Khazanah: AirAsia X Sdn Bhd is a 31.7% foreign owned company with a recorded loss of RM89.935 millions!

Perhaps on 8-8-2011, when Khazanah Nasional Bhd thumb printed its intention to purchase 10% of AirAsia X Sdn Bhd, as part of its attempt to save MAS from imminent collapsed, and commissioned Morgan Stanley Investment Bank to do a valuation of AirAsia X Sdn Bhd, it was totally ignorant of the corporate structure of AirAsia X Sdn Bhd that:

a.  31.7 % of its shares are foreign owned; and

b.  sustained a loss of RM89, 835, 000-00 as recorded with the authority and etc.

I hope that Khazanah’s officers will read this posting so that they will understand the simple corporate structure of AirAsia X Sdn Bhd before it thumb printed more formal documents in order to “SAVE” MAS! 

AirAsia X Sn Bhd’s original name was Fly Asian Express Sdn Bhd. It was incorporated on 19-05-2006. Co-incidentally its name was changed to AirAsia X Sdn Bhd on 21-09-2007.

Digressing a little before going into the details of the corporate structure of AirAsia X Sdn Bhd.   It was also around this material period that the Ministry of Transport (MOT) granted several international routes (like London, Paris, several cities in China, India and etc) to AirAsia X Sdn Bhd.  This was how the MOT blindly protected MAS, our national carrier, by encouraging AirAsia X Sdn Bhd, a private company, to compete with MAS on profitable routes like London and others where MAS has expended huge sum of money to promote. AirAsia X just jumped on the band wagon and now it appeared to form an integral part of the scheme to save MAS!

MOT must take note that several international routes have not been utilised by AirAsia X Sdn Bhd and therefore, should be withdrawn forthwith.  

The particulars of AirAsia X Sdn Bhd’s corporate structure are as below:    

Airasia X Sdn Bhd

 Date of Incorporation :             19-05-2006

Old Name                               :    Fly Asian Express Sdn Bhd

Date of Change of name :          21-09-2007

Nature of Business            :         Long Haul, Low Cost Air Services and related services

Shares Capital                       :       Total Authorized – RM320,000,000-00

Total Issued          – RM266,666,668-00

Directors/Officers:

i)             Lim Kian Onn

ii)            Asher Noor (Saudi Arabian)

iii)          Keith Texas Roberts (Australian)

iv)          Hideyuki Yamanaka (Japanese)

v)            Dato’ Seri Rafidah binti Aziz

vi)           Dato’ Kalimullah bin Masheerul Hassan

vii)          Fam Lee Ee

viii)        Dato’ Kamarudin bin Meranun

ix)          Dato’ Sri Anthony Francis Fernandes

  x)         Shan-E-Abbas Ashary (Saudi Arabian)

 xi)        David Andrew Baxby (Swedish)

xii)        Hideo Ichida (Japanese)

xiii)        Azran bin Osman Rani (Manager)

xiv)        Jamindar Kaur a/p Sarban Singh (Secretary)

 Shareholders  :

i)          Manara Malaysia I Limited                     –      29,020,267

ii)         Orix Airline Holding Limited                     –     29,020,267

iii)        AirAsia Berhad                                        –     42,666,667

iv)        Corvina Holdings Limited                        –      26,666,667

v)         Aero Ventures Sdn Bhd                          –   139,292,800

34.7% of its shares are foreign owned.

(Aero Venture’s shareholders:   Dato’ Kalimullah Bin Masheerul Hassan 14, 835, 900, Dato’ Kamarudin Bin Meranun 65, 375, 587, Robert Milton 1, 507, 069 , Lim Kian Onn 13, 720, 666 , Tan Sri Anthony Francis Fernades 33, 855, 194 , Tune Long Haul Sdn Bhd (RM2 paid up capital – Tan Sri Anthony Francis Fernandes and Dato’ Kamarudin Meranun holding RM1 each) 10, 000, 125.)

Company Charges    :

Originally there were 21 charges of which 5 have been satisfied. As at 17-08-2011, there are a total of 16 UNSATISFIED charges. Two from Amanahraya Trustees Bhd (both dated 20-10-2010), three from CIMB Bank (L) Ltd (dated 28-04-2011) and the remaining eleven (11) from Barclays Bank PLC (6), Citibank N.A., London (2) and Sky High I Leasing Co Ltd (3).

Financial Information:

Financial year end                :               31-12-2009

Date of tabling                        :             30-06-2010

Balance Sheet Items

Non-current assets                :                1,661,934,000-00

Current assets                          :                579,129,000-00

Non-Current liabilities         :                 1,171,211,000-00

Current liabilities                   :                  676,723,000-00

Share capital                            :               166,667,000-00

Reserves                                    :                226,462,000-00

Income Statement items

Revenue                                  :                   720,419,000-00

Loss before tax                     :                     – 63,072,000-00

Loss after tax                        :                     89,835,000-00

For related articles: please read in HERE, HERE, HERE, HERE, HERE, HERE, HERE HERE. 

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22 thoughts on “Khazanah: AirAsia X Sdn Bhd is a 31.7% foreign owned company with a recorded loss of RM89.935 millions!

  1. Ronald

    I am sure Khazanah with such a big pool of staff will know the exact status of AIrAsia X Sdn Bhd. On the other hand if it was aware then why waste time to sign share swap in such haste to include the purchase of the 10% of AirAsia X.

    Khazanah please take good care of the nation assets but not this way. I am shocked by this posting of YB Wee with so much details of AirAsia X, which I think need more help than MAS.

    Reply
  2. Johan

    Khazanah just stop Morgan Stanley from the valuation exercise and that will definitely save MAS and the nation money. It will also stop Khazanah being exploited.

    Reply
  3. CON TOL

    Well done YB, the share swap is not cast in stone are in the preliminary stage only.
    They have only signed something like an S&P or even MOU only. Both parties can withdraw from the deal.

    Please put more pressure on Khazanah, an idiot run Company to walk away from the deal.

    We must expose …, the con artist
    “However, after witnessing the 4-0 drubbing by Bolton at Loftus Road on Saturday which was a humbling way for QPR to begin life in the Barclays Premier League, Fernandes will realise the scale of the task he has on his hands.

    The concern is, given his various ventures, he may now be spreading himself and his financial wealth too thinly.”

    CON TOL

    Reply
  4. Kenn

    YB,

    I am making collection of (some of the) articles from bloggers regarding this issue. Please do search LISTED!!! using the search string, “MAS AirAsia Story” (click).

    Your above article should appear in the afternoon today (blogspot platform is experiencing some technical issue regarding scheduling an article for future posting)

    Thanks for fighting the issue. Someone have said, ..there’s too much of MAS blood in me…”

    Thank you again YB.

    Reply
  5. Budak Bodoh

    Even an idiot knows that this is another stupid deal by Khazanah, This is a typical 4th floor deal. The remnant of 4th floor is still lingering around doing their nonsense. The Khazanah senior officials are still unable to shake off their 4th floor connections.

    Please do not expect Tan sri Nor Yacob to look after the interest of Khazanah. His ex-political secretary (Hasbie Satar) has amassed so much wealth was enough to tell us the stories.

    The Ministry of Finanace must step in to stop this smelling deal.

    Reply
  6. Khazzzzzzzzzzzzzzzzzzzanah

    Kenn

    MAS blood is in all Malaysians not only you. We must not allowed MAS to be used as a tool for AirAsia X Sdn Bhd. It is just like any public listed company. If Khazanah wants to help AirAsia X Sdn Bhd, it should also help all other sdn bhd. Some of the directors in AirAsia X Sdn Bhd are good friends of the officers in Khazzzzzzzznah.

    YB Please hantam these irresponsible officers of Khaznah in Parliament. Get MACC to move in to investigate this dirty deal.

    Reply
  7. Khazzzzzzzzzzzzzzzzzzzanah

    It seemed that Khazzzzzzzanah was extra keen to invest in AirAsia X Sdn Bhd. Why? this is the RM6 million RM question? To bail out their friends?

    Sudahlah? EVERYONE CAN SEE IT!!!!! Khazzzzzzzzzzzzzzzzzzzzzzzzzanah please don’t think the rakyat are blind. We can see every move of yours. THe way this MAS-AirAsia share swap was done in a very very secret manner was enough to raise all the questions.

    Tan Sri Azman please stay out of the 10% purchase. It will definitely do no good to Khazanah or MAS except for AirAsia X. It has been reported that it was making losses totaling RM90 million. This is enough for you to say no to the deal.

    Reply
  8. Charles F Moreira

    YB Wee, While I disagreed with you in the past regarding the MCMC and its USP fund issues late last year – and I still do – I however fully support your initiatives in these Air Asia/MAS/Air Asia X issues.

    On the other hand, also don’t forget the smaller local issues affecting your constituents in Wangsa Maju.

    A problem I find with many opposition or independent MPs and ADUNs is that they tend to focus on the macro issues but ignore the micro issues, such as street lights not working, drains clogged, etc.

    BTW. I reside in Petaling Jaya but used to work for a company in Wangsa Maju but it’s the same story here.

    Reply
    1. weechookeong Post author

      Mr Charles F Moreira

      Thank your comments. On MCMC and USP Fund, we can agree to disagree. Opinions may differ but we mist move towards nation building.

      Macro issues are important and it is a part of nation building. We must not allow the obvious to happen right before our eyes. This deal by Khazanah is definitely out of order. This share swap deal was shrouded with utmost secrecy. It was a case of an ikan bilis eating up big fish with the help of the authority, which is supposed to protect MAS, our national carrier and ambassador.

      Micro issues are also important. I do constantly monitor complaints received in my blog or directly from my constituents regarding Wangsa Maju or other areas. The micro issues (street light, roads, drains and etc) are the responsibility of DBKL and other municipalities. Nevertheless, I do take up complaints with DBKL on a daily basis and follow up with them.

      It is always my ultimate objective to make Wangsa Maju a better place for all and Malaysia too.

      Lastly, may I take this opportunity to thank you once again for your constructive comments.

      Have a nice weekend to you and family.

      With kindest regards

      wee choo keong

      Reply
  9. TROUBLESHOOTERS

    Dear YB,

    Since WAU 2001, Khazanah has not been able to fix “operational issues” in MAS highlighted by the late Tan Sri Azizan and summarised below:

    SEPT 2001
    1) …TO REENGINEER THIS ENDANGERED COMPANY.
    2) THE ORGANISATION STRUCTURE OF THE COMPANY IS FOUND TO BE NOT CONDUCIVE TO AN INTEGRATED APPROACH.
    3) … REVIEWING AND IMPROVING THE PROCESSES AND PROCEDURES TO PLUG THE RAMPANT LEAKAGES AND STOP THE HAEMORRHAGE.
    4) …BEHOLDEN ON US TO PROTECT IT FROM PREDATORS.
    5) … PRESENT FRAGMENTED MAS IS NOT IN THE RIGHT STATE….
    6) MAS CULTURE IS DOMINATED BY A “SILO MENTALITY” RESULTING IN UNINTEGRATED AND UNCOORDINATED ACTIVITIES.
    7) …FOSTERED ABUSE, PLUNDER OF THE COMPANY FOR PERSONAL GAINS, HIGH COST, INEFFICIENCY AND HAS DRIVEN THE COMPANY TO NEAR BANKCRUPTCY.
    8) …DEDICATE OURSELVES TO CREATING A NEW CULTURE GROUNDED IN A FEELING OF COMMON RESPONSIBILITY, BASED ON ACCOUNTABILITY …..
    9) …MAIN WEAKNESSES OF MAS HAS BEEN THE SILO MENTALITY THAT PERVADES THIS ORGANISATION.

    SEPT 2003
    1) …TO ENSURE THAT FACTIONALISM FOSTERED BY THE CLAN CULTURE WOULD NOT BE AN OBSTACLE…
    2) ….ALWAYS STRIVE TO SUPPRESS ANY TENDENCY TOWARDS FACTIONALISM…
    3) THIS REQUIRES A CHANGE IN MINDSET AND A NEW CULTURE.
    4) WE HAVE TO PREVENT LEAKAGES AND WASTAGES.
    5) GOOD FINANCIAL MANAGEMENT IS ESSENTIAL FOR OUR SURVIVAL.

    In one of the press interview, former MD Tan Sri Abdul Aziz has offered a very simple solution to fix MAS:
    a. MAS must return to basics and
    b. To deploy the “right people” in taking MAS forward.

    For a start, Khazanah should engage Tan Sri Abdul Aziz to instil self confidence among the staff.

    Reply
  10. Get rid of the rubbish

    Troubleshooters

    Good points and, of course, Tan Sri Aziz will be the right man to instill confidence and morale amongst the staff. But Khazanah big boys will not allow that to happened because Tan Sri Aziz is a professional and AirAsia X filled with friends of the Khazanah boys.

    Khazanah boys are bent to help their friends in AirAsia X. We all know who is Kalimullah, at one time a powerful man when Bodohwi was the sleeping PM.

    MAS can only be saved if Khazanah big boys are removed. They can joined ECM Libra if they like.

    Reply
  11. anom

    Khazanah top officers are a case of idiot pretending to be top economist based on their qualifications but not their deeds. If they have good qualifications they would not have got themselves near AirAsia or AirAsia X, for that matter TF.

    Track records of a company speaks volume of its performance. How can AirAsia be a good company when it owed airport tax, which already been paid by the passengers when they bought the online ticket. AirAsia is just a collecting agent. AirAsia X has a recorded loss of RM89 million.

    thee share swap was act against the national interests and it was designed to screw up MAS. so that BinaFikir can do another WAU and then another WAU until MAS finally koyak.

    Reply
  12. UMNO FAN

    Well said, Troubleshooters and all esp. “…..Tan Sri Aziz is a professional and AirAsia X filled with friends of the Khazanah boys.”

    Below is happening all over again and again.
    “3) … REVIEWING AND IMPROVING THE PROCESSES AND PROCEDURES TO PLUG THE RAMPANT LEAKAGES AND STOP THE HAEMORRHAGE.
    4) …BEHOLDEN ON US TO PROTECT IT FROM PREDATORS.”

    Dont know why the opposition is very quiet, may be they want these issues to bring down BN.

    Wake up BN, Wake up UMNO.

    Reply
  13. TROUBLESHOOTERS

    Actually folks, Jala was asked to resign THREE times but he refused to step down until the Government … him to be a Senator cum Minister and cum everything else.

    I am willing to testify or my name is not Troubleshooters.
    Email me : troubleshooters2011@gmail.com

    note: a slight edition with three … sdr to avoid unnecessary legal complication. sorry.

    Reply
  14. The shameful lots

    Khazanah boys must be real boys. The are either very very stupid or pretend to be stupid because several of their friends are in AirAsia Sdn Bhd. Please for heaven sake and the nation, do not make the rakyat nagry over such a stupid deal.

    YB please give the khazanah boys and the 4th floor boys properly in Parliament in your usual ways. They Khazanah boys need a real open whipping in Parliament otherwise they think that they can do anything they like to the nation coffers, Khazanah. They treat khazanah as their own family company. No, if it is their own family company they wouldn’t have done the stupid share swap. They treat Khazanah as a cash cow.

    Reply
  15. Harapkan pagar pagar makan padi!

    YB, please try to understand that Khazanah boys were trying to help AirAsia and AirAsia X. They are a good samaritan. Don’t fault them for doing such a good deed. They will be blessed. I know you and the other will rubbish it. We must be positive about it. Khazanah have a lot of money to waste. So let wate it t help AA and AA X.

    sickening. sickening. sickening.

    Reply
  16. WAU! WAU! WAU!

    Tan Sri Azman and his highly qualified boys in Khazanah: Can’t you see what are going on in AirAsia and AirAsia XX? It was just a publicity blitz by those irresponsible editors and a gang of Con-consultants.

    Stop the deal and go on to something better than this rubbish. If Tony says that his AirAsia, if it is his, let him fly the 200 airbus without disturbing MAS destinations with no government help like other low cost airlines which have collapsed.

    If we can see the rubbish why can you and Rashdan cannot see. Do you intend to have another WAU?

    Reply
  17. Past?

    Do u all remember what people say about airasia last time.. They not even making money. N now do you know whats the latest share price? Wake up la u guys. Dont jump too early. Want to know how they can success? No union, 3 work done by 1 person instead of MAS who need 3 persons to do a simple work.. And union? There shud stay low if they want to survive. I m saying this bcoz ive been in this 2 comp. And its been predicted long2 time ago before this thing happen..

    Reply
  18. Abd. Rahman

    thats why all this time public condemn mas without knowing the stories behind mas loses. its the work of the little Napoleons in khazanah and TF. the remaining two alien directors should be kicked out without further delay. Those little Napoleons in khazanah and those collaborated with TF should be removed without further delay. what is the government doing about this? please najib do something to salvage the national carrier.. to hell with TF and airasia it is not owned by our country and many foreign shareholders are involved especially AAX. just treat TF/airasia as another sdn bhd that u make money u pay tax. they have ran down mas. TF Pariah. Rafidah aziz enough is engough retire lah. it is expected that u are also one of them running down mas.

    Reply

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