Tantrum Tony Pua getting caught too often ...huh?

Known to be quick with his attack and counter response on public issues, but of late, Tony Pua was yet again caught for making wrong accusation on 1MDB using wrong facts.

At the rate he erred repeatedly, Raja Petra should include him in the list of those suspected of tampering with blackmailed email from Xavier Justo [read in MT here]. Police should call him for investigation just like they intend to do on The Edge. 

The Oxford PPE graduate does not seem to be much of the wunderboy he project himself. Nevertheless, known for the Christian-state revelation, ex-DAP Razali alerted that he is the boy genius to watch though he pretend to look odd.

If not for Tun Mahathir entering the chorus of critics, his and Rafizi's effort in getting attention to politicise the complex 1MDB issue would have been futile. Tony Pua couldn't pin down even Dato Ahmad Maslan in early November 2014. Direct guarantee by government on the loan is limited. He should have raised the issue of cross default.
 
If there is something to learn, it is that spinning and drama script does not take an issue far enough. It is fact that sustain issue. So those without the knowledge and limited ability to argue over a single corrected mistake of Arul Kanda to call him liar, then stay out of this issue.

Stick to within your playpen.

Still on IPIC

This time he is at it again to pick on the unwinding of deals with IPIC. Thinking he is an Oxford PPE graduate, he start to think he is an Investment Banker and tried to catch Arul Kanda covering up some part of the deal.

Tony accused government of providing a guarantee in unwinding the various deals with IPIC. It is a series of complex deals between 1MDB and IPIC. In an attempt to keep it simple, we described it as withdrawing Fixed Deposit before maturity. [Past posting here] Not too difficult a concept, right?

But the wise guy he is was still pursuing an issue he tried to speculate subsequent to the announcement. He had pose the question on what 1MDB get as reported by The Edge market May 30th here. 1MDB CEO gave a statement directly dedicated to answer Tony Pua:

Issued on 29 June 2015

For immediate publication

1MDB Response to Incorrect Statements by YB Tony Pua

We refer to online news reports today, quoting various statements attributed to YB Tony Pua, in relation to a binding term sheet agreed between 1MDB and IPIC recently.

1MDB clarifies as below:

1. Neither the Ministry of Finance, nor the Government of Malaysia, have provided guarantees for the recent commercial transaction between 1MDB and IPIC.

2. It is publicly known that IPIC issued guarantees, in 2012,  for the payment of interest and principal on two USD1.75 billion bonds issued by 1MDB, totalling USD3.5 billion of principal and up to USD2 billion of interest. The Government has not guaranteed either of these bonds.

3.  As such, it is irresponsible of YB Tony Pua to suggest that the recent binding term sheet between 1MDB and IPIC, a commercial transaction, has resulted in further guarantee obligations by the Government of Malaysia.  It is public information that the Government has only issued a “letter of support”, and this was for a different USD3.0 billion (approx. RM11.35 billion) bond issued by 1MDB.  In total, the Government has only provided explicit guarantees for RM5.8 billion of 1MDB debt.

4. YB Tony Pua has deliberately misled the public by failing to mention the crucial “and vice versa” clause in relation to the “indemnity”, i.e. the indemnity applies both ways – to IPIC as well as 1MDB – in relation to performance of obligations by the parties.  Such a two-way indemnity is a standard clause in commercial transactions to ensure neither party is “out of pocket” for non-performance by the other. 1MDB confirms that it fully intends to perform its obligations under the binding term sheet.

The binding term sheet executed with IPIC is a key component of the 1MDB rationalisation plan as announced by the Ministry of Finance on 29 May 2015.  The success of this approach has been evidenced by the recent repayment of a RM3.6 billion loan by 1MDB.  Commercial negotiations are ongoing between 1MDB and IPIC to reach a definitive agreement, which will ultimately result in a reduction of approximately RM16 billion of 1MDB debt.  1MDB fully intends to share further information once a final agreement is reached between the parties.

With the facts all clearly stated and spelled out, Tony Pua could only hide his embarassment by doing a Lim Kit Siang squirm to the denial of any form of guarantee.

He goes on a tantrum to accuse Arul and Najib as liar, not him and of twisting facts [read MChronicle, FMT and TMI here, here, and here, respectively]. No guarantee means no guarantee. Work it from there scallywog.

Somehow or rather we sense that Tony Pua is merely building up for an armaggedon against Arul Kanda at the next convening of PAC. He had cast aspersion that he would not attend PAC. At the last scheduled hearing, MoF fumbled on the notice and there was an important scheduled engagement in Abu Dhabi.

Tony Pua must be taking his frustration for not able to get 1MDB to default. They never once defaulted and is still a going concern.And, the persons he should pursue intensely are past CEOs, Dato Shahrol and Dato Helmi, not Arul Kanda.

Arul made a statement a day earlier to give a commitment to attend PAC. He hit back at Tony Pua for  casting heavy criticism towards him and increasingly looking of getting too personal. Tony Pua is looking objective and his ability to be unbias, fair and just in his assessment at PAC is doubtful.

Cheap shot

One can see his reaction when Arul announced invitation for RFP for the Pulau Indah and Penang:

Media statement by Arul Kanda, 1MDB President and Group Executive Director

Issued on 30 June 2015
For immediate publication

Monetisation of Air Itam and Pulau Indah land

“As part of its strategic review, 1MDB had announced on 18 February 2015 its intention to monetise the company’s land parcels in Air Itam and Pulau Indah through joint ventures or outright sales. Subsequently, this was confirmed in the rationalisation plan presented to Cabinet on 29 May 2015. I am pleased to update that we have received significant expressions of interest in both land parcels. Accordingly, 1MDB intends to appoint an independent real estate consultant to assist in reviewing the various proposals. A further announcement providing an update on progress will be made within the next two weeks."

- Arul Kanda, President and Group Executive Director

That is when he went on a low blow today using Xavier Justo's conduit for lies. Perhaps Edge Financial Daily stopped using fake email as promised to police.

The article and report by MMO below:

The Edge: 1MDB claim of ready buyers for Air Itam, Pulau Indah land reeks of LTH fumble

Published: July 1, 2015 09:57 AM GMT+8

KUALA LUMPUR, July 1 ― A local business daily today questioned 1Malaysia Development Berhad's (1MDB) claim of “significant expressions of interest” in its land parcels in Air Itam and Pulau Indah, equating it to Lembaga Tabung Haji's (LTH) still-unfulfilled claim that it would pull in profit from a controversial land purchase from 1MDB.

The Edge Financial Daily said in an editorial piece that it is unknown if 1MDB has received actual proposals to buy the two land parcels or if the latter's executive director, Arul Kanda Kandasamy, was merely announcing that they will name an independent consultant in the next two weeks.

“Is 1MDB saying buyers for the Air Itam and Pulau Indah land will be named within two weeks?” the paper asked.

“Otherwise, can anyone be blamed for thinking that the statement sounds all too similar to the one made by Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim on the ready buyers available for the pilgrims' fund's controversial RM188.5 million purchase of the 0.63ha Signature Tower land in the Tun Razak Exchange (TRX)?

“Did Abdul Azeez not say Tabung Haji was expected to make at least RM5 million profits when the land sale competed as early as end-May? The last we checked, a buyer has not been named,” the paper added.

The Edge said the least 1MDB can do is name the consultant that they should have already hired to evaluate the “significant expressions of interest” the state-owned firm claims the two land parcels have received, to lend credence to Arul Kanda's statement yesterday.

The business daily said this is especially needed in the case of the Air Itam plot, on which 1MDB spent RM1.056 billion for a majority stake in 234 acres of encumbered land from private owners, including from associates of Penang tycoon Tan Sri Lim Gait Tong.

Despite owning most of the land, 1MDB would still need to get the buy in from the estimated 1,200 ground tenants on the Air Itam plot, which could potentially work out to some RM108 million in compensation payment, the paper added.

“Would any third party want to jump into the fray if there is no assurance of a settlement with these ground tenants who are not mere squatters?” The Edge queried.

The paper also raised questions over the status of the 310-acre Pulau Indah land, noting that there has not been any news of 1MDB finalising the RM294.378 million price to buy the plot from Tadmax Resources Bhd.

“The sale was supposed to be completed yesterday, according to Tadmax's December 16, 2014 statement. At the time of writing, there was no update on whether the deal has been completed,” it said.

Debt-riddled 1MDB announced yesterday it has received “significant” proposals to buy two large parcels of land in Selangor and Penang even as critics question the state-owned investment’s purchase of them.

In a statement, Arul Kanda said the Cabinet had been informed of the company’s intention to “monetise” its land in Pulau Indah, Selangor and Air Itam, Penang through joint ventures or outright sales on February 15 this year.

Arul Kanda added that the company will appoint an independent real estate consultant to review the proposals and will provide an update of the development in the next two weeks.

1MDB’s announcement came after opposition MP Tony Pua questioned the real estate deals, in particular the 310-acre land in Pulau Indah the company bought for RM282 million from Tadmax Resources Bhd, after securing a US$150-million (RM540 million) loan from Export Import (EXIM) Bank.

The DAP MP has suggested that the transaction was a front to bail out troubled government-linked companies, pointing out that Tadmax was formerly known as Wijaya Baru Global Bhd before November 2013, and that Wijaya was known for its involvement in the RM12.5 billion Port Klang Free Zone (PKFZ) scandal.

This is a cheap shot and unprofessional conduct unbecoming of an MP. It is known that Tabung Haji issue is devious game of some pariah unschooled blogger and there is justification to the deal yet they are using it again.

He must have corporate backing him so as to get the land for cheap by making public fund refrain from bidding.

Goofy

They've got Xavier Justo, we've got Xaviera Hollander

DAP has given support for Tony Pua to attend PAC despite pressure on him to excuse himself. PAC Chairman Dato Nurjazlan Mohamed should keep him in proper perspective as he is bound to get personal.

Tony Pua should remember that he has been gullible to mistake and goofed on many many occasions. Lets us not get too far back.

There was an incident in Parliament in mid November when he accused 1MDB of securing a new RM3 billion IPP for RM11 billion. He goes on with the rhetoric that it will result increase electricity prices for consumers.

It turned out it was the 3B IPP contract won by 1MDB.

It must be on a November 16th 2014 session that he accused 1MDB subsidiary of not submitting annual accounts. Obviously that is untrue and he had attended session with auditors.

It is no crowing glory to pursue the Cayman Island fund because neither him or those critics nor the Ministers got it right. BSI Singapore was only the custodian bank for the liquid asset of units in SWF. Arul Kanda corrected an earlier mistake made and he is dubbed liar.

Tony Pua accused Petrosaudi deal a con job at end of February [read MI here]. Subsequently The Edge Weekly went on a three weekend pursuit of Jho Loh to link him in the alleged Petrosaudi conjob. The stopped doing so in the latest issues.

We've suspected it looks like a conjob and Joh Loh is part of a scam. However, recent development emanating from Bangkok does look like The Edge was conned by Xavier or a party to fabricate Xavier's emails. Sarawak Report already admitted to use of fake email.

Thus far too many parties making same wromg accusations. They've got Xavier Justo, so we have our Xaviera Hollander and it will be a tell it like it us on Petrosaudi tomorrow. Damn with the spin or play of words of others.