A company called Sapu Rakyat’s Cash
Odin TajuePublished: Mar 13, 2015 5:30 AM | Updated: Mar 13, 2015 5:32 AM
I have tried to follow Malaysian news as much as I could, but somehow I haven’t heard of Sapu Rakyat's Cash International Sdn Bhd till a few hours before the time of scribbling this. Have you?
All right, maybe if I tell you the company is called SRC International Sdn Bhd, the name may ring a bell for you. Has it? Yes? No? Maybe no. So let’s take a quick, wee look at it. For convenience, let’s simply refer to it as ‘SRC’.
SRC was incorporated in Malaysia on the Jan 7, 2011 as a subsidiary of 1Malaysia Development Berhad (1MDB). It itself, in turn, has subsidiary companies incorporated in Virgin Islands.
Virgin Islands. Caymans. Seychelles. Hmmm...!
And what does it do? The reply given some moons ago by the Finance Minister (you know who) to one of the well-known thick, sharp thorns in the BN’s nether region was as follows - “SRC International Sdn Bhd (SRC) merupakan salah sebuah syarikat yang ditubuhkan untuk mengendalikan beberapa projek Strategik Infrastruktur Negara… SRC dikendalikan sebagai sebuah syarikat strategik berpandangan jauh yang akan mengimplimentasi projek-projek strategik infrastruktur yang akan melipat gandakan keupayaan negara dalam menjana pertumbuhan jangka-panjang yang berkekalan.”
The English version of that according to Google translation is something like “SRC International Sdn Bhd is a company established to handle several strategic national infrastructure projects. SRC operates as a far-sighted strategic company that will implement strategic infrastructure projects that will multiply our ability to generate lasting, long-term growth.”
Gosh! How enlightening. You can’t be any clearer or more informative, can you?
Even before the ink on the Registrar of Companies register got dry, so to speak, SRC took a - hold your breath - RM4-billion loan from one of Malaysia’s cash cows, the Employees Provident Fund (EPF). The loan was guaranteed by the federal government, and it was disbursed in two tranches, in August 2011 and March 2012.
And you know what? Before that March of 2012 ended and after the loan was fully disbursed, SRC was immediately taken over by the Finance Ministry.
Why did ministry take over SRC?
One asks, why did 1MDB raise the RM4 billion loan through SRC, and why did the ministry take over SRC immediately after the loan was fully disbursed?
This modus operandi, as pointed out by one of the thick, sharp thorns, seems similar to how the joint-venture (j.v.) of 1MDB and PetroSaudi was terminated and the funds injected by the former into the j.v. was converted into a loan on the very last day of the March 2010 financial year to avoid having to report the details of the j.v.
And if that isn’t enough to make you look askance at the whole thing, consider that the company has failed to submit its accounts after that for the first financial year. Doesn’t that remind you of the same thing with 1MDB?
SRC has gone into a j.v. with Gobi Coal & Energy Ltd. This company is based in Ulaanbatar and is involved in the mining of coking coal.
Mongolia does seem to hold a special attraction, particularly for the finance minister, does it not? - so special, in fact, that he and his ministry officials have been spellbound and thus unable to keep their books and provide any details pertaining to the j.v. other than that it is a 50:50 partnership.
Maybe you ought to stop them from ogling the Mongolian women - oops! Sorry, I mean, admiring the Mongolian coking coal - by shouting very loudly into their ears, “What has happened to the RM4 billion rightfully owned by our taxes-burdened, hardworking, struggling-to-make-ends-meet workers?”
All right, maybe if I tell you the company is called SRC International Sdn Bhd, the name may ring a bell for you. Has it? Yes? No? Maybe no. So let’s take a quick, wee look at it. For convenience, let’s simply refer to it as ‘SRC’.
SRC was incorporated in Malaysia on the Jan 7, 2011 as a subsidiary of 1Malaysia Development Berhad (1MDB). It itself, in turn, has subsidiary companies incorporated in Virgin Islands.
Virgin Islands. Caymans. Seychelles. Hmmm...!
And what does it do? The reply given some moons ago by the Finance Minister (you know who) to one of the well-known thick, sharp thorns in the BN’s nether region was as follows - “SRC International Sdn Bhd (SRC) merupakan salah sebuah syarikat yang ditubuhkan untuk mengendalikan beberapa projek Strategik Infrastruktur Negara… SRC dikendalikan sebagai sebuah syarikat strategik berpandangan jauh yang akan mengimplimentasi projek-projek strategik infrastruktur yang akan melipat gandakan keupayaan negara dalam menjana pertumbuhan jangka-panjang yang berkekalan.”
The English version of that according to Google translation is something like “SRC International Sdn Bhd is a company established to handle several strategic national infrastructure projects. SRC operates as a far-sighted strategic company that will implement strategic infrastructure projects that will multiply our ability to generate lasting, long-term growth.”
Gosh! How enlightening. You can’t be any clearer or more informative, can you?
Even before the ink on the Registrar of Companies register got dry, so to speak, SRC took a - hold your breath - RM4-billion loan from one of Malaysia’s cash cows, the Employees Provident Fund (EPF). The loan was guaranteed by the federal government, and it was disbursed in two tranches, in August 2011 and March 2012.
And you know what? Before that March of 2012 ended and after the loan was fully disbursed, SRC was immediately taken over by the Finance Ministry.
Why did ministry take over SRC?
One asks, why did 1MDB raise the RM4 billion loan through SRC, and why did the ministry take over SRC immediately after the loan was fully disbursed?
This modus operandi, as pointed out by one of the thick, sharp thorns, seems similar to how the joint-venture (j.v.) of 1MDB and PetroSaudi was terminated and the funds injected by the former into the j.v. was converted into a loan on the very last day of the March 2010 financial year to avoid having to report the details of the j.v.
And if that isn’t enough to make you look askance at the whole thing, consider that the company has failed to submit its accounts after that for the first financial year. Doesn’t that remind you of the same thing with 1MDB?
SRC has gone into a j.v. with Gobi Coal & Energy Ltd. This company is based in Ulaanbatar and is involved in the mining of coking coal.
Mongolia does seem to hold a special attraction, particularly for the finance minister, does it not? - so special, in fact, that he and his ministry officials have been spellbound and thus unable to keep their books and provide any details pertaining to the j.v. other than that it is a 50:50 partnership.
Maybe you ought to stop them from ogling the Mongolian women - oops! Sorry, I mean, admiring the Mongolian coking coal - by shouting very loudly into their ears, “What has happened to the RM4 billion rightfully owned by our taxes-burdened, hardworking, struggling-to-make-ends-meet workers?”
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