PKR to get RM500 million if SPLASH is priced at RM2.975 billion

By MT Webmaster Last updated Nov 16, 2016

Azmin is telling the world that his figure of RM2.975 billion is the same price that Khalid had agreed to pay to take over SPLASH. Khalid, however, wanted to pay SPLASH only RM250 million and not almost RM3 billion. But the DAP Speaker of the Selangor State Assembly refuses to allow Khalid to explain this to the State Assembly, thereby collaborating with PKR to steal more than RM2.7 billion of the taxpayers’ money.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

Azmin and Khalid: which of the two is lying?

Selangor Menteri Besar Azmin Ali alleged that when Khalid Ibrahim was the Menteri Besar (between 2008 and 2014) he made SPLASH an offer of RM2.975 billion to take over the equity of the company. Khalid then wanted to explain what really happened but the DAP Speaker of the Selangor State Assembly would not allow him to do that.

“If you are governing a state you cannot resort to shouting. It’s all about strategy and implementation. That’s why I requested that Speaker Hannah Yeoh give me a chance to explain myself in the state assembly,” said Khalid.

‘Look in mirror’, Khalid tells Azmin for calling him hypocrite

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Isu SPLASH: Rafizi mengaku Anwar lobi Khalid untuk bayar lebih

Anyway, the Selangor State Assembly was not allowed to hear Khalid’s side of the story so PAS, which is also part of the Selangor State Government although it is not a member of Pakatan Harapan, asked Khalid to explain.

This is because the PAS EXCO member in charge of water is not involved in the negotiations with Gamuda, Wan Azmi Wan Hamzah and the Federal Government — so PAS is very confused as to what is going on. In fact, the DAP EXCO members are also not involved in the negotiations so they, too, are equally blur.

In response to that, Khalid wrote a letter to the PAS President, Abdul Hadi Awang, which you can read here:

READ HERE: Khalid Ibrahim’s letter to Hadi Awang on the Selangor water issue

Khalid visiting Hadi in hospital

Basically, although Azmin said that the price of RM2.975 billion that he offered to take over SPLASH is the same figure that Khalid offered them, Khalid’s offer of RM2.975 billion in 2009 was before deducting liabilities of RM1.396 billion, hence reducing it to a nett offer of RM1.579 billion before deducting any dividends paid out.

In short, Azmin’s offer of RM2.975 billion is nett while Khalid’s offer in 2009 was gross and once netted off would be about half that figure.

That was in 2009, though. In 2013, the figure changed to RM2.56 billion and after deducting liabilities of RM1.584 billion and dividends of RM725.4 million, the nett figure came to RM250.6 million, less than 10% of what Azmin is offering today.

Hence Azmin’s offer is RM2.975 billion while Khalid’s offer was merely RM250.6 million. Hence, also, what Azmin told the Selangor State Assembly is a lie — but the DAP Speaker of the State Assembly refuses to allow Khalid to explain this to the Assembly. And yet the opposition has the gall to whack the Parliament Speaker for not allowing them to discuss the DoJ issue in Parliament.

Wan Azmi: RM2.975 billion for SPLASH means RM500 million for PKR and RM2.7 billion loss to taxpayers

After Khalid made that final offer in 2013, Anwar Ibrahim brought Wan Azmi to meet Khalid to try to get him to agree to the price of RM2.7 billion instead of RM250.6 million. That would value SPLASH at RM4.284 billion to come to a price of RM2.7 billion after deducting liabilities and so on.

Another problem that Selangor would face is that it does not have the money to pay RM2.7 billion. So it would need to turn to the Federal Government for the money and the Federal Government has already said no. So where is the RM2.7 billion going to come from?

Anwar told Khalid that Wan Azmi had agreed to pay PKR a commission of RM400 million if the deal goes through. What Khalid heard, though, is that there would be an additional RM200 million that would go to Anwar personally. And this made Khalid furious.

Khalid practically showed Anwar and Wan Azmi the door and Anwar went home flustered and vowing that Khalid’s days are going to come to an end. Soon after that they launched the Kajang Move and Khalid was ousted from office.

600 million reasons why Anwar wanted Khalid ousted

Even if Khalid listens to Anwar and agrees to the figure of RM2.7 billion, the Federal Government would refuse to pay the extra RM2.45 billion as the Master Agreement stated the amount to be paid for SPLASH is RM250 million nett. Since funds for the whole exercise are coming from the Federal Government and not the State Government, it would be a no-go from the start.

As it is the Federal Government is already funding Selangor RM10 billion to acquire all these water companies. With the higher valuation for SPLASH, the Federal Government would need to increase the RM10 billion to RM12.45 billion. And the fact that RM500 million is going to be kicked back to PKR would be a disincentive to the Federal Government.

Azmin is trying to deflect criticism by shifting the blame to the PAS EXCO member in charge of water. But it is Azmin and not the EXCO member who is handling this matter. Wan Azmi is not a very brave person and if the MACC were to gempak him he would sing like a canary. So Azmin has to make sure that his fingerprints are not on this deal.

Hadi knows that if this deal turns sour then PAS would be blamed since the EXCO member in charge of water is from PAS. That is why he asked Khalid for an explanation, which Khalid did in that letter above. But then there are some things Khalid cannot reveal: such as Anwar’s role in this and how Anwar met him with Wan Azmi and tried to force him to up the offer from RM250 million to RM2.7 billion with a kick back of RM400 million for PKR and RM200 million for Anwar.

When Khalid refused to agree to the price of RM2.7 billion and stuck to his guns on the price of RM250 million, Anwar accused him of selling out to the Federal Government. They also accused him of corruption and published a thick dossier of misdeeds (which Saifuddin Nasution later apologised in court for). Khalid’s main ‘crime’ is that he refused to allow Anwar and PKR to use Selangor as its piggy bank and syphon hundreds of millions out of the state kitty.

Hannah Yeoh, DAP Speaker of the Selangor State Assembly helping PKR rob Selangor of RM2.7 billion

Raja Petra Kamarudin RPK