Many critics and haters of 1MDB were rubbing their hands in glee in the hope that 1MDB would be declared to be in-default in September when this loan came due.
However, their hopes were crushed when 1MDB announced early full settlement of this loan on Monday.
The money to repay this loan came in the form of a USD1 billion initial payment from the Abu Dhabi government's 100% owned sovereign fund, IPIC, which has USD70 billion in assets - about 3 times bigger than our Khazanah Nasional - a business transaction that was announced by our Finance Minister Ahmad Husni about two weeks ago where certain financial assets of 1MDB that is currently invested in various Abu Dhabi funds were sold to Abu Dhabi govt as part of 1MDB's restructuring of their assets and debts.
One of the most unhappiest pundit seems to be known anti-Najib blogger Jebat Must Die (JMD).
He wrote a long rambling article titled "IPIC – The RM3.6 billion payment for 1MDB dummies" where he made all sorts of allegations that 1MDB is selling out its prized assets in Malaysia to the Arabs and how this is a bailout and so and so forth.
What he meant by prized assets seems to be the land in TRX and Bandar Malaysia.
He came to this conclusion by stating "the only known valuable assets 1MDB has are the lands in TRX and Bandar Malaysia".
This is why bloggers unclear of the concept or incapable of reading financial statements should not be writing about financial transactions and crying bail-out and "jual tanah".
It appears JMD has never read 1MDB's financial statements before where it is clearly stated that there are available for sale investments in the form of various joint-ventures with the Abu Dhabi sovereign funds.
I reproduce the part in 1MDB's financial statement here for his benefit:
|Page 12 of 1MDB Audited Financial Statements 2014|
This is also reported in greater detail in Section 18 (page 92 and 93) of 1MDB's Audited Financial Statement 2014 here:
In order to help him see better, I have highlighted it in Red here:
Thus we can establish without any doubt that such financial assets actually exist (Abu Dhabi won't be so stupid to pay us this USD1 BILLION initial payment for such assets if it does not exist) and that 1MDB's known assets is just not limited to the TRX and Bandar Malaysia land,.
And since JMD's core basis (known asset is only TRX and Bandar Malaysia land) for his rambling arguments is now confirmed untrue and destroyed, this means his entire article on the RM3.6 billion repayment comes crashing down in neat little itsy-bitsy fitnah pieces.
Maybe Jebat Must Die (JMD) should now consider re-branding himself as JML- as suggested by this picture I saw being shared on FaceBook recently?
|Cheeky name change suggestion to JMD currently being shared widely on FaceBook|