Will The Shining Star Of Ambitious But Incompetent Zafrul Shine After GE15?

The ambitious but incompetent Zafrul posing with the then Minister of Finance YB Lim Guan Eng

The Shining Star, Zafrul!

To begin with the superstar Zafrul’s mother is the one-time powerful Raja Datuk Zaharaton Raja Zainal Abidin.  She was the former Director-General of the Economic Planning Unit (EPU) of the Prime Minister’s Department during Tun Mahathir’s administration.  While his father, Tengku Abdul Aziz Bin Tengku Harris is a businessman. The rest was history.

Zafrul, the MD of Avenue Capital Resource Bhd

In 2002 – 2005 Zafrul was the MD of Avenue Capital Resource Bhd (Avenue Capital), which was originally owned by Minister of Finance Inc.  Avenue Capital was incorporated on 3 March 1926, HERE.  

From 2003 – 2009 Abdullah Badawi was the PM.  It was an open secret that during this period a group of “punahsihat” aka known as “Budak Tingkat 4” was running amok in the PMO.  The Tingkat 4 was practically running PMO and everywhere!

During Badawi’s reign, his son in law the present Minister of Health, Khairy Jamaludin was flying very high!

Government / Rakyat Owned Avenue Capital Merged With ECM Libra

Soon after Zafrul left Avenue Capital in 2005, there was a move to merge ECM Libra, the then small share broking firm, and Avenue Capital. The said merger was extremely controversial to say the least.  

In 2006 YB Kamaruddin Jaffar, the then Secretary-General of PAS had questioned the sudden sale of Avenue Capital to ECM Libra, HERE

PAC’s Investigations Into The Controversial Merger

Just to digress a little. The merger was the talk of the town in 2007. In 2007 Public Account Committee (PAC) of Parliament was compelled to launch an investigation into the ECM Libra Bhd and Avenue Capital merger.  The controversies were about why a government / rakyat owned company had to merge with ECM Libra, which was many times smaller than Avenue Capital in every sense of the word!

Unfortunately, or fortunately for some the PAC investigation was abruptly halted by the power that be under the pretext of so-called principle of sub judice and the controversies died down, HERE.   

The so-called merger took place during Badfawi’s administration aka Tingkat 4 administration.

Kalimullah, Lim Kian Onn – ECM Libra

Kalimullah & Lim Kian Onn, who is still a director of AirAsia X

The founders of ECM Libra are:  

  1. Dato’ Seri Kalimullah Bin Masheerul Hassan, the chairman of ECM Libra. 
  1. Dato’ Lim Kian Onn

In 1979 Dato’ Seri Kalimullah Bin Masheerul Hassan aka Kali was just a NST reporter prior to the incorporation of ECM Libra. Prior to that Kali was attached to foreign press including Singapore Strait Time.  In September 2002, he was appointed as the chairman of Bernama. On 1 January 2004 he resigned as Bernama’s chairman and was appointed as the Group Editor of NST.    

Khairy Jamaluddin who is popularly known as SON IN LAW to Badawi, was one of the shareholders in ECM Libra. Of course, it was believed that this happened by chance!

In 2016 Khairy (when he was deputy chief of  UMNO Youth) sold his 10.2 million shares in ECM Libra which he purportedly had bought them in December 2015 for 71 Sen and sold it at 65 Sen according to the report, HERE

In June 2011, when there were allegations / rumours that Khairy Jamaluddin held shares in AirAsia, he threatened to sue who ever said that, HERE.   

Left to right: The still powerful former deputy minister of finance II, Nor Mohamad Yakop, the super star Zafrul, his good friend Tony Fernandes of PN17 AirAsia and Kalimullah Bin Maheerul Hassan, the former NST reporter, AirAsia X shareholder and founder / Chairman of the famous ECM Libra.

By the way the famous Nor Mohamad Yakop may have retired from active politics, he is very much around! Watch carefully then you will understand!

In 2007 Tony Fernandes of AirAsia appointed Kalimullah as chairman of AAX. He was at one time one of substantial shareholders in AirAsia X Bhd (AAX).  In September 2015, AAX was bleeding badly and he had sold part of his shareholdings in AAX at 67.8 Sen and 66.4 Sen per share, HERE.  

AAX is now under PN17 and its share price is about 0.6 Sen only per share! 

Lim Kian Onn was and still is a director of AA and AAX. 

In June 2011, when allegations were amidst that Khairy Jamaludin held AirAsia shares, he threatened to sue, HERE

AirAsia Aviation Group Appointed Additional Directors – Jamaluddin & Norza Zakaria

On 23 March 2022, AirAsia Aviation Group (AAG) had announced four new board members initiatives to reflect the company’s commitment to deliver a new strategic direction for growth and gold standard corporate governance.  

Left: Tan Sri Jamaluddin Bin Ibrahim the former CEO of Axiata, now non executive chairman of AirAsia. Extreme right: Tan Sri Mohamad Norza Bin Zakaria, former UMNO Youth Chief of Federal Territory and current president of BAM, now a director of AA

Amongst the four is the famous Tan Sri Jamaluddin Bin Ibrahim aka Jamal, who was the former CEO of AXIATA, was appointed as non-executive chairman of AAG and Tan Sri Mohamad Norza Bin Zakaria (Norza Zakaria), HERE.

In March 2009 Norza Zakaria, the then Federal Territory UMNO Chief, was charged for bribing others to help him to win the UMNO elections, HERE.  In 2011 he was freed because the witnesses were not co-operative. 

In 2017 when Khairy Jamaludin was the then Minister of Youth and Sports, Norza Zakaria was appointed as the President of the Malaysia Badminton Association.

Rumour has it that Norza Zakaria has powerful connections!

Zafrul’s Rise From Tune Money Sdn Bhd To CIMB

In 2007, Zafrul was one of the substantial shareholders of Tune Money Sdn Bhd, Asia’s first “no-frills” online financial service provider.  In March 2007 he was appointed the CEO of Tune Money. 

Thereafter, Zafrul was flying to a majestic height then!  

On 16 June 2010, when Wahid Omar was the president of Maybank, Zafrul was appointed as the COO of Maybank Investment Bank.

In 2013, Zafrul left Maybank after losing the race to become the Maybank CEO.  Zafrul was then parachuted into CIMB and personally vouched for by joker Nazir Razak himself:

“He has a proven record in investment banking in Malaysia and ASEAN. He now has the opportunity to spearhead the largest indigenous APAC ex-Japan IB franchise to greater heights”. HERE 

Ambitious Zarul’s great achievement in CIMB was in 2015, when CIMB recorded its lowest net profit in nine (9) years while Zafrul was at the helm, HERE

In May 2018 soon after the collapse of BN government in GE14, the joker Nazir Razak abruptly resigned from his cozy CEO post and disappeared to London. After the collapse of PH government at the end of February 2020, Nazir Razak suddenly reappeared in Malaysia trying to spearhead so-called reforms under his pet project called “Better Malaysia Assembly” with his so-called 55 eminent Malaysians including Tony Fernandes and 54 others, HERE.

After The Infamous “Sheraton Move” – Zafrul Was Catapulted To Stardom!

On 9 March 2020 soon after the collapse of PH government, out of the blue Zafrul was appointed as senator and thereafter parachuted to be the new Minister of Finance.  He has no political experience whatsoever. Rumour has it that he has special connection with the power that be and the playmate of certain powerful non-politician with special “payung …”!   May be those in the know could tell us who is that powerful person. 

The Pandora Papers & Zafrul

In 4 October 2021, Pandora Papers published about Capital Investment Bank (Labuan) Ltd, a boutique bank incorporated in the offshore jurisdiction of Labuan, in a cache of documents from leading Panama law firm Alemán, Cordero, Galindo & Lee (Alcogal).  There was an explanation by Zafrul’s aide on the date when he was the director of Capital Investment that he was no longer a director, HERE

Zafrul & His New Found Dream To Be A Full Fledge Politician in GE15

After Zafrul having tasted powers and trappings as an un-elected minister, rumour has it that this ambitious Zafrul is dreaming to stand for election in the Kuala Pilah Parliamentary seat come GE15!  Unfortunately, Kuala Pilah is an UMNO’s stronghold.  Rumour has it that he is using his special payung … to lobby for him!  Let’s watch the moves of this unelected minister which “Tongkat” he will be using to facilitate and realise his new found day dream / ‘mime siang’ for Kuala Pilah! 

Stay Tuned – Next Change

Warning To The reckless FinTech/Digital Microloan Gurus! – Part 2 (RM200 mil Airbus Bribery Scandals May Be A Criteria for Digital Banking Licence!)

The Three Gurus Are Suffering From Wilful Blindness!

AsiaMoney report 12 April, 2022 entitled BigPay: A capital idea for AirAsia pioneer” by Eric Ellis.

People wouldn’t have to give up their child away or their dog to get a mortgage can now get a loan in less than 3 minute based on information that is more relevant to them than all the financial information, said Tony Fernandes.

“Fernandes is hoping that BigPay and its 200-strong team will prove the tonic that restores group finances. BigPay‘s mission, he say, “is to become a leading challenger bank across Southeast Asia. We have established ourselves in Malaysia as one of the leading provides of digital banking services, and we want to expand our product sets, along with the growing model to new markets”.

“Other investors in BigPay include Malaysian government’s Malaysian Industrial Development Finance and IKhlas Capital, the private equity house controlled by regional luminaries such as CIMB’s former boss, Nazir Razak, and Indonesian businessman – politician Gita Wirjawan“.

The above quotes taken from the article with specific reference to AirAsia and its Fintech arm called BigPay. For the full article read HERE.

Tony Fernandes had painted a very rosy picture of BigPay in the said AsiaMoney report. For a start in its financial report filed with SSM /Companies Commission of Malaysia showed BigPay’s accumulated losses is RM59.062. The said report is reproduced below.

“Get Loan Quick Schemes / Microloans”

In a nutshell, Fintech in general is all about “Get Loan Quick Scheme” or “Buy Now Pay Later Schemes” in a matter of a few minutes as declared by Tony Fernandes of PN17 AirAsia in the above AsiaMoney’s article.

It must be noted that in Malaysia there are no laws to regulate such schemes! It was only recently that BNM, SC and MoF are discussing to put in place the “Consumer Credit Act“.

Yours truly is supportive of any “Get Loan Quick Schemes” made available to the public as long as public interests are protected at all time. Surely, Malaysians do not want to see the “Sublime Mortgage Bubble Burst” under the guise of “Get Mortgage Quick Scheme” like in America where many Americans and financial institutions like Lehman Brothers had gone burst, HERE.

Malaysians had the unfortunate experience of witnessing the burst of the infamous “Get Rich Quick Scheme / Skim Cepat Kaya” and the miseries suffered by many Rakyat, who had lost their lifesavings and burdened with debts. B40 and students are very vulnerable to such schemes and easily fall for such “Get Loan Quick Schemes”, “Skim Cepat Kaya” or “Buy Now Pay Later” in order to make quick profits, acquire things, which are not necessities or finance their lifestyles and thereafter burden with debts. The authorities especially Bank Negara Malaysia (BNM), Security Commission (SC) and Ministry of Finance (MoF) do not seem to learn from history. It is sad for our nation!

As the saying goes, “those who cannot remember the past are condemned to repeat it”! We must not allow the “little napoleons” in BNM, SC and MoF to put Malaysians to untold miseries! The Rakyat pay for their salaries and perks to look after our wellbeing and not to put our nation/Rakyat in miseries and despairs.

Good Governance In BNM, SC & MoF Must Prevail

We must insist on proper governance in its approvals power for any form of licence relating to “Get Loan Quick Schemes” or “Buy Now Pay Later” and/or selecting companies for the five Digital Banking Licences based on qualifications as enshrined in BNM’s SOP and not other “special relationship”. Good governance dictates that the Governor of BNM, Tan Sri Nor Shamsiah Binti Mohd Yunus, will stand up for BNM as our central bank and ultimately the Rakyat.

With the above backdrop, we shall discuss further the issue of good governance in BNM, SC and MoF, more appropriately the best un-elected Minister of Finance of all times, Tengku Zafrul Aziz, in wanting to dish out Digital Banking Licences and endorsement of Fintech/Microloans at will. Let’s hope that common sense shall prevail in BNM, SC and MoF at the end of the day. Let’s have the laws to control the schemes first before anything else!

BigPay, The Related Company Or Subsidiary Of AirAsia Group

BigPay is a related company or subsidiary to PN17 AirAsia (AA). It has been reported in the media and as announced by AA’s supremo, Tony Fernandes, that BigPay and its partners, MIDF and Ikhlas Capital,which is controlled by none other than the joker and former boss of CIMB, Nazir Razak, had applied for Digital Banking Licence from BNM.

Executives 1 & 2 Of PN17 AirAsia Were Featured In the Massive International Airbus Bribery Scandals – Airbus Paid RM200 Million To Both

In late January 2020, the UK Serious Fraud Office had brought several corruption charges against Airbus for paying many hundred of million ringgit of BRIBES to many airline heads namely Sri Lanka Air, Garuda and Airasia/AirAsia X. Airbus had admitted to the bribery scandals involving the said airlines and UK Crown Court had imposed a fine of £3.5 billion, HERE.

Count No: 1 In The Written judgment of The UK Crown Court on The Bribery Scandals

An excerpt of the UK Crown Judgement for the benefit of the three Fintech Gurus in Malaysia

Of course Malaysia’s 2 criminals or conmen of PN17 AirAsia top of the list in the Airbus bribery scandals. Should we be proud of 2 criminals / conmen for putting Malaysia in the world map for the said bribery scandal?

From Count No 1, it was clear that the bribes of RM200 mil was paid by Airbus to the 2 criminals / conmen known as AirAsia’s executives 1 & 2 where both of them were rewarded for order of 180 aircraft! Such bribes should have been handed over to AirAsia and AirAsia X for the benefits of their respective shareholders! But they kept for the bribes for themselves for their Sport team. This was how the 2 criminals / conmen had treated the rakyat / investing public! Surely, this was a serious issue for SC to probe but it was not to be as can seen later.

Indonesian Authorities Prosecuted & Jailed Garuda’s Former CEO, Emirsyah Satar

Soon after the UK Crown Court’s judgement, Indonesian authority prosecuted the former CEO of Garuda, Emirsyah Satar, and he was found guilty of accepting bribes totally about RM5 million ($1.4 million) only from Rolls Royce for order of aircraft. He was prosecuted in Indonesia and sentenced to 8 years jail, HERE. Unlike in Malaysia, these two criminals / conmen PN17 AirAsia’s executives 1 and 2 who received RM200 million from Airbus for order of aircraft and they are still running amok in our corporate scene and/or condoned and/or protected!

The Opposite Happened For Malaysian SC – Cover-UP?

When this bribery scandals broke out internationally, Bursa Malaysia was the first to launch an investigation into the said Airbus bribery scandals into the said 2 criminals of AA. SC followed suit and instructed Bursa Malaysia to stop the investigations as it was also investigating it, HERE.

After More Than Two Years – SC Is Still Sleeping On Investigations

More than 2 years have elapsed, SC under the watch of Datuk Syed Zaid Albar has not announced the result of its investigation into the said Airbus Bribery Scandals involving the said 2 criminals / conmen from AA. SC’s silence on this investigation is deafening! The shameless Syed Zaid Albar until this day dares not even to announce that its investigation is still on-going because he knew SC and himself will be laughing stock! Indonesia took a few months to prosecute the the former CEO of Garuda and put him in jail for 8 years in a matter of a few months. Whereas after more than 2 years all is well with the said 2 criminals / conmen. Please read HERE.

For full details of the UK Crown’s Written Judgement, read HERE.

We can only hope that by now these three fintech Gurus and/or their respective Tingkat 4 advisors are now appraised of the above Count No 1 against the two criminal / conman known as executives 1 and 2 of PN17 AirAsia in the said UK Crown Court’s Written Judgement and act accordingly.

If the three fintech Gurus are still not convince about the background facts and chose to wear blinkers in the evaluation of the status or qualifications of the applicants for Digital Banking Licence, please read further.

The Sole Shareholder of BigPay Is A Foreign Company, Big Pay Pte Ltd!

On 30.12.2005, TPAAY Asia Sdn Bhd was incorporated. On 4.4.2017 it subsequently changed its name to BigPay Malaysia Sdn Bhd (BigPay). Its current directors are Datuk Kamarudin Meranun (executive chairman of AirAsia Group Bhd), Ms Aireen Omar (as CEO of AirAsia). According to the SSM search as at 14.3.2022, BigPay’s financial statement showed that it had a recorded losses to the tune of RM59,062,000.00! BigPay is a loss making company. It must be noted that BigPay’s sole shareholder is a foreign company, Big Pay Pte Ltd (with no company registration number) holding 393,000,154 shares. We can only guess that it is a Singapore based company.

If it interest to know, kamarudin Meranun is also a known expert in “insider trading“! But he was fine RM3.5 million by SC for share tradings during the height of the scandalous “MAS – AirAsia Shares Swap / SUAP”!

Big Pay Later Sdn Bhd (BigPay Later) was incorporated on 20.7.2020. Its current directors are Ms Aireen Omar and Mr Omar-Slaim Dhanani, a Singaporean with its residential address at 65 Tiong Poh Road, unit 01-26, 160065 Singapore. Its sole shareholder is also a foreign company, BigPay Pte Ltd (with no company registration number) holding 2,00,000 shares.

The common directors in both BigPay and BigPay Later are Ms Aireen Omar, who is a household name in AirAsia and president of AirAsia Digital (formerly known as RedBeat Ventures), and Mr Omar-Slaim Dhanani, a Singaporean. The common shareholder of both companies is a foreign company Big Pay Pte Ltd.

As at this date there is no financial statement of BigPay Later Sdn Bhd filed with SSM.

It is unclear whether BNM has a policy that any company applying for Banking Licences of any kind must be 100% Malaysian owned or at least 50%. BNM seems to be very secretive about the qualification of the 29 applicants for Digital Banking Licence. Be that as it may, lets hope that BNM Governor will not allow herself to be led by the nose by the Tingkat 4 high ranking officers and/or the power that be

Yours truly hopes that the BNM Governor Tan Sri Nor Shamsiah and SC chairman Syed Zaid Albar will now be appraised of the above facts mainly AA is under PN17 and the 2 criminals / conman known as executives 1 and 2 of AA and AAX were embroiled in the Airbus bribery scandals. If not, both will be laughing stocks and more importantly they will bring BNM and SC into disrepute!

To be continued.

Stay Tuned – Next Change Part 3 (The joker Nazir Razak’s connection!).