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Wednesday, 16 August 2017

HOW RM55 BILLION ECRL WILL BAIL OUT 1MDB BY MASSIVE FRAUD!

by E.S. Shankar, Donplaypuks® intrepid correspondent for rolling stock frauds


1MDB/MoF failed to cough up one cent of its RM2.6 billion (US$603 million) debt to IPIC by 31 July (with an additional grace period up to 5th August).

Subsequently, PM/FM Najib's accessory to 1MDB $46 billion fraud, MoF Chief Secretary Tan Sri Dr. Mohamed Irwan Serigar bin Abdullah, announced that IPIC had agreed to extending the repayment date to 31 August, with the proviso that an interim payment of at least RM1.3 billion (US$310 million) be made by 12 August.

Serigar was quoted as saying that 1MDB had defaulted on its loan repayment "due to the need for additional regulatory approvals."

Here are the relevant stories:


So, what did lying Serigar mean by mysterious governmentspeak waffle "monetization of units" and "additional regulatory approvals", when:

1. Najib, 1MDB and MOF had 92 days from end April 2017 to plan for the debt repayment.
2. The whole world knows that the so-called "units" only exist in the wild imagination of Najib, Serigar and 1MDB President & Executive Director Arul Kanda.
3. Between Najib, Serigar and Govt Chief Sec Tan Sri Dr.Ali Hamsa (whose nominee Dato Norzaman Ayob is a director of 1MDB), they constitute the entire financial approving authority in Malaysia!!!

The truth is all of them had planned for the cover-up and illegal bail out of 1MDB in July 2016, as exposed by Sarawak ReportCLICK HERE.

The Najib approved plan included criminally inflating the projected RM26 billion East Coast Railway Link (ECRL) project by an additional whopping RM29 billion, to land the Rakyat with a massive RM55 billion bill.


However, China's central government threw a spanner in the works in November 2016 when it announced a crackdown on corruption in state-owned companies by imposing capital controls. This resulted in utter failure for Serigar, when he manipulated the illegal removal of IWH-CREC JV as 60% shareholder in 1MDB's Bandar Malaysia RM200 billion development. Serigar, whose greed knows no limits, had sought to replace IWH with China's Dalian Wanda Group for a higher share price.

Serigar, who should have been sacked particularly for this scheming, had egg all over his face as the Dalian Wanda Group failed to show up, amidst rumours of its Chairman being involved in corruption. It would also appear that China was not too amused at the mistreatment of CREC (China Railway Engineering Corporation) by Serigar who had cooked up stories that IWH-CREC had failed to stick to payment schedules. In the end, MoF was forced to refund IWH-CREC RM786 million of deposits and advances that it had paid.

Refer:

Part of Najib's plan included 1MDB receiving RM3.7 billion (US$850 million) from China state-owned company CCCC (China Communications Construction Company), in exchange for its 234-acre Ayer Hita, Penang land land and "other assets".


However, this plan did not materialize in time presumably due to the China funds freeze on state-owned companies and 1MDB being unable to deliver "other assets" represented by fake "units".

Now we come to the crux of the fraud.

Almost every project mooted Najib has to have the tag-line 'GAME CHANGER' without which it would appear a project cannot be important or succeed.

CCCC was banned from participating in international tenders in 2009 by the World Bank, for fraud and shoddy work. CLICK HERE.

Yet Najib and 1MDB have signed a RM55 billion inflated contract with CCCC without open tender. Had there been one, any number of countries would have been willing to provide cheaper loans, e.g. Japan where interest rates range from 0% to negative -.01%!

CCCC is apparently charging 3.25% interest per year for a 20 year loan, with no repayment of interest or principal loan for the first 7 years. As the ECRL project is scheduled to be completed 2024, it will have to repay CCCC the RM55 billion by 2044.

ECRL need not service interest or principal for the first 7 years. Presumably, interest will be accrued for 7 years and become payable over the next 13 years. At 3.25% p.a., that works out, compounded, as RM13.8 billion. The interest on the full loan on a reducing basis thereafter, will about RM14 billion. Where is the government going to find RM83 billion (55+14+14) to repay CCCC?

As analysed by Mkini columnist P.Gunasegaram, CLICK HERE, ECRL is:

1. A single electrified railway track built on a double-tracking formation for 688km, running from Port Kelang on the west coast to Tumpat on the east!
2. It is not economically or financially viable, given that the RM36 billion west coast double-tracking project is an utter failure in terms of generating profit or servicing loan.
3. Much of the freight volume and rate increases are based on China as a single customer. Can China generate enough business from 2025, transporting goods via ECRL from and to our west coast to east coast. The Chinese may save money bypassing Singapore, but can we generate meaningful profits with a price tag capital cost of RM83 billion? CLICK HERE.
4. ECRL is unlikely to break-even for the next 50-100 years!
5. No estimation has been made for loss of business on the existing railway lines from KL to Mersing and Mersing to Kota Bahru!

Since CCCC is willing to collude with Najib/MoF/1MDB to commit international fraud, this will likely be the route:

1. The contract with CCCC wil incorporate a lot of fake work and bloated prices to justify RM55 billion.
2. Over the next 7 years the crooks will have to issue a lot of false invoices for work NOT done.
3. As CCCC is paid the RM55 billion, it will transfer the money back to China or off-shore. From there it will use the excess RM29 billion to settle 1MDB's debts, claiming either to have bought its infamous fictitious "units" and non-existent "investments for sale" reflected in 1MDB's 2014 balance sheet.
4. CCCC will not pay for 1MDBs fictitious assets in Malaysia, as they will have to overcome regulatory approvals and valuations from Bank Negara and the Securities Commission. Najib is a crooked Finance Minister who will only too willingly break BNM rules to save his own skin, as he did in 2015!


5. 1MDB will then claim that it had liquidated all it fictitious units and investments to part pay its  huge debts estimated currently at about RM80-85 billion. It will gladly falsify its accounts which will be "audited' by well paid and compliant auditors.
6. Who will really pay for it all between 2031-2044? It will be all those young students now who will be saddled with 15-year car loans, 20-year PTPTN loans and 35-year housing loans!

And that is how the sting will be played out by Najib and his government of thieves, looters and plunderers, as they laugh all the way to the bank, happily singing "That's How It's Done, Stupid!"

Unless we stop them. 

Our real enemy is ignorance. UMNO/BN under Najib has killed our education system, with the 'O' level pass mark for some subjects being as low as 15! Many out there just do not understand the danger of a RM83 billion fraud on top of a RM46 billion fraud at 1MDB and another RM30 billion at PPFI (and more). 

This is being passed on to future generations, when under Najib again, our national debt has already more than doubled and ballooned to RM687 billion!

I have read opinions and comments on twitter and Facebook from people who think that projects like the ECRL should go ahead as it will generate economic activity, regardless of the true cost to the Taxpayer.

And as the day soon arrives when we can't pay the train drivers or repair faulty signal lights, relays and railway tracks, what then? Abandon the trains where they stop and complete the journey by foot?

So much for a 'GAME CHANGER', more like a 'GAME CLANGER'!!!

Related blog posts:
1. http://donplaypuks.blogspot.com/2016/10/najibs-next-rape-of-malaysia-after-30.html
2. http://donplaypuks.blogspot.com/2016/11/najibs-144-billion-pie-in-sky-china-con.html

Sunday, 23 July 2017

I, KUNDUNGA! 300 CE (AD) SANSKRIT INSCRIPTIONS IN KUTAI, INDONESIA!

By E.S. Shankar
(This article has been temporarily re-posted here for ease of access, as Donplaypuks®, (CLICK HERE) has been blocked since 2015, by the Malaysian  Communications and Multimedia Commission (MCMC) without prior communication (what irony!), warning or notice).










(Click on pic for enlarged view)

The Bujang Valley, or Snake Valley in Sanskrit, covers an area of about 1,000 square kilometres (appx. 31.6 x 31.6 km) close to the banks of the Merbok River in Kedah, Malaysia. It is probably THE earliest indication of the arrival of Hinduism in South East Asia (SEA) at about 1 CE (Common Era). CLICK HERE.

Local historians tend to date Bujang Valley to about 110 CE (earlier estimate was 200-400 CE). But just like cosmologists who can be off by about 1 billion years on the carbon dated age of the universe, so too with these archaeological excavations and their dating, which can easily be off by a couple of hundred years either way.

Other relics denoting the early arrival of Hinduism in South East Asia are to be found in Funan (Cambodia), Champa (Vietnam) and Indonesia.

In Indonesia in particular, there is also the legend of King Aji Saka, a Brahmanical prince/scholar who arrived in Java in 78 CE. Aji (meaning the first) came from the court of King Shalivahanan in India, defeated the local chieftain, described as a man-eating ogre (cannibal), and introduced the then more advanced arts, sciences, social, political and economics systems of India, as well as alphabets and language. CLICK HERE and HERE.

The word Malauir for Malaya is mentioned in the Ramayana circa 500 BCE (Before Common Era) and in other Indian literature. It is likely that Indian forays into SEA began some time before that, and the early route they took was probably the land one through Burma and Thailand to Malaya.

But, we must view the arrival of a certain man, Kundunga, in of all places, Kutai, Kalimantan on the east coast of Indonesian Borneo in about 300 CE, with nothing short of absolute astonishment! Eventually, when historians manage to piece together all the clues and evidence, Kundunga's journey from India to Kutai some 3,000 kilometres away, will be recognized as one of the great voyages in history, to rank alongside those of Christopher Columbus, Vasco da Gama, Ferdinand Megallen, James Cook and others.

And do note with a degree of admiration that Kundunga's journey took place more than a thousand years before that of Magellen who is credited with being the first man to circumnavigate the globe! How did he arrive there? What type of boat or ship did he use and who accompanied him? These are interesting matters beyond mere historical curiosity. Ancient skilled Indian sailors from the Coromandel (east) coast of India, called paradars, knew the secrets of the periodicity of the north-east and south-west monsoon winds. Later, in the 11-15th century, they were known in Kedah and Melaka as Keling (from the Kalinga region of India)!!

So, who is Kundunga?

Evidence of Kundunga's presence in Kutai in 300 CE is represented by seven stone inscriptions or Yupas discovered in the late 1800s in Muara Kaman. The script used is Pallava Sanskrit. Of the seven, only four inscriptions have been translated, the other three presumably eroded beyond repair.

Kundunga is credited with being the founder of the kingdom of Kutai Martadipura, with the title of Maharaja Kundunga Anumerta Dewawarman.

The inscriptions, referred to as the Mulavarman Yupas, describe his great achievements, and provide his ancestry as Kundunga (grandfather), Asvavarman (father) and Mulavarman (grandson). CLICK HERE.

Here are some of the Sanskrit inscriptions and translations:












There is also mention of a horse sacrifice - the Ashwameda - mentioned frequently in the Mahabharata and Bagavad Gita. as is the incredible story of Bhagiratha. CLICK HERE AND HERE.

Indonesians claim that Kundunga or Kudunga is probably of Indonesian origin. But, this clearly defies logic. Historians from other countries have identified Kundunga, a rare name even for India, as of probable south Indian origins. How else can one explain all these references in Sanskrit and to Brahmins, ancient Hindu religious practices, mythology and connotations to gold and suvarnam (suvarnadvipa)? This is expertise and knowledge that must have come from an educated and knowledgeable Indian, and there is no record ever of an Indonesian who went to India to acquire such knowledge two thousand years ago.

This type of thinking is right up there with our local historians' views that ancient iron foundries discovered in Bujang Valley indicate that 2000 years ago, the indigenous populace of Malaya had suddenly acquired new technical skills out of thin air, despite the entire area having been settled by immigrant Indians and Hindus. The Iron Age had arrived in Malaya overnight! Where did the iron come from? Where did it go? No local historian dares answer!

Even if we accept that Kundunga was an Indonesian, it begs the question where he obtained all that expert Sankrit, Indian and Hindu knowledge from. Who was his guru and/or Brahmin priest- surely an Indian from India? In the world of 2000 years ago, only a few knew how to read and write in Sanskrit, fine-tuned by India's Panini in 400 BCE. It was not remotely like today when we have the internet to facilitate long-distance learning of almost anything.

It is our duty to research and investigate historical figures such as Kundunga. For far too long have we been in awe of the achievements of western explorers. We have real heroes at our door-steps who will be able to stand shoulder to shoulder with their western counterparts. But who will put aside their natural prejudices, fears and bigotry, and search for the truth?