Recall that 1MDB made a profit of USD488million from the venture with PetroSaudi and parked the total sum of USD2.32 billion received more than one year ago with a fund managed by a HK company in the Cayman Islands. Now 1MDB has said that they have received dividends of US267million (11.52% yield) from these funds bringing the total funds to USD2.587 billion. If 1MDB had listened to Tony Pua and Rafizi and brought back the USD2.32 billion in Mar 2013 when exchange rate was USD1 to RM3, they would have brought back RM6.96b. Today, if 1MDB brings back the USD2.587 billion at exchange rate was USD1 to RM3.48, the total amount would be RM9b - a difference of RM2.04 billion. This means that by keeping the funds in the Cayman Island, the total returns (in RM terms) in more than a year would have been 29.35% - much higher than the cost of funds from the 1MDB lending in Malaysia over last year. Now, I hope 1MDB brings back ALL the money in the next few months as their investment funds matures in Cayman islands - and all will be forgiven and you will even be praised sky-high for good performance on the returns and for anticipating the FOREX changes. P.S, Would Rafizi and Tony Pua compensate 1MDB for the potential loss of RM2.04 billion if 1MDB had listened to them and brought back the USD2.32b early last year? Never mind RM2.04b - just the 0.04b or RM40 million dorang also wont pay! (whether these amount are true or not will be confirmed by the audit report by top audit firm, Deloitte;s for next FY end Marc 2015 - so nowhere for 1MDB to hide)
Posted on: Mon, 22 Dec 2014 00:43:49 +0000
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