Rais vs Rocky: Najib terkilan

on Oct 18, 2010

Now you can read this any way you want but this is what the PM said to a gathering of MyKMU at his house.

I cannot tell you which way the knife had cut him but it was clear that the PM had felt slighted by this development. He said those words without prompting, said it in his address to the crowd.

DS Najib also said he will find a way to resolve it

This is the clearest example of the importance that the PM pays to bloggers, if Rocky is not significant then it would not have mattered what happened to him or what he wrote.

Rais fans may be inclined to say that the PM is slighted by Rocky for quoting Big Dog's posting about Rais and his clan

Rocky fans will no doubt say that it is a clear indication that the PM is unhappy with what Rais is doing.

All I can say is that the PM pays attention to bloggers and their views matter, you can also take that whichever way you want to

And if the PM says he wants to mediate or find a solution to a problem between one of his cabinet minister and a respected blogger, I think that's a tight slap for someone


Anonymous said...
PART ONE, KHAZANAH'S WATERFALL DEBT Bro, you ask if there's a catch? Well, here's the story: 1. Khazanah, we all hear, has a negative net asset value. Whether or not it is true we will need to find out. 2. Khazanah paid for Parkway (see Taikors and Taikuns' article for b/ground) 3. However, Khazanah made good money on Iskandar. Take land for almost free, get incentives from govt to increase land value and then sell land at higher prices based on new valuation (with incentives which Khazanah got for free) to foreigners 4. Then Khazanah got whacked with a mega USD600 million to USD 1 billion HOLE by olivant fund 5. Then they told Mudabala on Oct 9 that "we have no control over Proton and thus although we own 40 pc of Proton we do not want to even account for it as deemed control, so they won't get hit in their books" (They are implying that Tun Mahathir controls Proton and are trying to convince auditors not to equity account and "treat it as simple investment, ie record at book value". You can usually do this if you own below 20 pc, at 40 pc it is crazy to try and justify). 6. Khazanah, as we know, has been issuing debt to fund its acquisitions SO, WE COME TO PLUS 7. What is interesting to note is that Khazanah has been issuing DEBT on DEBT 8. i.e. Subprime style 9. So it uses the cash-flow of PLUS to raise debt 10. Then it takes those monies and pumps it into an SPV as though it is fresh monies
Anonymous said...
PART TWO 11. Then it raises more debt in the SPV. And then after it invests, it raises more debt again at the target company 12. Of course, most of the funding is without government guarantee WHY WOULD KHAZANAH SELL PLUS? 13. It is the most prized asset in supporting all their debt obligations 14. If they don't sell PLUS, they would have to go out to the market and raise more monies to cover the existing debt 15. The difference between Khazanah and, say, 1MDB and Sime Darby is that 1MDB and SD raise layer 1 debt i.e One tier loans i.e. They don't reuse loaned money as equity, so they need to raise more loans but that means public can see the numbers 16. Khazanah raises main loan on top And everything else off balance sheet debt. Which means you can see the actual debt levels since it is a WATERFALL DEBT ON DEBT structure through offshore derivatives 18. Now, they can't do that in Malaysia 19. That's why they have been doing transactions in Singapore, etc. 20. So the debt is hidden in ubs structured derivatives likes olivant TO BE CONT'D
Anonymous said...
PART THREE 21. So, the answer is, given a choice Azman Mokhtar would not sell PLUS 22. But they need to sell PLUS as they need capital to repay the debt 23. Problem is, the price they sell PLUS at will never cover the waterfall debt 24. They cannot sell to MMC because MMC will only agree to pay ONE price 25. Since it is DEBT on DEBT, Khazanah is pushing for EPF 26. The idea is EPF takes over "officially" Khazanah's shares 27. But allows them to keep the balance waterfall structure in place 28. So, effectively, EPF is "indirectly, very indirectly" holding in place Khazanah's lower-lever waterfall debt 29. And Khazanah takes the UEM/PLUS monies and services its debt obligations 30. Writes down olivant fund (which is actually a debt holding vehicle which they argue is a third party) and caused by crisis loss money
Anonymous said...
PART FOUR NOW, THE JUICE IS THIS: 31. Did you know there was a company called "Jumeirah Capital" involved in Iskandar? 32. Jumeirah Capital bought land slightly higher than Khazanah's price 33. And never really paid for it! 34. Jumeirah Capital and Khazanah flipped the stake to Mudabala and KFH and gang at prices like three times higher 35. Now, a lot of people thought this Jumeirah Capital is from Dubai. Don't be FOOLED! It has an office in Dubai and was set up by a group of individuals against whom there is now a warrant of arrest issued. 36. One of these individuals is good friends of Khairy Jamaluddin and Khazanah's Ganen 37. Remember Tan Sri Azlan resigned from the board of Iskandar Investments Bhd? Did he find out about Jumeirah Capital and was curious why Jumeirah was allowed a price far, far, far lower than KFH and Mudabala 38. Did they name it Jumeirah to deceive people into thinking it is THE Jumeirah Group?
Anonymous said...
PART FIVE COULD IT BE THAT IF JUMEIRAH WASNT'T GIVEN THE CHEAP BLOCK, KHAZANAH COULD HAVE MADE A LOT MORE AND COVERED MORE OF ITS DEBT? 39. Arlida definitely knew Jumeirah Capital and the people behind it 40. Could all this be linked to why perhaps (maybe), just maybe, Azman Mokh and Ganen push all the blame to Arlida? 41. THE PRICE DIFFERENCE IS HUGE! 42. Mudabala and KFH bought roughly USD7 psf of gross dev space. COmpared to Jumeirah at USD1 psf. 43. So, wonder, erm, who are Jumeirah made USD6 psf? 44. usd6psf x 3.1 (exchange rate) x 1200 acres x 43560 (convert acres to sq ft) 45. That's almost RM1 billion 46. Not built-up, mind you. Build up is about five times more 47. So someone made RM5 billion x whatever percent Jumeirah owned! 48. Hmmmm ...
Anonymous said...
LAST PART 49. So, bro, no one has been looking at what's been cooking in Khazanah 50. While all the attention had been on Simem 1MDB, EPF, etc. the biggest, baddest one may be right in front of us. 51. And the SOLUTION? 52. EPF. 53. OUR MONEY. THE END



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