Bursa KL: Take drastic actions against the directors of MAS & Tune Air

Bursa KL is very quiet about the non disclosure of the MAS - AirAsia share swap

Prior to the inking of the secret MAS – AirAsia share swap and the “Collaborative Frameworks” agreements , both MAS and Tune Air Sdn Bhd did not make any announcement that they were negotiating for the secret MAS – AirAsia share swap. Both the directors of MAS and Tune Air Sdn Bhd’s are duty bound to disclose to Bursa KL about the said negotiations.

Bursa KL’s Disclosure Guide clearly state their duties as follows:  

Disclosure Guide Bursa KL Rule 9.03 (2) provides:

“An information is considered material if it is reasonably expected to have a material effect on the –

(a) price,value or market activity of any of its securities; or

(b) investors decision in determining his choice of action.”

Rules 1.11

In making the assessment of whether an event or information is material for the purpose of announcement, it is important for the listed issuer to take into account relevant factors such as the following:

(a) the anticipated impact of the information on the listed issuer’s entire scope of activities; or

(b) the anticipated impact of the information on the listed issuer’s financial position or performance; or

(c)  the relevance of the information on the factors that determine the price of the listed securities

Bursa KL has has very wide powers to take actions against both companies under Rule 16.9 (1) (a) as follows:

  1. issuance a caution letter;

  2. issuance a private reprimand;

  3. issuance of public reprimand;

  4. issuance of a fine not exceeding RM1 million;

  5. issuance of a letter directing the listed issuer, management company or trustee to rectify the non-compliance, which direction will remain enforce until revoke;

  6. imposition of one or more condition (s) for compliance;

  7. non-acceptance of applications or submissions, with or without condition imposed (after consultation with SC);

  8. imposition of condition (s) on the delivery or settlement of trades entered into in respect of the listed issuer’s securities;

  9. suspension of trading of the listed securities;

  10. delisting of a listed issuer or any class of its listed securities;

  11. mandate education or training program to be undertaken/implemented by the listed issuer for its directors and/or management; or

  12. any other action which the exchange may deem appropriate.

Bursa KL also has the similar power under Rule 16.9 (1) (b) (c) to take actions against the directors and officers of MAS and Tune Air Sdn Bhd personally.

(b)  In relation to the directors, officers of an applicant, Bursa KL has the following power: 

  1. issuance a caution letter;

  2. issuance a private reprimand;

  3. issuance of public reprimand;

  4. issuance of a fine not exceeding RM1 million;

  5. issuance of a letter directing the listed issuer, management company or trustee to rectify the non-compliance, which direction will remain enforce until revoke;

  6. imposition of one or more condition (s) for compliance;

  7. imposition of a moratorium on or prohibition of dealings in the listed issuer’s and/or other listed securities by the relevant directors, officer or other person; or

  8. any other action which the exchange may deem appropriate. 

 (c) In relation to the advisers 

  1. issuance a caution letter;

  2. issuance a private reprimand;

  3. issuance of public reprimand;

  4. issuance of a fine not exceeding RM1 million;

  5. issuance of a letter directing the listed issuer, management company or trustee to rectify the non-compliance, which direction will remain enforce until revoke;

  6. imposition of one or more condition (s) for compliance;

  7. non acceptance of applications or submissions or documents made or prepared by hte adviser, with or without conditions imposed (after consultation with the SC); or

  8. any other action which the exchange may deem appropriate. 

In the light of the YAB PM answers to Parliament, lets see what actions Bursa KL is going to take against MAS and Tune Air Sdn Bhd with regards to the non-disclosure committed by both the companies.  Read HERE & HERE.  Read HERE & HERE, HERE  for related articles.

A mere reprimand will not be acceptable in view of the share movements of both MAS and AirAsia during the material time and the arrogance or “tidak apa attitude” of the directors of MAS and Tune Air Sdn Bhd.  Bursa KL in co-ordination with SC has all the powers to reverse the secret share swap under the Rules.  Leniency on the part of Bursa KL will be seen as condoning the acts of non disclosures by GLCs and public listed companies and it will encourage more of such acts in the future. Further, public confidence in our security market will not be restored by a mere reprimand. 

Under the circumstances, the Government must also take drastic actions against Tan Sri Azman Mokhtar as the MD of Khaznah and his former business partner En Mohammed Rashdan Yusof aka Danny for failing in their statutory duties to ensure that MAS do comply with all regulations to protect the image of the Government and the nation. Drastic actions including sacking are in line with the Government Transformation Programe. The Government must walk the talk. 

In an interview with AgendaDaily on 13-10-2011, Tan Sri Tony Fernandes has been quoted to have said: “Orang kata itulah linknya macam-macam. Sebenarnya kami tidak dapat apa-apa, apa yang kami perolehi kebanyakkannya di zaman Dr Mahathir dan Datuk Seri Najib, di zaman Pak Lah hanya sedikit. Statement of such nature can only damage image of the YAB PM Datuk Seri Najib Tun Razak and the administration of this country. It is hoped that no help will be forthcoming in the investigations by SC and Bursa KL for the unusual movements of MAS andAirAsia share / Insider Trading and non disclosure to KLSE of the secret share swap negotiations.  Read HERE for full report of the interview with AgendaDaily. 

Bursa KL, please look at the unusual share movements of both MAS and AirAsia counters below:

The unusual trading pattern of AirAsia share:

27hb Julai                       116, 445 lots

28hb Julai                          88, 306 lots

29hb Julai                          71, 223 lots

1hb   Ogos                          89, 565 lots

2hb  Ogos                        132, 484 lots

3hb Ogos                        159, 655 lots

4hb Ogos                        181, 758 lots

5hb Ogos                        365, 784 lots

7hb Ogos             digantung untuk pengumuman

10hb Ogos (buka)         905, 775 lots   (immediate drop of 40 Sen in one day)

11hb Ogos                        532, 050 lots

11hb Ogos                        399, 296 lots

12hb Ogos                        269, 884 lots

15hb Ogos                        399, 296 lots

16hb Ogos                        278, 941 lots

17hb Ogos                         186, 667 lots

18hb Ogos                         126, 699 lots

19hb Ogos                         230, 915 lots

22hb Ogos                         109, 419 lots

23hb Ogos                            91, 720 lots

24hb Ogos                          317, 858 lots

25hb Ogos                          180, 271 lots

The unusual trading pattern of MAS share

27hb Mei                       111, 396 lots

30hb Mei                        31, 525 lots

31hb Mei                       523, 181 lots

1hb Jun                         163, 714 lots

2hb Jun                        114, 567 lots

3hb Jun                          94, 047 lots

3hb Ogos                        71, 496 lots

4hb Ogos                      127, 551 lots

5hb Ogos                      165, 319 lots

7hb Ogos                         digantung untuk pengumuman

10hb Ogos (buka)          572, 843 lots

11hb Ogos                         271, 779 lots

12 hb Ogos                       259, 590 lots

16hb Ogos                        109, 456 lots

17hb Ogos                           68, 772 lots

18hb Ogos                          75, 772 lots

19hb Ogos                         168, 661 lots

22hb Ogos                        102, 393 lots

23hb Ogos                          70, 540 lots

24hb Ogos                        106, 153 lots

25hb Ogos                          66, 880 lots

26hb Ogos                           57, 983 lots


25 thoughts on “Bursa KL: Take drastic actions against the directors of MAS & Tune Air

  1. Nor of Khazanah

    Tan Sri Azman and Rashdan must face the music. Of course, Datuk Azman of Scomi and Symphony House must also face the music because he was in MAS board at that time. It is high time that Bursa KL shows that it means business. So the government.

    Sack these bast..ds for the sake of our security market. Thank you YB for telling us the nonsense and following this matter. I am sure that the nation will win against these bast..ds.

  2. Rastom Khazanah

    Tan Sri Azman Mokhtar, Datuk Azman Yahya, Mohammed Rashdan Yusof, Tan Sri Md Nor Md Yusof, Tan Sri Tony Fernandes and a few others nak lari mana sekarang?

    Amat jelas MAS dan Tune Air tidak maklum perundingan mereka mengenai penukaran share MAS – AirAsia kepada Bursa KL.

    Bursa KL nanti apa lagi? Mengambil tindakan keras kepada puak-puak pengkianak ni.

  3. nampak sangat perancangan teliti hanya untuk keuntungan jangka pendek. Malah hanya untuk individu tertentu sahaja yang akan mendapat laba dan keuntungannya….kami rakyat Malaysia yang waras, menentang CCF, menentang kezaliman dan penipuah wang rakyat….kami akan pastikan CCF ini gagal dan kami RAKYAT MALAYSIA akan pastikan BN tumbang pada PRU13, itulah janji kami, kami akan laksanakan.

  4. Lee

    It was so cklear that the directors of MAS and Tune Air did not make any announcement regarding the share swap. In fact, those involved conducted themselves as though they are dealing with national secret.

    They were wheeling and dealings. so the secrecy. Now they must be penalised strongly. Turn back the clock and reverse the share swap. All the directors should be fined personally for they did what they knew that they were not supposed to do.

  5. Johari

    A clear con job that must be stopped once and for all. Sack teh buggers like Azman Mokhtar and Rashdan for a start. Then the newly appointed directors then only deal with MAS properly otherwise all the money pumped into MAS will be a waste. Take actions now.

  6. Khazanh boy

    A clear case of abused by head of GLC (Tan Sri Azman Mokhtar) and his ex-business partner from Bina tak Fikir, Rashdan. They were caught with their pants down this time. Even Bursa wants to help also cannot. It is all about how they are to be penalsied! They must be F… properly or shot. Harapkan pagar, pagar makan padi!

    Horay! I would love to see how these arrogant guys walk around Khaznah now.

  7. namza

    Very obvious government too selective dalam isu ini yg melibatkan MAS, AA, Bursa & Khazanah. Apa guna 1Malaysia kalau isu yg sudah jelas sebegini pun tak boleh diperbetulkan. Dorang ni ‘inner circle’ group mcm Tkt 4 boys ke?

    Is there somethin’ that the rakyat don’t know about this matter – coz no one seem keen to do anything about it other than ‘we will investigate’!

    Fedup Khazanah

  8. MAS Defender against idiots

    MAS Staff

    What about the clear case of Insider Trading and the non disclosure to the BURSA KL by the management? Dr Wafi didn’t know about these facts again? Bloody stupid argument you put forward. Everyone in MAS knew that the Gaji Buta guy got into MAS by virtue of him being the son of a Minister and he was brought in by another dead wood Tan Sri Md Nor when he was the MD of MAS.

    MAS staff please stop to show your stupidity here. We are talking about a serious issue here where our national airline has been raped but they were caught red handed now.

    He is just one of the many DEAD WOOD in MAS that is it. Hence the e-mails. At least Matdiah is not as stupid as that Dr Gaji Buta that is not worth the qualifications that he got. I just wonder how he got the qualification like what Rashdan got. If MAS still keep people like these two, MAS will definitely collapse.

  9. anom

    These two guys have very thick skin. I am sure that they will not be ashamed as long as they are still sitting up there. As a Malay I am ashamed of them. With such high qualifications but no regards to the existing Rules and Laws. They still think that their qualifications can cover them. Unfortunate for them this time, they have been stripped naked. Including that Dr Wafi.

  10. Flying Buffet

    The trouble with some Malays in the position of power and influence is that they easily trust smooth talkers and because of that made bad or lopsided decisions. They praise and angkat these jokers and at the same time kicked out the best Malay corporate minds such as the former CEO of Petronas. Then they go a step further by calling some Malays as rent seekers. If these people want to be such brazen political populists , be prepared to lose their popularity among people who hsve supported them all this time.

  11. MAS hate idiots

    MAS Staff

    How to have a proper debate? you purposefully passed the bucks to Ahmad Jauhari (CEO) who just got in about 3 weeks. What you have said may not be that accurate if not false regarding your boss Dr Gaji Buta, the dead wood in MAS.

    YB Wee has been fair and he has not touched on Ahmad Jauhari. I believe he knew that he man just got in and he needed a bit of time to settle down.

    Can’t believe that you cannot get your basic facts right! Perhaps you are a blind supporter or budak suruhan or budak upahan thats why you behaved the way you did.

  12. MAS boy

    Agree. How can you trust a person who tried to put a blame on someone else? I won’t want to waste time with people like that. Just nak defend that idiot and other dead wood in MAS.

  13. joe

    Heard from TV 3 that YB called for MACC to join in the investigations on insider trading and non disclosure by Bursa KL. This is the best way to ensure that SC and Bursa carry out its duties properly and to avoid allegations of cover up. It wlll be difficult for Zarina to act as she is too busy with her husband’s case. MACC do something on this clear case of abused of power by Azman Mokhtar and Rashdan.

  14. Parameswara

    You said – both MAS and Tune Air Sdn Bhd did not make any announcement that they were negotiating for the secret MAS – AirAsia share swap.

    Thats not accurate. It was Tune Air and Khazanah that did not make the announcement.

    Get your facts righlah, for once!

    Dont have to bark at the wrong tree, again!!!

    It was not the MAS directors, otherwise how could they have been asked to resign?

  15. danny

    You are talking cock. Please go Bursa website and see for yourself whether Mas / AA made the announcement well before both counters were suspended. The answer is NO.

  16. MAS steward


    You were unable to respond on the reply from YB and now you are talking about something else. You are no different to MAS staff. If you said that MAS directors have made the announcement in Bursa KL please tell us the date as simple as that. Another blind supporter of the dead wood in MAS or somewhere else.

  17. Anonymous


    I have to correct you that the share swap materially impacts the shareholding of Malaysia Airlines and therefore requires the approval of the Malaysia Airlines board and shareholders. Thus it is legally required of Malaysia Airlines to make the disclosure to the SC and to the shareholders. Agreed that Khazanah is the majority shareholder so would win a shareholder vote over other minority shareholders. But there is no evidence of any disclosure of the share swap to the SC by any party until it was announced and whereupon trading was ceased.

    Given the “abnormal” movement of the Air Asia and MAS shares and how the resultant has benefited certain parties, one can only infer that the exercise was known to these parties. If this is not insider trading, I dont know what is.

  18. Kenny


    You are not only blind but bodoh. I have checked the Bursa announcement section from May to August and there was no announcement of any kind regarding this share swap or collaborative framework. Surely such negotiation that have resulted in billion of RM transaction will affect the decisions on the investing public. I can only describe you as an idiot and even that is very mild for people like you. Please go to other blog to play you stupid game.

    YB just ignore this guy or girl. It is not worth our while to enter into a debate with. He does not make sense. When he is caught with his nonsense will move on to another angle. Next time just put his comments to spam.

  19. Jason

    YB please make sure that Rashdan, Azman Yahya and other directors of MAS/AA together Azman Mokhtar to be charged for non-dsiclosure to Bursa as the investing public have been misled. The share movement of AA/MAS are too sickening to see. They must not be let free of this.

    I heard that in Parliament yesterday YB called for MACC to join in with the investigations into the non-disclosure and insider trading issues. Thank you for standing up for Malaysians.

  20. roslan

    Parameswaran is a joker. Please don’t bother to put up his comments. Brainless fella.

    This is the first time that we got MAS and Tune Air directors for openly flouting the Bursa KL Rules on Disclosure. MAS directors like Datuk Azman Yahya, Mohammed Rashdan Yusof and Tan Sri Md Nor Md Yusof should be made personally liable for the offence. It may be a bit difficult to get Azman Mokhtar. But the facts show that he has failed in his duty as the head of Khaznah for not directing his ex-partner Mohamed Rashdan to follow the Bursa Rules. Go, Go and GO for them.

  21. shanon

    shameless so-called highly qualified *professionals”. Both Azman Mokhtar and his budak Rashdan need to attend an elementary ethic class.

  22. MAS Staff

    The dead wood in MAS are mostly the members of MEESA especially MatDia. He represented one case “a Domestic Inquiry” for almost 1 and 1/2 years and still on-going because he is a pure dead wood. Where on earth a domestic inquiry would take up more than 1 and 1/2 years???? Anyone care to share since those children like to point finger and speak against the truth. If MATdia has brain, he wouldn’t have written that “Beating around the bush” email. His email to Dr. Wafi has proven “himself as deadwood” talking nonsense – senseless instead of a logical statement. HE plays too much of politics by fighting the case that he cannot win. For example, he fought for S&P IFE to fly as cabin crew but didn’t he know it was violating the aviation law? Of course he didn’t know, because he is so stoopid. Anyone of his cronies care to call people names again? More to tell about Matdia – in MAS, he is regarded as the IDIOT.

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