Ganesh Sahathevan

by Ganesh Sahathevan In the matters of  Public Prosecutor v Yeo Jiawei and Public Prosecutor v Kelvin Ang Wee Keng. prosecutors have told the court : Brazen Sky (a wholly-owned 1 MDB subsidiary)  owned all the shares of Bridge Global Absolute Return Fund SPC (segregated portfolio company), a fund that was managed by Bridge Partners . This is contrary to what 1 MDB and Arul Kanda had to say about the Brazen Sky investments, that is, that Brazen Sky owned units in segregated portfolio company that was managed by some party external to 1 MDB . This story was only changed recently, when in a written reply to MP Tony Pua the Malaysian Ministry Of Finance said (as it turns, admitted) that there was no external manager .  Consequently the entire series of transactions 1 MDB says were financed out of those units is in doubt, and 1 MDB's  current debts revalued upward accordingly.The existence of the units and any money that goes with it can be assumed to be a myth. END...

by Ganesh Sahathevan This statement would not make sense to any lawyer or risk manager who deals in complex debt issues : ... the sovereign wealth fund said that as a result of the default in the Langat notes, cross defaults have been triggered on the RM5bil 1MDB sukuk due 2039 and RM2.4bil Bandar Malaysia sukuk due between 2021 and 2024.  “There is no 1MDB cross default on an RM800mil loan from the Social Security Organisation or Socso.  “However, there is a possibility that the “material adverse effect” clause may be triggered due to the developments.The 1MDB Sukuk and the Socso loan both benefit from guarantees issued by the Government of Malaysia. “1MDB confirms that there is no cross default on its other remaining debt, i.e the US$1.75bil fixed rate 5.99% 1MDB Energy Limited notes and the US$3bil fixed rate 4.4% 1MDB Global Investments Ltd notes,” it added. In other words, lenders for the less risky RInggit loans demanded cross guarantees (except, conveniently ,SOSCO) but...

IPIC GMTN Limited   -  61HK    Update to 1mdb Debt Settlement Arrangements Released 08:28 18-Apr-2016 RNS Number : 4672V IPIC GMTN Limited 18 April 2016 1MDB Debt Settlement Arrangements On 10 June 2015, IPIC GMTN Limited issued an announcement (RNS Number 7064P) relating to a binding term sheet dated 28 May 2015 (the  Binding Term Sheet ) and other ancillary documents entered into between International Petroleum Investment Company ( IPIC ), Aabar Investments PJS ( Aabar ), Minister of Finance, Inc., Malaysia ( MOF ) and 1Malaysia Development Berhad ( 1MDB ), in connection with: 1-   the extension by the IPIC group of financial support to the 1MDB group at the request of both 1MDB and MOF; 2-   the acknowledgement by 1MDB and MOF of the liabilities owed by the 1MDB group to the IPIC group; and 3-   the conditional settlement, release and discharge of certain obligations and liabilities between the parties. Status of t...

by Ganesh Sahathevan There is little point in disputing these matters which are now a matter of public record. As readers would be aware, the fact of the transfer from Tanore Finance to PM Najib's accounts is not disputed by him.He only disputes that Tanore Finance is a conduit for money from 1 MDB,and instead insists that it is a vehicle of "The Saudi Royal Family". This diagram produced by the team from WSJ is, in Najib's own words, accurate:  WSJ has now revealed that one Tan Kim Loong is the sole shareholder of Tanore Finance : "The beneficial owner of  Tanore  when it was first set up was  Tan  Kim Loong, a young Malaysian business associate of Mr (Jho) Low, according to people familiar with the matter. Tan Kim Loong, aka Eric Tan Kim Loong, is under investigation by Singapore's regulatory authorities for his involvement in the 1 MDB scandal.The matter is revealed in sworn affidavit submitted by Jho Low's private banker Yak Yew Chee.Yak's affidav...

by Ganesh Sahathevan The material is presented as is, apart from the comment above which concerns the Monetary Authority Of Singapore and its apparent discomfort in having to deal with the entire 1 MDB matter . Singapore's NRA Capital emerges as valuer of 1MDB's Cayman investments Anita Gabriel The Business Times Friday, Apr 15, 2016 1mdb_reuters.jpg Reuters Singapore - Singapore's boutique finance house NRA Capital was roped in to value  1Malaysia Development Berhad 's US$2.318 billion (S$3.15 billion) controversial Cayman Islands investment by fund manager Bridge Capital Partners. This was disclosed in the Hansard transcripts on the hearings of Malaysia's Public Accounts Committee with Deloitte, the auditor which signed off the March 2013 and 2014 accounts of the troubled state-backed firm 1MDB. NRA Capital is under the Netresearch group of companies founded by Kevin Scully, a well-known veteran market strategist in Singapore. When contacted by The Business Times,...