Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 15.3.2015.<\/p>\n
1MDB will haunt our financial capital markets and even contribute to a further depreciation of the Ringgit if BN Ministers continues to be in denial that there is no bailout of 1MDB even after RM600 million of a RM950 million BN Federal Government Standby Credit has been utilised by 1MDB. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah is like an \u201costrich in the sand\u201d for insisting that the Government\u2019s injection of RM950mil in standby credit for 1Malaysia Development Bhd (1MDB) does not in any way constitute a bailout, because 1MDB is not a failed organisation but is only facing a short-term cash flow problem.<\/p>\n
Clearly Ahmad forgets basic high-school accounting that bankruptcy is most commonly caused by insolvency in not having enough cash to pay your debts, even when your financial accounts shows healthy accounting profits. There are many companies that have gone bust because they are unable to meet their short-term cash obligations despite having billions of dollars in assets.<\/p>\n
For Ahmad to admit 1MDB to be unable to pay their short-term cash obligations is to concede that 1MDB would go bankrupt without the RM950 million standby credit provided by the BN Federal government. Without this standby credit, 1MDB would be unable to pay its short-term cash obligations, become insolvent and hence bankrupt. Clearly 1MDB has failed and the standby credit is an initial RM950 million bailout of 1MDB.<\/p>\n
Ahmad is also contradicting himself when he had in Parliament admitted that 1MDB\u2019s gearing ratio, which is a measure of debt against capital(where the higher the gearing ratio, the worst off the company), was 17 times and unsustainable at its present form. <\/p>\n
For this reason, the Kuala Lumpur Composite Index(KLCI) will continue in 2015 its abysmal record in 2014 as the worst performing stock market in Asia Pacific. Despite recording economic growth of 6% last year. Malaysia KLCI in 2014 suffered a drop of 5.7%, the highest drop amongst all Asia Pacific bourses. Even countries like Thailand with lower economic growth rates of barely 1% in 2014, the Thailand stock exchange index rose by 15.3%, whilst Philippines was a star performer with a rise of 22.8% in the stock index in 2014. <\/p>\n
Why should a country that is supposed to record healthy economic growth rates of nearly 6% in 2014 suffer from being the worst performing stock market compared to countries like Thailand or Philipinnes with lower economic growth rates? Clearly foreign investors are not interested in historical performance but in future prospects of the KLCI and Malaysia. <\/p>\n
And the future prospects for KLCI is negative due in part to many disturbing questions posed on the RM42 billion 1 MDB scandal that raises doubts not only on transparency and compliance in our capital markets, but whether Malaysia\u2019s credit ratings would be jeopardized should 1MDB unravel and default. For this reason, it is crucial that 1MDB and the Finance Ministry come clean on the whole scandal so that everyone knows the true cost should a worst-case scenario happens.<\/p>\n
LIM GUAN ENG<\/p>\n
—– BM Version —<\/p>\n
Kenyataan akhbar Setiausaha Agung DAP dan Ahli Parlimen Bagan, Lim Guan Eng di Kuala Lumpur pada 15 Mac 2015<\/p>\n
Skandal 1MDB akan menghantui pasaran kewangan modal negara, malah menyumbang kepada kejatuhan nilai Ringgit jika menteri-menteri BN masih enggan mengakui bahawa memang ada usaha menyelamat (bailout) terhadap 1MDB selepas RM600 juta daripada RM950 juta yang diperuntukkan oleh Kerajaan Persekutuan BN digunakan oleh 1MDB sebagai kredit tersedia<\/p>\n
Skandal 1MDB akan menghantui pasaran kewangan modal negara, malah menyumbang kepada kejatuhan nilai Ringgit jika menteri-menteri BN masih enggan mengakui bahawa memang ada usaha menyelamat (bailout) terhadap 1MDB selepas RM600 juta daripada RM950 juta yang diperuntukkan oleh Kerajaan Persekutuan BN digunakan oleh 1MDB sebagai kredit tersedia.<\/p>\n
Sehubungan dengan itu, Menteri Kewangan Kedua, Datuk Seri Ahmad Husni Hanadzlah, sudah menjadi seperti burung unta yang menyembunyikan kepala dalam tanah apabila berdepan dengan masalah. Beliau berkeras menyatakan suntikan wang kerajaan bernilai RM950 juta itu sebagai kredit tersedia kepada 1MDB bukanlah usaha menyelamat kerana 1MDB bukan sebuah organisasi yang gagal tetapi hanya mengalami masalah aliran tunai jangka pendek sahaja.<\/p>\n
Jelaslah Ahmad Husni lupa dengan asas perakaunan sekolah menengah yang mengajar bahawa kebankrapan biasanya disebabkan oleh insolvensi, iaitu tidak mempunyai cukup tunai untuk membayar hutang, walaupun akaun kewangan menunjukkan keuntungan. Sudah ada banyak syarikat yang rugi dan bankrap kerana mereka gagal menunaikan janji membuat bayaran tunai jangka pendek walaupun akaun mereka menunjukkan mereka mempunyai aset yang bernilai berbilion Ringgit.<\/p>\n
Pada masa yang sama, apabila Ahmad Husni mengakui bahawa 1MDB gagal membayar hutang tunai jangka pendek, ia bererti beliau mengakui bahawa 1MDB boleh bankrap jika tiada kredit tersedia RM950 juta itu yang disediakan oleh kerajaan persekutuan BN. Tanpa kredit tersedia ini, 1MDB tidak akan mampu membayar hutang tunai jangka pendeknya, dan ia akan menjadi insolven dan dengan itu menjadi bankrap. Jelaslah 1MDB telah gagal, dan kredit tersedia RM950 juta itu sebenarnya memang menjadi penyelamat (bailout) kepada 1MDB.<\/p>\n
Malah, kini Ahmad Husni juga melawan kata-katanya sendiri kerana beliau pernah menyatakan di Parlimen bahawa nisbah hutang ekuiti (gearing ratio) 1MDB \u2013 iaitu ukuran hutang berbanding modal di mana semakin tinggi nisbah hutang ekuiti, semakin teruk keadaan syarikat \u2013 adalah 17 kali ganda dan gagal dikekalkan pada tahapnya sekarang.<\/p>\n
Atas sebab ini, Indeks Komposit Kuala Lumpur (KLCI) tahun ini dijangka terus kekal dengan rekod buruknya pada tahun 2014 sebagai pasaran saham yang paling teruk di rantau Asia Pasifik. Walaupun Malaysia mencatatkan pertumbuhan ekonomi 6% tahun lalu, KLCI pada tahun 2014 telah jatuh 5.7%, iaitu kejatuhan paling buruk di kalangan bursa Asia Pasifik. Sedangkan negara seperti Thailand yang hanya mencatatkan pertumbuhan ekonomi tidak sampai 1% pun pada 2014 telah berjaya meningkatkan indeks pasaran sahamnya kepada 15.3% manakala indeks pasaran saham Filipina menjadi contoh terbaik di rantau ini dengan peningkatan 22.8% pada 2014.<\/p>\n
Mengapa Malaysia yang mencatatkan pertumbuhan ekonomi hampir 6% pada 2014 menjadi negara yang paling teruk prestasinya berbanding negara-negara jiran yang lebih rendah kadar pertumbuhan ekonomi mereka? Jelaslah bahawa pelabur antarabangsa tidak berminat dengan prestasi masa lalu tetapi lebih serius tentang prospek masa depan KCLI dan Malaysia sendiri.<\/p>\n
Prospek masa depan KCLI adalah negatif kerana terlalu banyak persoalan timbul tentang skandal 1MDB yang berjumlah RM42 bilion yang telah menambah rasa syak wasangka bukan sahaja terhadap ketelusan dan kemampuan pasaran modal negara, tetapi juga tentang sama ada penarafan kredit (credit rating) Malaysia akan terjejas jika terdedah segala-galanya tentang 1MDB. Atas sebab ini, amat penting bagi 1MDB dan Kementerian Kewangan mendedahkan segala-galanya secara terbuka tentang skandal tersebut supaya semua orang tahu kos sebenar jika keadaan ekonomi paling buruk berlaku kepada negara.<\/p>\n
LIM GUAN ENG<\/p>\n
—-Mandarin Version —-<\/p>\n
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Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 15.3.2015. 1MDB will haunt our financial capital markets and even contribute to a further depreciation of the Ringgit if BN Ministers continues to be in denial that there is no bailout of 1MDB even after RM600 million of a …<\/p>\n