Khazanah: Who are the business partners of Tony in AsiaAsia X, a private limited company?

In the Inquire Business report 0n 7-8-2011 quoted Tan Sri Tony Fernandes and his partner to have said in a joint statement that

“As the major shareholders of AirAsia Bhd and AirAsia X Sdn Bhd (which operates long-haul budget flights), we are committed to increasing shareholder value in both our core investments by continuously exploring various opportunities to enhance our franchise,in HERE. The emphasis is mine. From this joint statement it was crystal clear that Khazanah Nasional Bhd, as the majority shareholder of MAS appeared to be very desperate to buy a franchise for these “special” brand names AirAsia and AirAsia X from Tan Sri Tony Fernandes and his business partners. With the pace and the way in which this so-called share swap was concluded with such utmost secrecy gave the impression to all Malaysians that Tan Sri Azman Mokhtar, Mohammed Rashdan Yusof and especially YB Tan Sri Nor Yacob, the Minister of Finance II under PM Abdullah Badawi were TOTALLY unaware of the Malaysian business partners of Tan Sri Tony Fernandes’ lucrative aviation business.

Since these three powerful personalities in Khazanah were totally ignorant of the big names of the Malaysian business partners of Tan Sri Tony Fernandes, let me list them down below for their easy reference :

Abbel Aziz @ Abdul Aziz bin Abu Bakar

Datuk Kamarudin bin Meranun

Dato’ Kalimullah bin Masherul Hassan

Lim Kian Onn

Fam Lee Ee

Today Malaysians have been subjected to another  press report based on “sources” pertaining to AirAsia X in the so-called share swap which appeared in the Star today, in HERE. Previously the MAS-AirAsia share swap deal, which was shrouded in utmost secrecy was leaked out in a report published by an AirAsia’s friendly news portal, in HERE, also based on sources with clinical accuracy.  This time the trend has shifted from the said news portal to the Star. Why a sudden shift of the mode of publicity stance?

Under the secret negotiation of share swap, Khazanah Nasional Bhd has the option to purchase 10% stake in AirAsia X by September. Going by the current schemes of things, the said sources report, Khazanah Nasional Bhd (Khazanah) has appointed the investment bank Morgan Stanley to finalise the proposed valuation of the 10% stake in AirAsia X. According to a top official of Khazanah, this so-called deal of 10% stake in AirAsia X is dodgy! I am not all surprised by this statement because from the last financial statement for the AirAsia X Sdn Bhd for its year ending 31-12-2009, which was filed with with Companies Commission on 30-06-2010, recorded an after tax loss of RM89,835,000-00.

In the said sources report Azran Osman-Rani was quoted to have said that ” Khazanah’s potential participation would signal the entry of a strong institutional investor into the company and would be used as a benchmark for the subsequent IPO price.” From this report, it would appear from this statement that AirAsia X Sdn Bhd, is going for listing soon. Perhaps Khazanah will be a good vehicle to ride on to get speedy approval with the indirect endorsement from Khazanah.   

Tan Sri Azman Mokhtar and En Mohammed Rashdan Yusof be reminded that AirAsia X Sdn Bhd is a totally different legal entity to AirAsia Bhd, which is a public listed company and AirAsia X Sdn Bhd is a private limited company. The original name of AirAsia X Sdn Bhd was FLY ASIAN EXPRESS SDN BHD and it was only changed on 21-09-2007. I do not know why. May be it was a good business strategy to deal with Ministry of Transport when applying for international routes.  2007 was the year that AirAsia X began to operate.  Therefore, Khazanah must take note of these glaring facts. I hope that Khazanah will not want Malaysians to believe that AirAsia X Sdn Bhd with after tax loss of about RM89 million is also needed to save MAS from the “brink”.

I am just wandering whether Ministry of Transport was aware of the facts that AirAsia X Sdn Bhd is not the same as AirAsia Bhd when it granted the 32 international routes to it and recently another five new routes including Jeddah, which is very profitable. It seemed that Ministry of Transport was also helping and encouraging a private limited company, AirAsia X Sdn Bhd to compete with MAS where MAS has expanded million of tax payers money to nurture and promote the routes to London, Jeddah, Sydney and the like. AirAsia X Sdn Bhd just moved in with enormous help from the Ministry of Transport help and at the same time did not say Thank You to MAS.

I am sorry that I am unable to move on the LSG Sky Chef Brahim Sdn Bhd, which is connected to powerful politician. The MAS-Asia share swap is moving at tremendous pace with favourable exposure to move into MAHB and etc. Thank God that Tan Sri Azam Mokhtar has assured bloggers that no one can speak on behalf of MAS or Khazanah and he assured us that Tan Sri Bashir shall stay on as chairman in MAB despite the various press “reports” in the said news portal and certain MSM, please read Rockybru’s blog in, HERE.

May I take this opportunity to wish all my Muslim friends and other Muslims “SELAMAT BERBUKA PUASA”.

17 thoughts on “Khazanah: Who are the business partners of Tony in AsiaAsia X, a private limited company?

  1. Kantoi

    Well done, YB.
    Expose all these thi…. and you will soon discover that it all leads to KKK.

    note: sorry sdr had to edit edit to avoid unnecessary complications.

  2. Anonymous

    Wau! Wau! Wau! Looks like another ECM Libra! Not bad lah Khazanah. A job well done for the share swap and now the purchase of another 10% shares in AirAsia X. It is a very very very good share swap deal for Khazanah. We look forward for more share swap deals like this and MAS and Khazanah can go to hell faster!

  3. Pak Zawi

    All will be wondering why must Khazanah invest in a losing concern using the rakyat’s money they are holding in trust? I can’t wait to see you bring up this matter in parliament. Hopefully it won’t be too late by then.

  4. Economist Kampong

    ALl i can say is there must be a logical explanation behind these illogical decisions. YB Wee please continue digging. The rakyat has the right to know what happened, what is taking place and what likely misdeeds will befall all of us if these hanky-panky actions are not stopped.

    Thank you again

    Ecnomist Kampong

  5. Con Air

    We are all waiting to hear more decisions from Khazanah for deals like this where basic arithmetic tell us that it is a no deal from the beginning. Khazanah with its pool of “professionals” cannot even think properly how can we expect them to run the national assets.

    How can airasia save MAS when itself is not in the best of health? Wake up Khazanah. stop making stupid decisions. Airasia x is making the government and the rakyat to think that it is part of airasia when it is not. Why must Khazanah involving in a small company like AirAsia X which has a record of only 4 year with losses.

  6. The Blind Khazanah

    It is a real WAU! Look at the prominent Malaysian business partners of AirAsia X. I cannot believe that Tan Sri Nor Yacob, Tan Sri Azman and Danny were not aware of their involvement in Airasia X. Tahu sama tahu lah!

    Khazanah please stop all the nonsense. Please do not think that the rakyat is stupid. Thank you YB for highlighting the facts that AIrAisa is a private limited company and the prominent business partners of Tony. And the losses of AirAsia X. At least for now, khazanah can no longer pretend that it does not know about these glaring facts before their eyes. Are the officers in Khazanah blind?

  7. All Friends

    They are all friends lah YB. Why are you so upset with them. Friends can also do business together. don”t fault Tan Sri Azman or Danny. ha! Ha! ha!

  8. Anonymous

    Looks like a repeat of ECm Libra with Avenue Asset. Khazanah top officials should know about these glaring facts – fakta sakit mata! Khazanah stop treating the rakyat like idiots. We all know about the personalities in AirAsia X Sdn Bhd.

    Tan Sri Azman Mokhtar should not worried about a private company. MAS should compete against AirAsia X Sdn Bhd. A small airline want to save MAS. What a joke. May be AA X can not even looks after itself let alone to save MAS. It is a dirty deal that cannot see the light of the day.

  9. The Ular



  10. azman

    Terlaampau nyata bukti dalam posting ini – Khazanah tidak menjaga kepentingan MAS dan Khazanah dengan baik.jangan memperbodohkan rakyat.

  11. Lim KL

    Since Khazanah is so keen to take up 10% of AirAsia X Sdn Bhd, it should start to invest in other sdn bhd too. Khazanah should start to do national service by investing 10% in all sdn bhd. These jokers are not fit to be sitting in the Khazanah if they are indulging in such stupid deals that even a small kids can see it.

  12. sharifah

    Dear YB, Please bring this up in Parliament and push them until they give satisfactory answers. We are depending on MPs like you to ensure our taxpayers money is put to good use. Thank you YB for your dedication.
    Rgds, sharifah

  13. zaharahcute

    As long as that DUNGU Nor yaakob ada dalam MOF akan ada lagi banyak PERKARA BODOH yg akan berlaku.. YAB PM why must you dukung biawak hidup??

  14. king

    ECM Libra look alike. Please take note Tan Sri Azman and Rashdan. For Tan Sri Nor Yakob no need to take note because he was all the time fully aware of it.

  15. Anonymous

    What has Tony Fernandes’ ‘connection’ or ECM libra got anything to do with the deal? It was a pure share swap with no actual monies exchanged. Infact, Tony and Din Meranun now have a total of RM1 billion of their PERSONAL wealth in MAS – wouldn’t u think they would want MAS to succeed and increase in shareholders’ value, imminently benefiting Khazanah cum the ‘rakyat’ as well? With regards to Khazanah’s stake in AirAsia, similarly, an increase in shareholders’ value & market cap would also benefit Khazanah. What is so ‘bodoh’ about that?

  16. The Con Man

    Anonymous 6:33 am

    If it was true that both Tony Fernandes and Kamarudin Meranum have both got RM1 billion in MAS out of the share swap then you already answered it all. A free share swap with nothing for MAS or Khazanah.

    They want the route and to stop Fire Fly from competing with AirAsia. More importantly, it was a share swap to save AirAsia and AirAsia X. Bodoh!

  17. Anonymous

    The Con Man 11.57am

    You obviously have little knowledge in corporate finance. Its a share swap!! They had to give RM1 billion of their share (10%) in airasia to get the same value in MAS; so thats not free!! Next time dont be too hasty in calling other people bodoh!!

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