How many years did Khazanah sleep on the huge debts owed by Alwafeer Air to MAS?

Thank you Khazanah for helping Alwafeer Air!


Updated: 02-09-2011  The beneficial owner of the three jumbo jets in question is Khazanah Nasional Bhd. They entrusted to MAS.  The silence from Khazanah Nasional Bhd over the Alwafeer Air’s debts and the issues arose from the secret MAS-AirAsia share swap are most deafening. 

MAS has leased three jumbo jets to Alwafeer Air, a Jeddah based charter airline, in HERE. It was part of the agreement that MAS seconded our pilots and stewardesses to it. Our Malaysian pilots and stewardesses were having problems in receiving their due salaries. I am told by informed sources that documentation for the leasing of the three aircrafts were incomplete and yet MAS delivered them to Alwafeer Air. Further, the three aircrafts were registered in Jeddah under Syariah law instead of Malaysian law. I am also told that MAS and Khazanah have been officially advised against this deal but it fell on deaf ears.

Huge sum of outstanding rentals have not been paid to MAS for years. What positive actions did Khazanah Nasional Bhd take to recover the rental and aircrafts? I believe nothing much because Khazanah was too busy in the hatching the “TOP SECRET” MAS-AirAsia share swap.  How do we expect MAS to do well when no positive actions were taken to recover huge debts from Alwafeer Air.

During the meeting with Tan Sri Azman Mokhtar and En Mohammed Rashdan Yusof and fellow bloggers over the said share swap, I did ask En Mohammed Rashdan Yusof about this outstanding debt. The answer was: “We are sending out letter of demand now”.  Why only now when this huge debt was outstanding for years and still continuing? This was how Khazanah genius trying to save MAS. What a joke!

First and foremost, what was the justification in leasing the three jumbo jets to Alwafeer Air?  Why such serious issues involving many millions of Ringgit and three jumbo jets not addressed by Khazanah for years? Khazanah top executives including YB Tan Sri Nor Mohammad Yacop must come clean to explain about the deal between MAS and Alwafeer Air.

It is high time that YAB Datuk Seri Najib’s government must commence an in-depth investigation into this serious matters involving Alwafeer Air with the objective of taking direct actions against the culprits in Khazanah and MAS for allowing this deal to go through without due diligence, proper documentation and, most of all, sleeping on the matters for years. Khazanah top officials and YB Tan Sri Nor Mohamad Yacop must take full responsibilities for this matter. Was it an outright case of negligence or something else?

23 thoughts on “How many years did Khazanah sleep on the huge debts owed by Alwafeer Air to MAS?

  1. arjuna waspada

    Huulamakk !!!Saya tak percaya ada orang orang dapat gaji besar besar dan dapat pingat kebesaran negara bolih tak buat kerja atua play possum. .
    Ini macam punya orang sudah potong kepala kita rakyat malaysia.
    YB terima kasih ,kerana ada expose worms in can.
    arjuna waspada
    changkat lobak.

  2. Anonymous

    I was told that this was done during Idris’ tenure as CEO. There were many internal objections but it was railroaded.

    In the end the MAS crew were held to “ransom” where they and the aircraft were not allowed to leave the country.

    The crew only got back just before Hari Raya.

  3. Pemberhati

    Orang yang diamanahkan , bertanggongjawap bagi menjamin kepenting negara dan rakyat rakyat Malaysia tidak amanah harus dipechat segera.Sekiranya pemecatan tidak diambil pasti 101% GE13 BN akan kecundng.

    Rakyat dah jelak dengan pegawai2 kerajaan , Menteri2 dan CEO2 GLC yang korup dan mementingkan koroni.

  4. Rashid

    If this was true then Azman Mokhtar, Idris Jala and Nor Yacob must face serious actions. Should be sacked from Khazanah and the government. They are not fit to look after public affairs.

    MACC should be called in to investigate them too. How can they allowed MAS to deliver 3 jumbo jets without proper documentations and then no actions taken to recover debts fro Alwafeer Air. What good are they to remain in their positions. They should be sent to the long kang – that is where they belong.

    Azman Mokhtar must immediately resign if this is true.

  5. Cheng

    Why is Najib keeping dead wood like Nor Yacob, Azman Mokhtar and etc. They are not serving the rakyat. They seemed to serve themselves and their friends.

    This Alwafeer Air matter is serious. It shows that Aman Mokhtar and Nor Yacob are both not fit to hold high office. How can Khazanah went into the share swap under the pretext of helping MAS and at the same time Alwafeer was owing MAS million and million of RM and yet Khazanah slept on it.

    This is a clear case of Harapkan Pagar Pagar makan padi.

    If Azman Mokhtar and Nor Yacob have any honour, they would tender their resignation and take responsibilities for all the nonsense. YB please screw them in Parliament nice and proper until they could not recognise their own children. Disgusting lot.

  6. Masturabaiduri

    YB, only pilots were seconded for a year. Engineers (to provide engineering support) were there for two years. Cabin crew are all directlt employed. Two aircraft still in Jeddah one in KL. All aircraft still in Saudi registration. Saudi DCA needs to give Certificate of Airworthiness and clearence to leave Jeddah before the two aircraft can be flown back to Malaysia. It is likely that Saudi DCA must derigester the aircrafts from their registry before theycan be rereigestered in Malaysia.

  7. Anonymous

    Yes, it was during jala time and the rakyat must now demand najib to sack nor yaakob, amok and jala before they create much bigger mess. Well done people.

  8. Najis Khazanah

    I support the call for Azman Mokhtar and Nor Yacob be sacked from their posts. Both of them were in charge of MAS. They cannot say that they were not aware. If Jala was the person who sealed the deal with Alwafeer Air then he should also be sacked.

    We cannot expect them to resign like in Japan and other countries. They will hold on until the last second.

    PM Najib must take drastic actions against the culprits now before it is too late. I am sure that they did not provide a proper report about Alwafeer to the government. Hang them if necessary. These are anti nationals.

    They are more interested in doing deal like AirAsia share swap. Enough! The purchase of AirAsia X Sdn Bhd share must be stopped with all costs.

  9. Anonymous

    “Why is Najib keeping dead wood like Nor Yacob, Azman Mokhtar and etc. They are not serving the rakyat. They seemed to serve themselves and their friends.” using Rakyat money i.e. EPF, PNB, Tabung Haji etc etc.

    Yes, somebody must be responsible for this and drastic action must be taken or the people will soon have no confidence in BN.

    If no action taken, all my families will definitely vote for Opposition.

  10. hk hong

    Tan Sri Azman Mokhtar you are just incredible. If this is how you are looking after GLC then God bless GLC and the government. Perhaps this is how Tan Sri Azman has been helping MAS.

  11. The Vultures

    No wonder MAS was in trouble. no actions taken on the outstanding rental by the million. Malaysians should say Terima Kasih to Tan Sri Nor Yacop and Azman Mokhtar for looking after Khazanah so well. Please do more share deals like MAS-AirAsia.Najib should recommend to Agung to confer Nor Yacop and Azman with the title of Tun for sending MAS to the dog.

    Azman and Nor Yacop when MAS failed, both of you have failed. Both of you supposed to oversee all GLCs including MAS. We can see it. Stopping passing the blame to MAS. Putting your ex-business partner, Mohamed Rashdan, the Danny boy with hot air, will not work because he knows next to nothing about aviation except share swap. Of course, he will do well in he share swap because he is a good friend of tony.

    Never knew that the Budak2 Tingkat Empat are still very much alive and prowling.

  12. gentlemen,
    they are corporate people who look at the bottom line only .they always think they know better than those who are in the business for along time and in the end they screw up millions in not billions in the name of corporate exercise. Good luck.
    who make the most money? the bankers lah Bro..

  13. Tan K M


    Not only the bankers making money out of the bullshit share deal. The vultures too bro. So it was not about saving MAS after all. But the wheelers and dealers thought Malaysians are stupid.

  14. the doggies

    Tan Sri Azman Mokhtar and Rashdan are Malaysian Saviors! Saviors for who? AirAsia X Sdn Bhd (Tony, Kalimullah & company) or MAS? Pstui! Pstui! Pstui!

  15. Dunggu in Khazanah

    Instead of Azman Mokhtar, Nor Yacop and Rashdan chasing the Alwafeer debts they are more interested in share swap.

    During hari raya season I am told that Firefly cancelled most of its profitable routes and gave full refund. Why to help AirAsia?

    What bloody share swap was this? Rashdan and Khazanah is dancing to the tune of Tony Fernandes.

    Why must Firefly suddenly cancelled its flights during Hari Raya? To ensure that Firefly lost money then someone friends from 4th floor can do another share swap.

    Bloody scum of the earth. Gaji buta never mind please take care of Firefly and MAS so that Tony Fernandes cannot interfere with its operations.

    Bloody stupid idiot. I am disgusted when I heard Firefly canceled all its flights during Hari Raya. This is the fastest way to kill Firefly then ultimately MAS!

  16. adam schandler

    If it is true YB, … Mohd Nor Yaacob, Idris Jalar, Tan Sri Mokhtar not only be charged… but be condemned by hanging to death.

    YAb… Najib dah tekan butang autopilot ke dalam managing this country??

  17. Economist Kampong

    YB CK Wee

    Please pursue this in Parliament until we get all the answers. DO NOT let this go. Allow the MOF, Khazanah and the persons involved (past and current) to explain. Then we shall see how this ‘shit will hit the fan’

    Remember YB, don’t give up on this. Don’t give up on us. We need the answers – complete, accurate and timely. No more bullshitting. No more secret swaps and dealings. We need to learn just the plain facts. We are smart enough to draw our own conclusions.

    The GE is near, very near. The Government – they spin at their own peril.

    Economist Kampong

    1. weechookeong

      Economist Kampong and others

      Thank you so much for your comments, which are noted with interest. We shall fight them together and leave no stone unturned in this so-called “MAS-AirAsia share swap that was shrouded with secrecy. This “SECRET DEAL” must be brought to the attention of Parliament for debate. It just stinks.

      I do hope that sdr and others will do your part to fight them. Lets join hands to fight for our national airline, MAS, and ultimately a better Malaysia for all. Let us have less politicking and plentiful of nation building, which our great nation badly needed.

      Once again thank you. Selamat Hari Raya and Selamat Merdeka to you, your family and other Malaysians, who share the same aspirations.

      With kindest regards

      wee choo keong

  18. newClear

    yb u lah satu satunya yb dari bebeas yang betol2 berkesan, yang lain hanya pandai melelek dan buat rubbish dlm dia org punya blog

  19. Harpoon

    I told you many time, Amokh didn’t know how to run a business. What he knows is he has access to unlimited fund from Malaysian wealth. He just put any “business plan”. Success or fail he does not matter because it is not his pocket money. Then he put another business plan, the same happen time and again until the treasury run out of money. I don’t rule out any “ketirisan” happens in between especially “consultant fees”, underwriting viz-a-viz…….

  20. old referee


    The Alwafeer Air deal was done by the then MD Idris Jala. ( He should have been named the Menteri Perikanan.) Look at what he has done for his KPI and get promoted to a Minister ???

  21. Mastrabaiduri

    YB, the pilots were on secondment but not the cabin crew. AlWafeer owes cabin crew salaries and aircraft lease and also maintenace fees. THe planes were on neither dry nor wet lease… may be we can call “damp” lease. Aircraft crew were AlWafeer’s crew but maintenance was part of the lease. Airplanes are now back but debts will unlikely be recovered as AlWafeer has closed down.

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