Bad act of failed bastardisation

Nazir Razak's comment on social media about 1MDB alleged fees to Goldman Sachs

Nazir Razak’s comment on social media about 1MDB alleged fees to Goldman Sachs

CIMB Chairman Dato’ Seri Nazir Razak has been caught with his pants down again on another failed act of bastardisation, in his sordid rhetoric attempt to portray an adversarial position against the reality. This time, on the alleged fees paid by 1MDB for commecial papers issued and raising of funds.

The Star story:

Published: Sunday November 15, 2015 MYT 8:22:00 PM
Updated: Sunday November 15, 2015 MYT 8:54:25 PM

Nazir Razak removes Instagram post on inaccurate headline

 

BY VICTORIA BROWN

PETALING JAYA: Datuk Seri Nazir Razak (pic) has removed an Instagram post based on an inaccurate headline published by The Malaysian Insider regarding 1Malaysia Development Berhad (1MDB) after the news portal amended its previous heading.

“Note that I have removed previous post because TMI (The Malaysian Insider) corrected its article about what 1MDB CEO said,” according to Nazir in an Instagram post Sunday.

The Malaysian Insider had initially placed their headline as “RM5 billion Goldman Sachs fees over five years, says 1MDB boss” before changing their headline to “RM5 billion costs for debts over 5 years, says 1MDB boss”.

“So, it was not the anticipated disclosure of total fees paid to GS (Goldman Sachs) – guess we still have to wait for PAC/AG report,” said Nazir.

“This is important for a full understanding of what transpired and how we go forwards,” he added.

1MDB president Arul Kanda Kandasamy provided a detailed briefing on 1MDB at the Forum Perdana in the Putra World Trade Centre on Saturday.

In a statement, 1MDB said that the briefing was open to all Malaysians and was covered by various media organisations including alternative media.

However, 1MDB noted the inaccurate headline by The Malaysian Insider that has been “widely and wrongly circulated in an Instagram posting that appears to have originated from one Dato’ Sri Nazir Razak”.

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1MDB Group Executive Director and President Arul Kanda’s media conference on Malaysia Insider’s story based on Nazir’s social media comment:

 

Media statement by 1Malaysia Development Berhad

Issued on 14 November 2015
For immediate publication

Clarification: Forum Perdana on 14 November 2015

At the Forum Perdana in PWTC earlier today, Arul Kanda, the President & Group Executive Officer of 1MDB, provided a detailed briefing on 1MDB and replied without reservation to various pointed and pertinent questions raised by the audience. This briefing was open to all Malaysians and covered by various media organisations, including alternative media.

1MDB regrets to note that one wrong headline relating to financial costs by The Malaysian Insider (which was subsequently corrected),  appears to have been widely and wrongly circulated, including in an Instagram posting that appears to have originated from one Dato’ Sri Nazir Razak.

Further, 1MDB notes that a number of online news portals and certain bloggers have in the course of today raised queries relating to the Brazen Sky fund unit redemptions, which was another topic covered at the briefing.

1MDB repeats below, clarifications that have previously been issued on both matters, to reiterate the facts of the matter.

1.      Financial Costs

1MDB had previously published a table (which was shared again at the Forum Perdana today), showing the use of its RM42 billion of debt. In this table, there is a line item “Financial Costs” with a total of RM5.8 billion, between the years 2009-2014. The vast majority of this cost relates to interest payments, for example, RM2.4 billion in 2013-2014 and RM1.6 billion in 2012-2013. The remainder of the costs comprise interest between 2009 and2012, working capital costs, amortised fees, foreign exchange costs and tax paid by the company’s energy subsidiaries.

2.      Fund Unit Redemptions

As of 31 March 2014, the fund units in a Cayman registered fund, owned by 1MDB subsidiary Brazen Sky, were valued at US$2.33 billion.  On 5 November 2014, at the time 1MDB’s financial statements for the year ended 31 March 2014 were published, an amount of approximately US$1.22 billion had been redeemed, in cash, with proceeds being substantially utilised for debt interest payment, working capital and payments to Aabar as refundable deposits for options termination.

On 14 and 24 November 2014, approximately US$170 million of the fund units were redeemed, in cash. Accordingly, approx. US$1.4 billion of fund units were redeemed, in cash, leaving a balance of approximately US$940 million in fund units.

On 2 January 2015, a final redemption of approximately US$940 million was undertaken through a sale of fund units to Aabar, with cash payment being deferred. This 2 January fund unit sale agreement was subsequently superceded (i.e. replaced) by the Binding Term Sheet that was signed on 27 May 2015 between 1MDB and IPIC, the “AA” rated parent of Aabar, upon which a payment of US$1 billion was made by IPIC to 1MDB.

1MDB has previously stated, and reiterates, that the remaining US$940 million of fund units will form part of the US$ cash deposits and US$ fund unit assets to be transferred by 1MDB to IPIC, for the “debt for asset swap”, in which IPIC will then take over 1MDB debt of approximately  RM 16 billion.

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The said screen shots on the pro-Anwarista news portal, which were amended in fear of repercussion of lying or false reporting again.

image

The earlier screen captures of the story in various versions:

image

The pro-Anwarista stories, which were done suspiciously done to mislead and cause the further confusion, in the strategy to demonise Prime Minister Dato’ Sri Mohd. Najib Tun Razak’s administration.

The ‘revised story’:

RM5 billion costs for debts over 5 years, says 1MDB boss

BY RAM ANAND

Published: 14 November 2015 12:56 PM | Updated: 14 November 2015 8:45 PM

 

Arul Kanda said that the financial charges grew in tandem with 1MDB’s debts.

“The RM5 billion was over give years, it is not the cost of one year,” he said during a briefing session organised by Umno earlier today.
He was asked earlier why the financial charges were high and amounted to more than 10% of the total debt.
“When we started out, the debt was not immediately RM42 billion. So the higher the debt got, the financial charges increased.”

He denied that the financial charges were 10% as claimed.

“For 2014, the financial charges were RM2.4 billion. This was included in the overall RM5 billion figure. Hence, it is not 10%.”

Arul Kanda said 1MDB’s debts would be reduced significantly by year-end. – November 14, 2015.

* Editor’s note: This report has been corrected after clarification from 1Malaysia Development Berhad president Arul Kanda Kandasamy

– See more at: http://www.themalaysianinsider.com/malaysia/article/rm5-billion-goldman-sachs-fees-over-5-years-says-1mdb-boss#sthash.Wr5nlOlA.dpuf

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The only reason the pro-Anwarista changed its stories is because to avoid legal action. The writers should not be reminded of their advertisements made in mainstream media four years ago.

Then it is baffling on this round of instagram statement by Nazir. We are not sure why he raised about the alleged RM5 billion fees paid to Goldman Sachs for various work the New York based investment bank did for 1MDB.

However, it is more than fair to assume that Nazir as the Chairman of BoD, former Group CEO of CIMB and a career investment banker (who managed to bring up CIMB from a merchant bank to the takeover the parent banking group), would have access to better information such as the subject matter than many other persons.

Nazir isn’t a novice at the faux pax game against 1MDB. Then again, the occurrence of these shooting-from-the-hip (mostly via social media account) is too bloody frequent from a respected banking chief executive, to be a mere faux pas.

A professional don’t usually take pot shots or clown on things like this. More over, the Chairman of banking group which is a GLC (government like company) stature.

It suspiciously looked like it is part of the game to demonise 1MDB.

The Star story:

Published: Monday June 29, 2015 MYT 6:38:00 PM
Updated: Monday June 29, 2015 MYT 7:10:49 PM

Nazir Razak ‘seeking the truth’ on Instagram

Screen Shot 2015-11-15 at 10.59.26 PM

BY AKIL YUNUS

PETALING JAYA: A cryptic photo expressing hope that Malaysians will soon get the “truth” they have been deprived of has been posted by Datuk Seri Nazir Razak (pic) on his Instagram account.

Posting an image of a sign board bearing the words, “Truth. Next exit”, the CIMB group chairman wrote; “I hope so. Our institutions must get us there quickly. Malaysians feeling truth-deprived, depressing and divisive. After truth we can find reconciliation,” he said without elaborating further.

The posting on Monday afternoon had received more than 200 likes two hours later.

Nazir, who is the younger brother of Prime Minister Datuk Seri Najib Razak, has been actively speaking out on the 1Malaysia Development Berhad (1MDB) controversy.

In May, he had slammed 1MDB’s top executives for failing to turn up for the Public Accounts Committee hearing.

He also previously questioned the state investment arm’s lateness in beginning its March 2015 audit.

More recently, Nazir has been linked with the setting up of a new non-governmental organisation with like-minded individuals such as Global Movement of Moderates chief executive officer Datuk Saifuddin Abdullah over concerns regarding Malaysia’s present socio-political landscape.

**********

and more of them:

The Star story:

Published: Tuesday May 26, 2015 MYT 10:37:00 AM
Updated: Tuesday May 26, 2015 MYT 4:18:49 PM

Nazir Razak slams 1MDB board on Instagram

BY EDWARD GOMEZandJOHAN HULAIMI

PETALING JAYA: It is unacceptable that 1Malaysia Development Berhad (1MDB)’s top executives are unable to attend the Public Accounts Committee (PAC) inquiry, says Datuk Seri Nazir Razak (pic).

In a post on Instagram on Tuesday, Nazir, the younger brother of Prime Minister Datuk Seri Najib Tun Razak, slammed 1MDB’s president and group executive director Arul Kanda Kandasamy as well as its former CEO Datuk Shahrol Azral Ibrahim Halmi for not being able to attend the PAC inquiry.

The CIMB group chairman had posted a picture of the front page of a financial news daily with the comment: “Your company has triggered a national crisis and you can be too busy to face Parliament? Unacceptable.”

On Monday, the PAC set a new date for Arul and Shahrol to appear.

The two have sought a month’s extension before they face the committee, which had been set to meet them on Tuesday.

The PAC was notified by the Finance Ministry that Arul and Shahrol were unable to attend as they were away on official business.

PAC chairman Datuk Nur Jazlan Mohamed told the media on Monday, “They requested 30 days … We may give them less.”

*************

Otherwise, he is out to be part of the strategy to demonise his own eldest brother.

The Malay Mail Online story:

Put country and people before self, Nazir Razak urges

Monday July 6, 2015
08:22 AM GMT+8
The CIMB Group chairman who is also Prime Minister Datuk Seri Najib Razak’s brother, Datuk Seri Nazir Razak (pic), sent the message via the Instagram photo-sharing service as a caption to the image of the national monument. — Reuters pic
KUALA LUMPUR, July 6 — The prime minister’s brother, Datuk Seri Nazir Razak, yesterday made a plea to unnamed individuals to put the country’s interests before their own during these “dark political times”.

The CIMB Group chairman and avid social media commentator sent the message via the Instagram photo-sharing service as a caption to the image of the national monument.

“They gave their lives so we could build a nation. In this darkest of political times we must remember to place the country & the rakyat first.

“Not personal interests, not personal loyalties, not even party politics,” he wrote.

Nazir did not identify the intended recipients of his message.

A screen capture showing Datuk Seri Nazir Razak's instagram post.

A screen capture showing Datuk Seri Nazir Razak’s instagram post.

The brother to Prime Minister Datuk Seri Najib Razak has in recent months been an outspoken figure on the topic of corporate governance, regularly criticising 1 Malaysia Development Bhd (1MDB) over what he considers shortcomings in the manner they conduct their affairs.

1MDB is under investigation by at least four federal agencies.

The latest development in the 1MDB controversy is an allegation by the Wall Street Journal that US$700 million (RM2.6 billion) of the firm’s funds were wired into the prime minister’s personal accounts.

Najib denied the report and said he will take legal action against the US newspaper tomorrow.

– See more at: http://www.themalaymailonline.com/malaysia/article/put-country-and-people-before-self-nazir-razak-urges#sthash.LooJVGjR.dpuf

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All these one-way-street jibes from the Chairman and former Group CEO of the second largest Malaysian banking group is really bad for perception. Be it politically, corporate or even for average man on the street.

If Nazir as a person who is aloof and incoherent on what effects social media statements brought forth the strategic consideration, then probably he or his good office hire consultants to look into the matter.

A damning IG statement by a Chairman of a GLC banking group

A damning IG statement by a Chairman of a GLC banking group

It is important to note that CIMB is part of Khazanah Nasional Bhd (Khazanah)., the Federal Government corporation which holds the investment and strategically manages strategic GLCs. Prime Minister Najib is the Chairman of Khazanah.

This attitude and actions by Nazir is intolerable. If Nazir is not supportive of some of the Federal Government policies and has issues of retaining his personal opinion of some of these matters in the public domain, then he should leave the Khazanah Group.

There is already a precedence within the CIMB Group.

The Star story:

Published: Tuesday July 14, 2015 MYT 6:49:00 PM
Updated: Tuesday July 14, 2015 MYT 7:04:39 PM

CIMB Islamic Bank chief Badlisyah resigns

KUALA LUMPUR: CIMB Islamic Bank chief executive officer Badlisyah Abdul Ghani (pic), who is facing an internal probe for his Facebook posting on banking documents released by the Wall Street Journal (WSJ), has resigned.

In a filing with Bursa Malaysia, CIMB Group Holdings Bhd said his resignation as CEO and board member would be effective Aug 15.

CIMB in a statement Tuesday said CIMB Islamic Bank’s board had elected Mohd Shafri Shahul Hamid as person-in-charge of the bank and the group nomination and remuneration committee will start the process to identify the next CEO for the bank.

CIMB Islamic Bank board chairman Datuk Dr Syed Muhammad Syed A. Kadir said; “We respect Badlisyah’s decision. Since his appointment in 2006, Badlisyah has strengthened our global Islamic banking franchise and we are now well positioned globally to tackle the challenges and opportunities ahead of us. The board and I are grateful to Badlisyah for his leadership, integrity and contribution to the group. We wish him well for the future and the next stage in his career.”

Badlisyah had cast doubts on the authenticity of the documents WSJ used for its reports on 1Malaysia Development Bhd (1MDB).

He subsequently released a statement admitting his analysis was wrong and that the views expressed on his Facebook page were strictly his personal opinion.

CIMB group chairman Datuk Seri Nazir Razak later said in an Instagram posting that Badlisyah should not have commented on the documents as it was a technical matter and an internal inquiry had been ordered on the matter.

Badlisyah, who is also Association of Islamic Banking Institutions Malaysia president, claimed that the bank document said to be from a Wells Fargo Bank N.A. branch in New York was not authentic as it bore the wrong Swift code. A Swift code is a code that helps overseas banks identify which bank to send money to.

Earlier this month, WSJ had published an article quoting an “unnamed investigator” that claimed almost US$700mil (RM2.63bil) of 1MDB funds were channelled into Datuk Seri Najib Razak’s personal accounts. Najib’s lawyers then sent a clarification demand to the board of directors of Dow Jones and Company Inc, which publishes WSJ.

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Nazir shouldn’t needed to be reminded that it was reported about his comment on Badlisyah’s Facebook posting. Unless, the CIMB Chairman could convince Khazanah, CIMB Group BoD and the public at large that the instagram account isn’t his personal social media account, it was cloned or hijacked or “@nazir.razak” is not him.

He should be able to differentiate his expected obligations as part of the upper echelon within the Khazanah Group from his personal opinion, position and/or stance, even as the perspective of a trained banker. More over, he has very direct blood relations to the Chairman of Khazanah.

The IG of the pseudo politician, banker supremo

The IG of the pseudo politician, banker supremo

It is shameful that he does not respect this. Nor, when all these could be aggregated and permute to the perception of his consistent attempts to bastardise, especially when his damming statements are not even correct in facts and the context.

Even and unless Nazir actually has a dark and hidden political ambition. It is apt with his remarkably reflecting politically-styled statements more befitting and echoing in the tones of notable Opposition politicians, namely Anwar Ibrahim, Tony Pua and Rafizi Rahim.

*Updated 2245hrs

Published in: on November 15, 2015 at 21:00  Comments (7)  

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7 CommentsLeave a comment

  1. If badlisyah was made to resign, nazir should resign too. It shows he is a banker with ill intention and bad faith.

    The savings of many million ringgit of his salary could be use to keep the jobs of several hundreds of honest and hardworking cimb staff..

  2. Where did Nazir learn this?

    Did Tun Razak ever privately rubbish Tunku’s leadership or administration, in public audience?

  3. […] READ MORE HERE […]

  4. […] Bad act of failed bastardization by Zakhir Mohamad This one quite malu, especially for the bank by Lim Sian See (Facebook) and […]

  5. what about the various statements made by finance minister, IMDB’s CEO on the cash @ units in singapore ? they can lorrrr…

  6. Fist, I am no accountant, 1MDB borrowed 42 billion through financial model of various transaction from the third parties of the hidden financial bodies.

    The established and cardinal terms of conditions are, high financial consultant fees and higher interest rate than the institutionalized banks offer. Above all, the architect of the financial “scram” is the chief of the “hidden hand.”

    Assume the interest charge yearly the rate is 5%. Meaning that, just the interest alone, 1MDB has to pay the sum amount of to 2.1 billion a year. For the last 5 years 1MDB supposedly had paid the interest of “10.5 billion.”

    As recorded the interest payments and other entries, termed as the “financial cost” with total of 5.8 billion. Interest payment paid of year 2012-2013 was 1.6 billion and 2013-2014 was 2.4 billion. And the balance was paid to business of doing business.

    The total interest payment is “10.5 billion” minus 5.8 billion is equaled to “4.7 billion”. Itu baru bunga saja Pak belum pokoknya lagi. It seems that, this is Arul’s rationalized magic program. We will see how this interest payment exercise and equity potion of 1MDB holds in the ended of the interest payment saga.

    The scheme to sell off Edra through international biddings is another of 1MDB’s concealment.

    There is no two ways about it, fraudulent and malpractice already occurred. The fact is, someone has pocketed huge sum of money from the borrowed 42 billion. In mind, 1MDB has yet to earn its real single penny from all the efforts of “doing business.”

    1MDB’s bad debt cash-flow is an on going exercise to be reconstructed so that it looks good and accurate. In reality, the actual transaction of 1MDM T-Account is still in a holy mess.

    Selling off Edra, national asset, is a mean to recover back some of the exhausted money. Arul calls it “the rationalization program”, to rationalize what? It is to rationalize the pocketed money. Every Tom, Dick and Harry can see that. Even the blinds can hear that.

    Arul said to ‘match up’!….the bad dept cash-flow? He must be kidding. Everybody know the rationalized exercise is going to be a manipulation of 1MDB’s record of book keepings and its T-Account entries in order to show a sound balance sheet.

    As for TNB, forget it! TNB cannot afford to bid and plus it will appear as Government bail out. It won’t be a surprise, the prerequisite has been prearranged for foreign bidders to win the bid. That’s why foreigners are permitted to hold 100% equity.

    Therefore, the call for the international tender is another whitewash and hokey-pokey exercise. This exercise is could be an act of betrayal and treason to the nation because the sovereignty of National assets (energy and land) are soon going to be in the hands of foreigners, the economy colonization. It has to do with, in relation to the emergence of Malaysia and Trans-Pacific Partnership’s (TPP) in partnership.

  7. […] themselves. Not just this but other stories about them before this. Especially Nazir, which was quick to ‘bastardise’ (faux pas) with his tendency of send-button-happy traits. After all, disclosure has been the flavour during the past […]


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