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Friday, February 21, 2014

1MDB paid over the top prices to Tanjong and Genting for their expiring IPP concessions.

Tony Pua
 
1MDB paid over the top prices to Tanjong and Genting for their expiring IPP concessions. As a result, 1MDB added RM12 billion to their already heavy RM30 billion debt pile. Cashflow from the acquired businesses is insufficient to pay off the loans. Solution: BN Government gives 1MDB a new 25-year IPP contract, even though it *wasn't the best or cheapest bid. A backdoor bailout. Who pays? The rakyat pays with higher electricity prices. Hebat. --- http://m.malaysiakini.com/news/255045

 As a result, 1MDB added RM12 billion to their already heavy RM30 billion debt pile. Cashflow from the acquired businesses is insufficient to pay off the loans.

Solution: BN Government gives 1MDB a new 25-year IPP contract, even though it *wasn't the best or cheapest bid. A backdoor bailout. Who pays? The rakyat pays with higher electricity prices. 

Hebat.
  http://m.malaysiakini.com/news/255045
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