Updates @ 6:50 pm on 11-9-2013: “The avenging goddesses eventually caught up with anyone who had outraged all decency by killing their father, marrying their mother or serving red wine with fish.” By Jonathan Guthrie of Financial Times, UK
Updates @ 6:10 pm on 10-9-2013: “Deloitte has been fined a record £14m for failing to manage conflicts of interest during its role as an adviser to collapsed British carmaker MG Rover. On Monday the Financial Reporting Council, which brought the case against Deloitte, said the outcome of an independent tribunal was a “strong vindication” for its six-year-long probe into Deloitte’s work for companies involved with the carmaker in the lead-up to MG Rover’s collapse.”
In the case of the MAS-AirAsia share swap, there were two advisors namely Dato’ Sri Nazir Razak and Bain & Co but it is unclear about their scope of appointment. For full report of the fine imposed against Deloitte, please read HERE & HERE,.
MALAYSIAN COMPETITION COMMISSION (MYCC) has spoken for the Government and the nation by imposing a fine of RM10 million each against AirAsia and MAS for flagrant violation our Competition Act, 2010. MyCC has given the nation a breath of fresh air. Thank you , YAA Tan Sri Siti Norma Yaakob, you and your officers have done the nation proud. For background story please read HERE.
Under the Competition Act 2010, MyCC has the power to impose fine against company that committed the offence under Section 42 of the Act. Unfortunately, there is no provision under the Act to impose the fine against its directors and/or persons instrumental in causing companies to commit the offence.
Many bloggers and yours truly have written many articles against the MAS-AirAsia share swap, which we all knew that it was a smelly deal from day one. Yours truly had to toil for a good 8 months to expose certain unscrupulous personalities within and outside MAS that were trying to “rape” and/or assisting to “rape” MAS at the material time.
On 29-8-2011 Malaysia Corporate Digest has reported that “CIMB Investment Bank was appointed advisor for the share deal representing both parties. According to the investment bank, the deal would only commence once an anti-trust analysis has been completed in compliance with all applicable anti-trust laws.” in HERE.
Based on the above report, we can safely assume that Dato’ Sri Nazir Razak, CIMB CEO, was fully appraised of the provisions of the said Act and must have advised Tan Sri Azman Mokhtar, En Mohamed Rashdan Yusof aka Danny (Tan Sri Mokhtar’s former business partner in BinaFikir Sdn Bhd), Tan Sri Tony Fernandes (AirAsia), Datuk Kamarudin Meranun (AirAsia), Tan Sri Md Nor Md Yusuf (Chairman 0f MAS) and Tun Abdullah Badawi, who was and still is the Advisor of MAS, of the what constituted an offence under Section 42 of the said Act and the seriousness of the offence.
Further, MAS has Dr Wafi Nazrin Tan Sri Abdul Hamid, who was the then Head of Legal Department of MAS and claimed to be an expert in Competition Laws. He has been appointed as an Advisor to MyCC! He had also sent out email to inform MAS staff about the Competition Law and that both AirAsia and MAS had jointly appointed legal consultant Bain & Co to advise MAS and AirAsia on the Competition Law. Rumour has it that Bain & Co is one of a favourite consulting firms of Khazanah. Therefore, the culprits has no excuse to run away from liabilities as the anti-trust offence was committed with their eyes wide opened.
We cannot be faulted to assume that at the material time Dr Wafi had briefed all the key peoples in MAS namely, Tan Sri Md Nor Md Yusof (Chairman and Chairman of EXCO), En Ahmad Jauhari Yahya (AJ), En Mohamad Rashdan Yusof Khazanah’s nominee and a former business partner of Tan Sri Azman Mokhtar in BinaFikir (Executive Director & EXCO), Tan Sri Tony Fernandes of AirAsia (Director & EXCO), Datuk Kamarudin Meranun (Director & EXCO), Tan Sri Azman Yahya of SCOMI fame (Director of both AirAsia & MAS & Chairman of Joint Collaboration Committee [JCC] – did not seek re-election during AGM June 2012) , Tan Sri Krishnan Tan Boon Seng of IJM (Director), Tan Sri Wan Azmi Wan Hamzah of E&O (Director – resigned during AGM in June 2012 ), Datuk Rohana Rozhan of ASTRO (Director – resigned), Mr David Lau Nai Pek of AXIATA, Tun Abdullah Badawi (the Advisor of MAS and Chairman of Advisory Panel for the implementation of the share swap) and a few others.
The Advisory Panel under the chairmanship of Tun Abdullah Badawi was to ensure that “all parties involved in the CCF, would operate in the interests of the public and reflects the aspirations of all consumers”. Don’t tell us that the members of the Advisory Panel consists of En Mohamed Rashdan Yusof, Tan Sri Tony Fernandes, Datuk Kamarudin Meranun!
Perhaps it might be an opportune moment to ask Tun Abdullah: Did you advise the culprits that share share swap and what they were doing after the share swap did not “operate in the interest of the public and reflect the aspirations of the ultimate consumers”?
Dr Wafi’s advice to the employees of MAS in HERE.
Dr Wafi has been quoted to have said in the press:
“There were three provisions under the Competition Act 2010; prohibition against anti-competitive agreement which prohibited any horizontal or vertical agreement which had the object or effect of significantly preventing, restricting or distorting competition in Malaysia.” in HERE & HERE.
Yours truly would like to publish in full the email of 10-10-2011 from then Secretary of Mesa, En Matdiah Mohamad, who had expressed concerned that the share swap may breach of the provision of the Competition Act, to Dr Wafi and Dr Wafi’s reply.
En Matdiah’s email of 10-10-2011:
Salaam Dear Doctor, cpy rest
Thank you for pointing out the strategic intent of the Share Swap and Collaboration agreements and the fact that these were drafted and cleared by external lawyers; and that the personalities had, by law, acquired the legal rights to such information.
Whilst I agree that they have the fiduciary duty to act in the best interests of MAS, I do feel that it will be a very, very tall order and insurmountable task to convince our fellow employees to believe that mere mortals could keep their personal and professional interests apart.
Already there are murmurs and rumblings on the ground, internally and externally, questioning the wisdom of the “matrimony”. I will be lying if I am to claim that as union leaders, we are in position to compel members and fellow employees to believe otherwise.
Matdiah Bin Mohammad
Dr Wafi’s email reply of 12-10-2011:
Salaam sejahtera en. Matdiah. Referring to your email and query, I would point out as follows –
1. The strategic intent of MAS and AK/AKX to collaborate are embodied in the Share Swap and Collaboration agreements. Both were drafted and cleared by external lawyers.
2. Through the shareswap TF and KM now hold shares and directorships in MAS. As directors and by law, they have certain rights and obligations, including the right to MAS’s information whilst acting as a MAS director. In particular, they are under a legal fiduciary duty to act in the best interests of MAS, and not for any other purpose. Further, a substantial part of their wealth is now in MAS.
3. Apart from TF and KM as in para 2 above, the external lawyers have further advised us to provide clarity to MAS staff as regards antitrust law and the exchange of information with staff of competitors. Hence, that is why we issued the guidelines as per the UVoice Circular dated 10.
For full detail read HERE.
On 12-10-2011 yours truly had asked: “Dr Wafi: MAS – AirAsia share swap contravened Competition Act?” in HERE.
In view of the above, we can conclude that Tan Sri Azman Mokhtar, En Mohamad Rashdan Yusof, Tan Sri Tony Fernandes, Datuk Kamarudin Meranun, Tan Sri Md Nor Yusuf, other directors of MAS, Advisor of MAS and Dato’ Sri Nazir Razak of CIMB were fully appraised of the Competition Act.
Therefore, it follow suit that MAS and AirAsia should demand that Tan Sri Azman Mokhtar, En Mohamad Rashdan Yusof, Tan Sri Tony Fernandes, Datuk Kamarudin Meranun and Tan Sri Md Nor Yusuf should be responsible for the fine of RM20 million as they have shoved the share swap down the throats of AirAsia and MAS.
Please take note that there was no AGMs held by MAS and AirAsia to discuss and approve the share swap. The then Board of Director of MAS has no clue of the share swap until the day the share swap was announced.
There was no transparency and governance in the way in which the share swap was hatched, decided and implemented. The planning of the share swap was shrouded with utmost secrecy and done in a clandestine manner.
Under the circumstances, these famous good Tan Sris, Datuk and the Khazanah’s whiz kid and former business partner of Tan Sri Azman mokhtar all of whom are believed to be in beautiful suit (nothing less than Broni), Bally shoes, Hermes ties and other branded accessories on their bodies during meetings should now step forward like gentlemen with honour and accept responsibilities for their thoughtless acts and make an offer to pay the RM20 million fine on behalf of MAS and AirAsia.
If one were to divide RM20 million by five, each of the culprits will have to pay ONLY a mere RM4 million each, which is peanut to them but big money to the shareholders, staffs of MAS and AirAsia and the Rakyat. If AJ joins in then the share will be just RM3.33 million each. If the MAS Directors appointed after the share swap (Tan Sri Mohamad Azman Yahya of SCOMI fame, Tan Sri Krishnan Tan of IJM, Tan Sri Wan Azmi Wan Hamzah of E&O, Datuk Rohana Rozhan of Astro were to chip in then the contribution to pay the fine will be mere pittance.
The nation awaits your respective respond, Tan Sris, Datuk and the Khazanah’s whiz kid.
Of course, AJ is hardly free from blame because he was the executioner/implementer of the hidden “INTENT” of the share swap.
In Part 2 we will examine the chronology of events that happened after the share swap and after AJ resumed the high office of Group CEO of MAS. Stay tune.
36 thoughts on “TS Azman Mokhtar, Rashdan, Tony Fernandes, Kamaruddin, Md Nor Md Yusof and AJ must be held responsible for the fine of RM20 million – Part 1”
Yes, Yes, Yes. Get those behind the share swap to pay and sacked them.
En. Wee Chee Keong, Terima kasih !
These so-called Cambridge graduates should be crucified or shot. they are not fit to hold any public office. The directors appointed after the share swap should also be held liable. Don’t spare them. MACC must also move in to investigate. That stupid face Nazir should also be liable. He is getting into too many dirty deals involving that Tony.
MAS and AirAsia are innocent. I am in full agreement that Amok, Rashdan, Tony, Kamarudin, Md Nor Yusuf, AJ and those directors appointed after the scam share swap be held liable for the fine of RM20m. These culprits must not be allowed to go unpunished. That Nazir Razak is another one that should be punished too. Without these national traitors, there will be no share swap. MACC should also look into this matter.
Amok and gang should not be allowed to run loose in the corporate world. They will bring disrepute to the country. For a start, Amok should be sacked. If such case we to happen in other countries, Amok and Rashdan will be sacked immediately. AJ and Tan Sri Md Nor will also get the sacked. Tony and Kamarudin will also get he sacked.
YB I like your description of Datuk Krishnan Tan IJM, Tan Sri Azman Yahya the SCOMI hero, datuk Rohana Rozhan ASTRO and David Lau Axiata are the aviation experts. Can they play with remote controlled plane to start with?
Ka! Ka! Ka! Masih tak malu lagi kah?
Dare any or all of those involved to admit responsibility and accountability to incriminate themselves thus opening themselves to open criticism? No way this will happen here bcos Malaysia Boleh!
They are scum of the earth!
What advice could the Sleepy Head give? He was asleep more than awake. We know that the Sleepy Head hardly seen in his big and porch office in MAS, which is a waste of money. His fat salaries and other perks are also a waste of fund contributing the leakages. Another leader with no maruah. The state of MAS today is due to him. He was instrumental in selling the shares of MAS catering to his brother co.
Another was the his so-called Air Rationalisation programe where MAS had to give to AirAsia more than 90 routes and MAS cannot sell fares below floor price. Have you heard of this. Ceiling price yes nut not floor price. Yet he has no maruah to draw gaji buta from MAS. Ptui!
AJ came in after the whole deal was consummated to manage the company with danny breathing his neck.
Be fair, be objective, wee….
AJ was not appointed with gun pointing to his head. He took the job of Group CEO of MAS, our national airline, with his eyes wide opened of the environment he had to work under and the renumeration packages. MAS paid him salary of at least RM200,000 a month plus perks. I am talking about the decisions made after AJ was appointed. That is 19th September 2011.
I regret to say that I find it hard to swallow your reasoning that he could not perform or he had to make those decisions under pressures or instructions or of all because “Danny breathing his neck”.
AJ was appointed as the Group CEO to manage MAS and to jealously guard the interests of MAS at all times. As the saying goes, “if one couldn’t stand the heat just leave the kitchen”. But he didn’t.
To now say that I did what I did because someone asked me to do so or I was under pressures or influence. Therefore, I should be forgiven or absolved of all the responsibilities because it was not my intention to do it.
Much as I would like to go along with your thinking but I am sorry I could not persuade my mind to accept such reasoning. I definitely need to appoint consultants to persuade me to accept such reasoning.
I will be posting Part 2 to this post, thereafter you can make your informed judgement. In the interim lets agree to disagree.
Thank you for your learned opinion.
With kindest regards
wee choo keong
AJ was appointed Group CEO, understand. He was not appointed as a ball carrier or Pak Turut, understand. I would like to be the CEO of MAS with fat salary with no responsibility or accountability. Going by your reason that AJ was on gaji buta scheme in MAS. Can I apply for it too.
Stop talking rubbish. YB Wee already replied to you. Why are keeping quiet now. I am sure that YB Wee will not accuse AJ of things happened before 19 September 2011. Look at the posting YB was referring to AJ being the “Executor or Implementer’, therefore, it had to be after his appointment. Please get the help of the newly appointed Spin Doctor in MAS to spin for you.
We waiting to read the part 2 of this story and see for ourselves whether your idol clueless AJ is a saint after all. More likely than not that he will be guilty of several serious decisions that he made that were detrimental to MAS.
As a matter of fact, please do your homework and check who appointed PlaneConsult and Shane Nolan as Commercial Director? Contract signed by whom in JANUARY 2012? These appointments GUARANTEED PlaneConsult and Shane Nolan free and unfetterred access to all MAS’s sensitive commercial market info and strategies, all at the same time when they were double-hatting for Air Asia covertly. This is no secret, Are you saying that AJ signed that contract blindly? Or with a gun held to his head? Either way, it still makes him accountable too.
Btw, MAS has rolled out yet another staff program called iCan which promotes integrity, accountability, connect,etc. High time this is displayed by its leadership. Walk the talk.
Nazir looks so smart and intelligent in the picture. No wonder he is getting all the appointment especially by AA or Tony.
On a serious note. Those responsible as named in YB blog should be investigated for what they had to MAS and AIrAsia. AirAsia and MAS have been screwed nice and proper by Amok, AMok’s business partner Danny the Nanny, TF and gang.
In view of the findings of MyCC that the share swap was against public interest, PM should instruct MACC to move in to investigate so that in future they will not mislead him.
We hope that those who loves foreign consultants to act as their shield will take note of the Deloitte case in London. We hopes that Amok, Rashdan, Aj and Idris Jala, the lovers of mat salleh consultant firms will read and learn.
Now we must ask our authroities what are you all doing about anything this MAS AA share swap case. BURSA KL, MACC, Security Commission are you all sleeping?
Waduh waduh waduh, malu malu bah.
Kena sumpah lagi!
The Deloitte case is a good precedent for our government to take actions against the advisors of the scam. The Security Commission and MACC should get on with the investigation. MyCC has set the foundation for the investigation. Public confidence can only come about with actions against those responsible.
The Government must get all its agencies to fix the culprits and put them where they are. they must not be spared because they pushed the share swap to MAS with full knowledge of the consequences to MAS. The share swap was filled with ulterior motive. They have under estimated Tan Sri Siti Norma. Syabas Tan Sri. Please look at the decisions that have been made by AJ after the share swap. More fines can be imposed.
Until now AJ is still keeping silence on why MAS was fine RM10 million. We would like to know as far as the top management of MAS is so concerned who had caused MAS to be fined for the Kuching and Sarawak routes. If it was the hantu who did it, please say so. If AJ made that decision to stop the routes also say so. Don’t just keep quiet. MAS belong to the rakyat because rakyat money has been used. MAS does not belong to AJ and his grandfather. Please wake up from your sleep. Don’t be like MAS adviser who is asleep all the time.
The Government must set example from this matter. It must not tolerate an offence committed by the 6 culprits against public interest even if it involved the brother of the PM. If the offence was committed in USA, UK or Singapore for that matter, Azman Mokhtar and Danny the Nanny will be thrown out of Khazanah immediately and subsequently actions will be taken against the rest including the useless AJ
MACC please get on with the job. This share swap deal smell a rat from the 1st day it was announced by Azman Mokhtar.
Thank you YB for helping MAS and its staffs we are appreciative of your actions.
Before I have the chance to read Part 2, this share swap deal stinks. Don’t what Part 2 is all about. It will definitely make us all vomit after reading it. AJ where is your self respect? Do you have one in the first place?
The Spin Doctor and gang in MAS don’t bother to track me because I am sending this comments after office hours and from another smart of mine which has no tracking prgrame. So sorry AJ and your cronies.
Ha! Ha! Ha! The Share Swap shits are all in the hiding now. Normally the pariah will be tweeting all over the world that he is a victim or to make him and AA smell like a rose. This time he was still trying by asking MyCC to take actions against MAB. Bloody stupid.
All the SHITS must be thrown in the shit hole. They should not be spared. Everybody in and outside know the SHITS. The SHIT in MAS is still trying to hold on to his FAT salary job by keeping quiet. Let make sure that SHIT will be thrown like what had happened to the Danny boy Danny the Nanny.
YB and us have been vindicated by MyCC fine of RM10 million. But why is this clueless and useless Group CEO spending so much of MAS money to track us when what we have exposed have been proven to be true. Bodoh! Mana ada maruah lagi.
Heard the GCEO is gallivanting again to Seattle this time? yet another makan angin? He is simply not bothered about all this. After all RM10million not from his pocket. And trust me, since this is a PROPOSED decision my MYCC, knowing Malaysia Boleh, it can also be un-proposed right? You think the Govt will allow all these big time protected species to be found guilty? ini semua wayang only
“The avenging goddesses eventually caught up with anyone who had outraged all decency by killing their father, marrying their mother or serving red wine with fish.” If this is acceptable by their value judgment. Then screwing own daughters will be more acceptable. Aiyo! How lah? AJ and Azman mokhtar, TF and gang: Do you think I should I appoint a consultant to think for me. Can someone assist, Is BinaFikir still around because I am thinking of appointing it to help me to decide on the raping of own daughters ok or not!
AJ, MAS spin doctor Naj and cronies: I am posting this comment via my own smart phones in MAS premises. Please issue an email to ban own smart phones in MAS to safe your arse so that we all live in darkness.
WAU! BinaFikir can definitely help. They are sought after all over the GLCs when Nor Yakop was the Minister of Finance II. If they can save MAs with WAU, then they can save the world that is how good BinaFikir is. Just ask Danny the Nanny and Azman Mokhtar they will tell how good BinaFikir is. No one thought of share swap both of them did it. Now MyCC fine MAS & AirASIA RM10 million each. Now Danny the Nanny and Azman Mokhtar are in total silence. perhaps they are seeking consultant help to get out of the tight spot. Just a bloody scam.
Why are all the culprits so quiet? Where is accountability? TS Azman Mokhtar, Rashdan, TS Md Nor, AJ, Tony and Kamarudin Meranun salaries are paid from puiblic money. Khazanah belong to the government. Khaznah has big share in MAS. MAS, Airasia are listed companies involving members of the public. Their deafening silence is a clear verdict that they are as guilty as hell. Therefore, they coould not find any way to defend themselves. That’s why the Pariah was trying to divert attention by asking MyCC to investigate MAHB. This pariah pretended to be stupid. The Pariah and the Khazanah gang were now caught in their own game. Ka! Ka! Ka!
I agree. Where is the accountability from these culprits? It has been almost a week after MyCC issued the statement that MAS/AA have been found guilty of anti-competition by entering into the share swap scam. We must demand Azman Mokhtar from Khazah, Tony and Datuk Kamarudin from AA, Tan Sri Md Nor/AJ from MAS and Nazir from CIMB to account for what they have done to MAS/AA. I am sure that YB is not going to stop here. YB whack them until they come out from the wood work.
Silence is golden to these bast..ds. MACC must move in otherwise they will pretend to be stupid and draw good salary and perks. They are mother fu..kers! The government must instruct all agencies to investigate how this share suap. The real suap.
If the above report is confirmed, it affirms my previous comment of another failure for AA, this time in the Philippines.
I wonder what transpired in the background so soon after this so called courtesy call:
But my take is that people don’t always get what they want. You get a sense of déjà vu especially after a similar modus operandi was effected in India:
Will the Indian venture flounder too? Scuppered in the end by the courts and maybe the Indian economy
Good piece as usual. You can join with YB and you two will be formidable with the research. Bro. Lets keep on exposing those who ‘marry their mother”.
Did God hits back on sinners? http://bigdogdotcom.wordpress.com/2013/09/13/more-of-tombstone-air/
Can you imagine a person can marry his own mother. What else he wouldn’t do? Since MYcc had fined MAS & AirAsia MACC, SC and Bursa must also commence investigation to look for the real culprits.
Why are these bas..ds keeping total silence? The pariah will normally come out with statements to damage control situation. His promoter in the Star BK Sidhu will write rosy story about him and AirAsia. Why is BK Sidhu also keeping total silence? May be that bitch sudah ken a kow kow dah. Sudah mall. But that bitch should write about MyCC finding and the share swap? She was praising share swap like praising her mother and father.
Share swap was a real con. Tony, Amok, Rasdan, Md Nor & AJ what have you got to say? Silence is guilty. Ok