Friday, October 15, 2010

Betoll ke?

Budget 2011: NO toll hike on four PLUS highways for FIVE years. [Read the NST report here] [updated: TnT gets the Press Release by UEM here]

Ok, now, what's the catch?
Should we say thank you to Asas Serba? A year ago, I did ask in How to preempt your boss if NMY had a better idea (for rejecting Asas Serba's proposal). Well, it would seem that he has come up with a better idea!

30 comments:

PLUS X-PERT said...

PART ONE, KHAZANAH'S WATERFALL DEBT

Bro, you ask if there's a catch? Well, here's the story:

1. Khazanah, we all hear, has a negative net asset value. Whether or not it is true we will need to find out.

2. Khazanah paid for Parkway (see Taikors and Taikuns' article for b/ground)

3. However, Khazanah made good money on Iskandar. Take land for almost free, get incentives from govt to increase land value and then sell land at higher prices based on new valuation (with incentives which Khazanah got for free) to foreigners

4. Then Khazanah got whacked with a mega USD600 million to USD 1 billion HOLE by olivant fund

5. Then they told Mudabala on Oct 9 that "we have no control over Proton and thus although we own 40 pc of Proton we do not want to even account for it as deemed control, so they won't get hit in their books"

(They are implying that Tun Mahathir controls Proton and are trying to convince auditors not to equity account and "treat it as simple investment, ie record at book value". You can usually do this if you own below 20 pc, at 40 pc it is crazy to try and justify).

6. Khazanah, as we know, has been issuing debt to fund its acquisitions

SO, WE COME TO PLUS

7. What is interesting to note is that Khazanah has been issuing DEBT on DEBT

8. i.e. Subprime style

9. So it uses the cash-flow of PLUS to raise debt

10. Then it takes those monies and pumps it into an SPV as though it is fresh monies

TO BE CONT'D

PLUS X-PERT said...

PART TWO

11. Then it raises more debt in the SPV. And then after it invests, it raises more debt again at the target company

12. Of course, most of the funding is without government guarantee

WHY WOULD KHAZANAH SELL PLUS?

13. It is the most prized asset in supporting all their debt obligations

14. If they don't sell PLUS, they would have to go out to the market and raise more monies to cover the existing debt

15. The difference between Khazanah and, say, 1MDB and Sime Darby is that 1MDB and SD raise layer 1 debt
i.e One tier loans
i.e. They don't reuse loaned money as equity, so they need to raise more loans but that means public can see the numbers

16. Khazanah raises main loan on top And everything else off balance sheet debt. Which means you can see the actual debt levels
since it is a WATERFALL DEBT ON DEBT structure through offshore derivatives

18. Now, they can't do that in Malaysia

19. That's why they have been doing transactions in Singapore, etc.

20. So the debt is hidden in ubs structured derivatives likes olivant

TO BE CONT'D

PLUS X-PERT said...

PART THREE

21. So, the answer is, given a choice Azman Mokhtar would not sell PLUS

22. But they need to sell PLUS as they need capital to repay the debt

23. Problem is, the price they sell PLUS at will never cover the waterfall debt

24. They cannot sell to MMC because MMC will only agree to pay ONE price

25. Since it is DEBT on DEBT, Khazanah is pushing for EPF

26. The idea is EPF takes over "officially" Khazanah's shares

27. But allows them to keep the balance waterfall structure in place

28. So, effectively, EPF is "indirectly, very indirectly" holding in place Khazanah's lower-lever waterfall debt

29. And Khazanah takes the UEM/PLUS monies and services its debt obligations

30. Writes down olivant fund (which is actually a debt holding vehicle which they argue is a third party) and caused by crisis loss money


TO BE CONT'D

PLUS X-PERT said...

PART FOUR

NOW, THE JUICE IS THIS:

31. Did you know there was a company called "Jumeirah Capital" involved in Iskandar?

32. Jumeirah Capital bought land slightly higher than Khazanah's price

33. And never really paid for it!

34. Jumeirah Capital and Khazanah flipped the stake to Mudabala and KFH and gang at prices like three times higher

35. Now, a lot of people thought this Jumeirah Capital is from Dubai. Don't be FOOLED! It has an office in Dubai and was set up by a group of individuals against whom there is now a warrant of arrest issued.

36. One of these individuals is good friends of Khairy Jamaluddin and Khazanah's Ganen

37. Remember Tan Sri Azlan resigned from the board of Iskandar Investments Bhd? Did he find out about Jumeirah Capital and was curious why Jumeirah was allowed a price far, far, far lower than KFH and Mudabala

38. Did they name it Jumeirah to deceive people into thinking it is THE Jumeirah Group?

TO BE CONT'D xxxx

PLUS X-PERT said...

PART FIVE

COULD IT BE THAT IF JUMEIRAH WASNT'T GIVEN THE CHEAP BLOCK, KHAZANAH COULD HAVE MADE A LOT MORE AND COVERED MORE OF ITS DEBT?

39. Arlida definitely knew Jumeirah Capital and the people behind it

40. Could all this be linked to why perhaps (maybe), just maybe, Azman Mokh and Ganen push all the blame to Arlida?

41. THE PRICE DIFFERENCE IS HUGE!

42. Mudabala and KFH bought roughly USD7 psf of gross dev space. COmpared to Jumeirah at USD1 psf.

43. So, wonder, erm, who are Jumeirah made USD6 psf?

44. usd6psf x 3.1 (exchange rate) x 1200 acres x 43560 (convert acres to sq ft)

45. That's almost RM1 billion

46. Not built-up, mind you. Build up is about five times more

47. So someone made RM5 billion x whatever percent Jumeirah owned!

48. Hmmmm ...

TO BE CONT'D

PLUS X-PERT said...

LAST PART

49. So, bro, no one has been looking at what's been cooking in Khazanah

50. While all the attention had been on Simem 1MDB, EPF, etc. the biggest, baddest one may be right in front of us.

51. And the SOLUTION?

52. EPF.

53. OUR MONEY.

THE END

Anonymous said...

OMG!!OMG!!OMG!! kesian nya malaysia ku kena tipu bulat bulat di siang hari!!!OMG!OMG!! who is that arlida? can someone tangkap dia masukan dalam lokap? this is more serious crime than mat ragut yang hantam satu dua mangsa. this crime, kill millions of malaysians' periok nasi & our children's future!!!

-OMG!OMG!WTF!WTF-

Anonymous said...

Yes, govt not inc toll rates, but when they do this, everytime there is a contractual increase in PLUS concession agreement, the government will have to pay PLUS. Where is the government getting the $ to pay PLUS? From the rakyat's income taxlah. What this means is, toll using Indons, Bangla and Negros have been given a massive discount by Dato Najib Tun Razak, while tax paying Msian's are being hoodwink into believing that they are getting a discount, when they are paying more. Hidup Tan Sri Muhyidin, PEWIRA malaya.

Anonymous said...

rocky, the government should control malaysian companies from falling to the foreign hand especially Singapore. then Singaporean will control our economy and where is Malay participation

zamri

Anonymous said...

And so what is new, it has always been like that eversince the curse took over in the eighties

q0l0p said...

Arlida: goto - http://youngcorporatemalaysians.com/2010/07/write-up-ceo-series-24-%E2%80%93-arlida-ariff-ceo-of-iskandar-investment-bhd/

vinnan said...

In the Iskandar project thousands of acres of Tanah Rezab Melayu suddenly became 'Geran International'. Then the Johor government in order to replace these 'lost' Tanah Melayu' started converting land in other parts of Johor into Tanah Rezab Melayu. Obviously the only people whose land can be arbitrarily converted into Tanah Rezab are land which belongs to the Malays. Imagine today your land is worth RM1000,000 per acre but tomorrow because the government converted your land into Rezab Melayu the land value drops by half. The Johor government claims they are vonverting the land into Rezab Melayu so as to protect the interest of the Melayu land owner. What a sick spin by UMNO to justify sodomising the Melayus.

Now, these formerly Tanah Rezab Melayu can even be sold to foreigners including the 'Kiasus'. This is the kind of shit from UMNO which makes the people especially the non-Malays vote for PR. In the eyes of UMNO/Perkasa it is wrong for non-Malay Malaysians to hold land in Malaysia but it is alright to screw the Melayus of their Tanah Rezab and then sell the land to foreigners. That's why the Chinese in particular HATE UMNO. You people screw the Malays but put the blame on the Chinese. I do not know what is going to happen in the Galas nad Batu Sapi by-elections but I can assure you the Chinese will show you UMNO/Perkasas racist how we have come to the point where we do not care what UMNO/Perkasa threatens to do to us if we throw our support behind PR. The Chinese mostly drive Protons and live in terrace houses, UMNO/Perkasa live in mansions and drive luxury cars. Take your keris waving shit to its conclusion and let's see who has more to lose.

ewoon said...

Bro, you never learn, do you!

Another police report will be lodged against you lah - by another minister - for "character assasination!"

They may take your 'tough book' too and you'll cry running to mummy. I only have so few RM50 to spare to help you get a new notebook or whatever, so please restrain yourself and don't make it hard for me.

BTW, is Rais Yatim really being squeaky clean? So why now so kecut to report to MACC? His bully is back-firing now issit? He appears more stupid than Zam. Budoh!

Did i just "character assasinate" anyone? hehehe

Anonymous said...

Dibawa Najib Tun Razak memang Negro, Bangla dan Indon dikenakan tol yg rendah oleh PLUS, sebabnya mrk x perlu byr cukai. Mat Salleh dan Pak Arab, bole kesini dan beli beg tangan dan gincu dgn harga murah. Sebab Najib dah kurangkan cukai utk brg sedemikian. Kita, rakyat Malaysia, dapat ape pulak? Cukai servis nak DUA PULUH peratos ke 6 percen. Kalu nak tonton Astro kat rumah, kena BAYAR cukai ENAM peratos. Rasanya Najib bukan nake jadee PM utk semua yg ade kerakyatan tpee beridam nak jahdee Malaysia's first global PM. Dato Najib, tolong LETAK JAWATAN. Kami RAKYAT MSIA PERCAYA, TAN SRI MUHYIDDIN MEMANG SUDAH BERSEDIA MENJADI PM. Dj REMY.

Anonymous said...

por pa por. no understand.why other toll operators cam litrak lekas etc boleh naik.Rasanya mcm mungkin agaknya sperti mcm nak tarik pengundi cina sbab towkenye bukan melayu ke.Tolong explain sikit najib razak cucu mat noh.org biase mcm saya bute ekonomy.

Anonymous said...

The macoba mafia boys r now in total control of iskandar. Their trolls r all over the cyberspace trying to convince everyone that arlida is the sole culprit in the IIB fiasco. Come on lah, arlida could not even sneeze without the greenlight of amokh and khazanah board of directors. Bear in mind that appointment of every senior management staff in IIB r by Khazanah BOD. How come the EnY ppl never seized Ganen's laptop n berry? The biggest machai in IIB is hanapiah (ben)n he is the golfing buddy of most senior khazanah ppl. Even asuki plays golf with him. Don't tell me they don't notice that the feller now has a mercedes with driver while when he first joined IIB as an AVP just three years ago, he was just driving a Waja. If not for the intervention of Johor MB, they would still be happoily doing as they please. Now they need to adjust their plan a bit. Ghani will have his hand full as arlida's replacement is even smarter n fully backed by the macoba mafia boys. In a way it was. fortunate that the MB is ghani. Anyone lesser than him will probably tumpang semangkuk juga. big cat

Anonymous said...

Amokh dan Ganen perlu di siasat dengan segera sebelum lebih banyak duit rakyat di sapu bersih oleh mereka.

Anonymous said...

TH Properties was haprak under Syed Mohamed (you can verify with Datuk Bakkee or Datuk Ismee), so what is so great about this guy? Obviously, he is another MCOBA's machai, licking Amokh's arse left right and centre. Babi!

Anonymous said...

more than a couple of years ago i was expatraited to dubai to help out a fledgling (actually sinking!)local JV that went horribly wrong. stumbled upon a few COOs, CEOs who frequented this well known shisha shop by the souq and was roped to hatch few 'escape' plans. jumeirah capital was one of the long shot plans, headed by an glib talking fake dato closed to a youth wing from tanjong. i bailed out midway after few close calls with both sides of the central banks. mind you that the 2nd kingdom needs an outlet to operate the 'dry cleaning' shop...

Anonymous said...

No wonder the Government claimed that they have to reduce subsidies to Rakyat, bcos all the MCOBA bastards have robbed our money. Good job!

Anonymous said...

No wonder the Government claimed that they have to reduce subsidies to Rakyat, bcos all the MCOBA bastards have robbed our money. Good job!

Anonymous said...

PLUS X-PERT,

Now that pretty much explained why Mubadala has been investing elsewhere since the RM4.2bn purchased of land in Nusajaya in 2007.

Saturday October 9, 2010

Billions to be invested in two projects
By YVONNE TAN
yvonne@thestar.com.my

PUTRAJAYA: Billions of ringgit in investments are in the pipeline from Abu Dhabi, and are set to flow into two major projects in Kuala Lumpur and Sarawak.

The emirate’s investment unit, Mubadala Development Co, is teaming up with the Government-owned 1Malaysia Development Bhd to participate in property and aluminium ventures in the two areas.

At the signing of two agreements yesterday, Prime Minister Datuk Seri Najib Tun Razak said the first would pave the way for Mubadala’s involvement in the Kuala Lumpur International Financial District (KLIFD) real estate development, which is estimated to cost more than RM26bil.

In the second tie-up, Najib added, Mubadala, through Mubadala Industry, was looking to commit up to US$7bil (RM21.7bil) in long-term projects in the Sarawak Corridor of Renewable Energy (SCORE).

Anonymous said...

macoba mafia boys my arse! more of macoba homoboys!

Anonymous said...

brothers

what happened in iskandar is thing of the past. History

do not be too concerned. iskandar was pak lah doing.

now different regime.

under the New Economic Model, such wrongdoing will not recur.

ADVOCATE OF NEM

Seolferwulf said...

Who was the PM when the concept of toll highways first saw the light of day?

It's amazing how fast we forget...

Anonymous said...

I totally agree that Iskandar was Pak Lah wrongdoing, but the problem is the pirates in South Johor headed by Azman, Ganen and friends are still robbing people's money. Different PM, but same old shit!

Anonymous said...

The Chinese mostly drive Protons and live in terrace houses, ..

?? what's wrong with this Vinnan brain..is he high?? yo..what da ya smoking, bitch? You, a 'vinnan' talk on behalf of chinks?? wtf?

A RM868,000 intermediate terrace house in USJ is still a terrace house..so what ya point? FYI idiot..chinks mostly drive Toyota, Honda, Nissan, Merc & Beemers..very few proton, unless you do believe that most of indian drive a kereta lembu.. stop ya hogwash & pretending your body is rasuk by chinkie god to go on for some kind of verbal berserk..

Hey, Galas & Batu Sapi got nothing to do with chingkie & hindulens things as its main menu..so, better snap out from your opium dream!

:D muhahahaha
-anti hindraf & ultra chingkies

Seolferwulf said...

So, Rocky - where were u when all the lopsided privatisation agreements were dished out during the premiership of u-know-who? I recall that u were discreetly silent then.

Any comment on the fact that the govt would have to pay compensation as high as RM5 billion to Plus under the old compensation agreement if tolls were to be frozen for 5 years? From public funds!

And no one has been called to account since then!

Seolferwulf said...

Anti xxx

U forgot to mention that the "favoured few" swan around in Porsche Cayenne Turbos, assorted Brabuses and M-class Beemers, not to mention assorted Ferraris, Lambos and the odd Bentley.

And their residences are in neighbourhoods such as Kenny Hills, Damansara Heights and Bukit Pantai. No terrace houses or semi-dees for these capitalists!

Anonymous said...

JUMEIRAH CAP - THE CLASSIC ALI BABA PLOT. CCM, PLEASE INV. EASY - TRACE THE CASH.