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

Now Everyone Can Have A Pre Raya Celebration!

Yg Bhg Tan Sri Nor Shamsiah Binti Mohd Yunus, our BNM governor.

Updates @ 9:00 pm 1.5.2022

BNM Says A BIG NO To Joker Nazir & His Buddy Outfit!No Character And/Or Integrity

Yours truly believes that Bank Negara Malaysia (BNM) (Malaysia Central Bank) was founded on the two main pillars: “CHARACTER and INTEGRITY” and it is still good today. Both have been jealously guarded by the majority of the good officers past and present. Of course, there were and are a few black sheep like the Tingkat 4 lurking around.

Message to Yg Bhg Tan Sri Nor Shamsiah Binti Mohd Yunus, the Governor of BNM:

Syabas! At last you have risen to the occasion against the power that be and the little napoleon cum advisor in BNM and you have stood up for “Character and Integrity” and BNM. BNM’s decision of 29.4.2022 to award the digital banking licence to the five clean consortiums was a victory for “negaraku”! On behalf of our Malaysia, yours truly takes this opportunity to say a BIG Thank You to you and all the good officers with character and integrity in BNM!

On 29.4.2022 Bank Negara Malaysia (BNM) in a pre-Raya “ang pow” press release under Ref. No: 04/22/06, BNM had announced five successful applicants for digital banking licence. This press release came as a big surprise and it is a victory for common sense, “CHARACTER and INTEGRITY” / GOOD GOVERNANCE. Of course, the power that be, we all know who is that political pariah, never had “Character or Integrity”! It is most comforting to learn that when it comes to the image of BNM, as a national institution, BNM broke rank with that political pariah!

We trust that this decision was based on “Character and Integrity” and it will not be a flash in the pan but will always remain sacrosanct. We hope the Tingkat 4 fella will NOW be ashamed of himself and take the honourable step to RESIGN forthwith – BNM is not a playground for him!

The Two Musketeers! Zafrul & joker Nazir.

It was a big pleasant surprise to all because BigPay of PN17 AirAsia which is an outfit of Tony Fernandes, who is long time buddy of that un-elected senator Zafrul and his former boss, joker / player Nazir Razak! What a slap in the face and as the Malay saying goes “Padan Muka” for these two shameless Zafrul and Nazir!

ePemula – The Brainchild Of That Unelected Zafrul

In April 2022, that un-elected senator Zafrul, the good for nothing Minister of Finance, was jumping for joy to announce the disbursment of ePemula whereby he or his MoF had handpicked four companies to disburse RM300 million of ePemula subsidies via eWallet under the pretext of helping two million youths! If that was his noble intention, why not pay the ePemula of RM150 directly into the bank account of the youths instead of eWallet! Why tied the youths down in the eWallet platform? Was Zafrul trying to help certain friends of his or doing bidding for them? We all know the answer!

BigPay (a subsidiary of PN17 AirAsia), Touch ‘n Go, GrabPay, GrabPay and ShopeePay were the selected eWallet providers. At the material time, BNM had not officially announced which of the five companies that have been granted digital banking licence! That eager beaver Zafrul cannot wait to launch the ePemula for reason best known to him alone. We can smell from far this useless Zafrul’s move! Before the announcement by BNM or Zafrul, certain provider had already gone to town to advertise and promote their “Sure To Get Toy! It was as though it was pre-ordained to be awarded with the digital banking licence! Why are these people so daring to assume that they have already got the digital banking licence in their bag? Did he whisper to his special friends?

As of now, it has not been announced by the unelected Zafrul in what proportions the ePemula has been dished out to the selected four eWallet providers. This must be a national secret to Zafrul like the agreements for purchase of Covid 19 vaccines to the Minister of Health Khairy Jamaludin aka KJ!

BNM Delivered A Bombshell – Issuance Of Digital Banking Licence To Five Consortiums & BigPay / Nazir’s Ikhlas Capital Singapore Pte Ltd Were Excluded

On 29.4.2022, BNM had issued a press statement and officially announced that five companies have been awarded with digital banking licences. None of the original pre-ordained five consortiums are on the list! Thank God for that!

The five successful consortiums are as follows:

Three consortiums that are awarded with digital banking licence under Financial Services Act 2013:

  1. A consortium of Boost Holdings Sdn Bhd & RHB Bank Bhd;
  2. A consortium led by GXS Bank Pte Ltd & Kuok Brothers Sdn Bhd; and
  3. Consortium led by SEA Ltd & YTL Digital Capital Sdn Bhd.

Two consortiums are to be licensed under Islamic Financial Services Act 2013:

  1. A consortium of AEON Financial Services Co Ltd, AEON Credit Service (M) Sdn Bhd & MoneyLion Inc; and
  2. A consortium led by KAF Investment Bank Sdn Bhd.

“Three of the five consortium are majority-owned by Malaysians namely Boost Holdings and RHB Bank Bhd, Sea Limited and YTL Digital Capital Sdn Bhd and KAF Investment Sdn Bhd” said BNM.

In the said press statement, BNM had clarified its assessment criteria covers:

The CHARACTER and INTEGRITY of the applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plan as well as ability to meaningfully address financial inclusion gaps.

Quoted from BNM’s press release of 29.4.2022

The above assessment criteria used by BNM is what a central bank of any nation in the world would have adhered to if good governance and transparency are of outmost importance to them. Had such assessment had been strictly practiced in BNM and its’ Board of Governance led by the financial genius of all time, TS Azman Yahya of Symphony House and Danaharta fame, the nation would have been spared of the anxieties of the digital banking licence being awarded to the wrong hand! This little napoleon is just “Tak Boleh Pakai Langsung” (cannot be used at all) type! Perhaps BNM and/or MoF has appointment issue under the watch of that unelected and good for nothing Zafrul!

Based on the criteria of “character and Integrity” alone, one of the original five companies could not even get near to it, let alone to meet the other criteria in the assessment chart! It is most doubtful that if the eager beaver unelected senator Zafrul, the “syok sendiri” Minister of Finance, had in the forefront of his thick skull that the corner stone of “character and integrity” are of paramount importance for nation building then he would not have launched or disbursed the ePemula in such a haste! Unfortunately, he could not wait until and after BNM had officially announced the five successful applicants for digital banking licence to do so.

Of course, there was a massive push from all fronts in BNM and MoF plus the help of certain MP in Malaysia and media / news portals and mercenary journalists to exert pressures upon BNM to make quick announcement before end of March 2022 that the original five that have been bestowed with the said licence. At that material time, the “news” appeared to have been generated from MoF and/or BNM were extremely strong that the success of the original five was already cast in stone and the BNM’s announcement would be just a mere formality!

Luckily Tan Sri Shamsiah and her advisors of good integrity may have been alerted of the “cartel” and took control of the situation. Hence, BNM applied an emergency break on the said announcement with the reason that BNM had to look into the legal aspects and the integrity of the twenty nine applicants, HERE.

It must be assumed that BNM is founded on “character and integrity” too. It would be out of character for BNM to put the digital banking licence on a silver platter for certain company to keep. It is an open secret that certain company was embroiled in massive international BIBERY SCANDALS involving RM200 million and the directors and/or officers are wanted in foreign country for money laundering and criminal misconducts (bribing government officials to get flying permits in India)!

The Good For Nothing Un-elected Zafrul

It seemed that eager beaver Zafrul’s motto was “DON’T ASK! GOPinjam!” When faced with financial burden then think about it later! At which time he will be out in the cold and other leaders and BNM will be burdened to pick up the pieces! BNM must stand up to stop Zafrul from his stupid agendas.

In any event, we cannot expect much from an elected Zafrul, who had to rely on special “Tongkat” (walking stick) from the power that be or special ‘payung (umbrella) …’ who can only help this fella to stand up / be appointed as minister but not able to teach him how to walk for the Rakyat! Another shameless bump like Syed Zaid Albar of SC! At least this Syed Zaid Albar has a little bit of honour left in him to resign but not for this eager beaver!


The Ikhlas Capital Singapore Pte Ltd. Joker / Player Nazir Razak is the founding partner and Chairman.

Thank you governor BNM, Tan Sri Nor Shamsiah, you have listened and not tone deaf like the three shameless, which include Nazir Razak of Danajamin who is now helming a bank wholly owned by the rakyat and at the same time hiding behind a Singapore registered company Ikhlas Capital Singapore Pte Ltd to bid for digital banking licence!

According to the website, Ikhlas Capital Singapore Pte Ltd is an ASEAN private equity fund manager.

It is very strange that in most, if not all, of the press reports in connections with digital banking licence, the name of joker Nazir’s company had always been referred to as “IKHLAS CAPITAL “ without “Singapore Pte Ltd”! May be to the joker, it is due to special “Fung Sui” for market positioning!

How can Joker Nazir, the Zafrul’s appointed Chairman of a rakyat owned Bank Pembangunan behave in such a disgusting manner? How can this Joker / Player Nazir be allowed to play active role in his Singapore based Ikhlas Capital and at the same time Chairman of Bank Pembangunan. It can only happen in this Boleh Land!

BNM Must Remove Or Sack Joker Nazir As Head Of Bank Pembangunan Due To Unprofessional Conducts

Joker / Player Nazir Razak, chairman of Bank Pembangunan & Founder & Chairman Ikhlas Capital Singapore Pte Ltd. Ikhlas Capital Singapore Pte Ltd partners with BigPay to apply for digital banking licence in Malaysia!

BNM must now closely srutinise this joker Nazir’s position as Chairman of Bank Pembangun Bhd and Chairman of Ikhlas Capital Singapore Pte Ltd. It is under the purview of BNM to ensure “character and integrity” in person who head any financial institutions in Malaysia.

With that backdrop, this joker/player Nazir is the head of Bank Pembangunan and Ikhlas Capital Singapore Pte Ltd at the same time, he saw it fit to partner BigPay (a related company to PN17 AirAsia (AA) which was embroiled in the massive Airbus RM200 million bribery scandals and Tony Fernandes and a few of AA officers including Bo Lingam are wanted in India for criminal misconducts) to apply for a digital banking licence from BNM. Just wonder whether this joker had played an active role in the said application? All the evidence in the application documents have been laid before BNM so it could be easily examined the glaring evidence! The upright officers in BNM would have known whether this joker Nazir had played an active role in digital banking licence fiasco.

From what we have seen, they were sufficient evidence to show that he is not a fit and proper person to head a rakyat owned bank or for that matter any bank. Joker Nazir is riddled with conflicts of interest and unprofessional conducts! Nazir must be removed or sacked as the Chairman of Bank Pembangunan / Danajamin! Don’t expect the good for nothing Zafrul to lift a finger to do anything about it!

In the spirit of “Character and Integrity” BNM must take immediate step to remove joker/player Nazir or force him to RESIGN as the head of Bank Pembangunan failing which sack him!

Background stories:

Stay Tuned – Next Change soon after the Raya break in this coming week.

In the interim, wishing all Muslims “Selamat Hari Raya Aidilfitri Mohon Maaf Zahir dan Batin”.

Now Everyone Can Take Governor of BNM For A Good Ride! (The Joker & Player, Nazir!)

Updates @ 3:30 pm on 29.4.2022: Breaking News: Alhamdulilah! First and foremost, 3 “gaji buta” senior officers under the watch of that shameless Syed Zaid Albar of SC have tendered their resignation today! What a relief. Lets hope that after the departure of that shameless on 31.5.2022, SC will prosecute the 2 criminals known as executives 1 & 2 of PN17 AirAsia who have received RM200 million form Airbus!

Secondly, the Governor of Bank Negara Malaysia did not allow herself and/or BNM to be led by the nose by that idiot in MoF and/or so-called Tingkat 4 advisor in BNM to approve the Digital Banking Licence to his friend’s companies. BigPay of PN17 AirAsia / Capital and the other original 4 that were already earmarked by that idiot in MoF to be awarded the said licence were knocked out of the race after extra time!

Thanks God that unlike SC and MoF, we still have God fearing officers in BNM. Selamat berbuka puasa to all Muslims!

Updates @ 4:20 pm on 28.4.2022: Breaking News: The shameless Syed Zaid Albar had finally resigned as SC Chairman prematurely! He resigned just 6 months after the 3 years extension granted by that good for nothing unelected Senator Zafrul! Until the date of his resignation (today) he had not announced the result of the SC investigations against the 2 criminals known as executives 1 & 2 of PN17 AirAsia / Capital A Bhd.

In 2012 Awang Adek & Tony Fernandes were promoting a product of AirAsia’s outfit!

Since there is no more qualified person in the whole of Malaysia, YB Senator Awang Adek, the former Deputy Finance Minister (2), has been appointed in lightning speed as the new chairman of SC by none other than the un-elected Senator Zafrul. Another Tingkat 4 gang! For full press report read HERE.

Background Of The So-called Consortium Of The BigPay With The Joker Nazir Razak’s Connection

Reuters report on 1 July 2021

According to the above Reuters report and AsiaMoney, BigPay has partnered with MIDF and a Singapore- based equity firm Ikhlas Capita Nazir Razak featured very prominently in Ikhlas Capital. He is the founding partner and chairman of Ikhlas Capital.  He was also the former chairman / CEO of CIMB and involved in several “events” which will be discussed later in this article.

By sheer chance, soon after PH government came to power after GE14, this joker and “player” abruptly resigned as chairman of CIMB and disappeared to London.  Wonder why? Tengku Zafrul, the un-elected Minister of Finance, took over as the chairman / CEO post from him. 

When PH government collapsed in end February 2020, this joker/player Nazir suddenly reappeared in Malaysia corporate scene and has been flying very high! Wonder why too?  Did the unelected Zafrul give him a leg up? Was it a case of “Abang Adik” (“elder & younger brothers”)?      

On 22 January 2022, Tony Fernandes was upbeat and bragged to NikkeiAsia that AirAsia will return to profitability in 2023. He also said: 

All digital businesses except BigPay and incubator businesses will be profitable by 2023. BigPay will be profitable in 2024.” “BigPay e-wallet is majority-owned by Capital A, which is currently bidding for a digital banking licence from Central Bank (BNM) as part of the consortium with South Korea’s SK Group, which has invested 100 million ringgit in the company.” For the full NikkeiAsia report, read HERE.

Nazir Razak & His “Syok Sendiri” “Better Malaysia Assembly – To Fool the Rakyat?

Tony Fernandes’ Instagram posting showing the joker & player Nazir & Tony Fernandes enjoying together! “Swim or sink together”? Tony is wanted to answer money laundering and criminals misconduct charges in India!

On 25.11.2021 this joker Nazir Razak wanted to set up the so-called “Better Malaysia Assembly” comprising of the so-called 55 eminent persons of which includes his good buddies Tony Fernandes (the supremo of PN17 AirAsia), Tan Sri Azman Mokhtar (the former MD of Khazanah and now recently appointed as chairman of Tabung Haji) and himself representing Ikhlas Capital.   Ikhlas Capital is a partner of BigPay which is one of the prominent contenders for Digital Banking Licence.  

This joker cum player saw it fit to drag the Agung, who is believed to his friend, into his daydream “Better Malaysia Assembly” by seeking His Royal Highness’ consent / endorsement for his nonsensical pet project, HERE.   What a joke! After a lapse of 6 months we are still waiting for the Better Malaysia Assembly!   We are sure that the Agung will not so easily fooled by the daydream of this pseudo politician cum businessman and joker Nazir, who has no clue of good governance or transparency!   For heaven’s sake, this Nazir should not drag the Agung into his nonsense!   

It is strange that everything seemed to happen by chance! With the revelation, he should now consider whether he is a fit and proper person to head Bank Pembangunan whose owners are the Rakyat!  If not his good buddy that un-elected Zafrul and/or BNM should sack him as chairman of Bank Pembangunan and stop him for heading any financial institutions. 

If this joker Nazir has a little bit of self-respect / “MARUAH” and conscience, he wouldn’t have done the above and below which were contrary to good governance and transparency.  

Nazir Razak, Tengku Zafrul & The Supremo Tony Friendship Went Back Many Years

Just to digress a little from the topic but still relevant to see the connections of the joker and player Nazir.  It is an open secret that three stooges namely un-elected Zafrul, Nazir and Tony Fernandes are good buddies as we could see from their historical connections.  

It was by chance that many years ago Tengku Zafrul was the CEO of Tune Money, which is an outfit of AirAsia Group.  Tony Fernandes is the supremo of PN17 AirAsia. This joker Nazir was at one time the CEO of CIMB. It is believed that one of the big borrowers if not the biggest borrower of CIMB is none other than AirAsia Group. 

Bank Pembangunan Acquired 100% Of Danajamin

It was by chance that in April 2021 joker Nazir Razak was appointed to head Bank Pembangunan Malaysia, which is a wholly owned by Malaysia government via Minister of Finance Inc. In simple term, the ultimate owner is the Rakyat. Danajamin offers “credit enhancement product for financing facilities“. In September 2021, under Nazir Razak’s watch, Bank Pembangunan acquired 100% of Danajamin Nasional Bhd from Credit Guarantee Corp malaysiaBhd (CGC), HERE

Appointment Of Joker Nazir

It seems that there are no other Malaysians more qualified than joker Nazir! It looks like a case of “Abang Adik / Adik Kakak” or “You scratch my back and I scratch yours”! This joker has a hand in many pies! 

When the joker was the CEO of CIMB, he was instrumental in stitching up the scandalous “MAS-AirAsia Shares Swap”HERE. Beside Tan Sri Azman Mokhtar, the then MD of Khazanah and now the Chairman of Tabung Haji, Nazir was one of the architects of the said “Share Swap”!  

Danajamin Approved RM500 million Loan Guarantee For PN17 AirAsia

In October 2021 (after 6 months of Nazir’s appointment) AirAsia Group announced that it had secured approval for a RM500 million loan guarantee under Danajamin Prihatin Guarantee Scheme.  

“This approval from the Malaysian government is a strong endorsement of AirAsia Group’s ability to recover fast and provides a welcome boost to our overall fundraising strategy as we prepare to return to the skies in all our key market,” said AirAsia executive chairman Datuk Kamaruddin Meranun.

In October 2021, AAX’s auditor, Ernst & Young had issued a statement of disclaimer and announced: 

“These events or conditions indicate the existence of material uncertainties that may cast significant doubt on the group’s and the company’s ability to continue as a going concernHERE.

Kamaruddin Meranun – A Notorious Insider Trader In Share Market

Kamarudin Meranun’s excitement was short-lived! Little did he know, on 13 January 2022, Bursa Malaysia rejected AA’s application for another extension of time to restructure its huge financial problems and classified it under PN17, HERE

Due to public outcry, suddenly it was reported in the news that the two supremos of AirAsia, Tan Sri Tony Fernandesand Datuk Kamarudin Meranun had rejected the loan guarantee because both of them REFUSED to stand as guarantors for the said RM500 million loan guarantee. From this, it is evident that both supremos have no confidence in PN17 AirAsia otherwise they would have agreed to be the guarantors. What a relief for the Rakyat! The famous TRIO, Tengku Zafrul, Tan Sri Nor Shamsiah (BNM) and Syed Zaid Albar (SC), please take note! 

Kamarudin Meranun is unscrupulous and a known notorious insider trader in the share market!  At all material times, Kamarudin and his buddy Tony Fernandes were and are the top executives of PN17 AirAsia. In 2009 both were deeply involved in the scandalous “MAS – AirAsia Share Swap” and signed all agreements pertaining to it. With the inside information, this unscrupulous Kamarudin has no corporate governance in him as a director of public listed company, he bought shares in the company and made a fortune out of it, HERE!

With his powerful connections in the corridor of power, Kamarudin was not charged by SC for insider trading of shares and he was penalized with a pittance fine of RM3.5 million, HERE.  What a double standard joke!

From 2nd left:  Kamarudin Meranun of insider trading fame, TS Azman Mopkhtar, the then MD of Khazanah & now chairman of Tabung Haji, TS Mohd Nor, the then MAS Chairman, Tony Fernandes another supremo of AirAsia, Rashdan aka Danny the founder of BinaFikir with Azman Mokhtar & the famous Nazir Razak, the joker and playerAll the “bina tak fikir” lot.

Of course, joker Nazir Razak was one of the architects for the scandalous “MAS-AirAsia Share Swap”, aka “Share SUAP”! 

The BNM Governor & Shameless Syed Zaid Albar Must Not Be Too Oblivious of Good Governance, Transparency & Integrity

With the above backdrop, it is now for the BNM governor and the SHAMELESS Syed Zaid Albar of SC to uphold good governance, transparency and integrity by not issuing Digital Banking Licence blindly just to do someone bidding at the expense of Malaysia!  There is no need to bother about that unelected Zafrul!

Please Stay Tuned – Next Change

Now Everyone Can BS!

Tony Ferndanes & Bo Lingam of AirAsia had assured members of the public that AA had refunded 99% to its customers!  But international customers have demanded refunds on 22.4.2022. Who are lying?
Tony Fernandes was flaunting his wealth – his latest acquisition of the brand new Tesla car!

When there was public outcry on AirAsia did not refund the ticket price for cancelled flights to its customers, in April 2021 Tony Fernandes of AirAsia was under public pressures and he gave an assurance that 450,000 of its customers will get the refund, HERE. All was well for a few months.

The Comments in SocMed

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Demand For Refund Got Louder After Tony Showed Off His Wealth

In September 2021 when Tony Fernandes showed off his brand new Tesla car, AirAsia’s frustrated customers / netizen began to demand refunds of their cancelled flight and its staff demand for payment of outstanding salaries, HERE. Thereafter, we could see hypes after hypes from Tony Fernandes and his macai in AirAsia but nothing positives came out of it. It was just a case of taking Panadol for cancer! AirAsia’s frustrated customers became infuriated, HERE.

In October 2021, as a result of public outcry from frustrated AirAsia’s customers and netizen, FOCUS news portal had appropriately described the state of affairs in its commentary: Entitled “AirAsia X passengers might as well kiss their refund prospects good-bye”!

The quotable quote from the above Focus’ article:

“He (Fernandes) should sell his personal assets – Tesla car if he owns any, football club and international school or any other assets – to save the company. In most countries, the owner will be declared a bankrupt with his company.” The quote to describe Tony Fernandes was most appropriate!

In fact, Tony should also lodge a corruption report with MACC, Security Commission and Bank Negara against the 2 CORPORATE CRIMINALS / CONMEN known as AirAsia executives 1 and 2, who had received RM200 mil bribes from Airbus for orders of aircraft! Tony Fernandes should smoke out these 2 corporate criminals in his AirAsia and force them to cough out the RM200 mil to contribute to the refunds. For full details of the 2 corporate criminals act of corruptions and criminal misconducts had been clearly set out in the UK Crown Court Judgement on the international Airbus Bribery Scandals. The said criminal AirAsia executive 1 was so daring to send an official email to airbus to demand for outstanding bribes of $16 million bribes from Airbus. For full details of the UK Cro3n Court Written Judgment please read in HERE.

By the way this Tony Fernandes is wanted in India for money laundering and criminal misconducts of corrupting Indian government official in granting flight permits, HERE.

Lets hope that Tengku Zafrul, Governor of Bank Negara and the shameless Syed Zaid Albar will take note of the above!

Foreign Customers Was Forced To Make Group Demand For Refund

On 28.3.2022 Tony Fernandes came out with another hypes that AirAsia have settled 90% of the refunds to its customers, HERE. Of course, Tony Fernandes did not explain inches press statements what did he meant by settlement!

Bo Lingam, the famous Group CEO of AirAsia Aviation Group, who is also wanted by India Directorate of Enforcement for money laundering and criminal misconducts.

Group CEO of AA, Bo Lingam Bragged 99% Of The Refunds!

On 29.3.2022 another hype by Bo Lingam that AirAsia had settled not 90% of the refund but 99%! Well Bo Lingam did not explain then details of the so-called settlement. Where is the catch? Please read what Bo Ligam had said below:

“Meanwhile, the large majority of our guests across the Group have opted for a credit account which is processed immediately and valid for up to two years for booking from the date of issuance.” For full statement of Bo Lingam, HERE.

Despite the above assurances by Tony Fernandes and Bo Lingam that 99% of the cancelled flights had been settled, why thousand of its customers are still very frustrated and angry with the issue of no refund!

It would appear that the bulk of the so-called settlements that Bo Lingam was referring to were settlement by set-off through credit notes or vouchers! That was the style of settlement by Tony Fernandes and Bo Lingam but not the customers who are demanding for cash refund so that they can plan their future trips to travel with airline of their choice.

Frustrated Foreign Customers Felt Cheated

On 23.4.2022 those frustrated customers have organised themselves to take actions against AirAsia on the international front. MalaysiaNow news portal had reported: “International passengers unite to demand AirAsia refunds!”

The quotable quotes from the above report:

“They said they and their rights as consumers had been ignored as they were unable to even speak to a staff member about their complaints. Instead, they said, they were forced to convey their problems through AVA, an artificial intelligence-based chatbot.”

“Glenn Bruce Andrew Priere, also from Sydney, said he was shocked to discover that his case had been marked as “resolved” as he was still waiting to be refunded for the six flight tickets he had bought for A$1,600 or just over RM5,000.”

If what Tony and his Bo Lingam said were true, why these international customers got together in a group to demand for refunds! From the above report, it is crystal clear that the AirAsia’s refund issues are from being settled, definitely NOT 90% or 99% as had been BS by both Tony and his Bo Lingam!

The Rakyat should learn from the above and stop being easily fooled by such hypes and/or advertisements of similar nature.

Yours truly hopes that the Governor of BNM, shameless Syed Zaid Albar of SC and most of all the unelected Zafrul will not be so foolhardy in their eagerness to grant Digital Banking Licence or “Buy Now Pay Later” Permit solely based on “SPECIAL CRITERIA” in total disregards of public interests! Put the law to protect the the Rakyat in place before trying to achieve their silly dreams or agendas!

Please Stay Tuned – Next Change “Joker Nazir Razak, The Player!”

Warning To The Reckless Fintech / Microloan Gurus! – Part 3 (Tony Fernandes & Others in PN17 AirAsia Wanted For Money Laundering & Criminal Misconducts In India!)

Updates @ 1:15 pm 22.4.2022

Fernandes & Kamarudin Meranun Were Involved In Caterham F1 Motorsport

During the happy days with Caterham FI motor Sport Team! Left to right: Kamarudin Meranun & 3rd from left: Tony Fernandes. Both are still the supremos of AirASIA & AirAsia X. Their celebrations in Caterham F1 motorsport team was short lived!
The GOOD OLD DAYS! Left to Right: Tony Fernandes, No: 1 man in PN17 AirAsia & reported in the press being wanted for money laundering and criminal misconducts in India. Extreme Right: Tan Sri Rafidah Aziz, the former Minister of International Trade & Industry Malaysia & current Chairman of AirAsia X. Rafidah was the director of AAX, who launched the so-called “Travel Pass“, just a week before the imposition of the MCO in March 2020!

According to Reuters report on 7.5.2015:

Caterham, founded by Malaysia AirAsia airline entrepreneur Tony Fernandes as Lotus Racing in 2010, failed to score a point in five seasons in Formula One and went into administration with 200 staff made redundant last October, HERE.

In April 2021 Caterham’s owners Tony Fernandes and Kamarudin Meranun, the famous two supremos of PN17 of AirAsia, suddenly sold it to VT Holdings for reason best known to themselves. Please read: “Tony Fernandes & Kamarudin Meranun Sell Caterham – Price Not Disclosed “.

Airbus RM200 Million Bribery Scandals Charge No: 1Clearly Incriminated AirAsia & AirAsia X Execs 1 & 2

The above is the charge stated in the UK Crown Court’s Written Judgement on the huge internationally known Airbus Bribery Scandals of all times!

The said Count 1 clearly identified the 2 Criminals / Conmen Executives 1 and 2 of PN17 AirAsia / AirAsia X being paid RM200 million Bribes by Airbus for orders of 182 aircraft. After more than 2 years Malaysia Security Commission (SC) under the watch of the shameless Syed Zaid Albar of SC took NO ACTION. This is what a dysfunctional SC is all about! It is an expert in covering up for big boys / ‘friends” but fast to prosecute the ordinary Rakyat with no connection! This is typical of the Malaysia Boleh!

Count 10 Against Former CEO of Garuda, Indonesia

In another UK Crown Court Written Judgment on the Rolls Royce‘s Bribery Scandals.

In another internationally known Rolls Royce Bribery Scandal involved the former CEO of Garuda, Emirshah Satar, who received a mere $293,000.00 from Rolls Royce was prosecuted and sentenced to 8 years jail. In Malaysia, the said 2 criminals / conmen of AA and AAX are not only protected but put on the pedestal by Bank Negara Malaysia, Security Commission and the un-elected Minister of Finance, Tengku Zafrul. This shows the dysfunctional system of good governance and enforcement in Malaysia. Please read the full UK Crown Court Judgment to understand how the Crown Court came to the decision.

If one compare the above Charge No: 1 in the Airbus case and Charge No: 10 in Rolls Royce’s Bribery Scandals, it is as obvious as tomorrow sun will rise that the Airbus Bribery Scandal connected to executives 1 and 2 of PN17 AirAsia and AirAsia X are many times more serious! Yet our authorities in Malaysia like BNM, SC and the un-elected Minister / Ministry of Finance “BUAT TAK TAU” (playing dumb) to the serious offences committed by the said 2 criminals / conmen of PN AirAsia, who have been adjudged in the UK Crown Court. It appears that the TRIO are not only condoning but openly protecting the 2 criminals.

Tony Fernandes & Kamarudin Meranun – Top Executives of AA & AAX Are Also Playing Dumb

Left to Right: 2nd from left Tony Fernandes of AirAsia, 3rd Airbus CEO Guilazume Faury & 4th Kamaruddin Meranun of AirAsia applauding the order of aircraft form Airbus – Picture taken during the exchange of documents after signing Aircraft Purchase Agreement in Kula Lumpur on 30 August 2019. (Photo: Shutterstock)

On or about 30 January 2020 the Airbus Bribery Scandal broke out in UK. A few days later, both Tony Fernandes and Kamarudin Meranun had denied all allegations as stated in the UK Crown Court Written Judgement on the said AIRBUS Bribery Scandals. It was a natural responds. AirAsia board of director had set up a so-called investigation into the bribery scandals and found nothing of interests as expected. Of course, both of them were given a clean bill of health!

However, until this date, both of them are still playing dumb on the identities of these 2 criminals / conmen known as executives 1 and 2 of PN17 AirAsia and AirAsia X as stated in the said Written Judgement.

Tony Fernandes Was Wanted In India For Alleged Money Laundering Charges & Criminal Misconducts

In May 2018 it was reported that Tony Fernandes / AIrAsia had been accused to have paid $5 million bribes to Indian government official to obtain flying permits, HERE.

“AirAsia has been accused of bribing government officials for overseas flight permits and violating rules preventing foreign airlines from controlling Indian operators”. Tony Fernandes is one of the 3 official wanted in India. He had ignored 2 previous summons. A full press report in India, HERE.

Please read the Asian Aviation report dated 4.2.2020 entitled : “AirAsia Fernandes airline’s chairman, caught in Airbus Corruption Investigation” (CEO and chairman step down temporarily and deny all allegations as probes continue in Malaysia, Britain and India.)

This is not the only legal jeopardy in which Fernandes is ensnared. Regulators in India have demanded he appear for the country’s Directorate of Enforcement to answer charges that the airline tried to strong-arm the government and the directorate has filed money laundering charges against AirAsia officials. The charges were originally filed in May 2018 and said AirAsia officials tried to manipulate government policies through corrupt means to get an international licence for its Indian venture, AirAsia India. This is the excerpt from the Asian Aviation report. For the full report please read HERE.

The Edge Market had also reported on 17.1.2020 that Tony Fernandes was wanted by the Enforcement Directorate (ED) in India to answer the alleged money laundering.

The Business Today business fortnightly said on its website that both the ED and the Central Bureau of Investigation had in 2018 launched their respective probes in alleged financial irregularities and criminal misconduct when the airline was lobbying to obtain its licence for its Indian operations.

“Along with Fernandes, AirAsia group president Tharumalingam Kanagalingam, also known as Bo Lingam, and businessman Arun Bhatia, who held substantial equity in the airline, have also been summoned. Senior group executive S Ramadorai, as well as former CEOs Naresh Alagan and have also been asked by the agency to join the probe,” the portal said. This is the excerpt of the Edge Market report. For full report please read in HERE. This scandal was widely reported India in 2020, HERE.

Tony Fernandes, Bo Lingam Did Not Show Up

It has been reported in 2020 that Tony Fernandes, Bo Lingam and others did not show up when the case was called up in Court, HERE. Why? Guilty as charged? Subsequently, in December 2020, Reuters had reported that PN17 AirAsia had sold its stake in AirAsia India to Tata & Son for RM151 million, HERE.

The Famous Tharumalingam Kanagalingam aka Bo Lingam

From left: 2nd left: Bo Lingam, 3rd the famous insider trading expert Kamarudin Meranun, 4th Tony Fernandes, wanted in India as reported, 5th Anthony Loke, the former Minister of Transport for only 22 months cum “super salesman” for AA.

In early 2021 Bo Lingam has been promoted as the acting Group CEO of PN17 AirAsia Aviation Group at the time when AirAsia set up the so-called investigation into the international Airbus Bribery Scandals where executives 1 and 2 of PN17 AirAsia were found to have received RM200 million BRIBES from Airbus by UK Crown Court.

Aren’t The Above Scandals Enough To Wake Up The TRIO / 3 Stooges?

From left: The shameless chairman of SC, Syed Zaid Albar, the un-elected Syok Sendiri Minister of Finance, Tengku Zafrul and the governor of BNM, Tan Sri Nor Shamsiah (The TRIO / renown Fintech Gurus!)

Don’t tell us that Tan Sri Nor Shamsiah of BNM, the shameless Syed Zaid Albar of SC and un-elected Minister Tengku Zafrul are still oblivious of the above, AirAsia is under PN17 and it’s criminals /conmen known as executives 1 and 2 were criminally implicated in the RM200 million Airbus Bribery Scandals! AA’s supremo Tony Fernandes was also wanted in India for money laundering activities and criminal misconducts in the dealing with the authorities in India as reported above.

Let’s hope that TRIO / 3 stooges will now wake up from their slumber and for once stand up to protect their respective image, if there is any left, and do the right thing on the issues of Microloans / Digital Banking Licence and others as expected of them. However, if the TRIO are still not convince, please proceed to the website of UK Serious Fraud Office and download the two UK Crown Court Judgments pertaining to the Airbus and Rolls Royce Bribery Scandals. For the ease of reference and benefit of the hundred if not thousand of officers including the Tingkat 4 in BNM, SC and MoF, here are the link for the UK Serious Fraud Office, HERE. (Just in case they still have problems this is the website of SFO UK: https://www.sfo.gov.uk/our-cases/#aza).

Should BNM/SC/MoF Approved Digital Banking Licence / Microloan Licence To Applicant With Obvious Bad Records?

The un-elected Minister Zafrul, shameless Syed Zaid Albar of SC and Governor of BNM and should take cognisance that when a customer with just a tiny black dot in his or her record or impending financial issue applying for a banking facilities of any kind, the bank will REJECT it outright.

How about an applicant for Digital Banking Licence was classified under PN17 by Bursa Malaysia and 2 of its directors are implicated in the international Airbus Bribery Scandals where both directors were found by the UK Crown Court to have been paid RM200 million bribes by Airbus for aircraft orders? Common sense should prevail and public interests dictate that BNM should NOT even bother consider such an applicant from the word go let alone approve it!

Should the Trio or 3 stooges waste their precious time and public fund to consider an applicant for Digital Banking Licence where its CEO or one of its directors is wanted by a foreign enforcement agency like our MACC/SPRM or SC for money laundering activities and criminal misconducts in their application for licences? Please don’t tell Malaysians that the answer is YES!

Are Malaysians asking too much from these 3 public officials / 3 Stooges whose salaries are paid by “Duit Rakyat” / public funds to take the appropriate actions against the said 2 CRIMINALS / CONMEN? Or are we to accept the famous Malay proverb “Harapan Pagar, Pagar Makan Padi” (a direct translation for the benefit of foreign readers “Expects the fence, the fence eaten the padi”) as the new SOP for BNM, SC and Ministry of Finance? God forbids!

Let’s also hope that the Trio / 3 stooges will not be part of the “Gaji Buta Syndrome“!

To be continued – Stay Tuned – Next Change on joker Nazir Razak, former CEO of CIMB and now the chairman of Bank Pembangunan Bhd & head of Perihatin Danajamin Guarantee.

Related articles:

Warning To The Reckless Fintech / Microloan Gurus! – Part 1, HERE.

Warning To The Reckless Fintech / Microloan Gurus! – Part 2, HERE.

PN17 AirAsia Executive 1’s Email to Airbus “I Want My 16M Nowas appear in the UK Crown Court Written Judgment in, HERE.