1MDB Issue: PM - The Victiom of The Old Elites and Power Plant Owners

Posted on March 14, 2015 by editor In Malaysia, there is always another side of the story which is sometimes not told or at least, not told sufficiently.

The 1MDB – and especially the PM – has stepped on powerful toes. In his efforts to consolidate the numerous independent power plants under 1MDB from these powerful tycoons, Najib Tun Razak has found that these influential elites are refusing to let go.

Benefitted from the era of the past leadership, the late TNB boss, Ani Arope refused to play balls with them. He lost the fight.

The PM Najib Tun Razak wants these power plants back. They belong to the rakyat but they have all run to powerful old politicians, who should be enjoying their retirement and playing with their grandchildren, for help.

Billions of ringgit are racked in each year by these rich and powerful, who are smart enough to maintain a low profile, while enjoying their expensive wine, wives and mistresses. They are not stupid like Jho Low, who wants to show off his Paris Hilton, who is available to be paid for any party.

For many years, these IPPs together with Dr Mahathir have been attacked by the opposition especially Lim Guan Eng as up to RM19billion had been set aside for these power plants. But suddenly the Pakatan Rakyat has forgotten.
The 1MDB has bought over Ananda Khrisnan’s power business and Genting’s IPP plants. YTL has also lost its power contract.
The only new concessionaires or power plant awards are either 1MDB or Tenaga and no other parties. PM Najib rightly put an end to these sweet hard deals.
These sweet hard deals cost Petronas and TNB billions of ringgit. Yes, billions. Possibly, RM100billion for two decades.
Najib has fixed things right but he has become a victim of the powerful including those who rewarded these cronies.
In fact, Malaysia was supposed to have a scheduled electricity tariff increase in July 2014 and Jan 2015 under the fuel cost pass through mechanism implemented in Jan 2014 but 1MDB and other IPPs say no need because of the revised and corrected power purchase agreements.
And electricity rates were even reduced starting from March 2015 – due to falling coal prices as well as the much cheaper IPP tariffs.
TNB finally started to record big profits again starting in 2013, 2014 and the first quarter of 2015. It registered a RM2.3 billion net profit for just three months. With these profits, Petronas no longer need to subsidise Tenaga.
But who are the biggest losers? The cronies who enjoyed the sweet heart deals and they now see their IPP taken away by the PM for their rakyat under 1MDB.
It looks like they are now turning their anger towards the PM! Ask yourself who approved these sweet heart deals which Malaysians have been paying while they reap the massive profits at the expense of Tenaga, Petronas and the people!

Stop The Lies