar kenyataan Tuan Ibrahim selepas mendengar penjelasan Arul Kanda beliau berpuashati mengenai pelan rasionalisasi 1MDB.
 
Dalam situasi politik sekarang…bekas Menteri Besar Selangor ini boleh ambil jalan selamat dengan diam membisu sahaja.
 
Sebaliknya Khalid memilih untuk turut bersuara memberi pandangan beliau tentang apa yang dapat rumuskan dari penjelasan yang diberikan oleh Arul Kanda.
 
Beliau secara terus terang beri pendapat yang nampak positif mengenai pelan rasionalisasi 1MDB.
 
Antaranya kata memandangkan proses pengstrukturan berjalan baik maka isu ‘bailout’ 1MDB tidak relevan.
 
Katanya 1MDB juga sehingga hari ini berjaya langsai hutang dan penuhi komitmen kewanganya.
 
Namun katanya drama politik yang disertai dengan maklumat palsu dan fakta yang diputar belit khususnya dalam media sosial telah beri gambaran 1MDB dalam keadaan berkecamuk dan digunakan untuk membiayai aktiviti politik.
 
Mengenai isu saman sivil Jabatan Kehakiman Amerika (DoJ) ,Khalid juga nampak tidak ambil pot hal itu.
 
Baginya idea kononya Amerika cuba selamatkan asset orang Malaysia sama seperti dakwaan Amerika nak selamatkan dunia dari senjata pemusnah dengan mengebom Sadam Hussein dan rakyat Iraq.
 
Beliau seolah nak gambarkan ada udang disebalik batu isu DoJ.Katanya bila sebut tentang Amerika tidak wujud istilah makan percuma.
 
Maka seperti Tuan Ibrahim kena serang sakan kerana kata puashati pelan rasionalisasi 1MDB…macai-macai pembangkang dan puak yang nak tunjuk konon mereka bijak pandai pasal hal korporat pun 'kenduri sakan' layak Khalid.
 
Antara beliau terus dicop dah ‘makan dedak’.
 
Bagi macai-macai itu yang gelap mata...sebaliknya boleh terima dan puja peliwat ,orang yang dicop rasis dan kaki  U-Turn sebagai ketua…jangan siapa cakap sebutir pun baik pasal 1MDB.
 
 
 
BERIKUT IALAH KENYATAAN PENUH TAN SRI KHALID IBRAHIM…
 
Salam. Saya telah membuat nota ringkas tentang mesyuarat antara 1MDB dan pemimpin PAS pada Isnin lalu. Moga ia memberi pencerahan kepada kita semua. Terima kasih
 
 
---------------
 
I would like to thank PAS for including me in the roundtable discussion with 1MDB top management on Monday. I am also grateful that both representatives from PAS and 1MDB were very cordial and professional throughout the discussion. It was a frank and open discussion. 
 
My concern as a Malaysian citizen mainly rests upon the ability of 1MDB to operate without loss failing which would burden the country and its taxpayers. It has been contended that the rationalisation exercise by the government for 1MDB was equivalent to a RM42 billion mega bailout. 1MDB was also accused of misappropriation and leakages and therefore unable to perform its financial commitments and obligations
 
In the face of these allegations, I therefore focused the discussion to the debt restructuring plan of 1MDB initiated by its CEO Arul Kanda Kandasamy and the new constituted board members.
 
During the discussion, I managed to establish that 1MDB operates on a low or small equity capital while relying on leverage financing to support its investment with capital gain potential in medium term - riding on social and political support from the government to enhance value and profitability for its projects.
 
The main challenge faced by the company is its obligation to service the interest payment while the project is in its initial and development stage.
 
It was easy to appreciate that 1MDB has paid over USD10 billion in interest at the back of RM10 million of equity capital and until today, it still manages to service these debts and financial commitments.
 
But the political drama - coupled with the distribution of distorted facts and false information especially in social media network – had painted a picture that 1MDB was in a disarray and being used to finance political activities.
 
It must be pointed out that while the Public Account Committee (PAC) successfully evaluated 1MDB’s operation but it was not clear if the company was sustainable. At the discussion, CEO Arul briefed us on the current financial position showed us the balance sheet of the 1MDB following the restructuring plan enforced by the management. 
 
In conclusion, the net present value of the assets owned by 1MDB was able to service its current and future liabilities and resulting in a surplus. 
 
To avoid future complications in operating the assets of 1MDB, these assets were to be transferred to MOF Inc as owners – as per the restructuring plan. 1MDB is to make the appropriate payment of the debts as and when the income and gains from assets transactions by MOF Inc flow to 1MDB.
 
The restructuring management of 1MDB must ensure for the current net present value of the assets continue to be maintained so that there will be no disruption in servicing the debts and commitment. And of course, the value of the assets of 1MDB should be much more the current net assets value as the transaction was embarked outside 1MDB - no thanks to the bad political publicity it has been receiving.
 
Given this scenario that restructuring is in good progress the issue of bailing out 1MDB is irrelevant. 
 
As explained by Arul, by end of 2017 the enforcement of assets transactions and continued servicing the debts and commitment 1MDB is poised to be transformed into a new entity or liquidated. This would end the era of confused investment entity.
 
Another issue discussed was 1MDB’s debt to IPIC. The settlement to IPIC were not enforced as 1MDB paid to Aabar BVI, a wholly owned subsidiary of IPIC. However, the payment was not transmitted to the parent entity. Fortunately, 1MDB had been able to prove the agreement made between the two parties and the arrangement is now on track. 
 
As to the uproar over US Attorney General’s efforts in securing assets belonging to Malaysia during which 1MDB was said to be involved on the alleged illegal transactions. CEO Arul state no monies nor assets belonging to company or its subsidiaries is involved. 
 
They have been legally advised to ignore the legal drama in the US. In any case, the idea of the US trying to save Malaysians of their assets is akin to the argument that the US was trying to save the world from weapon of mass destruction by bombing Saddam Hussein and the people of Iraq. When it concerns the US, there is no such thing as a free lunch. 
 
 -10/8/2017
 
 
 
 
 
 
 
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