March 18, 2012
Rafizi upon Maju Holdings Deal
by Rafizi Ramli@www.malaysia-chronicle.com
I follow very closely a sale of Kuala Lumpur-Putrajaya main road concessions by Maju Holdings Sdn Bhd to EP Manufacturing Berhad, with reported exchange value RM1.7 billion.
This immediately lifted my suspicions as a main road was assembled using large amounts of open supports by supervision grants value RM976.7 million. The altogether price of a expressway is estimated during RM1.32 billion as well as was often funded by a people by a RM976.7 million accede to since by a supervision to Maju Holdings Sdn Bhd.
In addition to these grants, we guess a injection of supports done by Maju Holdings Sdn Bhd was usually about RM60 million (i.e 4.5% of altogether costs) as they also borrowed RM370 million from monetary institutions.
As a result, a sale deduction of RM1.7 billion will provide a asset to Maju Holdings Sdn Bhd if a supervision grants amounting to RM976.6 million is not refunded as well as paid back. If this happens, after profitable their RM370 million debt to monetary institutions, this means that Maju Holdings Sdn Bhd will still make a distinction of about RM1.33 billion from a estimated investment collateral of RM60 million.
Return a Rakyat's money
I titillate a Prime Minister in his role as a Minister of Finance to confirm either Maju
Holdings Sdn Bhd will reinstate a sum of RM976.7 million to a people, since if not, it will raise more questions that will go on to incite peopl! e's fury .
If a RM1.33 billion distinction is kept by Maju Holdings Sdn Bhd, what have been a details per a conditions of a agreement between a Prime Minister with a owners of Maju Holdings Sdn Bhd, who have been well known to be supporters of UMNO? Was there an agreement that a profits, that were done from open funds, have been to be channeled behind to UMNO as 'elections funds'?
Lately, it has turn a robe of a Prime Minister to approve exchange involving a cronies of UMNO-Barisan Nasional that have been value billions of ringgit, as well as this in turn has strengthened a people's fears that a high prices will rebound to hurt them. To make it worse, a secrecy in that a exchange were all hidden as well as a complete lack of transparency usually adds to a people's suspicions.
2nd questionable understanding in a single month
This main road concessions sale is a second transaction this month alone involving a make use of of open fund. 1MDB paid for a power application resources as well as businesses of BN associate Ananda Krishnan. 1MDB is of course controlled by a Prime Minister, as well as a squeeze of a Ananda resources amounted to RM8 billion. Why was Najib peaceful to spend such a outrageous sum when 1MDB clearly lacks knowledge in a power generation industry?
The volume of supports concerned here is RM976.6 million, that is four times aloft than that of
NFC. The Prime Minister might consider that he can get divided with a NFC debacle, but surely this main road understanding involving such a outrageous volume of open supports will need greater scrutiny as well as he better be ready to give some answers.
Malaysians contingency note that a buck for a Maju Holdings understanding stops with Najib since a exchange could never go by but his agree ! as a Fin ance Minister.
Mohamed Rafizi Ramli is a Strategy Director of Parti Keadilan Rakyat (Translated by Huzainah A Rani of Malaysia Chronicle)
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