The Shares “SUAP” & RM10 Million Fine!

After signing the infamous MAS-AirAsia share swap on 9-8-2011.  The “Happy Family”.  From left: Datuk Kamarudin Meranun of AirAsia, Tan Sri Azman Mokhtar, MD of Khazanah, Tan Sri Md Nor Yusuf, chairman of MAS, Tan Sri Tony Fernandes of AirAsia, En Mohamed Rashdan and Datuk Seri Nazir Razak, the CEO of CIMB.

Today the learned High Court Judge, YA Tuan Nordin Hassan had set aside the decision of the Competition Appeal Tribunal in 2016 that MAS and AirAsia did not need to pay the fine as they did not infringe the Competition Act.  The learned Judge has reinstated a decision by the Malaysia Competition Commission (MyCC) that fined AirAsia and Malaysia Airlines System Berhad RM10 million each for breaching a market-sharing prohibition. For detail of the report please read HERE.

Amok & Mohammed Rashdan Yusof were the architects of the share “SUAP”?

Actually the then directors of MAS and the Khazanah’s whiz kids should be held responsible for the fine of RM10 million because they were instrumental in the “SHARE SUAP”, HERE.

Yours truly salute the CEO of MyCC CEO, Tuan Iskandar Ismail, for pursuing this matter in the public interests.

The Background

In 2011 the MAS-AirAsia Share Swap was hatched in secret by the whiz kids Khazanah.  The Share Swap was popularly known as the infamous “Share SUAP”.  In 2011 yours truly was the MP for Wangsa Maju and  had been calling for Khazanah to reveal the full details of the said “Share SUAP”.  Of course, Khazanah under the leadership of Tan Sri Azman Mokhtar did not provide details of the “Share SUAP” except hiding behind the CON-sultant term, “Collaborative Framework”.

There was no public discussion about the “Share SUAP”.  The Share SUAP agreement was suddenly signed on 9th August 2011.

MAS union and many parties are against the “Share SUAP” but Tan Sri Azman Mokhtar and the Khazanah’s whiz kid, Tuan Mohamed Rashdan (aka Danny), were adamant to see the “Share SUAP” through.

The Immediate Results of The Share “SUAP”

Datuk Kamarudin Meranun proudly showing his then newly acquired MAS credential during the infamous MAS-AirAsia share “suap”

After signing of the Share “SUAP” agreement, Tan Sri Tony Fernandes and Datuk Kamaruddin Merandum were appointed to the Board of MAS, many Firefly and MAS routes were stopped with short notice with no good reasons and etc. En Mohamed Rashdan (Danny), the Khazanah’s whiz kid and “Bina Tak Fikir” boy, rushed to London to sponsor QPR football team!

In October 2011, the then Deputy Minister of Finance, YB Datuk Awang Adek told Parliament during Questions Time that the MAS – AirAsia Share “SUAP” was a “KERJASAMA” between MAS and AirAsia. What a joke! Please read HERE.

For more than 8 months, yours truly had been advocating in Parliament for the termination of the share “SUAP” because the said share “SUAP” was not only ill thought out, but not done in the best interest of the nation and our national icon, MAS.  Finally, the then PM, Dato Seri Najib Razak, gave in to the demand and reverse the share “SUAP” but the damaged was only done.

For more background articles on the “Share SUAP”, please read HERE, HERE, HERE, HERE, HERE, HERE

 

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One comment

  1. Padan muka kepada si pariah & pariah airline. RM10 million fine was insufficient. It should have been increased because both airlines knew what they were doing then.

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