The Phantom Of The Pakatan Opera
Lim Guan Eng says that RM3 billion was stolen from TRX in order to service 1MDB’s debt.
He also says that the govt will now need to bail out TRX with an additional RM2.8 billion in order to complete the project which would then make a profit as it will bring in at least RM7.6 billion in sales.
Only the uneducated and those without any sense of logic will believe our dear Finance Minister as he is purely politicizing to mislead the people.
It is important that everyone knows that the TRX project is 100% owned by 1MDB and 1MDB is 100% owned by Ministry of Finance. Let us be clear.
As everyone knows, all of 1MDB’s fund were borrowed. That includes funds used to develop the TRX project. When you borrow funds, of course you need to service the loan – which is what 1MDB did.
What is wrong with that? That is what any property developer does too when they borrow from the banks to develop a project. They will still have to service the loan during the development phase of the project.
When the project is completed, the developers will then make a profit that will cover all costs including the cost to service the loan.
This is exactly what Guan Eng said when he said the TRX project will eventually make a profit.
How then can it be called a bail-out when in the end, you make a profit – especially since you have always owned that project 100%.
Are you saying you are bailing out yourself to you can make a profit?
By Guan Eng saying we will make a profit on TRX basically proves that Arul Kanda didn’t lie when he said that 1MDB can take care of its own debts and still make a profit over time.
So, not all RM30 billion had lesap., There is still the much bigger Bandar Malaysia project that is worth at least RM20 billion as well as the multi-billion ayer hitam and Pulau Indah land. All in all, 1MDB’s current debt will be fully covered by all these appreciating asset sales.
This again proves that lumping in all those contingent liabilities which included 1MDB’s borrowings to make that RM1 trillion national debt figure is tipu!
Please… Foreign investors can see this even if millions of ordinary Malaysians cannot. That is why they keep pulling out money from Malaysia every single day as they know our finance minister prefers to scare the people and play politics in all his statements instead of managing our country’s finances and giving confidence to investors.
Source: The Phantom Of The Pakatan Opera