'1mdb' Token Offer at https://token.1mdb.fund
Website at https://1mdb.fund
Token name: "1mdb" (https://etherscan.io/address/0x61ea46d23b5ead47be7dbb9d54d185dbd7137dc4)
White paper cum Terms & Conditions (https://token.1mdb.fund/Edu_platformWP2018.pdf)
(Started now to 8 Oct 2018)1 USD = 2 '1mdb' Tokens
1 ETH = 1000 '1mdb' Tokens
Tot Tokens = 10 mio '1mdb' Tokens
Max Funding = USD 5 mio
Min Funding = USD 100KBackground. (seized assets from kleptocracies)
While the Dept of Justice “DOJ” (USA) had converted their investigation from civil forfeiture to criminal indictment, the assets/funds seized purportedly from 1Malaysia Development Berhad (or commonly known as 1mdb in short) or from those with ties with 1mdb, there are no plans or means to revert these to the “victims” of this alleged fraud. These seized assets/funds amounting close to USD 3.5 Billion (by one estimate) are not being claimed by the Malaysian Government as the incumbent currently facing an election come on 9 May had denied any missing funds removed or stolen from 1mdb. Here lies the dilemma as there is no claimant for the civil proceedings (now suspended), then all these assets/funds will be diverted to the US Treasury after deducting the DOJ’s costs (legal and admin) and reward bounty of 5% if any. It’s a windfall. Nevertheless delivering a strong message to all kleptocracies thinking of indulging their ill-gotten wealth in the US will be unthinkable. In the past unclaimed funds will be channeled to deserving charities under the “cy-pres” principle. This may no longer be applicable since the Trump administration took office. Be that as it may, ordinary Malaysians will be settled with the debts (most of the above funds were raised by several Bond issuances arranged by Goldman Sach earning a whopping USD 539 million in fees for 2013). For more please refer to
https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_scandal Other options on the table is to take action for the unrepresented class against the intermediaries and personalities that assisted in the above 1mdb “scandal”. As seen in
https://www.sbs.com.au/news/malaysian-politician-to-sue-anz-for-900m-over-stolen-funds (failure to get fair equitable study loans)
Ordinary Malaysians have great difficulty in securing study-loans as many do not have collateral and unable to secure placement with local universities due to the shadowy practices of the racial based quota system by local universities (government claimed is removed) which allocate 90% of the seats discriminately favouring the "Malay" (defined in the Malaysia Constitution as someone who practices Islam and habitually speak "malay" language). Those who studied for examination such as Unified Examination Certificate (UEC) are not eligible for study loans issued by the Malaysian government notwithstanding UEC is recognized by Universities from Singapore, Australia to US. Despite the government’s generosity in assisting Malay, many have failed to fulfill their contractual obligations like repaying their loans or return to Malaysia to complete their working bond. In recent years, the government had tightened its study loan criteria by limiting overseas studies, requiring guarantors, making it even harder for all.
Goal. (To uplift the income stream from the seized assets/funds)
By applying to the Courts to uplift this income stream (as opposed to ownership of seized assets/funds) have never been done before. To be clear there is no standing order to seize income stream derived from said seized assets/funds. It is also pertinent to restraint the DOJ which is preparing or already conducting a “fire-sale” of these assets as a pretext to recover cash when there is no reason to do so as most of these investments assets being properties are sound. For example the Park Lane hotel and various properties in California are currently yielding income and are in no danger of being moved or transferred away. Any “fire-sale” will depress their market prices and will not add any be benefits to the recovery of the funds to Malaysia. There are no reasons to reject said application as this is in part based on the DOJ own submission these funds had originated from Malaysia, notwithstanding its conversion to criminal prosecution now. There is no barrier as DOJ specifically named unrepresented “Malaysians” as beneficiaries (see its complaint in
https://www.justice.gov/opa/press-release/file/973671/download); the only issue is there is no agreement on how to disburse them. Be that as it may, the proposal here is for a loan (with almost zero interest rate) means borrowers must return the borrowed funds and therefore no issue of ownership arises. To account for each study-loans, a transparent and immutable record-keeping system must be available and the best technology for this is on a block-chain (to partly account for the trustless element). The income stream can be channeled into a fixed trust to backup the tokens issued for this purpose and each time funds is payout as education fees, the tokens will be burnt hence reducing the same (until repayment). I will not dwell into the best block-chain framework as I am still considering several options and testing them. The main feature that I am looking at is minimal administrative costs in paying out and receiving the repayments.
(Develop a smart block-chain that promotes transparency and equity)
A secondary goal is a chance to redesign for a transparent study loan program based on the principle of transparency at its core. Much has been said of study-loans including how much burden it had on the students after finishing their studies in gestation to their dream job. The key-platform that I am using is ‘syndicated study loan’. Loan syndication is a way for lenders to diversify their risk, ie instead of one lender we have 4 lenders (one of which could be funded from National Education Savings Scheme (SSPN-i) and SSPN-i Plus to ensure the applicant’s parents have skin in the process). In this case, our schema is for the borrower to secure at least 2 lenders known to them for an amount that is no less than 40% of the total loan, this amount is negotiable. In short, a high achiever may negotiate for a lower amount from known lenders. The balance will be sought from other lenders willing to negotiate both financial and non-financial repayments such as employment in kind or bond as the case may be. US Patent 7493279
(http://patft1.uspto.gov/netacgi/nph-Parser?patentnumber=7493279) is dedicated to this negotiation part. When it comes to repayment and this is the stickiest point, I am currently doing some data analysis correlating three factors – the university one attended, one’s profession, and gender to see whether there is any link to one’s ability to repay. I am mindful that the biggest complaint here is that wages had not kept up with education costs over the years especially in developing countries for newly minted graduates. For example, as a trainee lawyer one basically has to beg to get into the profession with minimum wages and law studies for unknown reasons is the most costly of the non-sciences degrees. There is anecdotal evidence that graduates from Ivy League universities tend to secure positions earlier after graduation, though not necessary earn sufficiently to repay their exorbitant loans. Another unforeseen issue is that we have just experienced the longest 12 years of low-interest rates coupled with restrained wages and from now interest rates will begin to rise together with everything else as the world economy shifts into gear notwithstanding the rhetoric on trade war.
There is no one way to reinforce repayments? Currently, the Malaysia government which is the largest lender under the PTPTN program ( known as “National Higher Education Fund Corporation” in English since 1997) has resorted to blacklisting the defaulters on a credit list accessible only to banks and financial institutions due to privacy reasons. This is short of naming them publicly as many of the defaulters are highly placed civil servants. As of Dec 31, 2016, PTPTN has disbursed some RM48.5bil (USD 12.12 bil) to 2.6 million students (on average, about 200,000 new students receive PTPTN loans annually). PTPTN requires about RM5bil (USD 1.25 bil) a year to operate. However, out of RM18.8bil (USD 4.7 bil) in loans due, about RM8.1bil (USD 2 bil) hasn’t been paid back.
(https://www.thestar.com.my/opinion/online-exclusive/whats-your-status/2017/02/24/why-its-vital-to-pay-back-student-loans-besides-pushing-graduates-to-repay-their-debts-ptptn-also-en/). It is foreseeable, the next generation will need to seek funding from elsewhere.
The goals here is to design a much-needed platform to ensure applicants are duly consider based on merit and needs rather than status (such as race) and to design ways where the borrower can repay with dignity by incorporating in part non-financial obligations in lieu or in substitute by way of negotiation between the parties. I know is a mouth-full but while we have the technology, there have not been much innovation in the study loan business, ideas here are merely to stir us to think and consider the possibilities to make an equitable study loan system, hence this proposals is very much experimental.
Solution that I have figured out and subject to changes required implementation1. A study loan system where loans are disbursed based on merits and needs in part funded by income stream from seized assets in the custody of foreign government such as DOJ (USA),Singapore, HK and Switzerland.
2. Method patented in US Patent 7493279 for the purpose of syndicating study loan (
http://patft1.uspto.gov/netacgi/nph-Parser?patentnumber= 7493279)
3. Tokens will also be used for:
a) Study Loan Application
b) As repayments and as loans itself
(Each one of the above will necessarily consume said Tokens)
Summary of Token Sale Start: 11 April 2018
Ending: 8 Oct 2018 or when the Maximum cap is reached
ETH accepted
Minimum cap: 100K
Maximum cap: To be determined (equivalent to USD 5.0 million)
Funds managementThe funds raised will be 25% for litigation costs/disbursement, 10% for development of studyloan block-chain based on merit and needs, 50% for study-loans, 5% for operations, 5% for team members/staff and 5% bounties/legal.
BountyPlease contact hi at 1mdb dot fund
or Please join us at Telegram for any burning questions.
https://t.me/joinchat/C-MSeBBr3tRHe1J4nZ-FsgMilestones/Road Map (assuming there is a road ahead)D. MileStones
31 Oct 2018 to 30 Nov 2018
Tender, pick study loan blockchain design winner
Get best design and costs
1 March 2019
Legal Team finishes applications for order to
apply income/interest
1 June 2019
Block-Chain Team completed alpha study loan block-chain
1 Nov 2019
Completion and finalised Management Team
Thank you
