Ganesh Sahathevan

by Ganesh Sahathevan According to Sarawak Report Najib Razak is seeking a graceful exit from politics but a sticking point is some RM 4 billion which he feels is his keepsake. Given that this blog is concerned with reality we shall here attempt to propose a compromise, taking into account the realities of politics and business in Malaysia. That compromise involves the so-called "Low family billion dollar fortune , about which we have previously had this to say : Much of the "billionaire" Low family story is on the public and the record suggests that the Lows have nothing near the billions Jho Low claims they are worth. In fact, the public record suggests that family patriarch Larry Low (Jho's father) has always ever been only a fixer,or "consultant" ,and that Jho Low is simply following in daddy's footsteps. Indeed,the record shows that Jho reports to daddy,and it is Larry who is orchestrating the 1 MDB debacle. The solution then is obvious.That Jho L...

by Ganesh Sahathevan Lack of bondholder action suggests Malaysian Government  is largest holder of 1 MDB debt Despite 1 MDB's sukuk and conventional bonds default provisions and covenants being breached over and over again, bondholders appear unconcerned. This very highly unlikely response on the part of bondholders suggests that the bondholders are being especially generous to 1 MDB. That sort of sentiment is equally unlikely ,unless of course the bonds are for the most part held by the Malaysian Government itself. and related entities. It has been previously noted on this blog that the PNB Board ought to have appointed receivers to 1 MDB's wholly-owned subsidiary Bandar Malaysia given the terms and conditions of the Bandar Malaysia sukuk( see below). To add to these issues is the r evelation by PKR MP Rafizi Ramli that those terms and conditions include a requirement that Bandar Malaysia  remain a wholly-owned subsidiary of 1 MDB. This continued inaction by PNB and other...

by Ganesh Sahathevan A series of announcements and screenshots, taken from the 1 MDB, China General Nuclear Power Corporation (CGN) andHong Kong Stock Exchange websites have been copied and pasted below . As the HK Stock Exchange website extract shows, CGN did make a public announcement of its supposedly very significant deal with 1 MDB to purchase the latter's energy assets ,held under Edra Energy. CGN officials have refused to respond to email queries seeking clarification of the matter.Norton Rose Fullbright, CGN's legal advisors in the matter ,while happy to advertise their involvement in the deal,have also refused to comment on   what they have advertised,despite inviting media inquiries. END November 23, 2015 :   Malaysian state fund  1MDB   has agreed to sell its energy business in a $2.3 billion cash deal   China General Nuclear Power Corporation (CGN)   as it seeks to cut its debt and restore investor confidence in the Southeast A...