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1MDB Presentation on DAP PJ Dinner
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Najibs BiGGEST Multi-Billion Ringgit Scam
Tony Pua
Member of Parliament (Petaling Jaya Utara) 2 April 2013
1MDB
1MDB Bonds
RM5 billion bond issued (30 year loan, 100% Government Guaranteed)
1. Loan RM100, get RM87.92
2. Coupon (interest) rate: 5.75%
Effective Interest Payout:
6.71%
1MDB Bonds
Malaysian Government Securities (MGS)
1MDB Bonds
How much lost?
Effective Interest Payout:
6.71% Assume Fair Interest Payout:
5.0%
Middleman Made: >RM1 billion
(>20% of loan taken)
1MDB Bonds
New York Post Nov 2009
The buyer of Time Warner Center pad previously rented by Jay-Z has been revealed as an entity linked to Malaysian party boy Taek Jho Low, according to the New York Post.
At $31 million, or more than $6,400 per square foot, Low paid more than anyone else has ever paid at the luxury site.
1MDB Bonds
Total Bonds to date?
May 2009: RM5.0 billion
May 2012: RM5.55 billion
Mar 2013: RM9.3 billion
________________
20% = ~RM4 billion
1MDB Petrosaudi
1MDB-Petrosaudi Joint Venture
1. 1MDB 40% =
US$1 billion
2. Petrosaudi 60% =
Caspian Sea Oil Field (worth US$1.5 billion)
1MDB Petrosaudi
6 months later
1MDB 40% =
US$1 billion
Asset revalued by 20% to
US$1.2 billion
1MDB Net Profit FY 3/10 =
RM424.6 million
1MDB Petrosaudi
1MDB 40% =
US$1.2 billion
Converted from Shares to Loan Murabaha Notes
US$1.2 billion
11-year loan to 1MDB-Petrosaudi
Guaranteed by Petrosaudi International Ltd
8.75% coupon rate (interest)
Bullet repayment at the end of loan period
1MDB Petrosaudi
Who is Petrosaudi International?
PetroSaudi International is a privately owned oil exploration
and production company Founded in 2005, we are paving a pathway into the future of the energy industry
PetroSaudi was founded in 2005 by Tarek Essam Ahmad Obaid
and private investors.
http://www.petrosaudi.com
1MDB Petrosaudi
Who is Petrosaudi International?
1. Sheikh Tarek Essam Ahmad Obaid founder
2. 1MDB claims Petrosaudis chairman is a Saudi prince
3. No existence on Google before 2009
1MDB Petrosaudi
The 1MDB Ponzi Scheme Mar 2010 KPMG made an emphasis of matter on concern if
Petrosaudi JV will be able to fulfill its debt obligations.
Dec 2010 Petrosaudi JV made its first coupon payment (US$87m)
Mar 2011 KPMG lifted the emphasis of matter
Jan 2012 Petrosaudi JV made its 2nd coupon payment (US$105m)
2010 1MDB extended US$500 million (5-year) in loans to Petrosaudi JV
May 2011 1MDB extended US$200 million in loans to Petrosaudi JV
1MDB Petrosaudi
How did 1MDB extend another US$700 million
(RM2.2 billion) loan?
By taking on 3-year short term loans:
RM1,407,182 + US$895,721
1MDB Profitability
Real Profits?
Mar 2010: RM424.6 million
(Petrosaudi asset revaluation of US$200m or RM625m)
Mar 2011: RM544.3 million
(Property revaluation of RM826.6m)
Mar 2012: RM44.3 million
(real profits?)
1MDB KLIFD
KL International Financial District (Tun Razak Exchange)
1MDB KLIFD
KL International Financial District
Nothing to do with International Financial District
a 10-year 100% tax exemption for qualified companies.
stamp duty exemption on loan and service agreements.
a 70% income tax exemption for 5 years for property developers.
1MDB Bandar Malaysia
495 acres Sg Besi Airbase
(Bandar Malaysia)
Sold for RM74.20 per square feet
Total cost: RM1.6 billion
Cost of Relocation?
RM2.7 billion
1MDB Power-Play
Power Shopping
1. Genting Sanyen RM2.3 billion
a. Only 3.5 years left in concession?
b. Genting made RM1.9 billion extraordinary gains
c. Coincidentally 1MDB awarded 10-year extension @35.3 sen/kWh (Tenaga offered 34.7sen/kWh)
2. Tanjong Power RM8.8 billion
a. Valued at 16.5x price earnings ratio
b. Estimated yield on investment 6%; Interest on loan to finance acquisition 6.1-6.7%
THANK YOU!
Tony Pua +6016 2220086
http://facebook.com/MPTonyPua
@tonypua