Most Read
Most Commented
Read more like this
Read more from this author
mk-logo
News
Hello 1MDB, no one to blame but yourself

YOURSAY ‘Don't blame others for the crooked ways you conduct your deals.’

                       

1MDB blames Dr M and media for failed Edra IPO

        

Wira: If 1MDB had been above board all this while, there would never have been any doubt that the company would be able to raise the money they wanted. If all the deals were above board, their sale of land to Tabung Haji would not be withdrawn.

 

If their story had been truthful, they would never need to lie about the money sent from the Cayman Islands to a bank in Singapore.

 

If they had been truthful, the PM would not be avoiding answering why RM2.6 billion went to his personal bank account.

 

So don't blame others for the crooked ways you conduct your deals. You reap what you sow. The unfortunate thing is that Malaysians will have to pay for your folly.

 

As one who sometimes invests in companies listed on Bursa Malaysia, I'm glad I've been warned by the opposition not to touch FGV (Felda Global Ventures) shares.

 

Ditto now with any IPO (initial public offering) launch of 1MDB-linked companies.

 

Saphire: Investors are no fools. They have their own analysts. If Edra Global Energy Bhd has good potential and assets, no amount of negative campaign against it would deter them from taking up the IPO.

 

First and foremost, 1MDB is sorely lacking in transparency and its advisory board chairman cannot even acknowledge whether billions have been deposited in his bank accounts. Would anyone trust his or her money with such a company?

 

There are heads of companies who would even call off a joint venture with another company if the head of the latter is late for a meeting. Simple - if the latter cannot manage time, he definitely cannot manage his money. So don't blame Mahathir and the social media.

 

Onyourtoes: IPO is about value. Do you have value for investors to invest. You think you could create something out of nothing?

 

If you have bought those assets at exorbitant prices, how can IPO help you? You think you could sell those assets at even higher prices? You think investors are nincompoops like you?

 

Basically: Investors will thank former PM Dr Mahathir Mohamad, I suppose, for saving them from a disastrous buy. Who would buy shares from a company that has generated nothing but debts from the time it was set up?

 

Apart from buying dirt cheap land from government (left hand to right hand) and paying overpriced ageing power stations (crony hand to right hand), it has done zero business. Even its coal power project did not take off. So IPO for what?

 

Fly-on-the-wall: 1MDB keeps talking about reducing its debt burden. If it is such a well-run business as they are making it out to be, why do they have a debt burden in the first place?

 

FellowMalaysian: Any organisation must be out of their mind buying Edra from 1MDB when the company purchased old and battered energy-producing plants for RM2.2 billion, which some said are worth only RM400 million?

 

Needless to say, only state-owned enterprises like TNB (Tenaga Nasional Berhad) are asinine enough to be arm-wrestled into making this ignoramus-based deal.

 

Parties which are involved in highlighting Edra's lopsided deals are not guilty of any wrongdoing.

 

In fact, such actions will be a boon to investors and the public alike as otherwise they might have made huge and untold amount of losses as a result of hideous and dodgy deals by the government.

 

It is incredulous how a firm fully-owned by the Finance Ministry could be feckless and irreponsible enough to pin blame of its failure in disposing away its loss-making entities on its dissenters.

 

Donplaypuks: Utter nonsense from 1MDB. Before Mahathir had an inkling about any malfeasance at 1MDB, many had written in detail about the inflated cost of 1MDB buying the power plants.

 

Local media had noted the suspicious RM190 million “donation” from Genting before the general elections. There was also the so-called "joint venture" with PetroSaudi International that was aborted but the money never came back to Malaysia.

 

It did not need Mahathir to warn people and overseas investors to be wary about 1MDB's Edra IPO. They already knew. They might have got their fingers burnt like the Felda IPO which is now trading more than 50 percent below its IPO price.

 

Malaysia-boho-leh: Umno and government spin doctors are "getting their knickers in a twist". The more they churn out conspiracy theories and indulge in the blame game, the more they show the mess they have got the country into.

 

They have also dragged other Asean members like Thailand and Singapore into their sordid dealings.

 

Hmmmmmmmm: Somehow I suspect that there was never any intention of 1MDB to do any meaningful business. Now they are just using this excuse to sell off their assets etc., to cover their debts.

 

Once all the assets are sold and the debts paid, they think their problems will be over.

They don't realise that people will still be asking why 1MDB has no assets and no money. They still have to account for where all the money is.

Mountain of debt is 1MDB’s own doing


The above is a selection of comments posted by Malaysiakini subscribers. Only paying subscribers can post comments. Over the past one year, Malaysiakinians have posted over 100,000 comments. Join the Malaysiakini community and help set the news agenda. Subscribe now .

These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.

Related reports

'Storming of Bastille only way to oust Najib'

Cops record Lester's statement

Sarawak Report goes for Lester's jugular

Will task force probe 'money used for GE' claim?

Task force on 1MDB detains company director

MACC denies it is source of 1MDB probe leak

Mountain of debt is 1MDB’s own doing

Gov’t shoots itself in foot by censoring the net

Blocking S’wak Report an admission of guilt

View Comments