Updates @ 9:00 pm 1-5-2012: TV3 Buletin Utama has made an informed speculation that the MAS-AirAsia share “Suap” will be reversed tomorrow. If it does happen tomorrow then those appointed after the said secret share suap must also be reversed or terminated. The appointment of ex-ArirAsia officers like En Rozman Omar, now CFO of MAS and En Azhari Dahlan, now CEO of MAS Engineering and Mr Shane Nollan of PlaneConsult, as Acting Commercial Director of MAS should be terminated forthwith. They are unfit to hold those key posts in MAS due to their apparent conflict of interest. PlaneConsult itself should be terminated forthwith if it has been renewed at the tail end of its contract by the present the TRIO or Board of Directors. PlaneConsult is a consultant for low cost airline and also the consultant for AirAsia and AirAsia X Sdn Bhd.
The above actions are very necessary to ensure that the CCF is genuine and will be implemented transparently, and more importantly to ensure no conflict of interest in all decisions, which are so rampant in MAS now. Of course, Rahsdan and gang, and those members of the Board of Directors must also be removed immediately. It is hoped that after the announcement tomorrow, the members of Board of Directors will take the honorable step to RESIGN forthwith. If those personalities remain in MAS after the secret share swap has been reversed by YAB Prime Minister Datuk Seri Najib Tun Abdul Razak, another campaign will have to be launched to get rid of them. It is hoped that those unwelcome “GUESTS” in MAS will not overstay. Rashdan, are you still around in MAS?
Ten months have elapsed after the MAS-AirAsia share swap and CCF, there is nothing positive came out of it except glaring conflict of interest. Genuine collaboration does not need a share swap deal to be successful.
The petrol companies collaborated for the exploration in North SEA Oil UK without share swap and they compete all the ways in the market. So MAS must compete with AirAsia. After the cancellation of the said secret share swap, yours truly hopes that the TRIO will not surrender more MAS routes to AirAsia/AirAsia X Sdn Bhd like the Sydney route. MAS should not exist to save AirAsia X Sdn Bhd or any other airlines for that matter.
MAS didn’t benefit anything at all. It has also created anger and distrust against the top management of MAS consisting of the TRIO namely, Tan Sri Md Nor Yusof, the Chairman, En Ahmad Jauhari Yahya (AJ), Group CEO and En Mohamed Rashdan Yusof (Rashdan), the most trusted crony of Amok, and the Board Members especially Tan Sri Tony Fernandes, Datuk Kamarudin Meranun both from AirAsia and Datuk Azman Yahya of SCOMI and Symphony House fame. Soon after the said secret share swap, Datuk Azman Yahya was the only MAS director that was reappointed to the MAS Board and also AirAsia Board. From this fact, Datuk Azman Yahya must a very valuable person to MAS due to his “SPECIAL” experience and expertise in the aviation industry! Rashdan was immediately appointed o take charge of MAS from 9-8-2011 until September 2011 when AJ was appointed Group CEO of MAS. Further, a special “EXCO Committee” of MAS was also set up for the daily operation of MAS. Its members were Rashdan, the most trusted crony of Amok, Tan Sri Tony Fernandes and Datuk Kamarudin Meranun.
The only “POSITIVE” things that transpired after the said secret share swap and CCF were:
- Mid August 2011- immediate announcement of stopping Firefly operations;
- Mid-August 2011 MAS paid 18 million Pounds to sponsor QPR home Jersey;
- End August 2011 – Cancellations of Firefly full load flights during the last Raya season;
- September 2011 – Termination of Firefly routes from JB to Kuching and Kota Kinabalu;
- October 2011 – Termination of MAS routes for Bandung and Surabaya;
- October 2011 – Appointment of PlaneConsult to review the structure of MAS;
- December Firefly Jet Operations were terminated;
- 1-1-2012 Rashdan arbitrarily upgrade his baby and nanny to First Class Cabin;
- 16-1-2012 – Formal appointment of PlaneConsult as consultant to restructure MAS and to identity special individual to be appointed to key post in MAS;
- Mr Shane Nollan of PlaneConsult was appointed Acting Commercial Director of MAS;
- 1-2-2012 – En Rozman Omar from AirAsia was appointed CFO of MAS;
- Mid-February 2012 – En Azahari Dahlan was appointed CEO of MAS Engineering;
- February/March 2012 -MAS lifting of AAX passengers without a formal agreement with ZERO fare in the online tickets; and
- 28-3-2012 – MAS signed the Re-Accommodation Agreement with AAX where AAX was supposed to pay RM31 million which was still not paid and etc, and the fares agreed upon were well below the cheapest fare of MAS, in HERE;On 9-8-2011 Tan Sri
On 9-8-2011 Tan Sri Azman Mokhtar (Amok) , the MD of Khazanah Bhd (Khazanah) and ex-founder of BinaFikir Sdn Bhd, signed the MAS-AirAsia share swap deal on behalf of Khazanah and Tan Sri Tony Fernandes on behalf of Tune Air Sdn Bhd. Under this secret deal Khazanah has the option to buy 10% of AirAsia X Sdn Bhd (AAX), formerly known as Fly Asian Express Sdn Bhd aka FAX.
In the said secret share swap, Khazanah got 10% of AirAsia Bhd (AA) and Tune Air Sdn Bhd 20.5% of MAS share. It was most unprecedented that the ration of the said secret share swap deal was based on closing share price on 6-8-2011. Hence, Malaysians saw the sudden surge of the AA share in May, June, July until 6-8-2011 hitting as high as RM4.20 just before the closing of market, in HERE & HERE. For the same period, MAS share was dropping to as low as RM1.30 and closed at RM1.60. This is how the ratio of the shares swap was based. No wonder majority of Malaysians and MAS staffs were extremely shocked with the said ratio. Only those corporate leaders with consultant mentality would sign the said share swap deal. The said share swap deal was a classic case of “ikan bilis makan ikan yu”. The said secret share swap stinks from the day it was signed until now. No right thinking Malaysians could have agreed with the said secret share swap except those involved like Amok, Tan Sri Md Nor Yusof, Tan Sri Tony Fernandes, Tan Sri Kamarudin Meranun and, of course, Rashdan. By the way, Rashdan, who is the most trusted crony of Amok and was involved with the upgrading of his maid to First Class Cabin, was the chief architect of the said secret share swap and CCF, in HERE.
In mid August 2011, Tan Sri Azman Mokhtar has declared in a meeting with bloggers in Hilton Sentral that the AAX deal was a “DODGY“ deal. Despite the said AAX deal was said be “dodgy”, Khazanah went ahead to appoint Stanley Morgan Investment Banker to value AAX shares. Thereafter, Khazanah went ahead to purchased the 10% share option of AAX. It will be interesting to know what was the valuation of the share of AAX, how much did Khazanah paid the said 10% share of AAX and how much of the fees paid to Stanley Morgan Investment Banker.
Yours truly is sure that all the answers to the said three questions cannot be made known due to the “CONFIDENTIAL CLAUSE” in the agreement. Just like the consultancy fees of BinaFikir Sdn Bhd for the WAU Project and the name list of the 12 fuel hedging company involved in the RM3.3 billion losses for MAS cannot be revealed because of the confidential clause. Yours truly believe that BinaFikir Sdn Bhd was able to hide behind the said confidential clause and the astronomical consultant fees for WAU to the Jabatan Hasil Dalam Negeri. The CCF can go on provided AA is not given priority, AA pay for whatever services rendered by MAS based on market price, all agreements must be transparent and terms strictly adhered to, no special treatment given to AA or AAX and more importantly CCF must not stifle competition between MAS and AA/AAX. The situation of “MAS gives ALL and AirAsia takes ALL” should not be allowed
