Questions Time 4-4-2012: MAS fuel hedging loss

Tuan Wee Choo Keong [Wangsa Maju] minta MENTERI KEWANGAN menyatakan siapakah yang harus bertanggungjawab terhadap keputusan MAS memasuki beberapa perjanjian fuel hedging serta melaksanakan pembelian sebanyak 17,350,000 tong minyak, di mana ia bukan hanya setakat menyebabkan MAS mengalami jumlah kerugian sebanyak RM3.38 bilion bagi tempoh dari 19-2-2009 hingga 31-12-2011 tetapi juga menepatkan MAS berada di dalam situasi masalah kewangan, dan senaraikan nama-nama syrikat yang MAS memasuki perjanjian fuel hedging tersebut.


Tuan Yang di-Pertua,

Untuk makluman Yang Berhormat, keputusan MAS melaksanakan fuel hedging sebagai instrument kewangan untuk melindungi syarikat daripada risiko perubahan harga bahan api adalah berdasarkan Group Treasury Policy yang diluluskan oleh Lembaga Pengarah MAS. Mekanisme fuel hedging juga turut diguna pakai oleh syarikat-syarikat penerbangan utama lain bagi mengawal risiko kenaikan harga bahan api pada masa hadapan. Kerugian hedging sebanyak RM3.38 juta yang dicatatkan MAS adalah disebabkan MAS mula mengguna pakai pelaporan kewangan standard 139, Financial Reporting Standards 139 (FRS139) yang mana semua instrument kewangan perlu dilapor/direkod berasaskan nilai pasaran semasa, dalam hal ini merujuk kepada kontrak fuel hedging. Walau bagaimana pun, kerugian berkenaan hanyalah berbentuk kerugian perakaunan (paper loss) dan bukannya kerugian sebenar MAS. Secara keseluruhannya MAS telah mencatatkan keuntungan sebanyak RM522.95 juta pada tahun 2009 dan RM237.35 juta pada tahun 2010.

2.      Untuk tempoh 2009 hingga 2011, MAS telah memasuki kontrak fuel hedging dengan 12 buah syarikat tempatan dan antarabangsa, termasuk bank antarabangsa, Energy Business Unit of Mitsui dan Energy Business Unit of Mitsubishi Corporation. Kesemua pihak yang terlibat dengan kontrak berkenaan telah diluluskan oleh Bank Negara Malaysia.


Yours truly has specifically asked the Ministry to list down the full name of companies that MAS has entered into the fuel hedging agreements with. The Ministry merely informed Parliament that there were 12 companies. The name of the 12 companies that are important because we may be able to know were the personalities behind these companies.

7 thoughts on “Questions Time 4-4-2012: MAS fuel hedging loss

  1. kapak

    was is the right thing for government enforced the FRS139 accounting rule? to report all hedged fuel contracts in the same year instead of amortizing the contract based on the year of utilization. MAS were loosing but MAS were not actually lost?

    why did Najib has to talk about this when the crisis in MAS is beyond PnL. Cronyism, abuse of power (corporate governance? anti competition? white color crime?), bullying of staff (min of human resource or human remain?), witch hunting (whistle blower?). wow, Malaysia does have the laws supposed to protect the good behavior rakyat and to punish the crooks.

    What happened? MAS got so screwed up since Md Nor/Danny, Idris Jala/Azmil and now back to Md Nor/Danny with back up by AJ, WTF and KM and more supporting actors from ex AA AAX, Plane Insult paid by MAS diminishing fund.

    Najib? Are listening or caring or not? What is happening to MAS is not good for the employees, businesses and Rakyat. Why are you still indecisive? Is your brother Nazir’s CIMB RM50billon loans to AA AAX holding you up? What will be taking place in the next GE13?


    Another bollocking parrot :

    “Walau bagaimana pun, kerugian berkenaan hanyalah berbentuk kerugian perakaunan (paper loss) dan bukannya kerugian sebenar MAS. Secara keseluruhannya MAS telah mencatatkan keuntungan sebanyak RM522.95 juta pada tahun 2009 dan RM237.35 juta pada tahun 2010.”

    The reality:
    As at Dec 31, 2007, MAS had RM 5.25 billion in cash and bank balance and as at Dec 31, 2011, MAS cash pile was less than RM1 bil.
    Where has the RM 4.25 billion gone to in 4 years?

  3. Anonymous

    Thank you YB. Please keep pressing for answers. Do not leave the Minister off the hook, the Rakyat wants to find out who are the beneficiaries of the 12 companies.

    I truly believe a lot of the losses suffered by MAS is beyond the work of the ordinary MAS employees. There are other people behind the scenes that are calling the shots not in the interest of MAS.

    On Monday 2 April, MH092 to Tokyo (Boeing 777) had to return to bay after 20 minutes on runway because of ‘airconditioning system problem’. Flight was delayed more than 2 hours. Upon takeoff, there were various electronics hiccups – ending with total failure of the entertainment programmes.

    I wonder what could have caused such an embarrasing service failure on a 7 hour flight!.

  4. kapak halus

    Thats the fact. FRS139 is a wrong accting rule. Carrier would not be paying in full or honor the hedging in full when it folds or shuts. Applying Cash or Accrual basis must be on practical and realistic basis. Why should the airline adopting this FRS139 be explaining twice which on hand, it losses BUT on the other hand, they were only paper loss. Actually blah blah blah…

  5. Kunyit Hidup

    If paper-loss is not actually a loss, then is paper-profit is not a real profit?

    Consequently those 12 oil companies just showing artificial accounts of +RM3.38b?

    A graded staff needs help. Thank you.

  6. Biar PAPA asal bergaya.

    the previous idiot managing the company is so bloody damn stupid..thats why MAS lose on fuel hedging.bila fuel 70 USD tak mau hedge.tell the staff its very expensive to hedge fuel..
    bila fuel 100usd baru nk hedge..
    pi buang la longkang la lu punye degree…

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