by Wan Ahmad Fayhsal
The scandal
that has engulfed upon the government of Malaysia’s strategic development company – 1Malaysia Development Berhad or better known as 1MDB – has created a big ruckus in
our country. It’s a very high profile case due to its direct implication
not only to 1MDB but also to the Prime Minister Dato’ Sri Najib Tun Razak who is
in charge of 1MDB.
The
groundbreaking revelation was made by none other than The Wall Street Journal (WSJ) and Sarawak Report (SR) last month on the alleged huge sums of
money that was transferred into Dato’ Sri Najib’s personal private bank account
in Ambank. The most controversial part is not so much of the private bank account rather the manner of which the money was wired from 1MDB-linked companies called SRC International Sdn. Bhd via its
subsidiary Gandingan Mentari Sdn. Bhd. and another company that used to do 1MDB
corporate social responsibility work – Ihsan Perdana Sdn. Bhd.
Arising
from these revelations, there are two names that were repeatedly highlighted by
WSJ and SR that helmed two of the identified companies in which they sit as
board members of SRC International and Gandingan Mentari:
1 – Nik Faisal Ariff Kamil – as alleged by WSJ as having the power of attorney to manage Dato’ Seri Najib’s account.
2 – Datuk Suboh Md Yassin
Company records obtained from Commission Companies of Malaysia (SSM) clearly show their "togetherness":
Form 49 of SRC International Sdn. Bhd shows Datuk Suboh Md. Yassin and Nik Faisal Ariff Kamil are members of the board for SRC International.
The same duo appeared in Gandingan Mentari Sdn. Bhd. the company that was alleged by WSJ and SR to transfer money from questionable sources that ended up in Prime Minister's Dato' Seri Najib's personal bank account.
The
name Nik Faisal Ariff Kamil has been highlighted constantly by another media
outlet – The Edge which has been
very vocal and resourceful in connecting the dots on corporate deals,
transactions and money trails involving 1MDB, the mysterious Penangite by the
name Low Thaek Jho or better known as Jho Low who is believed to be the key
figure in managing the alleged ‘dubious’ deals and transactions involving 1MDB
especially with regard to the joint venture with the controversial company, PetroSaudi International.
Nik Faisal shown in picture here, reported
by The Edge few months back.
The
involvement of Nik Faisal in this 1MDB saga is pretty much clear cut but what about
Datuk Suboh Md Yassin? Why he is currently in the top three – alongside Jho Low
and Nik Faisal – in the wanted list of Malaysia Anti-Corruption Commission
(MACC) with regard to the investigation on 1MDB and SRC International? These high-profile cases are being investigated by equally high-profile Special
Task Force (STF) that is manned by personnel from the Attorney General’s Chambers, MACC, Malaysia’s
Central Bank (Bank Negara) and the Police?
Furthermore besides Jho Low who is already outside the country, Nik Faisal and
Datuk Suboh Yassin’s presence were no longer detectable locally. The
investigators have suspected that they have left the country in the midst of
the 1MDB investigation conducted by STF.
Datuk Suboh Yassin is currently pursued by MACC but nowhere he could be found and was believe to have fled the country as reported by The Sun Daily.
Few
days back the name Datuk Suboh suddenly rang a bell in my head. The name sounds
familiar to me before this whole exposé
by 1MDB was made by the media.
I think I'veseen and bumped into him somewhere before early this year.
After
pondering and performing serious recollection, I remembered that I’ve seen him early
this year in a conference which I have attended called Nuclear Power Asia 2015. The conference was being held at Hilton Kuala Lumpur from 26 till 28th January 2015. I’ve
written my personal view on the conference in Malay language here.
My picture, adorning the red tie during the luncheon in the 6th annual Nuclear Power Asia 2015 conference. This was where and when I first got to know Datuk Suboh Md. Yassin as the chairman of MNPC before he was linked to 1MDB and SRC International Sdn. Bhd.
I
remembered that someone from Malaysia Nuclear Power Corporation (MNPC) – an
organization that is placed within the purview of Prime Minister’s Department – had shown me the presence of their chairman, Datuk Suboh Md Yassin during the conference.
I think I saw him mingling with other delegates, and attending few plenary
sessions throughout the conference.
So
early this week I've done some research in the Nuclear
Power Asia website and it was not surprised for me to see Datuk Suboh’s
pictures were captured by the conference organizer’s media:
(1) Datuk Suboh can be seen seating with his
head tilted downward.
(2) Datuk Suboh, from the other angle during
the conference.
This
duo – Datuk Suboh Md Yassin and Nik Faisal Ariff Kamil have always appeared
together in companies that have connections with 1MDB such as SRC International Sdn.
Bhd. and Gandingan Mentari Sdn. Bhd.
So
on the 28th of July, I went to Malaysia Companies Commission of
Malaysia (Suruhanjaya Syarikat Malaysia) or better known as SSM to do some
research with regard to Datuk Suboh and MNPC. I have obtained Form 49 for MNPC and SRC International Sdn. Bhd. as well as
MNPC annual report for 2013.
To my surprise I saw many interesting names including Nik Faisal Ariff Kamil
who sits with Datuk Suboh Md. Yassin in MNPC’s Board of Directors:
(1) From Page 1 of MNPC Form 49:
(2) From Page 2 of MNPC Form 49:
(3) From Page 3 of MNPC Form 49:
Besides
the ex-officio who are the nominees
from respective ministries that have direct roles with nuclear (such as
Economic Planning Unit, Ministry of Science and Technology) there are FOUR
other members – including Datuk Suboh Md. Yassin and Nik Faisal Ariff Kamil –
who currently sit in the board of MNPC who are not ex-officio; which means they
were brought in from the industry [exception to Datuk Suboh who served in government office before].
The other two are (1) Wie Hock Kiong and (2) Cheah
Tek Kuang.
After doing some due diligence on their background, strangely these four board
members of MNPC – Datuk Suboh Md. Yassin, Nik Faisal Ariff Kamil, Wie Hock
Kiong, and Cheah Tek Kuang – all of them do not possess any background on
nuclear-related matter whatsoever.
Surprisingly the former chairman of PAC on 1MDB - Datuk Nur Jazlan was actually a member of the board of TSH Resources Berhad alongside Datuk Suboh Md. Yassin.
"The Developer" - who is Wie Hock Kiong?
He
is clearly a successful property developer through and through. Interestingly he was formerly on the Board of Putrajaya
Perdana Berhad (PPB) – an outstanding construction and property development
company which as reported by The Edge
was acquired by UBG Berhad along with Loh & Loh Berhad. As stated in its annual reports, there were many indicators that pointed out to Jho Low's role in the company as well as its dealing with PetroSaudi International:
Jho Low was heavily involved with UBG Berhad’s
acquisitions of Putrajaya Perdana Berhad – the company which Wie Hock Kiong
sits as one of its board members. Source picture: Focus Malaysia.
There’s
a crucial link between Jho Low and Wie Hock Kiong in the transaction involving
the disposal of block shares owned by Wie Hock Kiong and his brother Wie Hock
Beng – after the selling down by Jho Low, it was later acquired by Dato’ Rosman Abdullah via his Cendana Destini Sdn.
Bhd for an undisclosed sum. The acquisition was made by Cendana Destini through Dato' Rosman who then was the major shareholder in PPB. Only later after the deal had gone through the Wie brothers relinquished their posts in the PPB's board.
Dato' Rosman Abdullah singlehandedly via his SPV Cendana Destini Sdn. Bhd. acquired the entire stake in PPB. Source: Putrajaya Perdana Berhad's official website.
Later there was another surprise: PPB disposed 30% of its stake to Lembaga Urusan Tabung Haji (Muslim Pilgrimage Fund) in an off-market transaction as reported by The Edge and The Star for an undisclosed sum.
Arising from this transaction, Datuk Seri Panglima Azeez Rahim the chairman of Lembaga Urusan Tabung Haji was made to be its Non-Independent and Non-Executive Chairman of PPB.
It is well known that Datuk Seri Abdul Azeez from UMNO is very close to Dato' Seri Najib Tun Razak and his wife.
We have to remember that in Lembaga Urusan Tabung Haji, three of its board members have sat in 1MDB's Board of Directors as well as at the Advisory Board:
Clear cut link of Tabung Haji decision makers with 1MDB.
Tan Sri Ismee Ismail, not only sits in 1MDB but also used to sit in the board of SRC International Sdn. Bhd along with Datuk Shahrol Halmi the former CEO of 1MDB:
In the early days of SRC International Sdn. Bhd circa 2011-2012, back then Datuk Paduka (now Tan Sri) Ismee Ismail was one of its directors already with the usual duo Datuk Suboh Md. Yassin and Nik Faisal Ariff Kamil as well as former CEO Datuk Shahrol Azral Halmi. Source: SRC International audited financial statements for year end 2012.
Recently Dato’ Rosman Abdullah who is now the
Group Managing Director as well as his fellow board member Jerome Lee Tak Loong
were once remanded by Malaysian Anti-Corruption Commission (MACC) to assist on the
investigation involving 1MDB and SRC International Sdn. Bhd.
Why would Dato' Rosman (picture above) was remanded by MACC in their due course of investigation on SRC International Sdn. Bhd. and 1MDB? Was it due to the off-market transaction of shares disposal to Lembaga Tabung Haji?
As for the
Wie brothers, after disposing their shares in PPB, they joined Pesona Metro Sdn. Bhd and became its largest shareholders
with combined shares amounting to 60%. (refer here).
Wie
Hock Kiong still remain in PPB not as board member but holding a senior
management position as the Chief Executive Officer of of Saluran Arena Sdn Bhd
(SASB), a subsidiary of PPB.
Both PPB and Pesona Metro has formed a solid partnership and recently they were awarded a lucrative highway concession estimated to be worth around RM 2 billion by the government.
With all these complicated web connections between PPB, Tabung Haji, Pesona Metro, 1MDB, SRC International let us not lose sight again on the original question that should be raised pertaining to Wie Hock Kiong:
"What and why a construction and
property developer guy that has nothing to do with nuclear sits in MNPC's board?"
Could he might be the "developer" for nuclear power plant civil works?
"The Financier": who is Cheah Tek Kuang?
Cheah
Tek Kuang has an outstanding résumé with regard to his decades of experiences
in banking and financial matters. In order to understand his significant role
in AmBank, even after retirement in 2012, he was still advising AmBank, as per released by AmBank’s Group
Corporate Affairs:
“Mr
Cheah Tek Kuang retires as the Group Managing Director of AmBank Group on 1
April 2012 and he will take on the new advisory role as Adviser to the
Chairman’s Office, AmBank Group. Mr Cheah will be appointed Deputy Chairman of
AmBank (M) Berhad and AmInvestment Bank Berhad respectively. Additionally, he
will continue as Non-Executive Director of AmIslamic Bank Berhad. As
part of his duties as Adviser to the Chairman’s Office, Mr Cheah will provide
guidance to Mr Ashok Ramamurthy as he transitions into his new position as
Group Managing Director for three months, from April to June 2012. Effective
1st July, Mr Cheah will continue to serve as Adviser to the Chairman’s Office.
Tan
Sri Azman added, “Cheah Tek Kuang has made a remarkable contribution to the
Group. Over a 34 year-career, including 18 years as a Board member and senior
executive, he has been instrumental in the growth of AmBank into one of
Malaysia’s large and successful institutions. I know Ashok will continue to
build on the very strong foundations laid by Cheah Tek Kuang.”
(source: BERNAMA - http://mrem.bernama.com/viewsm.php?idm=19322)
We can simply put that Cheah Tek Kuang is the right hand-man of Tan Sri Azman Hashim. His role in AmBank is very central and important. As reported by The Edge and many others, Ambank has been playing a significant role in 1MDB issuance of debt papers like bonds and sukuk.
Let us try evidence that below:
Ambank is
one of the favourite banks used by Jho Low and 1MDB to raise sukuk and bonds.
As reported by The Edge on Jho Low’s
affinity with Ambank.
As shown in the income fund managed by AmInvestment, in their AmIncome Annual Report 2014 where they raised sukuk for 1MDB subscribed
by PNB and Tabung Haji. Source: AmBank Group AmIncome Advantage report.
On top of that, AmInvestment is the lead
arranger for 1MDB-owned Bandar Malaysia Sdn. Bhd sukuk murabahah programme.
Source: Securities Commission Malaysia.
The Trust Deed between 1MDB's Bandar Malaysia Sdn. Bhd. and AmTrustee Berhad.
Excerpt (1) from Bandar Malaysia Sukuk Sdn. Bhd. a unit under 1MDB Real Estate Sdn. Bhd., clearly stated the involvement of AmInvestment Bank Berhad as Lead Arranger and Lead Manager.
Excerpt (2) from Bandar Malaysia Sukuk Sdn. Bhd. a subsidiary of 1MDB. Clearly stated the involvement of AmIslamic Bank Berhad.
Not
to forget, Ambank Islamic was also named by WSJ
and SR to manage Dato’ Seri Najib’s
personal private bank account which currently under probe by the 1MDB Special
Task Force.
Like
Wie Hock Kiong, Datuk Suboh, and Nik Faisal, he too does not possess any
qualifications on nuclear-related matters.
Again, this also begs the same question: why is Cheah Tek Kuang sits on the
board of MNPC?
Or
for a more serious question, judging from the documentary evidences above,
could Cheah Tek Kuang be the key person in managing and arranging all
fundings of debt papers, bonds, sukuk for 1MDB via AmBank group of companies
especially AmInvestment?
Besides
Datuk Suboh Md. Yassin and Nik Faisal, these two distinguished and successful
gentlemen – Wie Hock Kiong and Cheah Tek Kuang – as evidenced by their
involvement with few of Jho Low’s "company flipping deals" and 1MDB-related debt issuances, would definitely
warrant further queries on their presence in the board of MNPC.
Given
their links with 1MDB – directly or indirectly in transaction-related matter, could they be the key players for Najib to prepare 1MDB to be an energy behemoth by adding nuclear power plant into the energy mix of 1MDB's subsidiary of Edra Global Energy?
Could
Wie Hock Kiong given his impeccable record in construction, be the main player
in Engineering, Procurement, Construction
and Commissioning (EPCC) and civil work for Nuclear Power Plant (NPP) for 1MDB?
Could
Cheah Tek Kuang be the main financier to raise necessary fundings for the
nuclear power project of 1MDB?
If
not, why then would these four gentlemen, despite of having ZERO nuclear background and
expertise yet were still being appointed to be the members of MNPC board of directors? The
perks and benefits of being there are definitely unattractive as compared to
being board members in Government-Linked Companies (GLCs) or public-listed
companies
What could be the real motive for such appointment?
To
evidence that we must understand first what is MNPC.
MNPC as NEPIO
What
is MNPC can easily be understood from this slide:
MNPC is a Nuclear Energy Programme Implementation Organisation (NEPIO) that is
tasked, as explained in MNPC’s Memorandum and Articles of Association:
MNPC as NEPIO and described in its M&A
Task No. 1: “To plan, spearhead
& coordinate the implementation of nuclear energy development programme for
Malaysia and to take the necessary action to realise the development of the
first nuclear power plant in Malaysia”
Task No. 2: To ensure the development
of nuclear infrastructure for the country
is in line with International Atomic Energy Agency (IAEA) guidelines
covering 19 key areas of national position, nuclear safety, management, funding
& financing, legislative framework, safeguards, regulatory framework,
radiation protection, electrical grid, human resource development, stakeholder
involvement, site & supporting facilities, environmental protection,
emergency planning, security & physical protection, nuclear fuel cycle,
radioactive waste,
industrial involvement, and procurement; and,
Task No. 3: To identify the company or special purpose vehicle (SPV) to be the
owner and/or operator of nuclear power plant.
(source:
refer to MNPC’s presentation that was uploaded into IAEA website)
Without
discounting Task No. 1 and Task No.2, with regard to the possible link of 1MDB
to MNPC, I am more interested on Task No. 3 which I will elaborate later.
How Najib as Prime Minister is damn serious
in having total control of MNPC just like how he has done in 1MDB
As
usual, to understand what type of “creature” an entity or company is, one must
pry into its Memorandum and Articles of Association (M&A).
As for 1MDB, it
evolved from state-level Terengganu Investment Authority Berhad (TIA) before
Prime Minister Najib brought it to the federal and given a substantial makeover
in its M&A as can be seen below in "RESERVED MATTERS", Article 117:
Article 117 in 1MDB's Memorandum and Article of Association (M&A) clearly described the critical role of the Prime Minister in 1MDB's decision making especially related to financial commitment.
As
we can see from the excerpt of M&A here – a public document that could
easily be obtained from SSM, in “Reserve Matter” section, Article 117, it
clearly stated that the final say of any important decisions especially related
to financial matters must have WRITTEN
APPROVAL of the Prime Minister. All articles in 1MDB M&A are LIMITED BY Article 117.
In
laymen’s term, the whole of M&A is governed by this particular Article 117 where the real authority – akin to being a 'shadow director – in making the final decision is none other than the
Prime Minister.
It is a "special ruling" in 1MDB M&A, despite the Prime Minister has
only advisory capacity – which is not covered and liable under the statutory and fiduciary
laws of the Malaysia’s Company Act, the M&A awarded TOTAL and ABSOLUTE POWER to
Prime Minister Dato' Seri Najib Tun Razak to decide matters especially on finance that have
utmost bearings on STATUTORY and FIDUCIARY matters that are liable under the
law of this country.
Before
we go to MNPC’s M&A, let us digress a bit and review some important documents and news report
as far as 2009 when TIA was transformed into 1MDB.
One
of the important fund raising activities ever done by TIA was the issuance of Islamic Medium Term Notes (IMTN)
arranged by none-other than the usual suspect Cheah Tek Kuang’s
AmInvestment Bank Berhad which was
described as “the first ever 30-year issued IMTN from Malaysia”.
Excerpt of the IMTN document issued by TIA.
Excerpt from Asia Bond Monitor report that
reflected how 1MDB inherited TIA-issued IMTN worth RM 5 billion arranged by
AmInvestment Bank Berhad.
Later own inherited by 1MDB after TIA was brought to Federal and changed into 1MDB.
Also
mentioned since 2009 when 1MDB was still TIA, the Jho Low-linked company called
PetroSaudi International was already in the picture waiting to do joint venture
which occurred not in TIA but later when TIA was evolved into 1MDB:
Excerpt of report covered by IFR Asia that mentioned TIA linked with PetroSaudi (Jho Low) in IMTN arranged by AmInvestment Bank.
Accessible via Chris Wright media (click here)
Reviewing
The Star’s coverage on the evolvement
of TIA to 1MDB in 2009 by Jagdev Singh Sidhu, clearly mentioned in the report
on the intent to collaterize Terengganu’s oil assets as part of the fund
raising exercise:
Excerpt from the report by The Star which mentioned the intent of 1MDB to collateralize oil royalty payments of Terengganu. (Source: The Star)
Meaning
to say, Jho Low via PetroSaudi International was ready to securitize the oil
revenue of the State of Terengganu as part of the fund raising exercise for TIA then later for 1MDB.
No wonder former Chief Minister of Terengganu,
Datuk Seri Ahmad Said made a claim early
this year about 1MDB trying to mortgage Terengganu's oil royalty to raise debt for
1MDB. In its precise financial technical term, what 1MDB was hoping to do was actually to SECURITIZE THE OIL
REVENUE to turn into financial instruments called ASSET-BACKED SECURITIES
(ABS).
These
ABS could be sold to general investors as part of fund raising exercise – like
how Mortgage Back Securities (MBS) in US were created in abundant out of
irresponsible lending by the banks, repackaged and sold as “investment” that
finally precipitated into a financial bubble that led to the United States’
Subprime Crisis in 2008.
Now we come back to the original discussion on the M&A. There’s
a strong parallel between 1MDB and MNPC M&A. But prior to that we must see through some of the important pages of MNPC Annual Report 2013.
The cover page of MNPC Annual Report 2013. Obtained from SSM.
3rd page from MNPC Annual Report for 2013 clearly listed down their principal activities as well as the four non-nuclear gentlemen closely linked with 1MDB-related transactions and companies. (Source: SSM)
From
MNPC public documents obtained from SSM, I have reviewed a “special resolution” that
was passed by the board of MNPC on the 5th of March 2014 that
amended 3 important articles: Article 5, 36 and 53.
Picture from page 1 of the passed special
resolution in MNPC Board General Meeting in March 2014. (Source: SSM)
Picture from page 2 of the passed special
resolution in MNPC Board General Meeting in March 2014 . (Source: SSM)
As
you can read from the resolution above, the amendments involving article 5, 36 and 53 were made with specific reference by inserting the clause involving "by the consent of Prime Minister".
All
of the amendments made have common element in it: the supreme role of Prime
Minister of Malaysia in approving critical decisions with regard to
the appointment of key people in MNPC – especially the positions of Director and Chief
Executive Officer (CEO).
When there’s a change in M&A, surely there’s a new intent, new purpose. What is the purpose of the amendments if not for Najib to have full control on MNPC?
This
shows the common factor between 1MDB and MNPC is none other than Najib as Prime
Minister wants to have a TOTAL CONTROL with regard to key decision making related to board-level matters in 1MDB and MNPC.
To
make it digestible to laymen, from the governance structure described by M&A for both 1MDB and MNPC, we could say
that in reality Najib is 1MDB; 1MDB is Najib and Najib is MNPC and MNPC is Najib.
What
can we deduce from these amendments? Instead of relying on minister in charge
on nuclear, Dato' Seri Najib as Prime Minister wants to have a full control on
the selection process of key personnel of MNPC especially at the board level
which we now have evidenced from solid public document t(hat was obtained
legally, not from Justo), on how perhaps through his authority as the Prime Minister vis-a-vis the MNPC M&A, he has appointed four
non-nuclear personnel that are linked to 1MDB directly and indirectly to sit on the board of MNPC.
Sadly,
what would MNPC be when the chairman – Datuk Suboh MD. Yassin has absconded due to his link to the 1MDB scandal?
How serious is Malaysia under Najib in the quest to go nuclear?
World Nuclear News reported in 2011 that Malaysia is on the brink of "eventual deployment" of nuclear power project. Source: World Nuclear News
Malaysia
under the Prime Minister-ship of Najib Tun Razak is dead serious about nuclear.
It was already outlined in Economic Transformation Program (ETP) that under
Entry Point-Project 11 (EPP 11) is all about nuclear power plant project:
As depicted in Economic Transformation Programme's website, "Deploying Nuclear Energy for Power Generation" is placed under the Entry Point Project 11 (EPP 11).
In 2010 as reported by The Star, Najib was awarded a historic bilateral meeting by the United States as "Najib is among more than 40 world leaders attending the summit but only one of two Asian leaders (meaning Najib) was granted a face-to-face meeting with Obama. The other leader is Chinese President Hu Jintao."
Najib
himself attended 2010 Nuclear Security Summit in Washington, DC.
Surely the close proximity of Najib with Obama as arranged by then his deceased right hand-man Tan Sri Jamaluddin Jarjis (as indicated by the Golf Diplomacy between Najib and Obama in Hawaii a year back) perhaps already included within their discussion items something pertaining to nuclear power project??
So I believe the pictures and the news report have more than meets the eye, given the nature of nuclear power project which is highly sensitive to public sentiment.
Alas, some of the findings pertaining to the seriousness of Malaysian government ambition under Dato' Seri Najib to pursue their own nuclear power program was eventually leaked into the public domain.
Potential
sites for NPP have already been identified by MNPC as reported by anti-nuclear
activist, Dr Ronald McCoy:
Among
the four states as alleged by Dr McCoy that were identified by MNPC, the one attracting
me the most is Johor.
Strategically located beside Singapore burgeoning
economy, Johor itself is growing at rapid scale in becoming a modern
industrialized state that opening up for heavy industries especially the one
located in Pengerang Integrated Petroleum Complex (PIPC).
Excess
capacity of electricity generated by NPP could easily be distributed to those
industrial grid even the one in Singapore.
Surprisingly I found a study done by two Universiti Teknologi Malaysia (UTM) researchers who have concluded geographically, if NPP were to be built in Johor, Tenggaroh and Jemaluang might be the best area to build NPP facilities down South.
Front page of the journal paper that
published a study on potential sites for NPP in Johor.
The recommended areas
The journal paper on the most feasible locations of NPP in Johor can be read here.
Najib’s Samson Option will drag Malaysia
down
From
the above we have evidenced many important questions which ultimately – like
1MDB, could only be answered by Prime Minister Dato’ Seri Najib Tun Razak.
What are the possible connections between 1MDB and MNPC – both are being helmed and totally
controlled by Najib as the Prime Minister?
I
personlly see that in the Task No. 3 of NEPIO: "to identify the company or special purpose vehicle (SPV) to be the owner and/or operator of nuclear power plant" seems to open the most plausible avenue to link 1MDB with MNPC.
Would
MNPC as a NEPIO that is totally in control by Najib would identify the company or special purpose
vehicle (SPV) that is 1MDB Energy Global – also controlled by Najib as to be
the true owner and operator of nuclear power plant in Malaysia?
The
way Najib positioned himself and his key men in 1MDB and MNPC have made the two outfits clearly meant for each
other in which such integration would unlock billions of ringgit in value that
might arise from not only the NPP EPCC but also the lucrative power generation
concession that will surely outruns the normal life span of an ordinary coal-fired power plant.
There's a rumor in the horizon where the "unbundling of Tenaga’s business into three separate entities" that will individually housed the utility’s power generation, transmission and distribution divisions could be a reality in near future.
Would 1MDB be part of this exercise by acquiring the profitable segment of power generation from TNB and throw nuclear power plant into the mix?
If the plan could be realized, 1MDB
will definitely be a REAL CASH COW!
The
billion dollar question is: who will benefit from such deal?
That
I leave to reader’s imagination to interpret.
---
Samson sacrificed himself along with his enemies the Philistines by destroying the temple. Would Najib reincarnate the same biblical story to us Malaysians by going nuclear?
Politically speaking, would
Najib in his bid to escape and evade the alleged corruption charges at the same
time trying to consolidate more power, would be like the biblical figure Samson
who rather than throwing in the towel, willing to fight till the bitter end and
drag all Malaysians along like how Samson did to the Philistines in the pagan
temple of the biblical story?
Obama is coming again! Yes we all know Malaysia is central to US "Asia's Pivot" in their battle for influence against China in Asia Pacific. So where does Najib - as Chairman of ASEAN and Premier of Malaysia fits into the whole scheme of Washington's regional diplomacy and geopolitics of "Asia's Pivot"?? Could nuclear be the wild card for the US by using 1MDB as its vehicle?
Could
nuclear be one of the important agenda for President of the United States of
America Barrack Obama to discuss and most importantly to conclude a deal about
it when he meet his counterpart – Dato' Seri Najib Razak – this coming end of the year who is now sullied
and tainted with serious alleged corruptions?
As analyzed and evidenced by many media on the scandal of 1MDB, the money trails involved many countries as well as already traceable under the SWIFT system. Surely President Obama would have
read Najib’s files especially the one that might be in sealed documents in the
possession of US Department of Justice – just waiting for the right time before
they are being unsealed for indictments – like how Sepp Blatter, the outgoing
and disgraced FIFA’s President had faced few months back.
Would
Malaysians especially the Council of Rulers allow Najib to proceed with his
nuclear agenda in order to secure his political survival by entering into a
Faustian bargain with nuclear regional-power like the US? Just
like the secretive Trans Pacific Partnership Agreement (TPPA), would the attendant
consequence of that dealing on building nuclear power plant entails the selling out of Malaysia?
Najib
still has the chance to step down gracefully rather than evoking "the Samson Option" for all of us.
Indeed I have evidenced his ULTIMATE END GAME FOR 1MDB as suggested
by his consolidation of power in MNPC as well as the placement of Najib’s key
men in 1MDB and SRC International Sdn. Bhd in MNPC.
I rest my case and God knows best!
May God protects us all! Amen!
Saturday, 1st of August, 2015.