Sunday, 24 May 2015

Why not perah the MBs?

What would be the end game for the whole 1MDB fiasco?

The company’s grossly indebted with iffy revenue generator to service this debt.

Muhyiddin has asked for the Board to be sacked. And then what?

Everything would be fine and dandy?

No, Sir. The debt is still hanging over us.

Yes, US. EPF’s in it. So is KWAP. The government has apparently guaranteed everything good and sundry it seems.

Maybe, maybe not.

And yes, supposedly 1MDB assets (paper valuations notwithstanding) is enough to cover the debt.

All hunky dory? The BIG IF is in who 1MDB can offload these assets to.

The “missing billions” factor is the cruncher as this overloads the debt content by having no tangible, umm, collateral to the money pumped in.

To make 1MDB “work”, there is really no choice but to plug these leakages and proceed with the plans it already has in place.

It needs to be sincere in implementing these to the point of being a hermit.

The Board should be worked for free. Basic allowance of nasi lemak and teh tarik ONLY for their meetings and no others. Ikan bilis only. No sambal kerang or jackshit.

Consultants should be discarded. All consultancy worked should be inhouse. Have to do OT without being paid? TOUGH.

Former banker should use his expertise in ensuring all monies are accounted for. And yes, he should also be paid peanuts. Nasi lemak and teh tarik during meetings the only perk he gets.

Najib? He should just cut himself out of 1MDB. His being in the loop corrupts everything by short circuiting governance.

He can have his nasi lemak and teh tarik elsewhere.

Perhaps this could turned 1MDB around.

It would be take bloody many years to pay all its debts, but hey, us layman has been there before.

Lets perah all the MBs for all their smugness while the nation worries.

That would just, I think.

In the meantime, here's to hoping that Nur Jazlan and his merry men (and women) of the PAC do a good job in finding the ones we (as a nation) have perah the hardest.

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