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!).

“Budak Tingkat 4” Arę Running Amok!

Yours truly’s speech in Parliament

Updated on 23.4.2022.

Just as we thought that both Tan Sri Nor Yakcop, the then Minister in the Prime Minister Department, and Tan Sri Zarinah Anwar, the then Security Commission Chairman, had disappeared from the scene so were the “Budak Tingkat 4”, it is now transpired that there are many “Budak Tingkat 4” aka “4th Floor Boys” are back running amok in the GLCs, Security Commission, BANK NEGARA MALAYSIA and etc. It seems that there is one Tingkat 4 connected to the Minister too.

There is an unseen hand in putting in place the “Budak Tingkat 4” in the GLCs, government agencies and a Minister. This unseen hand, who had retired from politics for some years, is still very powerful and very much in play these days. He is still powerful to put in place the Budak Tingkat 4 in GLCs and several appointment in government. This retired politician is a household name in Malaysian politics 20 years. Rumour has it that he is still holding court several times a month with the Budak Tingkat 4 in an eatery in Damanasara Kim. May be planning all the appointments and doing deals!

It is an open secret that the “Budak Tingkat 4” were running very high and were then roaming the corridor of power with impunity! At that material time, even God feared them! “Tahu sama Tahu” who are the “Budak Tingkat 4” and they know it themselves.

The Famous Tan Sri Azman Mokhtar & Tan Sri Azman Yahya, The Governance Guru In BNM

Picture above: Tan Sri Azman Mokhtar and Rashdan (aka Danny) was the founder of BinaFikir Sdn Bhd, a consulting firm, which was incorporated in January 2002. Soon after it was incorporated, BinaFikir was appointed by MAS / Khazanah to restructure MAS. At that material time Tan Sri Noor Mohamed Yaakop was the then super powerful Minister of Finance 2. After the appointment of BinaFikir, in 2002 Azman / Rashdan aka Danny (co founder of BinaFikir) coined the term ”WAU” (Widespread Assets Un-Bundling). Under WAU, MAS was on a sale of strategic assets spree under the pretext of generating fund for MAS! Read HERE for details.

Thereafter in 2004, TS Azman Mokhtar was appointed as MD of Khazanah Holdings, HERE. Presumably TS Noor Yaakop was instrumental in the appointment. He held on to the post in Khazanah for far too long (2004 – 2018 – 14 years). During his reign in Khazanah there was embroiled numerous controversies.

Out of the blue, in December 2021, Azman Mokhtar has been appointed Chairman of Tabung Haji, read in HERE. Of course, there is no other more qualified person than Azman Mokhtar!!

Azman and Rashdan became the hero of the industry during the reign of Tingkat 4 / Badawi Adminjistraion.

In March 2020 TS Azman Yahya (in the above picture next the TS Azman Mokhtar) was appointed as a board member of BANK NEGARA. He was also handpicked to be the Chairman of Board of Governance in Bank Negara, a powerful position. During the Noor Yaakop and Azman Mokhtar days in Khazanah, Azman Yahya the Governance Guru was appointed to head Danaharta, which was embroiled with controversies too. Azman Yahya’s long list of appointments in government agencies and public listed companies are listed Bloomberg report in HERE. Presumably all these companies must be performing very well!

Perhaps the prerequisite of a person to be appointed to high position in BNM or other government agencies that oversee evaluation and approval for licences for licences or permits in BNM or government agencies, is one must be embroiled in controversies or some form of scandals!!

During the height of the scandalous MAS-AirAsia Share Swap (SUAP), which was the brainchild of Azman Mokhtar of Khazanah and another financial genius Nazir Razak (ex-CEO of CIMB Bank and now head of Bank Pembangunan and Danajamin), the said “GOVERNANCE GURU” Azman Yahya was appointed as a board member of MAS, HERE & HERE. Of course, the Governance Guru has no clue about aviation industry except to do … . Tau sama tau la!

The said WAU and the MAS-AirAsia Share SUAP were totally failed projects as there were hatched in a wanton manner by several Budak Tingkat or its group with certain agendas, which are best known to them. It was a case, “Bina tak Fikir” Project!

Azman Yahya is a famous man whose name surfaced every where – even in a private property disputes between Kamaluddin Abdullah and Naza. Please read in HERE.

The Woman of The World, Datuk Rohana Rozhan, the Tim Leissner’s Playmate!

It was at the same time as Azman Yahya that famous and powerful Datuk Rohana Rozhan, ex CEO of ASTRO, was also appointed to the board of MAS. It was revealed in New York Court by Tim Leissner of Goldman Sach that he was then having “Fun” with Rohana for many years and she had blackmailed him to buy her a house worth £10 million in London in exchange for not exposing him of his involvement in the 1MDB scandals, HERE. This was the professional standard of an editor of a news agency then. Lets hope that now most if not all the editors of newspapers and news portal are professional.

These “Budak Tingkat 4” and/or their cronies are very powerful and influential who were and are holding high positions in the country administration including Bank Negara Malaysia.

BANK NEGARA, The Nation Central Bank

We can only hope that the Governor of our Central Bank (Bank Negara Malaysia), Tan Sri Nor Shamsiah, will put protecting the image, integrity of BANK NEGARA and more importantly PUBLIC INTERESTS well above the desires of someone in the evaluation of which 5 companies of the 29 are really qualified to be awarded with the Digital Banking Licence and/or Buy Now Pay Later Scheme (BNPL). For the background of Digital Banking Licence please read in HERE.

It must be noted that if Digital Banking Licence /BNPL are in the wrong hand, it can only spell disaster for the financial market in Malaysia and bring untold miseries to the Rakyat!

As we all know that currently there are no rules or laws to regulate the operations of Fintech, Digital Banking Licence and/or BNPL. BANK NEGARA in a statement last week had admitted that BNM, SC and Ministry of Finance are NOW ONLY discussing about putting in place a new law called Consumer Credit Act to regulate the operations of Digital Banking Licensee and/or BNP, HERE. Can you all imagine this is happening in Malaysia! It is a case of “Closing the stable door after the horse has bolted”!

As it were there are many Rakyat have voiced out their concerns with easy approval to get loans many folds above the applicants’ salary for the BNPL Scheme. It seems it is getting out of control! Don’t tell us that BANK NEGARA Governor and her Tingkat 4 officers are oblivious to all the postings in Socmed!

Image and Integrity of BNM and Protecting Public Interests are of Utmost Importance

For the sake of our beloved Malaysia and the Rakya, we trust that the Governor Tan Sri Nor Shamsiah will strictly adhere to the stringent procedures and rules that have been put in place in BANK NEGARA and that she will not be pushed around to do someone bidding in the approval of Digital Banking Licence and/or BNPL licence or permit.

We also trust that BNM under the watch of Tan Sri Nor Shamsiah will not reduce itself to that of Security Commission under the watch of shameless Datuk Syed Zaid Albar, HERE. Don’t be one of the many “BINA tak FIKIR” gang!

We can only hope that Governor of BNM and others in BNM will be mindful of the unseen hand and the manipulations of “Budak Tingkat 4” and gang. Please be mindful that the Rakyat are watching closely in what BNM is or will be doing on the Digital Banking Licence and/or BNPL.

Stay Tuned.

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

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”?

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

Khazanah/MAS: What had happened to the RM62.4 million owed by Alwafeer Air?

Alwafeer Air
Alwafeer Air

Yours truly is pleased to learn that at last on 8-9-2013 Alwafeer Air, a Jeddah based chartered airline, was ordered by the Court in Jeddah to pay all the outstanding wages within 60 days to the 32 cabin crews and pilots. Yours truly would like to congratulate the 32 ex-MAS staffs for their success in the pursuit of their outstanding hard earned salaries, which Alwafeer Air owed them for years. Continue reading “Khazanah/MAS: What had happened to the RM62.4 million owed by Alwafeer Air?”