Khazanah: “MAS-AirAsia share swap a case of “BINA” first and “FIKIR” later?

I would like to share the comment below with all the readers with regards to this so-called  “MAS-AirAisa share swap”, which was shrouded with secrecy. Khazanah Nasional Berhad is still thinking about buying the 10% share in AirAsia X Sdn Bhd. Khazanah has appointed Morgan Stanley Investment Banker to do a valuation on AirAsia X Sdn Bhd, which has posted losses amounted to almost RM90 million. Read HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE.


Submitted on 2011/08/26 at 9:26 am

Dear YB, i have much respect for you in highlighting all these matters over the years. Keep up the good work.

Wish to add some comments on the matter.

I believe when Idris Jala was brought into MAS, he & his team (including MAS) had prepared quite a comprehensive plan to turnaround the airlines. of which straddles over a couple of years. When he left Tengku Azmil was tasked to takeover his position, & naturally continued with the turnaround plan. However with the current economic state & oil price uncertainties, MAS suffered over the last few quarters (other airlines are also not doing well, if you can confirm this).

When the recent corporate exercise was announced, we didn’t really see or was clearly informed / explained of the way forward or the exact ‘Turnaround Plan 2.0′(?) although one of the main reason was that MAS was not performing over the last 2 quarters? How come? Hope that this is not the case where you Bina first & then Fikir later(??), mind the pun.

If there is a plan, how much creativity would the plan be & how much does it differ than the ones that were put in action since Idris Jala’s tenure? The new Turnaround Plan 2.0 should be very much better & much more creative to justify the recent corporate exercise.”

Thank you Anonymous for your comment.

Selamat Hari Raya to all Muslims. Those who are driving back to their hometowns, please drive safely. For non-Muslim have a pleasant holiday. Another interesting article on LSG Sky Chef Brahim Sdn Bhd, formerly known as MAS Catering Sdn Bhd, will be posted after Hari Raya so that we all can celebrate a Happy Hari Raya.

43 thoughts on “Khazanah: “MAS-AirAsia share swap a case of “BINA” first and “FIKIR” later?

  1. Lim

    No need to think lah just mkana sahaja. I am sick of the share swap. Let them do more stupid things and they will know when the elections come. Bloody fools.

  2. The Con Men

    Bina tak Fikir soon MAS will be flying domestic and AirAsia X Sdn Bhd flying international routes. MAS will also becomes the subsidiary of AirAsia X Sdn Bhd. Why is Khazanah idiots think that we Malaysians are as stupid as them?

    They are pretending to be stupid and we are made fools by people like Tan Sri Nor Yacob, Tan Sri Azman Mokhtar and Rashdan. The three musketeers wanting to kill MAS. For whom? tahu sama tahu

  3. K B Leong

    Fikir how to kill MAS for their own agenda. That is Fikir to them. The personalities involved in the share swap are enough to show that Airasia and Airasia X needed help. Mokhtar, Moktar, Mokhtar don’t putar belik. You should resign from Khazanah. You are not fit to be the CEO of Khazanah.

  4. Anonymous

    Yes 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

    SEPT 2003

    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.

    Despite of all the BTPs and consultant laced terms, Jala’s team had failed miserably to resolve the issues raised by the late Tan Sri Azizan in 2001 and 2003 listed below.

  5. Kee

    It was a NO deal from the word go. I hope that the government will stop this deal. Khazanah must not get touch AirAsia X. It is a company belongs to TF, Datuk Kamarudin Meranum, Kalimullah and other. AirAsia X is in competition with MAS. Wake up Tan Sri Tidur Azman. You are becoming to look like the Sleeping Idol in MAS.

  6. Aziz

    Annymous 7;21 pm

    I do agree that Tan Sri Aziz should be brought back to advise MAS. what is the point of putting someone who is sleeping all the times? Get him out and put Tan Sri Aziz and I am sure that MAS will get better but must keep TF and anyone from AA away from MAS, Firefly or any where in the aviation industry.

  7. Anonymous

    I have been reliably informed that AMOK was called by PM recently and he spinned that it was a strategy for Khazanah to take over Air Asia. HAKKK PTUIIIIII !

  8. Anonymous

    Yes, MAS staff and UNIONS welcome Tan Sri Abdul Aziz to be a Non Executive Independent Board of Director.

    MAS Stakeholder

  9. Perompak

    Bagaimna nak Fikir kerana tiada otak. Otak udang. ops! sorry lah bukan otak udang. Nak tolong kawan-kawan mereka. Contoh sudah ada. ECM Libra – syarikat kecil mengambilalih syarikat gergasi.Inilah pelan Khazanah atau Tan Sri Nor Yacob dan Azman Mokhtar untuk menyelamatkan MAS.

  10. The Mamak

    The activities of the 4th Floor had to put to a stop. The remnants of the 4th floor must be thrown out for good. We do not need anymore ECM Libra and the like. The MAS-AirAsia share swap has all the flavours of ECM Libra.

    Don’t tell me Tan Sri Nor Yacob and Tan Sri Azman Mokhtar were not aware of the ECM Libra episode. They knew it too well! When one talk about 4th Floor, it will not be complete without mentioning Nor Yacob.

    YB please make sure that you hantam them in Parliament and make sure that they cannot see the light of the day.Please bring up the case of Hasbie Satar, the super rich ex-political secretary to non other than Nor Yacob.

  11. prakash

    At last Tajudin file a suit against the Malaysian Insider. This news portal is too close for comfort with TF and Kalimullah. I am not surprised that Tajudin took legal actions. They are good as publishing sources story to help AirAsia sahre swap as well put by YB.

    Looking forward to the hearing from the suit. I am sure that many famous personality will be dragged to court. Tan Sri Azman should be the first witness.

  12. anonymous

    Sudahlah Azman. stop all the bullshit of saving MAS. We all know who you are trying to save. I remember ECM Libra days during the Sleepy Head time. I heard that you are a sahabat karib to TF and his partners. TF business partners have been named in YB blog. I am sure that Azman will say that TF, Kalimullah and Lim Kian Onn are not his friends.

  13. Sulaiman

    MAS Liberator

    Thank you for your inputs. If MAS have problems lets fix it properly with professional helps. Not with this BINA first and also TAK FIKIR lots. Why must the bull shit share swap involved the immediate change of FIrefly’s objectives as the community airline. Why must Firefly stop to compete with AirAsia. Competition is good for consumers. Why must be protections for AIrAsia, a problems airline with publicities buzz and lobbying only. Actually it is only good in share prices because of the obvious market play.

    Firefly is doing well why must it stop flying the routes that it is doing. Danny and Azman don’t pretend to be stupid. We are all know that both you Bina Tak Fikir lots are very smart thats why we have this secret share swap where you can kill Firefly fist and finally MAS so that AirAsia can survive well and AirAsia X can fly all the international routes. Bloody fools.

    Why is Najib is tolerating Azman, Danny and Nor Yacob? Kick them out from Kahzanah and we will see immediate improvement to the performance of all GLCs. We need people of unquestionable integrity to head Khazanah. It is so clear that these three guys are close friends of Tony, Kalimullah and etc. So the share swap.

    I hope that Najib will wake up and stop the AirAsia X deal and sack the Bina Tak Fikir lots from Khazanah and MAS so that MAS will be saved from the predators.

  14. I am angry

    F…k them. They should be put behind bars. That is the place suitable for these bas…d! The more I think about this share swap, the more I get angry. I hope GE is tomorrow so that I can vote against BN.

  15. Anonymous

    Mereka BINA sahaja tak payah Fikir pun. makan aja. Kalau mereka ni fikir mereka tak akan layan Tony Fernandes. Tan Sri Azman Mokhtar kena layan sebab dia adalah kawan kepada puak-puak Tingkat Empat dan SIL.

    Juallah Khazanah kepada Tony dan Kalimullah. Tony boleh tukar nama MAS kepada AirAsia lagi senang. Kalau Ta Sri nak jual negara saya pun sokong juga. Saya ada dengar sumber bahawa selepas Hari Raya Tan Sri Azman nak umum satu share swap sulit antara Khazanah dengan Tony Fernandes dan Kalimullah. Betulkah Tan Sri. Kalau betul hebatlah Tan Sri dan You are a great man in Malaysian history.

  16. No Entry

    Dear YB,

    I reckon there are 2 things that can really help MAS to make a turnaround,

    1. Just like YB always said and most people believe is to get rid of LSG Sky Chef Brahim Sdn Bhd unfair contract where MAS has to pay. My experience when I boarded MAS from Karachi to KL in 2007, the comment from the lead stewardess was “tak sedap langsung” !!!! The price paid???? Heheheheheh

    2. MAS has been spending like rich corporation over the years in terms of promotions, advertising & sponsorship. Name any big events in Malaysia that MAS wasn’t one of the “main” sponsor. I could understand if the promotion and advertising overseas but to promote MAS in Malaysia I think it isn’t necessary. Hope YB can figure out the amount that was wasted on this particular hing…

  17. BinaBodoh boys

    It is all bullshit. Tan Sri Nor Yacob and the two BinaBodoh boys (azman & Danny) also knew it. They all want to see MAS die. This is how they want to save MAS. Thank you BinaBodoh boys.

  18. Panjihitam

    As a former MAS middle management staff, I dont think we can blame the politicians, the government and the top management 100%.
    Why, because they have ZERO experience in running an airline.

    It is the middle management personnel that have the 30-40 years of experience and skills in running the airline. They should have the guts to say NO to the crooks and thieves and they better say NO to the biggest crook of them all NOW, after all these crooks only numbers around 10 but MAS has a strong (but confused) 20000 staff.

    Air Asia is big not because they are smart but because MAS management is WEAK.

    Tan Sri Aziz had personally told me that he rejected a former PM who wanted to interfere in running the Airline and he was willing to resign if it happened.

    So it is time for MAS Staff and Union to rise up and take charge.

    Do remember,
    TF is so very cunning, he can sell fridge to the Eskimos, Disneyland to Walt Disney, Virgins to Richard Branson, MAS to Khazanah and soon Malaysia to Malaysians.

  19. Mohamed

    Panjihhitam: I fully agree with you. It is now time that MAS staff must stand out to be counted when MAS has been raped by vultures. What is the MAS Staff Union is doing about this scandals?

    I am wondering why MAS Union is in total silence. Are the officials in the Union blind and deaf? Are they willing to see MAS being raped by the vultures?

    MAS staff must now stand up and I am sure that many millions Malaysians will stand up together with them.

    YB, you are he only MP fighting against the vultures. The oppositions, PAS, PKR and DAP are all in silence like the union officials. Don’t tell me that they have been receiving free tickets all the years so much so that they don’t even know that AirAsia has been owing more than RM100 million airport tax. THe PR is more interested in playing politics to satisfy their desire to got to Putrajaya.

  20. Panjihitam

    Thank you Mohamed, for your support and encouragement.
    I think even nonsense got limit.

    I am calling all former and current MAS LEADERS (esp. Dr. Don) to rise up to the challenge and start to make a difference.

    I will arrange a meeting with Tan Sri Aziz and YB Wee can be the facilitator.

    Please email me at


  21. Guna

    Agree. we must eliminate these vulture. MAS staff must stand up. This is the crucial time that actions had to be taken before MAS is canibalised.

  22. arjuna waspada

    All of us and others too can comment until the cows come home and until we are blue in the face it is a done deal.
    The question is will be swing factor in the PRU ?
    Meantime we rage and pull our hair off and scream blue murder.
    What does it take to cancell the deal ?
    Messrs Fernandez and crew can oly have their becuase Najib said ok .we are MUC supporters and we stick together.
    Rural voters have no inkling on what going on.
    So the algorithms said MAS is down and out and the winners take it all .
    No stopping the juggernauts.
    I oppose the MAS AA swap-bailout-whatever.
    arjuna waspada
    changkat lobak.

  23. Bina dgn Tiada Otak

    Tan Sri Nor Yacob, Tan Sri Azman Mokhtar and Mohamed Rashdan Yusof can press on with the dirty deal but at a price for Najib. We will screw them during PRU 13. This dirty deal cannot be allowed to go through especially the AirAsia X, Tony and gang’s private company.

    YB Please Fu.. them properly in Parliament and make sure that these ar..holes be thought a lesson. They can have a brilliant Raya but they have sleepless nights. These bast..ds must be thought properly that we don’t want a national carrier to be treated this way.

  24. Razak di Khazanah

    Saya tahu TF, Kalimulah dan lain adalah sahabat karib Tan Sri Azman dan Nor Yakob. Please don’t push us to fight against the government over the AIrAisa X 10% deal. Deal mengenai AirAsia udah kami tak boleh menerima. Apatah lagi dengan 10% AirAsia x. Selamat hari raya.

  25. john Lam

    It is high time that MAS and Firefly staff must stand up to say NO to Bina Idiot boy about the stopping of Firefly from competing with AirAsia. This Bina Idiot is there to destroy Firefly for AirAsia. So beware of every move he made. He is a good friend of TF. He has no experience in aviation. His only experience is bullshitting with load of words to impress like the WAu exercise. Check his every move.

  26. MAS Destroyers

    Azman Mokhtar and Mohd Rashdan aka Danny have both failed in their WAU exercise to save MAS when they were in BinaFikir. How can they succeed now? The bullshit deal was to stifle MAS to help AIrAsia. The first thing they came in was to put Tony in the MAS board and Firefly, then instructing Morgan Stanley investment bank to do valuation of AirAsia X Sdn Bhd because Khazanah has the option to buy.

    To round it up, Azman, Danny and Nor Yacob are very close friends of Kalimullah and Tony. Do we need to go further than this?

  27. MAS staff

    Dear Mr. Wee,

    I am representing the MAS staff union. FYI, we had a press conference against the interference of AA in managing MAS. We also made recommendation to promote MAS internal senior staff such Dato’ Salleh Tabrani (Tak Berani) or Zaiful as MAS new MD. Our press conference were held on 27th August 2011 and NTV 7, Berita Harian, Utusan, STAR and Bernama were invited but they went on silent the next day. Our press conference was only aired by NTV 7 and TV 3. Bernama and STAR did not turn up and Bernama apologised as it is not their jurisdiction.

    Could you please look into why our local medias are so silence about our stand? Thank you and thank you very much for your fraternity support.

    1. weechookeong

      Thank you for your comments.
      I really am glad to learn that MAS union is standing up against the aggression of certain external persons. I am sure that other readers are equally happy that MAS Union is not taking it lying down. It was most unfortunate that certain mass media chose not to even attend. When you read their one sided reports, one would have thought that MAS would have immediately collapsed if the “BINA First and FIKIR LATER” lot did not sign the share swop on 8-8-2011. I am sure that you know that it was a concerted effort by certain quarters with the help of certain irresponsible reporters to further certain people’s objective.

      Please do not be despair. All is not lost. Please carry on to pressure from inside so that the so-called saviour of MAS will have to think twice before they take further actions that are deem against the interest of MAS.

      I have heard that certain person was trying very hard to stifle Firefly to alter its original objective of being a community airline and at the same time to compete with AirAsia in the best interest of the people. We must all keep a watchful eyes against them. I do hope that the Firefly union, if there is one, or the staff will also oppose any move to stop Firefly to alter its original objectives. I have heard a rumour that Datuk Eddie Leong, the MD of Firefly, is calling it a day as he was unable to carry out his duties.

      On my part I will do my utmost to stop any acts or decisions that are detrimental to MAS and its staff. We must also campaign against Khazanah buying the 10% AirAsia X Sdn Bhd as it was not in the best interest of MAS. It is a private limited company and it is competing against MAS. I just wonder how the government granted a private limited company to 32 destination but only fly 13 destinations.

      I shall express your views and the view of the readers over this disgusting deal done in strict secrecy. Lets work together to stop any decisions or acts done by the BINA First and FIKIR Later lot that are seen to be detrimental to the staff and the rakyat. I am sure that we can if we stand together and fight them. In the October session in Parliament, this will be one of the hottest issue.

      Selamat Hari Raya to all my Muslim friends/readers and Malaysians. Selamat bercuti to the non-Muslim friends of mine and Malaysians.

      with kindest regards

      wee choo keong

  28. Razak di Khazanah

    MAS staff

    You are not alone. The rakyat are with you. Fight these Tak Fikir buggers. They just want to screw MAS. The staff must stand up. Then these Tak Fikir buggers will not dare to mess around. I agree with YB that we must not allow these buggers to stop Firefly. Datuk Eddy Leong must stay on. Datuk Eddy Leong must not make life easy for them by resigning. Datuk, Please stay on to fight the areh..les, like Danny. He is just a budak suruhan. The pandai Bina tetapi tiada otak nak Fikir. only Fikir to ……..

    note: just a bit of edition to avoid accusation of vulgarity.

  29. Bina Apa

    Merdeka! Merdeka! Merdeka! for MAS staff from the vultures. It is high time that MAS staff stand up to their nonsense. Enough must be enough. If us, members of the public cannot stomach the bloody share swap, MAS staff must have felt worse. Syabas to MAS union. Please say a big NO to Rashdan, the failed WAU author.

    We must question whether Rashdan was put into MAS to facilitate TF control over MAS and to squeeze MAS so that AirAsia X Sdn Bhd can survive.

    Who is Rashdan except that he was one of the Bina Tak Fikir? What experience has he got about aviation except that he was a business partner of Azam Mokhtar, a good friend of TF, Kalimullah and Noor Yacob, the boss of the corrupted Hasbie Satar, who has been recently charged for money laundering.

    Congratulation MAS staff Union. This is the fight to be taken by all Malaysians against the idiots of WAU and the external vultures.

  30. Anonymous

    It is also known that Rashid Khan was not asked to stay on in MAS to continue the BTPs why? If that is the essence that this superb turnaround success as claimed by Rashid then senior executives like him should have been extended to continue the good work. Iam of the opinion that whilst Jala is the strategist, the key and senior executives like Rashid are the implementers and executors to the Plan. So the failure of the BTPs and whatever acronyms they have cooked up from the Labs are really the responsibilities of the senior team. So what went wrong there? Making Jala ‘godlike’ is in bad taste.

  31. Fight Against The Robbers


    I agreed with you why was Rashid Khan was not asked to stay back. He went to Sarawak Tourism Board. It seems to me that the BINA Tak Fikir in Khazanah was never interested to see MAS do well. Why is Khazanah taking idiot to run Khazanah?

    Arren’t there were mo real professionals being employed to run MAS? Can’t we follow for example Emirate and Ethihad, both are Saudi airlines but its CEO is no Saudi. Look how Emirate progress. 1 flight a day from Dubai to KL, now 5 flights a day. Not to mention other sectors.

    Stop idiot like the Bina Tak Fikir idiot to run an airline. Even the WAU that cannot fly and a total failure. Hence had to do a dirty share swap. Do we expect a failure and an idiot to run MAS? He is there to look after the interest of TF and Klaimullah because they are all good friends. This is a fact. if you do not believe me please ask around about the Bina Tidak Fikir dan tidak ada otak relationship with TF and Kalimullah.

    Stop another ECM Libra in the making. Syabas MAS Union. I and million of Malaysians are with you all. MAS staff has been treated so badly all the while. It is now time to stand up against this dirty deal of AIrAsia X Sdn BHd.

  32. Ridzuan

    Good for you, MAS Union. It is you and all the MAS staff to stand up to defend MAS from outsiders who want to kill MAS. Go on strike if you must to prove your point to the Government. You cannot sit still and let people like Tan Sri Azman Mokhtar, Danny Rashdan or Nor Yacob to tell you what to do when all three of them know nuts about aviation.

    Now that Rashdan is heading MAS, it is doom day for MAS. Tony will finish off MAS sooner than expected. So YB please help us to join hand to fight them. I can’t wait for October to come so that YB can speak up in Parliament.

  33. Anonymous

    Dear YB,

    Since we are on the subject of Bina & Fikir, I was wondering what happened to the purchase of Bina Fikir shares by Maybank? Was this also the outcome of Bina first Fikir later?

    The following extracts from the Edge:

    “On Aug 27, 2008, Maybank announced that it had entered into a share sale agreement to acquire BinaFikir for RM8 million and appointed the latter’s directors, Rashdan and Feisal Wan Zahir, as chief operating officer and head of investment banking respectively. The purchase of the entire stake in BinaFikir was believed to ensure the continuity of the existing mandates of the company.

    Industry observers were not surprised by Maybank’s acquisition because two years ago, Aseambankers and Binafikir were exploring the possibility of a tie-up. In February 2005, Maybank obtained Bank Negara Malaysia’s approval to initiate discussions with BinaFikir on a possible tie-up with Aseambankers, but the merger talks ended in November the same year.

    Extracts from the article appeared in Corporate page, The Edge Malaysia, Issue 797, Mar 15-21, 2010.”

    When an acquisition of a company is made, there will be a goodwill value attached, hence normally the acquisition price is higher than the book value of the company. As the years go by, would there still be value from the acquisition of Bina Fikir since all those head honchos have left the company? If you buy a consultancy firm, the value is in the people you invest, rather than the assets (which normally is minimal). So what is the value left from the Bina Fikir acquisition by Maybank, once the key staff resigned? Was it a fanciful deal & at the end of the day left Maybank to fikir of the reason & justification for the purchase? Any thoughts?


    1. weechookeong

      Thank you Mr Anonymous @ 5:42 pm

      I am aware of that Maybank Bhd bought BinaFikir Sdn Bhd in 2008 and it cost Maybank Bhd RM8 million. This has been confirmed. This fact will be in one of my next postings on this subject matter.

      I am also aware that Tan Sri Azman Mokhtar left BinaFikir Sdn Bhd in 2004. He was appointed as the Managing Director of Khazanah Nasional Bhd during the Tun Abdullah Badawi’s administration. At the time of the said purchase by Maybank Bhd, En Mohammed Rashdan Yusof was still in the company.

      He has also left BinaFikir Sdn Bhd for reasons best known to himself and Maybank Bhd. Now he is the newly appointed Executive director of MAS. Presumably he is in MAS to look after Khazanah’s interests in MAS.

      Well, I hope that En Mohammed Rashdan (Danny) was not responsible for the termination of Firefly’s profitable routes from JB to Kuching because it was an ill thought out decision, where no credible businessman would have done unless he or she has other agendas in mind. Please don’t ask me who was responsible for the termination of the said profitable routes.

      To date no one from MAS or Khazanah dare to deny this. But if you were to go to the Firefly’s website and try your luck to purchase tickets from 15th September onward from JB to Kuching, it will show no flight available. The email dated 25-8-2011 that was published above, was the from MAS HQ to all its agents. This must be true. The newly appointed directors, Tan Sri Mohd Nor, En Mohammed Rashdan (Danny), Datuk Azman Yahya, Tan Sri Tony Fernandes and Datuk Kamarudin Meranun “udah menjadi bisu”. Hope not deaf and dumb! We must put all the pressures we can to make them realise that the said share swap was not meant to save MAS and all the new appointments were not made in the best interests of MAS and Firefly. It should be stopped at all costs.

      Sdr In a day or two, I will be putting up a few interesting postings showing glaring facts of appointment of new people into MAS, most, if not all are, of whom are old people who are part of the management that caused MAS to be in what it is today. Please watch out.

      Thank you for your comments and all the comments by other readers. May I also take this opportunity to wish all my Muslim readers and their families “Selamat Hari Raya”.

      With kindest regards

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