REPOSTING:1 MDB confirms Cayman units transaction generated no cash-Analysis from 1 MDB 2013 AR at Sahathevan Blogspot confirmed by 1 MDB itself

Just published by 1 MDB today,confirming what has been published on  Sahathevan Blog since March this year, based on an analysis of 1 MDB's 2013 financial statements: 

"In September 2012, 1MDB sold its shares in PetroSaudi Oil Services Limited for USD2.318 billion and received fund units in a Cayman registered fund.

"The Cayman registered fund is managed by Bridge Partners, a Hong Kong-based fund manager.

"These fund units were owned by 1MDB via its 100 percent subsidiary, Brazen Sky, and held through BSI Bank Singapore as custodian," it said in a statement today.


Wednesday, April 22, 2015


Confirmation : 1 MDB transaction generated no cash

by Ganesh Sahathevan

Sarawak Report has just reported   that 1 MDB  banker   "BSI Bank has dismissed documents supplied by 1MDB relating to its Brazen Sky Limited account in Singapore, saying they are false bank statements........ there is no actual cash in the relevant Brazen Sky Limited account."


This confirms the conclusion reached by this writer in an earlier posting about 1 MDB and its financial affairs,titled: 

1 MDB audit: AG must &  will find that loss of RM 7 billion in cash was in accordance with proper procedures,accepted accounting practise


In that article 1 MDB's audited 2013 financial statements were presented ,and it was concluded that the transactions 1 MDB's management and directors strenuously  asserted had generated about two billion US dollars in cash, which they said  was eventually placed under 1 MDB subsidiary Brazen Sky Ltd,were  " nothing more than a series of book entries" which 

generated no cash.

In that article it was shown how,despite 1 MDB 

management's assertions, the audited  financial 

statements actually showed that no cash was generated.

The Sarawak Report story seems to have confirmed the 

conclusion.

END 

posted by Ganesh Sahathevan @ 4:39 AM 0 comments

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