“But more incredibly, the latest FY 2016 accounts filing by SPLASH shows that their shareholders reserves had suddenly dropped – indicating that SPLASH shareholders may have paid themselves a bumper dividend of RM2.63 billion – meaning PKR’s friend Wan Azmi possibly got RM788 million due to his 30% ownership of SPLASH”
Lim Sian See
Removal of MB Tan Sri Abdul Khalid Ibrahim has cost the Selangor people up to RM3.6 billion
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As I had explained several times before, the incredibly lop-sided SPLASH concession agreement signed during Mahathir’s time meant that the concession holder makes massive profits every year with little risk.
Imagine your investment is RM170mil but you make RM400mil every year.
This is why previous MB Khalid got removed as he tried to end this lop-sided deal by forcing the buyout of SPLASH at RM250mil.
And as I had stated, every one year’s delay meant that the Selangor Govt loses about RM300mil.
So, for the years 2014, 2015, 2016 and 2017, the Selangor Govt would have lost about RM1.2 billion in foregone profits after forcing Khalid to resign.
The current PKR govt now wants to buy SPLASH for RM2.8 billion instead of RM250mil.
But more incredibly, the latest FY 2016 accounts filing by SPLASH shows that their shareholders reserves had suddenly dropped – indicating that SPLASH shareholders may have paid themselves a bumper dividend of RM2.63 billion – meaning PKR’s friend Wan Azmi possibly got RM788 million due to his 30% ownership of SPLASH.
So, even if the Selangor Govt manages to buy SPLASH today at RM2.8 billion, taking into account the 70% of SPLASH they do not own, they would have lost out on RM1.84 billion in dividends.
Thus due to MB Khalid’s removal, the Selangor people would lose a total of RM3.6 billion – comprising of RM1.8 billion in dividends and another RM1.8 billion in higher purchase payment for the 70% of SPLASH it does not own.
Correspondingly, Wan Azmi now gets RM1.035 billion instead of RM75mil for his 30% share if Khalid’s plan to force-buy SPLASH had gone thru.
Source: www.facebook.com/lim.siansee
