But we cannot help, like always, think that he could be fronting one or more VVIPs, especially for such a huge and high profile strategic development project.
Despite confusing public statements (deliberate or otherwise), our local Chinese tycoon (with his 60%), controls Iskandar Waterfront Holdings Sdn Bhd (IWH); which in turn (with its 60%), controls CREC & IWH Consortium; and this Consortium controls 60% of Bandar Malaysia Sdn Bhd.
'In order to appease the ignorant public, 1MDB and their army of paid sycophants had the cheek to say that the majority shares in Bandar Malaysia will still be owned by the Government. This is again, misleading.
Lets look at the ownership of Bandar Malaysia now:
40% – 1MDB
60% – CREC & IWH Consortium
Majority of Bandar Malaysia is now in the hands of private sector.
Breakdown of CREC & IWH Consortium:
40% – CREC
60% – IWH
Majority of the Consortium is owned by IWH, a private + Johor state venture.
Breakdown of IWH, the controlling company in the Consortium:
60% – owned by Lim Kang Ho via Credence Resources
40% – owned by Kumpulan Prasarana Rakyat Johor Sdn Bhd
Therefore, in reality, Lim Kang Ho owns the controlling stake in Bandar Malaysia Sdn Bhd. And since he is the private sector and controls the majority shares in IWH, what will stop him from selling more shares to foreigners? Obviously 1MDB and Kumpulan Prasarana Rakyat Johor Sdn Bhd are insignificant shareholders in this deal.
Lim Kang Ho through his Credence Resources can easily team up with CRG and swallow the whole BMSB.
This is why the public have asked 1MDB to disclose its Sale and Purchase agreement because it is a matter of public interest but 1MDB quickly dismissed it as an attempt to ‘undemine’ the sale. Such siege mentality had not been witnessed since Troy was ransacked by the Greeks.
What is the guarantee that the whole Sungai Besi land won’t fall into the hands of foreigners? The risks are there but to 1MDB and its top advisor, since the land they are selling is only belonged to the public but not their own, it is okay to sell it off, just so that they could pay off their debts.'
'P.S.: As predicted, a nameless sycophant threw in his only defence against this article – that Malaysian Government holds the majority stake in Bandar Malaysia.
To summarise this is their argument:
1. CREC 40% of 60% is 24%
2.. LKH 60% of 60% of 60% is 21.6%
3. KPRJ 40% of 60% of 60% is 14.4%
4. 1MDB 40%
Therefore, Malaysian government still own 54.4% (40% + 14.4%) of Bandar Malaysia. This is just like how 1MDB tries to hoodwink the public. But just as the article above shown, this is not the case.
It doesn’t work that way in corporate world.
As explained in this article, Lim Kang Ho controls the Board of IWH through his majority shareholding thus effectively controls the Consortium because IWH has 60% of ownership. Since he controls the Consortium, he controls the Board of BMSB. Doesn’t matter who owns how much percentage. Amateurs will look at the percentages as if they mean something. In reality the one that controls the BOD at each level of the company holds the power. How can 1MDB with only 40% ownership exert control over BMSB? And how can Johor state with only 40% stake in IWH exert control over IWH? In addition, it has much less say in CREC-IWH! In conclusion, the formulation that Malaysian government owns 54.4% of Bandar Malaysia is just an illusion.'
More:
https://jebatmustdie.wordpress.com/
Now I see a link between this and HRH Sultan of Johor's suggestion to give Najib a chance.
Further statements from 1MDB seem to suggest the announcement on Dec 31 was premature (just to meet Najib's deadline), and if no S&P Agreement signed, it was nothing more than a MoU or Letter of Intent!
Link
Despite confusing public statements (deliberate or otherwise), our local Chinese tycoon (with his 60%), controls Iskandar Waterfront Holdings Sdn Bhd (IWH); which in turn (with its 60%), controls CREC & IWH Consortium; and this Consortium controls 60% of Bandar Malaysia Sdn Bhd.
'In order to appease the ignorant public, 1MDB and their army of paid sycophants had the cheek to say that the majority shares in Bandar Malaysia will still be owned by the Government. This is again, misleading.
Lets look at the ownership of Bandar Malaysia now:
40% – 1MDB
60% – CREC & IWH Consortium
Majority of Bandar Malaysia is now in the hands of private sector.
Breakdown of CREC & IWH Consortium:
40% – CREC
60% – IWH
Majority of the Consortium is owned by IWH, a private + Johor state venture.
Breakdown of IWH, the controlling company in the Consortium:
60% – owned by Lim Kang Ho via Credence Resources
40% – owned by Kumpulan Prasarana Rakyat Johor Sdn Bhd
Therefore, in reality, Lim Kang Ho owns the controlling stake in Bandar Malaysia Sdn Bhd. And since he is the private sector and controls the majority shares in IWH, what will stop him from selling more shares to foreigners? Obviously 1MDB and Kumpulan Prasarana Rakyat Johor Sdn Bhd are insignificant shareholders in this deal.
Lim Kang Ho through his Credence Resources can easily team up with CRG and swallow the whole BMSB.
This is why the public have asked 1MDB to disclose its Sale and Purchase agreement because it is a matter of public interest but 1MDB quickly dismissed it as an attempt to ‘undemine’ the sale. Such siege mentality had not been witnessed since Troy was ransacked by the Greeks.
What is the guarantee that the whole Sungai Besi land won’t fall into the hands of foreigners? The risks are there but to 1MDB and its top advisor, since the land they are selling is only belonged to the public but not their own, it is okay to sell it off, just so that they could pay off their debts.'
'P.S.: As predicted, a nameless sycophant threw in his only defence against this article – that Malaysian Government holds the majority stake in Bandar Malaysia.
To summarise this is their argument:
1. CREC 40% of 60% is 24%
2.. LKH 60% of 60% of 60% is 21.6%
3. KPRJ 40% of 60% of 60% is 14.4%
4. 1MDB 40%
Therefore, Malaysian government still own 54.4% (40% + 14.4%) of Bandar Malaysia. This is just like how 1MDB tries to hoodwink the public. But just as the article above shown, this is not the case.
It doesn’t work that way in corporate world.
As explained in this article, Lim Kang Ho controls the Board of IWH through his majority shareholding thus effectively controls the Consortium because IWH has 60% of ownership. Since he controls the Consortium, he controls the Board of BMSB. Doesn’t matter who owns how much percentage. Amateurs will look at the percentages as if they mean something. In reality the one that controls the BOD at each level of the company holds the power. How can 1MDB with only 40% ownership exert control over BMSB? And how can Johor state with only 40% stake in IWH exert control over IWH? In addition, it has much less say in CREC-IWH! In conclusion, the formulation that Malaysian government owns 54.4% of Bandar Malaysia is just an illusion.'
More:
https://jebatmustdie.wordpress.com/
Now I see a link between this and HRH Sultan of Johor's suggestion to give Najib a chance.
Further statements from 1MDB seem to suggest the announcement on Dec 31 was premature (just to meet Najib's deadline), and if no S&P Agreement signed, it was nothing more than a MoU or Letter of Intent!
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