raised 1.3b and left around 22 mil. This one, someone inside kuat makan, think can complete the highway with 22 mil left. Children the lesson here is simple, you can curi but make sure project complete.

PLUS wanted to takeover but told the bondholders, you guys take a 50% haircut. Bondholder told PLUS to FK off, we rather go broke. PLUS said okay, over to you GOMEN.

GOMEN said oh shyet, ball back in my court. I dont think the GOMEN is keen on footing the bill but most likely will give a longer concession to whoever willing to pick up the tab.

My best guess is, i think they will go after the trustee of the bond or maybe the lead arranger CImb Investment bank?? (not sure if they can), assuming they didn't check properly and release payment to MEX 2 without verifying? sure they will go after the one with money.

You always have one or two greedy ones lar. The smart one makan sikit sikit, lama menjadi bukit than you have the ones that cant wait, satu kali RM 40b, apa nama that fella jibai or something?

The old days people want to songlap, they set up a lot of ghost company, proxy, nominee, so many layer, you dont even know who is in control, but of coz have to pay the middle man but nowadays young ppl impatient, dah jadi PM, want to be Finance Minister and chairman of the entity.

So you see mentality very different.

My viewlar, GOMEN should compulsorily acquire MEX and confiscate personal property/asset/cash to compensate MEX2 Bondholders, its attributed by the mismanagement in the company that this shit is stinking up the entire KL.

After that the difference, will be absorb by the white knight with some haircut if needed but not 50%lar, come on...

Yalar, all this Alibaba talk cock and blow air only, their strategy no different from PE company actually. Go in the company and strip the company all of its assets and run it to the group. Classic case of American Red Lobster chain, business not doing well, PE company come in. Most of their property they buy, so what happen is the PE company make Red Lobster to sell all their property to PE company on a "sale-leaseback" arrangement. The rental alone to the PE company is nuts. In the end they ran it to the ground.

50% haircut was just example, cause the Edge article said more than 50%... so you are on point but it could be purchase 100 and get back RM 20. Somehow people say bonds are safe but after MEX2 and Credit Suisee, I probably would risk it with stocks.

"The abandoned MEX II project had been on the government’s radar for more than a year. Several existing toll road concessionaires were approached to assess the incomplete project, with PLUS Malaysia Bhd believed to be among them. Sources indicate that PLUS was willing to take over MEX II, but only if bondholders agreed to a significant haircut.

“The offer on the table required bondholders to take a haircut of more than 50%. This did not go down well with the bondholders,” says a bondholder. “They felt that taking a ‘haircut’ on their debts would not solve the problems as long as there was no change in the people responsible for completing the highway. The bondholders turned the pressure on R&M to come up with a solution.”

Source:https://theedgemalaysia.com/node/754944

Agree with you, is different entity that issued the bonds.

What I am saying is extreme circumstance, if they decide to lift the corporate veil, it all leads back to one person. Millions disappeared, you mean us a the major shareholder and chairman, he has no idea what is happening in his own company, then i am a bit worried.

Either way MEX 2 is royally fcked. Now one is going to touch this toxic shet and it will remain idle. I don't think the GOMEN is in a hurry to revive it as well.

Sad but true.