3B Power Plant Bid Now Open For Suckers (ie You & Me?) - like AES

Back from the weekend shutdown folks. Here is old news:

http://www.themalaysianinsider.com/malaysia/article/1mdb-calls-off-rm8.4-billion-sukuk-for-power-project

• 1MDB calls off RM8.4 billion sukuk for power project
• Published: 7 February 2015 3:02 PM
• 1MDB RM12.7 billion 2,000 MW coal-fired power plant, 3B, cancelled. 
• Troubled (1MDB) called off RM8.4 billion of Islamic bonds
• sukuk earmarked for US$3.6 billion (RM12.7 billion) plant
• not moving ahead with exercise anymore
• owns 16 power and desalination plants in six countries
• dogged by controversy over (RM42.5 billion) debt pile 
•  criticised for a perceived lack of transparency.
• 1MDB to withdraw from the 3B power project
• Tenaga Nasional Bhd to take over the project.
• spokesman for TNB said company was unaware 
• further dampen investor interest in 1MDB's (RM10.6 billion) IPO

- See more at: http://www.themalaysianinsider.com/malaysia/article/1mdb-calls-off-rm8.4-billion-sukuk-for-power-project#sthash.LyafRUK8.dpuf

My comments :  Folks, did you know that the gomen is having "compensation payment" discussions for that ridiculous AES project? The figure being thrown around is RM1 billion.

This is the opening card in the poker game. Depending on how crooked is the bridge they shall negotiate upon, we (the ordinary dumbo rakyat taxpayer) may be holding an anak haram with an RM1 billion maternity clinic bill.   Better kick up a fuss.

This is the Nenek Tua  Business model again. 

Step 1 - Keep an eye out for "out of this world" ideas (eg the coastal areas will be submerged by the sea in 100 years). 
Step 2 - Then come out with some fantastic projects to exploit the situation. 
Step 3 - Get the gomen to award a billion Ringgit contract. 
Step 4 -  Then there will be a hue and cry. The projects may get cancelled. 
Step 5 - Go to the gomen and collect compensation. 

Now the 1MDB magicians are going to call off the 2000 MW, RM12.7 bil coal fired power plant project in Negeri Sembilan.
  

I hope you are glad that an ex banker, 50% industrial engineer, writer, property developer, MACC advisor, jeweller, Quran enthusiast and overall busybody like me keeps harping about these things. I think I can understand these things a little bit and I would really, really like you all to understand them too. (Plus I like to blow my own horn lah. Ini saya punya blog. No one else will blow any horns for me anyway. Its halal.)

Folks, your pants are at stake again. Do read on. Just note these two points about 1MDB cancelling that RM8.4 bil sukuk and that RM12.7 bil power project

• Tenaga Nasional Bhd to take over the project.
• spokesman for TNB said company was unaware 

I believe IPP licenses are awarded by the Energy Commission. An IPP license alone (just the piece of paper) is worth hundreds of millions of Ringgit - depending on the size of the power plant. Its buta money. If you have an IPP license, you can just sell it to any number of hungry corporates.

The news report says the TNB spokesman was unaware that TNB will be taking over the 3B project.  Of course he wont know. These things can be decided between the golf course and the leather goods departments. 

Taking over ?? So must TNB pay "compensation" to 1MDB to take over this 3B project? Thats our money. TNB is a GLC.  Or will TNB have to "buy" the license from 1MDB?

The fact is this project has NOT even started. No power plant has been built. This is still 'on paper' stage.

If 1MDB is pulling out of this "still in planning stages, still on paper" phase of the projectthen the Energy Commission should just cancel this IPP license.

It is a "tak jadi" project. 

Then re-award the 2000MW coal fired plant to the next most worthy bidder (ie TNB, YTL, Ananda Krishnan etc) and ask them to start the project.

Or open the project for bidding again and let the interested players tender.

I doubt YTL or Ananda will want to "buy" over this 3B project for a hefty premium. But TNB is a GLC.  GLCs play golf. 

So lets avoid another 'dapat duit atas angin' situation.