Mr Arul Kandasamy: No Excuses for not attending PAC Meeting

May 27, 2015

Phnom Penh

 Mr Arul Kandasamy: No Excuses for not attending PAC Meeting

You are a special Malaysian born in Sitiawan, Perak. You are being engaged by the 1MDB Board of Directors to deal with the company’s massive debt problems. The first thing you must do is to respect our laws and regulations. By failing to attend the PAC meeting in Parliament, for example, you have not shown any regard for our Legislature. You should have turned up up on time to respond to  questions directed  at you by the PAC chairperson and his colleagues. In stead, you chose to give the PAC chairperson a stupid excuse. If the incompetent Treasury failed to inform you of the meeting, YB Nur Jazlan cannot be blamed.

Arul, Lodin and NajibYou are appointed to do your job diligently and with integrity as your salary and perks are being paid by the ultimate shareholders of 1MDB, who are Malaysian taxpayers. The  Prime Minister is not your boss since he himself must be accountable the people. So you have no right to lie and cheat on his behalf. As someone who is purportedly an expert on financial matters, you know what your responsibilities and duties are. But you are obviously not what you claim to be.

I hope  you and your Chairman Tan Sri Lodin Wok Kamaruddin and other Directors will bear the full brunt of the law when the time comes. Prime Minister Najib cannot protect you since he himself will likely lose power when those UMNO party members wake up from their slumber and realise that they have been lied to and cheated and abused by their President. –Din Merican.


12 thoughts on “Mr Arul Kandasamy: No Excuses for not attending PAC Meeting

  1. Sad…Arul maybe highly educated …former old Putera from RMC and LSE but he lacks basic manners and courtesy by treating PAC with no respect. He fails to understand that his action is uncalled for and now the rakyat think that his action is only to please one man. What a low creature he has brought himself to be.
    Frankly, he is an embarrassment to his own community. Anyway, he is kissing the feet of the man who feeds him. A lapdog, I should say.–Din Merican

  2. Dato, Arul is from Sitiawan Perak. Educated at RMC. Was told he was a good debater. Converted to Islam and married to a Malay lady. That is all I want to say of him and hope he has a fear of Allah and the punishment for misdeeds.

  3. Datuk,

    Arul is a Malaysian.
    He is being paid like an expatriate. Worse still if he is a Malaysian. That means he is a real kurang ajar. Everyone must uphold the law. –Din Merican

  4. Rule of Law : Foreign citizens resident in another country must obey the laws of the country. Individuals (citizens) holding high political office are also not above the law.

    Examples: Former President of Taiwan Chen Shui BIan prosecuted and jailed. President Nicolas Sarkozy of France probed for corruption after leaving office.

  5. “Mr Arul Kandasamy: No Excuses for not attending PAC Meeting”


    Just to share this…

    Part 1/3…

    “Arul was on the board of RHB Capital Bhd from July 2009 to May, 2011, as a non-independent non-executive director representing Abu Dhabi Commercial Bank PJSC. He was executive vice-president, head of investment banking and head of corporate finance at Abu Dhabi Commercial Bank.

    Abu Dhabi Commercial Bank bought RHB Capital in May 2008, acquiring 538.37 million shares or 25% of RHB Capital from the Employees Provident Fund (EPF). It later sold the block to its related entity to Aabar Investments PJS…

    1MDB Arul Kanda – has wide experience in banking, having worked as head of Islamic financing solutions, Barclays Capital, Dubai, from September 2006 to July 2008, prior to which he was at Calyon (part of the Credit Agricole group) and was based in London and Bahrain between 2002 and 2006.

    Among others, at Calyon he was director, head of Islamic banking, London, from July 2005 to August 2006; director of capital markets, Bahrain, from June 2004 to June 2005; and associate director of securitisation, in London, from July 2003 to May 2004.

    He has a Masters in Law from University College, London, and obtained his bachelor’s degree in law from the London School of Economics.

    “In 2001, Denis Robert and Ernest Backes book, Revelation, showed that Crédit Lyonnais was one of the many banks to hold unpublished accounts in Clearstream, a Luxembourg-based transaction clearing company, which
    has been accused by the authors of being a huge international money-laundering machine…”

    Thursday, May 30, 2013 – “The truth about Barclays and the Abu Dhabi investment –

    “Amanda Staveley earned an astonishing £30 million fee for her role in helping to secure Abu Dhabi’s £3.5 billion investment in Barclays in 2008, a deal on which Sheikh Mansour made a profit of more than £3 billion.

    Euromoney reveals the extraordinary tale behind that trade, the battle for £110 million in fees paid by Barclays to Mansour, and just how close-run a deal which saved the bank from part-nationalization was – which is currently the subject of an investigation by the Serious Fraud Office.

    Lunchtime on April 30 2009, and Amanda Staveley’s private banker on the Isle of Man has just emailed her with confirmation that a sum of £29.5 million ($45.7 million) has been deposited into her account.

    The note from Douglas might have provided a bitter-sweet moment for the Dubai-based Staveley, the Yorkshire-born dealmaker building a reputation glad handing high-octane deals in the Gulf, after a hectic few months helping arrange one of the defining transactions of the 2008 global financial crisis: Abu Dhabi’s £3.5 billion investment in Barclays Bank six months earlier.

    Sweet because she had finally received a commission for the Barclays deal that she’d been sweating on Gulf potentates paying for a long time.But bitter because the amount received was some way short of what she’d initially hoped to garner for her role in the Barclays rescue, a deal dubbed ‘Project Mandolin’.

    The disclosure of the fees paid to Staveley and her firm PCP Capital Partners – revealed in a dossier of documents relating to the transaction and seen by Euromoney – will also stir mixed emotions among Barclays shareholders.

    At the time of the capital raising, many were up in arms at the highly generous terms offered not just to Sheikh Mansour bin Zayed Al Nahyan, the Abu Dhabi royal and UAE deputy prime minister, whose participation Staveley had helped arrange, but also to Qatar Holdings, one of neighbouring Qatar’s sovereign wealth funds…

    Cont’d Part 2/3…

    “Mr Arul Kandasamy: No Excuses for not attending PAC Meeting”

    Just to share this…Part 2/3

    Euromoney’s disclosures cast the first light on what happened to the £110 million in fees paid by Barclays – and its shareholders – nominally to Sheikh Mansour, but inreality to a cast of advisers, associates and family members, of which Staveley was a big beneficiary.

    The documents seen by Euromoney – a collection of business exchanges, and emails written or sent by Staveley, her colleagues and her contacts from 2008 to 2009 – also show how public disclosures about the Mansour investment masked the realities of how close run the deal was, and how complex – and arguably misleading – the nature of the capital injection from Abu Dhabi was.

    They provide a fascinating insight into how the west meets the Middle East when it comes to doing business for eye-watering sums of money, as well as how frantic attempts to secure the money for the Barclays investment were, pulling in a range of some of the biggest names in the financial markets, from the US to China.

    The entire round of capital raisings by Barclays in 2008 – first a £4.5 billion injection in June by existing shareholders, principal among them the Qatar Investment Authority and Challenger, an entity representing Qatari prime minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, followed by the £7.3 billion injection by Mansour and the Qataris in November – have been shrouded in rumour, mystery, intrigue and speculation.

    They are also the subject of investigation. Barclays has disclosed that the UK’s Financial Services Authority and Serious Fraud Office are looking into commercial agreements between Barclays and Qatari interests and if these were related to the two Barclays capital raisings in 2008.

    There is also an investigation by the US Department of Justice and the US SEC into whether or not Barclays’ relationships with third parties that assist Barclays to win or retain business are compliant with the USForeign Corrupt Practices Act. Both investigations are cited in the independent review of Barclays written by Anthony Salz, a vice-chairman of Rothschild, published at the beginning of April this year…

    Before the completion of the investment, David Forbes, a senior adviser to Ipic, emailed Staveley to tell her:

    “Further to our email of yesterday, Khadem has just confirmed that he does not envisage any requirement for PCP to be an equity investor in Project Mandolin.”
    Khadem is Forbes’s boss, the head of Ipic. Also addressed in the email was Ali Jassim, a close associate of Sheikh Mansour.

    The problem was that the three vehicles – PCP Gulf Invest 1, 2 and 3 – were originally registered in the names of Staveley and Eadie, rather than in Mansour’s.
    This issue appeared to be addressed in a draft letter seen by Euromoney, seemingly on behalf of KAQ Holdings – the personal holding company of Khadem Al Qubaisi.

    In it, KAQ offers Staveley and Eadie an aggregate fee of £5 million “in connection with your involvement in the investments to be made by PCP Gulf Invest… in Barclays as part of its capital raising exercise..”

    Thursday, May 30, 2013 – The truth about Barclays and the Abu Dhabi investment –

    Cont’d Part 3/3

    “Mr Arul Kandasamy: No Excuses for not attending PAC Meeting”

    Part 3/3…

    “Chairman of Abu Dhabi’s Aabar fund, Khadem Al Qubaisi”
    “KAQ Holdings – the personal holding company of Khadem Al Qubaisi”.

    Just to share this…

    “The conspiracy was hatched in April 2011, according to the email trails in our possession.

    The plan was to orchestrate a quick flip sale of RHB bank shares owned by the Abu Dhabi Commercial Bank (ADCB), in the full knowledge that two of Malaysia’s own banks CIMB and Maybank were in the process of seeking a merger with RHB.

    Using their insider knowledge and the controlling influences of the Malaysian authorities, Jho Low and his business partners, who were the UK based investor Robert Tchenguiz and the then “Chairman of Abu Dhabi’s Aabar fund, Khadem Al Qubaisi”, expected to profit by at least half a billion US dollars.

    This was to be at the expense of the Abu Dhabi public bank and the two Malaysian banks, expected to eventually buy the 25% share of RHB.

    Writing to Tchenguiz 31st May 2011 Low gloated at the prospect of a 50:50 deal on a USD500 million dollar profit:

    “Now that the MayBank & CIMB process is happening simultaneously, we can be sure our exit will be likely faster within 6 to 18 months…

    Our lawyers are drafting up the USD100 million first lose guarantee for 24 months (with a 12 month extension) to be issued in favour of Aabar inreturn for a 50:50 net profit equal share so that our interests are mutually aligned in this partnership…

    …. Our expectation is a minimum of USD500m net-profit for us jointly within 18 months or less…”

    They are all very well trained & groomed “Rothschild’s Puppet Investment Bankers” for the Middle East…& 1MDB in Bolehland…???

    You be the judge.

  6. Whacking this “Mamak” ain’t gonna do anything, even tough it’s his hands on Jibros Joystick now. He’ll tell you that after just a month of perusing the available ‘documents’, that the Joystick is insolvently insoluble. No hope in hell for resuscitation or miracles.

    Simple principle of business mah..! Never take long term loans with ah-long interest rates and ‘hidden costs’ for short term profits. So1MDB will start a ‘fire-sale’ (err.., monetization exercise) – with willing GLCs’ and cash-rich government retirement and religious based funds. What can be simpler than that? Especially when you manipulate the property valuation, research, land conversion and anything Pliable flunkies like Azzeeez.. can think of?

    Now, the main player of the Joystick debacle (besides the Joy, Stick and flamboyant J-L), should be the previous CEO – aka Sharol Azrul, another ex-RMC chappie, who’s now the President of MPRC.

    So Din, don’t be so bias la.. Just because he’s bald and darker than usual. Haha.

  7. His absence may indicate the lack respect he may have for PAC but his absence may be due to possible support from his ‘bosses’ who may have more power than that possessed by PAC.

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