Tuesday, January 16, 2018

FELDA-Synergy Promenade scandal: Where did FELDA find the BILLIONS needed to repay Semarak land loans?

by Ganesh Sahathevan


While FELDA chairman Tan Sri Shahrir Abdul Samad has declared that "Felda has successfully recovered ownership of 16 strategic plots of land worth an estimated RM 200 million along Jalan Semarak", left unsaid is the cost.


The land has been re-assigned by FELDA's JV partner Synergy Promenade.Synergy had been provided a power of attorney over that land in order to finance the project.The land must therefore have been provided as security for a loan or loans, and the money raised has clearly been spent;the project, as the photo above shows, is well and truly underway.

The project is said to have a Gross Development Value of about RM 5 Billion, and even half of that comes to RM 2.5 Billion.
Returning the land to FELDA would have required that money to be repaid, but Shahrir is not saying where the CASH to do so came from. And then there is the matter of compensation........
END 

REFERENCE

uesday, January 9, 2018


FELDA :Rocky Atan is right, "Lim Sian See" is wrong, and the Badawi controlled Najib PR team continues to undermine Najib

by Ganesh Sahathevan



KLVC IS A JOINT VENTURE.FROM WHAT IS KNOWN PUBLICLY IT APPEARS TO BE A
CONTRACTUAL JOINT VENTURE.


It has been previously reported on this blog that Malaysian PM  Najib Razak's very own PR team appears to be acting against him, under the direction of his predecessor Tun Abdullah Badawi.
Readers will recall that that report relied on stories written by Najib man Peter Kamaruddin aka RPK.

The current Felda land "scandal" seems to be yet another attempt to undermine Najib by his own team, this time by none other than "Lim Sian See". Lim's "investigation"  led to a story in the UMNO controlled Berita Harian,and consequently what has become a full blown "scandal".

However ,Najib loyalist Rocky Atan has been at pains to point out  that there is no scandal, that nothing has been lost,despite "Lim Sian See's" claims.

Reproduced below is Rocky's defense of the deal, and the most important bit is that photo of the ON-GOING development ,at the end of his stories.An enlarged copy of the photo has been reproduced above,and enlarged.As readers can see for themselves in the bottom left of the photo, the project is a joint venture between the developer, Synergy Promenade Sdn Bhd,and Felda Investment Corporation.
That fact has been made painfully obvious, so it is hard to see how anyone could literally steal Felda and Government land, as "Sian See" suggests.

As the New Straits Times itself has reported, the real estate in question was sold into the JV at a value of RM 270 million. Some insist that the land is worth closer to a billion , but bear in mind that this is a JV,and Felda continues to have rights over the value of the project. Those rights are independent of any ownership of the land.Anyone can understand that ,so Najib needs to ask himself why his own team is putting him in a position where he has to justify a normal commercial deal.





Monday, January 08, 2018


Ah, Felda did not lose its land after all, Part 2: Forensic audit starts today

Having to clean up after his own people's mess, yet again

“As such, reports saying that the land has been lost are incorrect." - PM Najib Razak, KLVC project on Felda land: External audit appointed, Jan 4

TWO CABINET ministers have spoken out on the Felda's Jalan Semarak land issue in support of the Prime Minister's press statement last Thursday. Hishammuddin Hussein said we should let the investigation proceed as we don't want too see anyone get punished in the media and social media (Don't be quick to judge Felda land issue, Jan 6). Azalina Aziz also downplayed allegations that Felda had "lost" the land. "The land ownership issue is more a business matter." (Felda land deal just a business matter, Jan 6). 

The Minister in the PM's Department went on to say she believed the issue would not affect the support of Felda voters "because it was brought up by the chairman himself, which means he will find a solution to this problem"

But with all due respect, the chairman, Shahrir Samad, may have become part of "this problem". Since the day BH broke the story ["Felda hilang hakmilik tanah Jalan Semarak"], Shahrir himself has been caught many times lamenting the "lost" land. (herehere and here just to link a few) and finding fault with his predecessor Isa Samad and the developer of KLVC, Synergy Promenade (which also owns the land by virtue of a land transfer done by FIC in 2014 when Isa was chairman of Felda as well as FIC). 

Will he sing a different tune this afternoon when he meets the Felda staff at a town hall meeting?

If there was going to be a solution to the problem, all parties involved should have sat down together and dealt with it like professionals instead of using the media to sensationalise the issue the way it did. But now, if you ask me, the damage is done. And the biggest victim is Najib Razak himself. 

And with the general election right around the corner, you've got to wonder what those guys around the PM and behind the so-called Semarak exposé were thinking of ...


p.s. And all this while, the developers of Semarak land have not said a single word. Do they even exist?



Thursday, January 04, 2018


Ah, Felda did not lose its Samarak land after all!


The following is a press statement issued a while ago by PM Najib Razak on the Semarak scandal, the story that the Najib-friendly Berita Harian broke two weeks ago (Dec 21).

The salient points:
Para 7:
The PM says report(s) that claimed the Felda land in Semarak had been lost were inaccurate.
Para 4&5:
The PM had directed Felda on Dec 11, 10 days before the BH broke the story  to:
(a) determine if there was abuse of power or/and corruption in the procedures for KL Vertical City, the ongoing project on the Felda Semarak land and
(b) lodge a police report

Kenyataan Media  

1. Sebuah firma audit luar telah pun dilantik oleh Jabatan Perdana Menteri (JPM) untuk melaksanakan audit forensik ke atas projek Kuala Lumpur Vertical City (KLVC) yang sedang dibangunkan oleh Synergy Promenade Sdn Bhd (SPSB) atas tanah milik FELDA. 

2. Firma audit ini akan menjalankan audit forensik ke atas semua aktiviti, keputusan dan tindakan berkaitan dengan projek ini. Ianya juga akan menilai semula proses pengawalan yang berkaitan, termasuk kelemahan dalam pentadbiran dalaman serta pengawasan FELDA ke atas FELDA Investment Corporation Sdn Bhd (FIC). 

3. Siasatan firma audit ini juga akan membabitkan Pejabat Tanah dan Galian Wilayah Persekutuan Kuala Lumpur dan Dewan Bandaraya Kuala Lumpur (DBKL). Siasatan firma audit ini dijangka akan siap dalam tempoh 30 hari dan  laporan penuh akan dikemukakan kepada JPM. 

4. Pelantikan firma audit ini adalah susulan arahan saya kepada FELDA dalam satu surat bertarikh 11 Disember 2017, untuk menentukan sama ada berlakunya ketidakpatuhan kepada tatacara sedia ada atau berlakunya unsur-unsur salah guna kuasa dan perlakuan rasuah berkaitan projek KLVC. 

5. Dalam surat tersebut yang dihantar oleh JPM kepada Pengerusi FELDA, Tan Sri Shahrir Abdul Samad,  saya juga telah mengarahkan FELDA untuk membuat laporan polis terhadap SPSB untuk "criminal fraud" serta mengambil tindakan undang-undang untuk "civil fraud" bagi pemindahan hak milik tanah FELDA tanpa pengetahuan dan kebenaran. 

6. Saya telah mengarahkan tindakan-tindakan ini diambil bagi melindungi kepentingan FELDA dan peneroka, tidak dikompromi dan bagi memastikan tanah-tanah tersebut terus kekal menjadi milik FELDA. 

7. Pihak polis juga telah menjalankan siasatan dan tanah-tanah terlibat telah turut dikaveat. Oleh itu, laporan yang mengatakan tanah-tanah itu sudah hilang adalah tidak tepat. Kaveat Pendaftar yang telah dikenakan ke atas tanah-tanah itu akan memastikan kepentingan Felda dilindungi. 

8. Tindakan undang-undang akan diambil jika siasatan firma audit luar dan polis menunjukkan adanya salah laku oleh mereka yang terbabit dalam projek ini yang telah dipersetujui pada tahun 2014. 

Putrajaya

4 Januari 2018

The MACC has ruled OUT any element of corruption in the deal between FIC and Synergy Promenade (No elements of graft in Felda land transfer, says MACC - Dec 21) so we are looking at other "elements", if anything at all. Refer to Para 8: IF the audit firm and the police find any form of misappropriation, the Government will take legal action.

What if the audit firm and the police don't find anything?

What if the deal wasn't "dubious" as reported?

And what happens to KLVC, does the project stop now?

Sunday, January 14, 2018

Loans to and from IPIC, China may be clawed back : Implications of not obeying Malaysia's External Loans Act 1963

by Ganesh Sahathevan




Malaysia's Prime Minister Najib Razak and China's Premier Li Keqiang attend 
a signing ceremony at the Great Hall of the People, in Beijing, China, Najib 
seems to have forgotten that he needs the approval of Parliament for his China and 
IPIC funding deals..


It was almost three years ago that Najib Razak's government entered into a series of deals with Abu Dhabi's IPIC with the intention, we now know, of defeating the criminal investigation by the US Department of Justice ,and other national enforcement agencies into 1 MDB, the Malaysian Government and Najib Razak , the Prime Minister and Finance Minister.


That intention alone is enough to make the IPIC deal, which has now it seems been expanded to include the Chinese Government ,illegal and allow for all Government Of Malaysia monies injected into these deals to be clawed back.


Over and above that issue is the matter of illegality for failure to obtain the approval of the Malaysian Parliament .As this writer pointed out in 2015, the IPIC debt deal was announced without it being deliberated by Parliament.Subsequently it does not look like it has been gazzetted, as required by Malaysia's External Loans Act 1963. The same now extends to all subsequent and related IPIC deals, as well as the deals with Beijing.

END

Published on Published onJune 7, 2015

IPIC cash injection against the laws of Malaysia? Malaysia's External Loans Act 1963 may mean IPIC gets nothing

 by Ganesh Sahathevan
The 4th of June 2015 was the date by which the Government of Malaysia (GOM) said the UAE's  International Petroleum Investment Company  (IPIC) would settle its debt of approximately USD 1 billion  owed to a consortium led by Deutsche Bank.
Recall however that this  debt deal was announced without it being deliberated by Parliament.Subsequently it does not look like it has been  gazzetted, as required by Malaysia's  External Loans Act 1963.

Prima facie it does appear as if the GOM is not allowed by its own laws to accept funding in any form from IPIC,or from anyone else for that  matter , unless duly authorized by Parliament. For IPIC this means that even if that USD 1 billion has been payed over,whatever the GOM has promised pursuant to the deal may be ruled  illegal, and IPIC may not get anything in return.

The relevant legislation is provided below for reference,and readers are reminded that these rules are in place to ensure that government spending and borrowing is properly regulated,and politicians are restrained from driving  the country off a fiscal cliff.




END






AUTHORITY TO BORROW Power to raise external loans, and application of sums raised


2. (1) The Minister (that is to say, the Minister for the time being charged with responsibility for finance) may from time to time raise loans outside Malaysia— (a) for the purposes of the Federal Development Fund or some one or more of those purposes; or (b) for the repayment or amortization of loans raised outside Malaysia, whether under this section or not.

(3) The sums raised under this section shall not exceed the sum specified from time to time by the Yang di-Pertuan Agong by order published in the Gazette and such order shall as soon as possible after its publication be laid by the Minister before the Dewan Rakyat; and in applying this subsection sums raised in a currency other than ringgit shall be converted into ringgit as at the day when the amount to be raised is determined and by the use of such rate of exchange as the Governor of Bank Negara may certify to be then appropriate



(4) Subsections (1), (1A) and (2) shall authorize the Minister to include among the terms and conditions of any external loan provisions for exemptions from taxes or for exempting from exchange control the debt charges or any description of debt charges in respect of an externalloan; and the Minister shall by order make such provision as he considers necessary to give effect to any such exemption from tax or from exchange control, and any such order shall have effect notwithstanding anything in any written law relating to the tax, or to exchange control, as the case may be.

(6) All debt charges in respect of any external loan shall be charged on the Federal Consolidated Fund (as provided by Article 98 of the Federal Constitution), and subsections (1), (1A) and (2) have effect subject to that Article. (7) In this section “debt charges” includes interest, sinking fund charges, the repayment or amortization of debt, and all expenditure in connection with the raising of loans and the service and redemption of debt created thereby
http://www.agc.gov.my/Akta/Vol.%209/Act%20403.pdf

Wednesday, January 10, 2018

The Darwin Port deal will provide Chinese naval vessels access to Australia, the Indian Ocean and the South Pacific

by Ganesh Sahathevan

Corrs and its CEO ,John Denton ,say this on their website:

The recent Darwin Port deal will provide Chinese shipping and naval vessels with facilitated access to Australia, the Indian Ocean and the South Pacific, as well as to Indonesia and PNG over the coming century.


John W.H. Denton AO
JOHN W.H. DENTON AO CEO Corrs

ONE BELT ONE ROAD

As our China Business Group Co-Chair Dr Geoff Raby recently commented, many Australians fail to appreciate that Australia is a part of the One Belt One Road.
Since becoming President, Xi has made OBOR central to his vision of China's greater standing and influence in the world. The official Xinhua report on the Malcolm Turnbull/Xi Jinping meeting highlighted Xi's call for the "alignment of China's Belt and Road initiative with Australia's Northern Development Plan". Despite the “noise” over the sale of the Port of Darwin to private investors from China, Xi still went ahead with this giant step forward in the bilateral relationship – putting Australia firmly on the OBOR map is a very big deal. 
According to some estimates, in today’s money, OBOR and the Asian Infrastructure Investment Bank could be more than 12 times larger than the Marshall Plan - America's aid contribution to post-second-world-war Western Europe.
onebeltoneroad en
Australia has a place on the One Belt One Road Strategy (Image Source: Charting the Belt and Road)
In a recent visit to Xinjiang in China's far west, the Corrs China Business Group met with numerous officials who enthusiastically shared their role in the China-Pakistan Economic Corridor (CPEC).This initiative (one of a number of initiatives encompassed by OBOR) is intended to promote connectivity across Pakistan with a network of highways, railways and pipelines accompanied by energy, industrial and other infrastructure development projects to address critical energy shortages needed to boost Pakistan’s economic growth. Eventually, CPEC will also facilitate trade along an overland route that connects China to the Indian Ocean, linking the Chinese city of Kashgar to the Pakistani port of Gwadar.
In a world that is increasingly interconnected and as a trading nation, Australia has a significant role to play in the policy thinking on global maritime economic issues. Australia is working with Chinese officials as they develop the country’s maritime economy strategy. As a maritime trading nation, these strategic issues of vital importance to us, including their political dimensions. Attracting capital to Northern Australia as part of OBOR will be a key focus. Darwin is intended to be a crucial link in China's new 21st Century Maritime Silk Road. The recent Darwin Port deal will provide Chinese shipping and naval vessels with facilitated access to Australia, the Indian Ocean and the South Pacific, as well as to Indonesia and PNG over the coming century.

END 

Tuesday, January 9, 2018

FELDA :Rocky Atan is right, "Lim Sian See" is wrong, and the Badawi controlled Najib PR team continues to undermine Najib

by Ganesh Sahathevan



KLVC IS A JOINT VENTURE.FROM WHAT IS KNOWN PUBLICLY IT APPEARS TO BE A
CONTRACTUAL JOINT VENTURE.


It has been previously reported on this blog that Malaysian PM  Najib Razak's very own PR team appears to be acting against him, under the direction of his predecessor Tun Abdullah Badawi.
Readers will recall that that report relied on stories written by Najib man Peter Kamaruddin aka RPK.

The current Felda land "scandal" seems to be yet another attempt to undermine Najib by his own team, this time by none other than "Lim Sian See". Lim's "investigation"  led to a story in the UMNO controlled Berita Harian,and consequently what has become a full blown "scandal".

However ,Najib loyalist Rocky Atan has been at pains to point out  that there is no scandal, that nothing has been lost,despite "Lim Sian See's" claims.

Reproduced below is Rocky's defense of the deal, and the most important bit is that photo of the ON-GOING development ,at the end of his stories.An enlarged copy of the photo has been reproduced above,and enlarged.As readers can see for themselves in the bottom left of the photo, the project is a joint venture between the developer, Synergy Promenade Sdn Bhd,and Felda Investment Corporation.
That fact has been made painfully obvious, so it is hard to see how anyone could literally steal Felda and Government land, as "Sian See" suggests.

As the New Straits Times itself has reported, the real estate in question was sold into the JV at a value of RM 270 million. Some insist that the land is worth closer to a billion , but bear in mind that this is a JV,and Felda continues to have rights over the value of the project. Those rights are independent of any ownership of the land.Anyone can understand that ,so Najib needs to ask himself why his own team is putting him in a position where he has to justify a normal commercial deal.





Monday, January 08, 2018


Ah, Felda did not lose its land after all, Part 2: Forensic audit starts today

Having to clean up after his own people's mess, yet again

“As such, reports saying that the land has been lost are incorrect." - PM Najib Razak, KLVC project on Felda land: External audit appointed, Jan 4

TWO CABINET ministers have spoken out on the Felda's Jalan Semarak land issue in support of the Prime Minister's press statement last Thursday. Hishammuddin Hussein said we should let the investigation proceed as we don't want too see anyone get punished in the media and social media (Don't be quick to judge Felda land issue, Jan 6). Azalina Aziz also downplayed allegations that Felda had "lost" the land. "The land ownership issue is more a business matter." (Felda land deal just a business matter, Jan 6). 

The Minister in the PM's Department went on to say she believed the issue would not affect the support of Felda voters "because it was brought up by the chairman himself, which means he will find a solution to this problem"

But with all due respect, the chairman, Shahrir Samad, may have become part of "this problem". Since the day BH broke the story ["Felda hilang hakmilik tanah Jalan Semarak"], Shahrir himself has been caught many times lamenting the "lost" land. (herehere and here just to link a few) and finding fault with his predecessor Isa Samad and the developer of KLVC, Synergy Promenade (which also owns the land by virtue of a land transfer done by FIC in 2014 when Isa was chairman of Felda as well as FIC). 

Will he sing a different tune this afternoon when he meets the Felda staff at a town hall meeting?

If there was going to be a solution to the problem, all parties involved should have sat down together and dealt with it like professionals instead of using the media to sensationalise the issue the way it did. But now, if you ask me, the damage is done. And the biggest victim is Najib Razak himself. 

And with the general election right around the corner, you've got to wonder what those guys around the PM and behind the so-called Semarak exposé were thinking of ...


p.s. And all this while, the developers of Semarak land have not said a single word. Do they even exist?



Thursday, January 04, 2018


Ah, Felda did not lose its Samarak land after all!


The following is a press statement issued a while ago by PM Najib Razak on the Semarak scandal, the story that the Najib-friendly Berita Harian broke two weeks ago (Dec 21).

The salient points:
Para 7:
The PM says report(s) that claimed the Felda land in Semarak had been lost were inaccurate.
Para 4&5:
The PM had directed Felda on Dec 11, 10 days before the BH broke the story  to:
(a) determine if there was abuse of power or/and corruption in the procedures for KL Vertical City, the ongoing project on the Felda Semarak land and
(b) lodge a police report

Kenyataan Media  

1. Sebuah firma audit luar telah pun dilantik oleh Jabatan Perdana Menteri (JPM) untuk melaksanakan audit forensik ke atas projek Kuala Lumpur Vertical City (KLVC) yang sedang dibangunkan oleh Synergy Promenade Sdn Bhd (SPSB) atas tanah milik FELDA. 

2. Firma audit ini akan menjalankan audit forensik ke atas semua aktiviti, keputusan dan tindakan berkaitan dengan projek ini. Ianya juga akan menilai semula proses pengawalan yang berkaitan, termasuk kelemahan dalam pentadbiran dalaman serta pengawasan FELDA ke atas FELDA Investment Corporation Sdn Bhd (FIC). 

3. Siasatan firma audit ini juga akan membabitkan Pejabat Tanah dan Galian Wilayah Persekutuan Kuala Lumpur dan Dewan Bandaraya Kuala Lumpur (DBKL). Siasatan firma audit ini dijangka akan siap dalam tempoh 30 hari dan  laporan penuh akan dikemukakan kepada JPM. 

4. Pelantikan firma audit ini adalah susulan arahan saya kepada FELDA dalam satu surat bertarikh 11 Disember 2017, untuk menentukan sama ada berlakunya ketidakpatuhan kepada tatacara sedia ada atau berlakunya unsur-unsur salah guna kuasa dan perlakuan rasuah berkaitan projek KLVC. 

5. Dalam surat tersebut yang dihantar oleh JPM kepada Pengerusi FELDA, Tan Sri Shahrir Abdul Samad,  saya juga telah mengarahkan FELDA untuk membuat laporan polis terhadap SPSB untuk "criminal fraud" serta mengambil tindakan undang-undang untuk "civil fraud" bagi pemindahan hak milik tanah FELDA tanpa pengetahuan dan kebenaran. 

6. Saya telah mengarahkan tindakan-tindakan ini diambil bagi melindungi kepentingan FELDA dan peneroka, tidak dikompromi dan bagi memastikan tanah-tanah tersebut terus kekal menjadi milik FELDA. 

7. Pihak polis juga telah menjalankan siasatan dan tanah-tanah terlibat telah turut dikaveat. Oleh itu, laporan yang mengatakan tanah-tanah itu sudah hilang adalah tidak tepat. Kaveat Pendaftar yang telah dikenakan ke atas tanah-tanah itu akan memastikan kepentingan Felda dilindungi. 

8. Tindakan undang-undang akan diambil jika siasatan firma audit luar dan polis menunjukkan adanya salah laku oleh mereka yang terbabit dalam projek ini yang telah dipersetujui pada tahun 2014. 

Putrajaya

4 Januari 2018

The MACC has ruled OUT any element of corruption in the deal between FIC and Synergy Promenade (No elements of graft in Felda land transfer, says MACC - Dec 21) so we are looking at other "elements", if anything at all. Refer to Para 8: IF the audit firm and the police find any form of misappropriation, the Government will take legal action.

What if the audit firm and the police don't find anything?

What if the deal wasn't "dubious" as reported?

And what happens to KLVC, does the project stop now?


Friday, January 5, 2018

Bank Negara printed RM 2 Billion to buy government land, and pay 1MDB 's IPIC debt -Meanwhile, reserves fell by RM 20 Billion

by Ganesh Sahathevan


This story on its own is a joke.Bank Negara now wants us to believe that it has become a landowner, and property developer:

Bank Negara buys land for RM2b for financial education hub


Many have speculated that this is nothing more than a MOF Inc money go-round, organized to help MOF Inc meet its USD 600 Million payment to IPIC, which fell due on 31 December 2017.


What is not in doubt however, for these figures below are from Bank Negara's own fortnightly statements of assets and liabilities, is that in last two weeks of 2017, Bank Negera's printed or otherwise out into circulation RM 2 Billion, while the Ringgit value of the reserves of gold and foreign currency fell by about RM 20 Billion.
The steep fall in the value of the Ringgit against the USD between 15 December 2017 and 31 December 2017  did little to stem the fall in reserves.



15 December 2017
29 December 2017

15 December 2017
29 December 2017

END