Meanwhile, you all may ponder on this challenge by Mr Flying Squirrel About to Fall which he send on my previous posting.
Flying Squirrel About to Fall said...
On the Medini deal, the multi-layer get rich scheme works like the following. Can Khazanah deny any of this?
1. IIB sold Medini land of 2,200 acres to Medini Iskandar S/B (75% IIB, 25% UWI Capital (One) Ltd) for RM 1 billion.
2. Medini Iskandar S/B later sold most of the land (2,120 acres) to Global Capital Devt S/B (60% Mubadala, 30% IIB, 10% Alpha (Five) Ltd) and Medini Central S/B (60% KFH, 30% IIB, 10% Alpha (Four) Ltd) for RM 4.2 bil (let's call them the Arab Consortiums).
3. Medini Iskandar S/B appoints Terra Lumina S/B as marketing agent to sell a section of 80 acres of Medini land, where Terra Lumina gets 30% commission on sales revenue. It is not known if the company has actually able to sell any land plot to foreign investors.
The questions are:
1) UWI Capital (One) Ltd, Alpha (Four) Ltd and Alpha (Five) Ltd are all domiciled in British Virgin Island. They are controlled by a person called Imran Markar, who sits on the Board of Medini Iskandar S/B, Global Capital Devt S/B and Medini Central S/B. Terra Lumina S/B is registered in Malaysia and is also controlled by Imran Markar.
Now the question is - who is Imran Markar? Why the need for offshore companies? Is he a proxy to some people who are supposed to get the kickback from Medini land sale?
2) Why is KNB itself investing in Medini when the land was supposed to attract Middle Eastern investors?
The initial purchase of Medini land by Arab Consortiums were supposed to attract investment from Middle East. But what happened now is that most of the lands acquired back by Khazanah JV and associate companies (eg. KNB-Temasek JV, KNB-Sunway JV etc, Gleneagles, UEMLand-IIB JV).
If Khazanah were to eventually buy back the Medini land from these Arab Consortiums, then there was no need to sell the land to them in the first place.
Why go convoluted ways (ie. KNB->IIB->Medini Iskandar->Global Capital Devt->Khazanah/SunwayJV) when you can just have direct transaction KNB->Khazanah/SunwayJV. By having multiple layers, you are creating profit leakage vehicles, which ultimately benefitting people like Imran Markar.
As an example, didn't Medini Iskandar S/B pay a dividend of almost RM 500 mil in 2008? Didn't this mean UWI Capital (One) Ltd's portion of 25% equivalent to a cool RM 125 mil? Guess who was the accounting auditor? It is E&Y!! The same culprit who went in to dig all procurement files of IIB!! And this is only the tip of the iceberg. Who knows probably the real figures could escalate up to RM BILLIONS when we sum up the total laundered money for all middlemen vehicle companies.
Compare that to the petty theft that Khazanah is pointing at IIB Management - they looked so pariah in comparison.
Now, who is that foreign agent Sri Lankan Imran Markar again? Isn't he the one bossing around in Iskandar and telling people that he has direct connection to Azman Mokhtar?
GAG ORDER BY IIB
ReplyDeleteVery surprised that IIB and Khazanah have been very quiet on all the allegations so far. Both entities are known to monitor the offline and online media very diligently.
There is even accusation that Rockybru is a buddy to the current IIB CEO, Syed Mohamed. Therefore anything appearing in Rockybru on IIB needs second opinion.
A mole in IIB said their CEO has sent warning email yesterday, not to respond to reporters and bloggers on anything pertaining to IIB. But he did not make any denial statement about what have been discussed in the news and blogs.
My pity goes to KPRJ.
Why? EPF has 20% stake in IIB, but they can exercise sell option to Khazanah. Meaning, if EPF thinks IIB is going to f**k up soon, EPF can unload their shares at predetermined value to Khazanah and let Khazanah increase their shares from 60% to 80% in IIB.
Someone should start writing to EPF Investment Panel Board and grill them on IIB debacle. EPF should stand up to Khazanah and say, 'have this shit and eat it too.'
But KPRJ doesn't have this option. With its 20% shares in IIB, it will practically get sucked into the mess all the way into the shithole.
My sympathy goes to Johor Government and its people.
I wonder where is MACC on this. I wonder if this was happening in a Pakatan controlled state, how many nano seconds will MACC take to jump on this information .
ReplyDeleteIts good to be UMNO.
Flying squirrel about to fall should be protected by the Whistleblower Act soon. No not soon enough, NOW!
ReplyDeleteEverybody else mentioned, run for cover, but you can't hide okay.
Hey dreamy BIGCAT, let me pass you some fresh milk for your fans to lick up. Love your claws of truth. Call me Little Pussycat On Fire.
ReplyDeleteI was purring in the alleys (as I do every weekend @ the Thistle) and ended up on the pillow of one of IIB’s finance people who knows how to relax an agitated Pussycat.
So let’s distinguish fresh milk from sour vinegar and pet you with more facts BIGCAT:
1-Medini’s two shareholders bought the original palm oil land for RM 1 bn. This was 30% higher than the value of that land (Check out the valuation reports from Colliers and Ernst & Young from that time sitting in IIB). So why did the land price go up? Did Khazanah make the minority shareholders of IIB (EPF and KPRJ) and the minority shareholder of Medini (UWI capital one) pay them the difference in price?
2-Don’t forget that on top of the RM 1 bn paid for land, IIB and UWI capital one paid another RM 1.5 bn for infrastructure inside of Medini. All contracts were awarded to Malaysian companies. So how did Medini afford this? The answer is through oily revenues from arab and Chinese investors.
3-No tax money was paid by Malaysians or johoreans to develop Medini. Because medini’s infrastructure has been developed through shareholders contribution and revenues from Foreign investors(FDI) and bank loans, check the numbers my Thistle friend gave me:
Medini Paid:
‐ 1bn……for the land
‐ 1.5bn….for Infrastructure
‐ 500 mil…Contribution to Tenaga Nasional Berhad TNB and other SAJh
Medini sold the plots for:
‐ 3.6 bn …..petro dollars and Chinese investors(2.2bn) +IIB and UWI capital one (1.4 bn)
4-Now let little Pussycat On Fire pull this yarn open and do some simple math……..
1bn (land) + 1.5bn (infrastructure) + 0.5(contributions) + 1.4 (plots) = 3.5 bn cost Vs 3.6 bn revenues
And while the majority of the money came from arabs, developers from china and operators from Europe, the majority of complaints came from Malays and the corruption came from Bumis…
5-The reason flying squirrel about to fall mentions imran markar is because he was the first to blow the whistle on the IIB Bumi Corruption Gang (IIB-BCG)at the medini board [these gang members are:AA-AA-RR- aka Arlida Ariff- Akmal bin Ahmad- Rostam bin Razali] this was 18 months before MACC was brought to the picture.
By bossing them around this guy kept the Medini house clean for the last five years, and saved IIB-Khazanah-EPF-KPRJ over 500 million ringgits by EPF’s own admission, The IIB-BCG were forced to a retender that exposed them at the Medini board with official tender documents. While all politicos and bumis were trying to brush IIB’s dirt under the rug, his insistence on corporate governance and transparency was too scary for IIB shareholders who thought he might bring an international lawsuit, So the Khazanah boys were compelled into having the E&Y audit.
6- Purr as u drink my milk BIGCAT, flying squirrel about to fall half-truths stink like vinegar, the facts will have him fall into his own bullshit sooner than he expected.
As we meow and purr while talking about yesterday, right now the POWERS THAT BE are having discussions to expand Medini’s business with new investors and to take it public, this has ruffled a lot of feathers amongst people who are anti transparency and good governance in IIB (puppet DSM and his 3 string pulling employees). EPF, Khazanah and UWI capital one are jointly working to bring more investors into Medini and other IIB projects to loosen the grip on IIB’s incompetence and corruption, good riddance to bad rubbish.
If MACC won’t solve these entrenched problems because of politics and elections, transparency in the marketplace is the greatest disinfectant.
Should I see my friend in an alley this weekend and if you report what I say accurately, Little Pussycat will set EduCity on fire for you next week...
Pussycat,
ReplyDeletethe IIB-BCG list of names (if there is such a thing)definitely seems to be missing one name...hmmm, I wonder why? That name should be even more important than Arlida. Well, I am not so dreamy, actually.
pussycat is turning me on..
ReplyDeleteI want in on this IPO, but i dont think, since i am not IIB-BCG i probably wont be allocated shares
pussycat is just trying to catch bigcat. he thinks bigcat is stupid. stupid pussycat
ReplyDeleteMACC busying kejar ikan bilis - they have no appetite on shark otherwise the Commissioner's contract not to be renewed - mana mau cari makan ma??
ReplyDeleteWorst part is the antique response "tak ada official report macamana kita mau act"? hahah
PUSSYCAT AND THE FACTUAL LIES
ReplyDeletePussycat,
Which part of my writeup is bullshit? Is it the vehicle companies mentioned? Is it the prices? Or is it the Sri Lankan guy's role in the whole Medini land scheme? Or is it the RM 475 mil (to be even more precise) dividend paid by Medini to shareholders in 2008?
The above are all facts. As I said, can Khazanah deny all this? They monitor all media activities - online and offline. And yet they have been quiet.
No one questions the benefit of Iskandar Msia. Iskandar is good for the country. But that does not justify Khazanah to scheme up leakages companies in that process. And I hate it when foreigners cream off high sales commission in that process.
YOU PUSSYCAT, on the other hand, made many factual errors.
1) Medini infra of 1.5 bn ALREADY include contribution to utilities. You therefore has double-counted the numbers by adding up RM500 mil.
2) The IIB-BCG names are wrong. Go to SSM website, pay RM 15 to buy company profile, and you will know who are the directors of Medini Board.
3) Imran Markar stand to profit from the lands bought back by IIB, who then appointed him to become sales agent through Terra Lumina S/B through his 30% commission.
4) DSM headed IIB in Nov 2010. He did not participate or created the mess. The mess was created by the Khazanah clown, in partnership with Imran Markar. It is best to leave DSM out of this.
5) Don't bullshit about EPF. GO find IIB Board minutes for meeting in Jul/Aug 2007. You will find both EPF and KPRJ were NOT informed properly about the risk of Medini deals, especially on the 'buyback' scheme. In other words, Khazanah were cheating EPF and KPRJ on bringing them into Medini land scheme debacle.
By the way, you sounded like someone from UWI One Capital or Alpha 4 or Alpha 5 Ltd. And you write like a Sri Lankan too. But my friend, lies are lies.