Johor bangkrap 2012?

Oleh HUSAM MUSA


Seorang kenalan, menarik perhatian saya terhadap kemungkinan Johor diisytihar bangkrap lima tahun dari sekarang.

Mustahil! Itu respon pertama dalam hati kecil saya. Bagaimana?

Kenalan ini merujuk kepada hutang JCorp berjumlah RM 4.032 B yang telah disusun semula pada tahun 2002, melalui agensi CDRC. Penyusunan semula ini memerlukan jaminan oleh Kerajaan Johor.

Asalnya ia adalah hutang anak syarikat Kerajaan Johor iaitu Johor Corp, tetapi selepas penyusunan semula, Kerajaan Johor telah terlibat dengan menjadi penjamin. Difahamkan, mengikut perjanjian, tanah Kerajaan Johor dijadikan cagaran dan jika sekiranya Kerajaan Johor gagal membayar hutang atau bunganya, Kerajaan Johor boleh diisytihar bangkrap dalam tempoh tujuh hari!

Rakan saya ini kemudian menunjukkan print out dari laman web CDRC yang boleh dilayari untuk melihat press release berkenaan isu ini. Namun, perincian perjanjian hutang yang disusun semula itu tidak disertakan.

Baca petikan dari laman web CDRC mengenai isu tersebut;

Debt Restructuring of Johor Corporation and its Financially Dependent Subsidiaries

The Corporate Debt Restructuring Committee ("CDRC") is pleased to announce that Johor Corporation ("JCorp"), its dependent subsidiaries* and their respective creditors today signed a Debt Restructuring Agreement to restructure RM4,032 million of debts, of which RM3,120 million is the amount owing by JCorp and RM912 million the amount owing by JCorp's financially dependent subsidiaries.

A total of 54 creditors are involved in the restructuring scheme. JCorp is the state economic development corporation of the state of Johor.Dato' Azman Yahya, Chairman of CDRC, said, "The Johor Corporation restructuring will reduce the level of non-performing loans in the banking system by 0.5% and reduce the outstanding amount to be restructured under CDRC by 25%.

The workout for JCorp has been protracted due to the size and complexity of the debts being addressed and the number of creditors and stakeholders involved, but the successful implementation of the restructuring scheme will be positive for the banking system and the economy as a whole.

"The restructuring scheme entails:A. For Unsecured Creditors of Johor Corporation (total existing debt: RM2,696m), an overall recovery rate of 83% via:Issuance of RM1,607m Guaranteed Redeemable Bonds ("GRB") based on the principle of Bai' Bithaman Ajil.

The salient terms of the GRBs are:guaranteed by the Johor State Governmentdivided into three (3) tranches with maturities of five (5), seven (7) and ten (10) yearscash profit rate of 1%effective profit rate of 4.25%, 4.75% and 5.05% respectively, based on the Selling Price and Purchase Price of the underlying assets

Conversion of a portion of the existing debt into a RM400m Committed Revolving Credit Facility ("CRCF") based on the principle of Murabahah.

The salient terms of the CRCF are:profit rate of 0.75% above each financier's Islamic Cost of Fundsmaturity of 10 yearsprofit payments guaranteed by the Johor State Governmentsecured against assets with a 1.67x security cover (based on the open market value of the assets)Issuance of RM230m Redeemable Secured Certificates ("RSC") based on the principle of Qardhul Hassan.

The salient terms of the RSCs are:divided into three (3) tranches with maturities of five (5), seven (7) and (10) yearsno profit ratesecured against assets with a 1.00x security cover (based on the forced sale value of the assets)B. For Unsecured Creditors of JCorp's Dependent Subsidiaries (total debt: RM879m), an overall recovery rate of 70% via:

Issuance of RM615m Guaranteed Redeemable Bonds ("GRB") based on the principle of Bai' Bithaman Ajil.

The salient terms of the GRBs are:

guaranteed by the Johor State Governmentdivided into three (3) tranches with maturities of five (5), seven (7) and ten (10) yearscash profit rate of 1%effective profit rate of 4.25%, 4.75% and 5.05% respectively, based on the Selling Price and Purchase Price of the underlying assetsC. For Secured Creditors of JCorp and JCorp's Dependent Subsidiaries (total debt: RM457m), an overall recovery rate of 100% via:

Issuance of RM457m Guaranteed Redeemable Bonds ("GRBs") based on the principle of Bai' Bithaman Ajil.

The salient terms of the GRBs are:guaranteed by the Johor State Governmentdivided into two (2) tranches with maturities of five (5), and seven (7) yearscash profit rate of 1%effective profit rate of 4.25% and 4.75% respectively, based on the Selling Price and Purchase Price of the underlying assetsThe Debt Restructuring Agreement is conditional upon approval of the proposed scheme by JCorp's US$ Floating Rate Note holders amounting to US$100 million who will vote on the terms of the restructuring during a formal meeting of note holders to be convened shortly.

It is expected that the restructuring scheme will be fully implemented by end-June 2002.The scheme also entails other significant elements which critically recognise the need for JCorp to have time to allow for the following:

To improve its core business activitiesA phased and properly controlled disposition of its assets, in particular its vast property assets from which disposition proceeds the GRBs can be redeemed before the due date.

29 May 2002
Corporate Debt Restructuring Committee


Pembayaran balik dibahagikan kepada tiga peringkat. Paling besar ialah matang pada tahun 2012.

Mampukah Johor membayar hutang yang telah meningkat dari jumlah asalnya RM 4.032 B itu?
Adakah kedudukan hutang yang besar ini tidak menjadikan Johor tertekan sehingga sanggup melakukan sesuatu yang boleh mengancam masa depan dan kepentingan rakyat dan negeri Johor?

Tidakkah nanti kepentingan Negeri Johor akan terabai melalui pembangunan WPI dengan mengizinkan negara asing terlibat dalam menentukan bentuk pembangunan dan polisi dalam wilayah kita sendiri, semata-mata untuk membolehkan Kerajaan Johor mencari wang membayar hutang ini?

Dengan kata singkat, bolehkah kita harapkan kepentingan Johor tidak tergadai?

Saya hanya melontarkan kebimbangan demi kebimbangan. Mungkin ada pihak boleh memberikan respon?