Najib tells of ‘secret RM2 billion loan’ for Penang project
On a visit to Penang last year, Najib Razak posed on a beach while raising questions about the Penang tunnel project. (Facebook pic)
PETALING JAYA: Najib Razak has accused former finance minister Lim Guan Eng of secretly using a government guarantee to obtain a US$500 million (RM2 billion) loan to finance some of the costs for “his beloved” Penang tunnel project.
Najib alleged that the loan from the Asian Development Bank “was never announced by the Pakatan Harapan government before or reported by any media”.
His information was based on a parliamentary reply by Finance Minister Tengku Zafrul Aziz to a question from Chan Kon Yeow, the Penang chief minister and Tanjong MP.
Lim was the finance minister in the Pakatan Harapan government which was in power from May 2018 to late February this year.
Najib said the loan had been cancelled by the Perikatan Nasional government, which took over in March.
The Penang tunnel project is part of the massive Penang Transport Master Plan, which is believed to cost RM46 billion. It entails building a tunnel across the North Channel between Penang island and the mainland, three major highways on Penang island, and the reclamation of three artificial islands off the south coast of Penang island.
FMT is attempting to obtain comment from Lim.
Najib alleged that the loan from the Asian Development Bank “was never announced by the Pakatan Harapan government before or reported by any media”.
His information was based on a parliamentary reply by Finance Minister Tengku Zafrul Aziz to a question from Chan Kon Yeow, the Penang chief minister and Tanjong MP.
Lim was the finance minister in the Pakatan Harapan government which was in power from May 2018 to late February this year.
Najib said the loan had been cancelled by the Perikatan Nasional government, which took over in March.
The Penang tunnel project is part of the massive Penang Transport Master Plan, which is believed to cost RM46 billion. It entails building a tunnel across the North Channel between Penang island and the mainland, three major highways on Penang island, and the reclamation of three artificial islands off the south coast of Penang island.
FMT is attempting to obtain comment from Lim.
And Ktemoc accused me of reckless irresponsible tendency to accuse him of being beholden to almost everything that His Najib says.
ReplyDeleteFor Ktemoc , his Najib's fart is the Gold Standard
ReplyDeleteKT never blog about 1MDB/SRC, because he claim he is "not sufficiently knowledgeable" about that case, which has been exposed worldwide via many sources and many convictions already.
ReplyDeleteBut at the first whiff of a scandal about Guanee, from a convicted criminal and tax evader no less, KT cepat-cepat become knowledgeable?
The convicted criminal and tax evader is trying his best to distract from the huge 1MDB debt that Malaysia now has to service....this was exposed just a couple of days ago....and it was all due to his fault...
ReplyDeleteQUOTE
1MDB, SRC debts: With RM44.54b outstanding, here’s how much Putrajaya will have to pay in installments next year
Thursday, 26 Nov 2020
BY IDA LIM
KUALA LUMPUR, Nov 26 — Putrajaya has to repay RM3.272 billion in 2021 in loan installments and interest on debts, out of a combined outstanding amount of RM44.5 billion of government-guaranteed debts owed by 1Malaysia Development Berhad (1MDB) and its former subsidiary SRC International Sdn Bhd.
In a written parliamentary reply yesterday, the Finance Ministry said both 1MDB and SRC International faced a critical financial situation due to past scandals and misappropriation of funds, and that these two companies were no longer actively operating and are unable to fulfill the obligations of repaying debts that were either directly or indirectly guaranteed by the Malaysian government.
In such a situation, the ministry said the government would be paying off the next batch of installments owed by 1MDB and SRC International next year.
“For 1MDB, the total balance of 1MDB’s debt (principal and interest) on October 31, 2020 is RM40.87 billion, while the amount of 1MDB debt that has to be paid in 2021 is RM1.705 billion which involves interest/coupon payments for three bonds and one sukuk issued by 1MDB and its subsidiaries.
“This total is based on the assumption that the foreign exchange rate is at RM4.20 for each US$1.00. The repayment of 1MDB’s debts in 2021 will be made by using the 1MDB asset recovery funds and government financial allocation,” the ministry said in its reply.
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Even if this "story" is true, the convicted criminal and tax evader has not explained what law or guideline has been broken?
ReplyDeleteGomens provide loan guarantees all the time.
Was it the Penang state gomen or Putrajaya that provided the guarantee?
If it was Penang gomen ask Chow lah.
The 1 trillion debt hoo-haa was the previous BN gomen did not count gomen guarantees as hutang negara, but Guanee the provisional accountant cum book-keeper say...
Kalau Kena Bayar Balik Itu Hutang Negara Lah.
Like what we are paying now for 1MDB/SRC debt. Bukan Hutang ke?
QUOTE
1MDB, SRC debts: With RM44.54b outstanding, here’s how much Putrajaya will have to pay in installments next year
Thursday, 26 Nov 2020
BY IDA LIM
KUALA LUMPUR, Nov 26 — Putrajaya has to repay RM3.272 billion in 2021 in loan installments and interest on debts, out of a combined outstanding amount of RM44.5 billion of government-guaranteed debts owed by 1Malaysia Development Berhad (1MDB) and its former subsidiary SRC International Sdn Bhd.
In a written parliamentary reply yesterday, the Finance Ministry said both 1MDB and SRC International faced a critical financial situation due to past scandals and misappropriation of funds, and that these two companies were no longer actively operating and are unable to fulfill the obligations of repaying debts that were either directly or indirectly guaranteed by the Malaysian government.
In such a situation, the ministry said the government would be paying off the next batch of installments owed by 1MDB and SRC International next year.
“For 1MDB, the total balance of 1MDB’s debt (principal and interest) on October 31, 2020 is RM40.87 billion, while the amount of 1MDB debt that has to be paid in 2021 is RM1.705 billion which involves interest/coupon payments for three bonds and one sukuk issued by 1MDB and its subsidiaries.
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Nah, satu lagi skandal bila Jibby jadi PM dan sepupu-nya Menteri Pertahanan.
ReplyDeleteQUOTE
Boustead lodges report with MACC over irregularities in RM9 bil combat ship project
FMT Reporters -November 28, 2020
PETALING JAYA: After months of questions raised by various quarters and calls for investigations into the non-delivery of six littoral combat ships (LCS) from Boustead Naval Shipyard Sdn Bhd (BNS), its parent company Boustead Heavy Industries Corporation Bhd (BHIC) has lodged a report with the Malaysian Anti-Corruption Commission (MACC).
In a statement yesterday, BHIC said it wants the MACC to probe possible irregularities in the RM9 billion littoral combat ship (LCS) project.
According to BHIC, the findings of a forensic audit, which was commissioned in February 2020, were handed over to the MACC in September.
“This stands testimony to the BHIC’s group commitment in fighting corruption and bribery at all levels of the organisation and in all its business dealings.
“This is in line with its core corporate values of belonging, honour, integrity and commitment,” BHIC chairman Ramlan Mohamed Ali, who is also a retired navy chief, said.
He added that BHIC will cooperate with the MACC and other authorities in any probe conducted on the LCS project.
“We have had several discussions with the MACC following the submission of the forensic audit report,” Ramlan said.
It was previously reported that the project, worth more than RM9 billion, was awarded in 2014 and the order was for six LCSs to be constructed.
The first ship should have been delivered in April 2019, but not one ship has been built although the government had already paid the company RM6 billion.
Former deputy defence minister Liew Chin Tong told the Dewan Negara in September that Putrajaya’s special investigation committee on procurement, governance and finance, had discovered that RM1 billion of the RM5.94 billion paid for the warships could not be traced.
He called for a probe into the missing funds especially with the partial payment having been made for the LCS project despite the project not having been completed.
Last month, National Patriots Association (Patriot) president Mohamed Arshad Raji also raised the issue criticising the Armed Forces Fund Board (LTAT) and Boustead Holdings (Boustead) over its silence on the issue.
“When there was consistent bad press towards Boustead subsidiaries BHIC Navaltech and the contractor, Boustead Naval Shipyard, regarding the non-delivery of the six littoral combat ships (LCS), the management of LTAT and Boustead remained silent.
“This missing RM1 billion might not have gone into the BNS account and the funds appear to have been diverted,” Arshad said, urging the defence ministry and defence minister to quickly provide answers on the issue.
He added that the management of LTAT and Boustead must not cover up any crime committed if the RM1 billion was illegally misappropriated.
In August, Defence Minister Ismail Sabri Yaakob said the ministry was considering three options to resolve the delay in the delivery of six LCS units, as Boustead Naval Shipyard Sdn Bhd (BNS) had completed none of the orders.
These options were for the appointment of Naval Group France as a rescue contractor to complete at least two LCS units; the completion of at least two units by BNS with the remaining contract ceiling; or the termination of the contract with BNS.
Liew raised questions about this proposal as the navy would only be getting two ships out of the six ordered despite paying two-thirds of the RM9 billion ceiling cost.
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