09 Jul '15, 1am

3 questions for new Cabinet - Rama Ramanathan (TMI)

Rama Ramanathan The Malaysian Insider 9 July 2015 Because of 1Malayisa Development Bhd (1MDB), Prime Minister Datuk Seri Najib Razak must soon vacate his position. His successor will replace the Cabinet. What should we look for in the new Cabinet? Of the many facts about 1MDB, I consider three to be especially pertinent: (1) the only money 1MDB ever had was borrowed – mainly from banks and partly from government agencies; (2) most of 1MDB’s profit is from revaluation of assets; (3) 1MDB overpaid for some assets. I’ll consider each in turn. First, banks will not lend without a pledge or a guarantor. To borrow RM900, you must pledge an asset worth at least RM1,000 – that’s “90% financing” – for a low-risk venture. Higher-risk ventures attract lower financing, e.g. 60%, though you must pledge the whole asset to the bank. If you can’t pledge assets sufficient to cover the loan...

Full article: http://blog.limkitsiang.com/2015/07/09/3-questions-for-ne...

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