Tag: MYCC

The Shares “SUAP” & RM10 Million Fine!

On By weechookeongIn wee choo keong1 Comment
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

 

To help Mr Mueller’s Grand Scheme to “Collaborate with AirAsia – Part 2

On By weechookeongIn wee choo keong13 Comments
The babies are also collaborating!
The little napoleons in Khazanah love COLLABORATION/CCF so are the babies!

 

In PART 1 we stopped at the sorry state of Rural Air Service (RAS) and Fly Asian Express Sdn Bhd (now AirAsia X) where six aircraft were grounded due to un-airworthiness and another one was cannibalised for spare parts, and how MAS was left to pickup the pieces thereafter. Continue reading “To help Mr Mueller’s Grand Scheme to “Collaborate with AirAsia – Part 2” →

Delisitng MAS Another Exercise of “Bina Tak Boleh Fikir”?

On By weechookeongIn wee choo keong33 Comments

Khazanah Nasional Bhd has announced the delisitng of MAS this morning.  However, yesterday at about 10:30 am Reuters broke the story about the impending announcement by Khazanah Nasional Bhd, HERE.  Continue reading “Delisitng MAS Another Exercise of “Bina Tak Boleh Fikir”?” →

Everyone Can See The Chairman of PAC At Work – Part 3

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The extremely learned YB Datuk Nur Jazlan, Chairman of PAC and former Chairman of UDA
The extremely learned YB Datuk Nur Jazlan, Chairman of PAC and former Chairman of UDA

 

Yours truly has been reliably informed that only the extremely learned and independent Chairman of the Public Accounts Committee (PAC), YB Datuk Nur Jazlan, and YB Tony Pua, who was the CEO of a Cyber Village Holdings Ltd in Singapore, were dominating in the PAC meeting held on 28-4-2014.  It must be noted that YB Tony Pua has been known to have been following up on issues raised by Tan Sri Tony Fernandes on KLIA2 especially on the so-called cost overrun and delay. Continue reading “Everyone Can See The Chairman of PAC At Work – Part 3” →

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

On By weechookeongIn wee choo keong36 Comments
The Happy Family of the MAS-AirAsia share swap and the architects of the violation of the Competition Act.
The iconic photo of the “Happy Family” of the MAS-AirAsia share swap and  architects of the violation of the Competition Act. From 2nd left; Datuk Kamarudin Meranun, Tan Sri Azman Mokhtar, Tan Sri Md Nor Yusof, Tan Sri Tony Fernandes, the Khazanah Whiz Kid Mohamad Rashdan Yusuf aka Danny & Dato’ Sri Nazir Razak of CIMB

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.”

Deloitte was fined 14,000 Pound Sterling
The international accounting firm Deloitte was fined 14 million Pound Sterling by UK authority. Will we ever see our authorities taking the same actions here?

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,.

Continue reading “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” →