Malaysiakini Yoursay

Quit stalling for time, answer simple questions on SRC

Yoursay  |  Published:  |  Modified:

YOURSAY | Company leaders do not depend on audits to find out where money has gone.

PM: 1MDB can't reveal details of SRC's RM4b loan now

Odin Tajué: SRC International's accounts could not be done on time? Also, when MP Tony Pua raised the matter in Parliament on March 11, 2015, the Finance Ministry refused to provide any details with regard to SRC's business.

All that Second Finance Minister Ahmad Husni Hanadzlah would say was that SRC's investment in Gobi Coal & Energy was 50% of the Mongolia-based company. Why the refusal to provide more details?

We are told that in 2014, Origo Partners Plc claimed that it was the largest partner in the joint venture. Its chief executive's statement that was attached to the company accounts for the period ending June 2014 gave a gloomy prognosis for the value of Gobi Coal. That was the reason his company was pulling back on its share.

"The company's mining portfolio includes investments in a combination of exploration and early stage production companies," the statement read. "These types of companies have been particularly hard hit by market conditions over the last two years.

"During the period we reduced the carrying value of our investment in Gobi Coal & Energy Ltd (Gobi Coal) by 50 percent, reflecting the significant decline in coking coal prices and the reduced demand from China for Mongolian coal.

"Gobi Coal's assets have significant long-term potential, with large resources and reserves and the possibility of low-cost open cast mining. However, it remains unclear as to when prices and demand for metallurgical coal will recover."

The statement went on to reveal that Origo held 14% of Gobi Coal, which it stated as being worth a fair value of US$13.3 million. Our point: Origo's 14% was worth only US$13.3 million.

If 14% was equal to US$13.3 million, then SRC's equity that it has claimed to be 50% was worth US$13.3 million divided by 14 multiply by 50 = US$47.5 million.

According to freecurrencyrates.com, the greenback traded at RM3.50 on the average in 2014. Therefore, SRC's equity would have been worth RM166.25 million.

Since SRC borrowed RM3,800,000,000 from the KWAP, where, then, has 3,800,000,000 – 166,250,000 = RM3,633,750,000 gone to?

In case some of you have forgotten, Jho Low has a company called Strategic Resources Company Global. That is close to, or sounds associated with, or can be mistaken for Strategic Resources Company International. Because ‘global' and ‘international' mean the same thing. You know that.

Doubtless, many of you can recall that US$2.4 billion is alleged to have been diverted to Aabar Investments PJS Ltd, which is said to be owned by Jho Low, when it should have been paid to Aabar Investments PJS (without the ‘Ltd'), a subsidiary of IPIC and the lawful payee.

Wira: Yes, this is ridiculous. Raub MP Mohd Ariff Sabri asked two very simple questions. He did not even ask for details.

If 1MDB cannot answer, it means the company doesn't even know what its money had been used for and that there is no loan repayment asked of SRC.

Caring Citizen: Indeed, how difficult is it to check from the accounts of SRC? That is, unless the records are not properly kept or SRC has more than one set of accounts.

With such advanced technology these days, most of the information can be obtained by a click of the button. So, why do you need the information to be audited?

PM Najib Abdul Razak, don't stall for time and give your answer in Parliament immediately. If you are not able to answer such simple questions, I really doubt your capability as prime minister.

RM2.6 Billion Turkey Haram: Asking Najib to reveal transactions in 1MDB is like asking a crocodile where it has hidden the carcass of its prey.

Thus far, Najib has not elaborated on many queries involving the company. More often than not, he would outsource the job of answering questions to his henchmen, who often give answers which are not worth reading.

On his part, he would dodge the questions. If indeed, he has nothing to hide, answer he would, come what may.

Ib: Any business leader would know that audits are to ensure rules are followed. Only when there is trouble is the audit expected to answer to questions.

Company leaders do not depend on audits to know where the money has gone.

Grey Matter: Nobody believes in any investigation carried out in this country as all the key institutions are controlled by Najib.

The entire investigation is just an eyewash, and let me tell you what the outcome is - everything is fine, no money was stolen and Najib is innocent.

Dont Just Talk: The Iceland PM resigned over the Panama Papers scandal but Najib, who was caught with RM2.6 billion in his personal bank accounts, is still holding on to his post.

What the Iceland PM did was called 'leadership by example' but what the Malaysian PM did was nothing to be proud of.

Ipohcrite: What a paradox. When you're able to give information, you chose to remain silent. But now when you chose to speak, it's because you have nothing to say.


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