RM4 Beliyon, RM3.8 Beliyon, Duit Pencen Beliyon, Beliyon, Beliyon

Hi folks. I think by the time you read this I will be travelling - for a few days.  Will try to keep the blog updated.

This is taken from here.  Make sure you read this inside your toilet. Otherwise you may get charged or something.

RM3.8 billion – RM0.2 billion = RM3.6 billion

China’s Origo Energy is open about its figures……

Origo’s Chief Executive’s statement, which is attached to the company accounts for the period ending June 2014 gives a rather gloomy prognosis for the value of Gobi Coal, as he explains why his company is pulling back on its share:

“The Company’s mining portfolio includes investments in a combination of exploration and early stage production companies. These types of companies have been particularly hard hit by market conditions over the last two years. During the Period we reduced the carrying value of our investment in Gobi Coal & Energy Ltd (“Gobi Coal”) by 50 per cent., reflecting the significant decline in coking coal prices and the reduced demand from China for Mongolian coal. Gobi Coal’s assets have significant long-term potential, with large resources and reserves and the possibility of low-cost open cast mining. However it remains unclear as to when prices and demand for metallurgical coal will recover”.
The statement goes on to reveal that Origo now owns 14% of Gobi Coal, which it states as being worth a fair value of USD$13.3 million (RM49 million, thanks to the ringgit’s plummeting exchange rate).

If 14% is worth USD$13 million….

From this evidence one can make a simple calculation as to the value of the 50% share 

With 14% of the company being worth $13.3 – $14.9 million, we can say that at best value each percentage of this Gobi Energy company is worth a million dollars.

This would signify that SRC’s apparent 50%  share of the company is worth USD$50 million.  At present exchange rates that is around RM180 million – or RM0.2 billion.

Why so many tricky answers from the Finance Minister cum Prime Minister about SRC?

This is just under 5% of the borrowed money that has been supposedly accounted for in the Finance Minister’s statement.

So, we ask, what happened to the remaining RM3.6 billion borrowed by SRC and why did the PM neglect to account for the remaining 95% of SRC’s investments?

Shocking statement from Origo Energy
.

.

In response the Director of Origo wrote back to the researcher with the stunning information that Origo’s 14% shareholding is in fact the largest in the company!

Dear _________,

Being a private company, Gobi do not disclose the details of its shareholders. What I can say is that the company is principally owned by institutional investors, with Origo being the largest one. We value our assets bi-annually; the next set tp be published sometime in second half of May.

Regards,
Niklas Ponnert
Director 

This means that SRC International’s ownership is not even the 50% implied by Najib Razak, but is worth less than the USD14 million held by Origo.

That means the value of the share is no more than RM50 million!

It means that the FM/PM only accounted for RM50 million in his statement, leaving no explanation for the investment of the remaining RM3.805 billion ringgit borrowed by SRC International from the public pension fund!

-  End quote

My comments : So what? RM4 Beliyon, RM42 Beliyon, RM3.8 Beliyon - so what? Even if it is RM84 Beliyon so what? Who cares? 

Just a question. If that KWAP made a loan of RM4 beliyon, what was the security? Is the loan guaranteed by someone like the Scorpion King, the Oo of Oo Ba Doo or someone like that? Is it secured against future movie rights on planet Mars? Say something guys.