Malaysian Insider’s sinister agenda to divert away from ‘share-swap deal’

The snakey-est corporate deal ever: Malaysia Airlines-AirAsia 'share swap'

The hottest business this week is the ‘Malaysia Airlines-AirAsia share swap’ deal. It got so many reactions despite the mainstream media playing the text-book perspective on how positive and progressive the ‘strategic alliance’ is. In the many criticism of the alternative media, The Malaysian Insider in its usual sinister agenda misled the focus of the issue away from the crux of the deal and how it would benefit Malaysia Airlines.

Suspiciously, looks like Kalimullah “Riong Kali” Hassan playing his cards to deflect the issue away.

The Malaysian Insider the past few days felt that it was important to highlight the current suit and counter suit between Danaharta and former Malaysia Airlines, TRI and Naluri Chairman Tan Sri Tajuddin. They were compelled to skew the on-going civil case, even to a point of false reporting and getting quotations meant to demonise a onetime power Malay business baron.

They even got quotations from the Opposition, to show the ruling party’s patronage on certain business personalities is still very much alive, just like former-abuse-of-power-convict Anwar “Mat King Leather” Ibrahim’s immediate charge against then Dato’ Seri Dr Mahathir Mohamad when the former was sacked as Deputy Prime Minister on 2 September 1998, ‘cronyism’.

The case was about complications of a business loan spinning into a very vicious cycle and eventually turned bad. A straight forward term loan was raised by Tajuddin as a ‘privatisation project to improve financial and profitability of Malaysia Airlines’. Many also want to be believe that then he was asked to take over Malaysia Airlines from Bank Negara in 1994 for RM 1.792 billion. The taking-over of Malaysia Airlines shares from Bank Negara alone was a story which has a very interesting history to it.

The RM 1.792 billion was raised via a term loan syndicated through RHB Bank. The collateral of the loan then was 130 million of TRI shares, 309.6 million of Naluri shares and 45.2 million of Promet Langkawi shares.

Then came the Asian financial crisis of 1997/8. Business was bad and Tajuddin and his group was cash strapped. His loan defaulted. It became non-performing loan.

As an after math of the 1997/8 Asian Financial crisis, RM 90 billion worth of loans defaulted and became non performing loans (NPLs). Government of Malaysia set up Danaharta to take-over these NPLs from the financial institution so that they could move on. Instead, Danaharta would do its best to either supervise a recovery plan to for turn-around and make these NPLs productive or recover the most from these NPLs, which include liquidating it.

An extract of a Bank Negara presentation in 2005:

•Pengurusan Danaharta Nasional Berhad (“Danaharta”) was established by the Malaysian Government in June 1998 to address the non-performing loans (“NPLs”) problem plaguing the banking system during the Asian financial crisis.
•The NPL resolution agency, euphemistically known as the national asset management company (“AMC”), was established as a pre-emptive measure to avert a failure in the banking system.
•Danaharta’s objectives are:
–to remove NPLs from the banking system to allow banks to concentrate on their core business of lending to viable borrowers (completed in March 2001)
–to maximise recovery from its NPL portfolio (ongoing till 2005)

So, Danaharta took over these loans from the banks at 30sen from the nominal RM 1.00 value. After a series of discussion which involved the Government of Malaysia, Tajuddin entered into a Settlement Agreement with Danaharta on 8 October 2001.

Considering Danaharta took over the balance of Tajuddin’s loan amounting to RM 942 million for RM 300 million, it was agreed that the repayment tranche was broken into four:

  1. On or before 30 June 2002           RM 215 million
  2. On or before 30 June 2003           RM 215 million
  3. On or before 30 June 2004           RM 215 million
  4. On or before 30 June 2005           RM 297 million

It is further provided in the Settlement Agreement that any redemption of the shares could be made at a minimum redemption price of RM 1.30 per Naluri share and RM 3.50 per TRI share. On top of that, Danaharta took up Tajuddin’s entitlement of the TRI Rights Issue totalling RM 130 million. With the balance of the loan of acquisition of MAS amounting to RM 942 million, Tajuddin is required to pay back Danaharta RM 1 072 million (plus an additional TRI Rights Issue loan which was initially allowed by Danaharta amounting to RM 130 million).

Tajuddin tried to put a healthy footing back into TRI (at the time owns Celcom) with a Recapitalization Plan raising RM 3.5 billion before the deadline. He tried to borrow for the Rights Issue, of which could be used to settle Tranche No.1. However, Danaharta did not consent for that and Tajuddin defaulted the first tranche. In March 2002, Danaharta forced sale TRI to Telekom Malaysia for RM 2.75 per share which realised an amount of RM 717 million. The outstanding loan managed by Danaharta was reduced to RM 355 million.

Prior to the Recap Plan, Deutsche Telekom (DeTe) which is at the time a strategic partner (21% equity) of Celcom entered into an amended agreement which an exit clause was included. It provided DeTe a price of RM 7.00 per Celcom share if it was to be forced sold, which include an instruction by the Government. It means that if Celcom were to be valued at that price, TRI should have been sold for RM 1.825 billion.

Later on 30 August 2005, the Arbitral Tribunal of ICC found Celcom liable for breach of Amended and Restated Supplemental Agreement on 4 April 2002 inter alia between Celcom and DeTe. Celcom was liable to pay DeTe USD 177.2 million plus interests amounting to USD 16.2 million. That is equivalent of RM 740 million.

After the forced sale of TRI to TM, in December 2004 Danaharta then sold 32% control of Naluri to Atlan Holdings for RM 437 million. On top of that, 88.68 million shares (12.8%) of Naluri also were also disposed via the market which realised RM 70.95 million. In total, Danaharta realised RM 1.225 billion from all Tajuddin’s holdings in this super-garage sale from what initially RM 1.072 million. Not bad since Danaharta acquired this NPL from the banks at RM 300 million. In short, Danaharta realised a net earning of RM 935 million.

On top of all that realised from the garage sale, in the irony of things Danaharta decided to sue Tajuddin for RM 589 million. Considering that Danaharta was incorporated to assist businesses to recover and settle all its NPLs, hefty profits were made from this. Not only money was made in this. They decided to go for the kill with the suit. In return, Tajuddin counter sued the Malaysian Government. It was a defense mechanism.

The case has yet gone to hearing.

Table of Malaysia Airlines income statement through the years

Our blogging brother Another Brick in the Wall painstakingly did a thorough research on the Malaysia Airlines story, from Tajuddin taking in in 1994 till present, in six different parts: Part 1, Part 2, Part 3, Part 4, Part 5Part 6 and the conclusion.  This include the forex losses during the same accounting period.

Table of forex gains and losses Malaysia Airlines

All of these talks about “Loss accumulated to RM 8 billion” have been debunked by ABITW. In all every single person who made these acquisitions never able to substantiate how these losses were accumulated. If these losses were made because of forex instead of operations, then it had to treated differently. Never the less, it should be treated as a lie. And yet, the Oppositions and their friendly media ever so often perpetuate a lie.

Recently, Government decided to take this case against Tajuddin into a negotiation for an out of court settlement.

GLCs negotiating to settle suits against Tajudin Ramli



Written by Bernama

Thursday, 11 August 2011 17:29

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KUALA LUMPUR: A number of government-linked companies (GLCs) are negotiating for global settlement of all civil suits and at all level of courts against former executive chairman of Malaysia Airlines System (MAS) Tan Sri Tajudin Ramli, Bernama reported on Thursday, Aug 11.

The case is being managed by Managing Judge of the Kuala Lumpur High Court Commercial Division Tan Sri Md Raus Sharif, who is also a Federal Court Judge.

Justice Md Raus set Sept 29 for case management after meeting lawyers for the parties involved in chambers for them to update the court on the negotiations for the settlement.

Among the GLCs involved were Malaysia Airlines, Telekom Malaysia, Naluri Corporation Bhd, Celcom (M) Bhd, Pengurusan Danaharta Bhd and Atlan Holdings Bhd.

There are more than 10 cases pending at the High Court and Court of Appeal, whereby most of the cases were filed in 2004 relating to the breach of contract. The negotiations are in process.

Meanwhile, Minister in the Prime Minister’s Department Datuk Seri Nazri Aziz, when contacted, confirmed that there was a proposal for settlement out-of-court.

He said the government had thought over settlement for the past six months for the benefit of the parties involved, as the cases, if proceeded in court, would take a long period for resolution.

For certain companies such as Telekom and Malaysia Airlines, it was up to them to decide whether they wanted to proceed with the settlement as they could make the decision without the government’s involvement, he added.

Nazri said if the companies refused to settle the suits out-of-court, they would go for full hearing. – Bernama


This is progressive move for a settlement solution, since a lot of complications dragged on since 2004. Minister in PM’s Department Dato’ Seri Mohd. Nazri Tan Sri Aziz further offered to explain on initiative to negotiate for an out of court settlement, even before hearing started:

Friday August 12, 2011

Government and Tajudin to settle all legal cases


KUALA LUMPUR: The Government and former Malaysia Airlines and Celcom boss Tan Sri Tajudin Ramli are negotiating a settlement of all legal cases involving Tajudin and government-linked companies (GLCs).

Minister in the Prime Minister’s Department Datuk Seri Nazri Aziz said any out-of-court settlement would not be a bailout for any of the parties and must not be at the cost of the Government.

The cases are being managed by Federal Court judge Justice Md Raus Sharif, who is the managing judge for the High Court commercial division.

Among the GLCs involved in the proposed settlement are Naluri Corp BhdTelekom Malaysia BhdCelcom (M) BhdAltan Holdings Bhd,Pengurusan Danaharta Nasional Bhd and MAS.

The proposed settlement, which includes appeal cases, covers more than 10 suits pending at the courts here. The cases included a breach of contract suit filed in 2004.

Yesterday, Justice Md Raus set Sept 29 for the parties to inform on the negotiation or settlement after meeting their respective lawyers in chambers.

When contacted, Nazri said that the Government had thought over the out-of-the-court settlement between the parties for the past six months.

He said it was the Government’s proposal for the parties to reach a win-win situation in the disposal of the suits.

He said the proposal was made after Tajudin approached certain ministers for help in the matter.

“What is wrong to settle the matter? The cases did not go for trial (yet),” he said.

Nazri stressed that the Government had no plan to bail out any parties in the suit in order to settle the suits.

To a question, he said, there was also no special deal between Tajudin, the Government and GLCs for the parties to agree to the settlement over the suits.

He said the Government considered that there were counter-claims involved in the cases and that it could be settled without any party paying any damages.

“However, it is up to the parties involved, especially Telekom and MAS, to make their decision without the Government’s involvement. I will never take any action resulting in a government loss. For me, it must not be a settlement at the expense of the Government.

“It is their right if they want to proceed with their court case,” he said, adding that it also would not be any abuse of court process.

Nazri said that if the court cases were to proceed, it could not be settled in two or three years.

“If there is judgment, there is bound to be one party or the other who will want to appeal. This may drag on for more than 10 years,” he said.


The clarification is clear on the Government’s position to resolve a complication which was initially started by Danaharta. Previously, Tommy Thomas represented them against Tajuddin. Thomas being a pro-Opposition lawyer, refused the notion to talk and was insistant that Tajuddin be sued. Like any other Opposition mentality, he decided to use the court room drama for a probable avenue for Opposition to demonise the Government.

However, Dato’ Hasfarizam Harun is taking a softer approach. It is a more positive move as the Government had not been to0 lucky going after Tajuddin before this. The European arbitration tribunal for the case against Advanced Cargo Logistic in Hahn, Germany which was decided in 2009, Malaysia Airlines was ordered to pay and they settled:

Jun 01, 2009

Malaysia Airlines told to pay 6.9 mln euros fine

KUALA LUMPUR – Malaysia Airlines, Malaysia’s national carrier, said on Monday a European arbitration tribunal had ordered it to pay Advanced Cargo Logistic GmbH 6.9 million euros ($9.8 million) for breach of a cargo handling contract.

In 2004, ACL had sought to claim 62.7 million euros from MAS after the Malaysian firm breached an agreement to maintain its European cargo hub at Germany’s Frankfurt-Hahn airport for 10 years from 1999.

“Due to prudent provisioning in previous years, and given that the award orders MAS to pay only about 10 percent of the sum originally claimed by ACL in 2004, the award is not expected to have a material adverse impact on the financial position of MAS,” it said in a statement.

The airline said it is seeking advice to challenge the ruling.


The Opposition like is expected no less from them, used this settlement initiative to demonise the Government and riling party further, even with lies they created. Malaysian Insider chose to quote PKR Chief Strategist Rafizi Ramli with totally wrong fact, laced with a sinister political agenda:

Opposition lawmakers said the out-of-court settlement was a “scratch-your-back, you-scratch-mine” deal that would allow the former chairman of Malaysia Airlines (MAS) to further reduce an initial RM1.8 billion owed to state-owned debt restructuring firm Danaharta.

“Now instead of the already discounted RM942 million owed to taxpayers, Tajuddin can save even more in exchange for up to hundreds of millions deposited in Umno’s war chest,” said PKR strategy chief Rafizi Ramli


Obviously Rafizi did not do his homework. Danaharta only took over the unsettled commitments to the banks which turned NPL, which for only RM 942 million. Danaharta never discounted any parties in this. In a matter of fact as tabled ealier, all of that were settled and Danaharta did make RM 153 million in excess of the who ‘garage sale’ process.

Paul Low is wearing his Transparency International Malaysia is questioning the settlement which the Government initiated as a solution with Tajuddin instead of going to hearing. This is probably makes good business sense since the precedence of the two previous arbitrations; the decision on 30 August 2005 between Celcom and DeTe and the more recently decided on 1 June 2009 in the case where ACL in Hahn went after Malaysia Airlines proven that Tajuddin got his mettle ready before the case goes on hearing.

For pro-Opposition media like The Malaysian Insider, Malaysiakini and Malaysia Today to highlight this at the point to divert  the attention on the recently inked ‘Malaysia Airlines-AirAsia  share swap deal’ and perpetuate the lie about Tajuddin accumulating the RM 8 billion losses is nothing but a sinister agenda.

Nothing is more important from the suit case as the holdings been sold off and Danaharta did make a lot of money, against the current ‘share swap deal’ in the play now. Knowing Riong Kali being the influence behind The Malaysian Insider, the sinister agenda to divert the attention so that his ‘friends could make the get-away’ is high probable. Then again, he was very much part of the ECM-Libra ‘merger’ with Avenue Capital Resources Bhd. scandal back in 2006, which modus operandi is being deployed in Tony Fernandes raiding Malaysia Airlines and helping himself out.

Our focus is should be game on what is the current game. Not the on legal suit by Danaharta against Tajuddin which actually realised RM153 million more and the complication of the counter suit, which is now an old story. How would Malaysia Airlines as the national carrier benefit instead of being cannibalised by Fernandes and friends in this ‘share-swap’ deal and the fear of Malaysia Airports would be next should be the attention now. Let us all eye ball the game at play.

*Updated 1030hrs

Published in: on August 13, 2011 at 03:08  Comments (24)  

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24 CommentsLeave a comment

  1. Orang MAS yg kata TR menyebabkan kerugiaan RM 8 billion. Kenapa nak mengspin – siap ada surat kot.
    Kes TR ni ada orang kata kerana sewaktu MAS nak membeli kapal terbang, ada tangan tangan ghaib yg mengaut komisen. Tak tau siapalah kerana tu lebih baik diadakan prosiding makhamah. Kalau macam tu, kao kena banding Kash Fow Stamen dan bukannya PnL.
    Pastu kao bandinglah harga kapal terbang yg dibeli oleh MAS dengan harga yg dibeli oleh Singapura Airlines. Pekara macam ni mungkin blogger tak tahu nak kira kot

    • Ya betul tu ..saya sokong

      • “Reply” anda ni dimaksudkan di tempat yang betul ke? Tak mungkin anda sokong anda sendiri. Sokong Abu, kot.

      • Taklah..saya sokong komen saya terdahulu tu. Haba haba sokong baba

      • Haha, pandai le kau berjenaka dihujung minggu ni. Aku layan le sikit.

        Kau bunyi mcm pandai. Tapi kenapa kau cakap saja “kena banding Kash Fow Stamen dan bukannya PnL. Pastu kao bandinglah harga kapal terbang yg dibeli oleh MAS dengan harga yg dibeli oleh Singapura Airlines. Pekara macam ni mungkin blogger tak tahu nak kira kot.”

        Kalau kau tau kira, kenapa tak huraikan? Kenapa tak beri angka angka seperti BD ada beri diatas? Tak banyak, kau berilah sikit. Menunjukkan kau betul betul tahu. Kau jenis yang hanya menuduh dengan tak ada justifikasi, penerangan lanjut, angka dan data siap dengan punca maklumat ke? Kalu mcm tu, siapa nak pecaya kau?

        Kan kau yang nak orang baca dan percaya kau, tu sebab kau tulis disini. Kalau kau tak beri penerangan mcm aku cakap diatas, mcm mana orang nak baca kau dgn serius dan percaya kau?

        Aku? Aku mengaku jenis mengHabakan orang saja. Terutama dihujung minggu.

      • Typical of your kind, ” Orang MAS yg kata TR menyebabkan kerugiaan RM 8 billion” Which orang MAS? While your are at it how about that whisphers during TR’s time, that in fligt meal “nasi lemak” cost over RM 70.00 per plate and that of “leasing back ” MAS aircraft that has been sold to cronies company.

        This purely character assasination

        Why not you come out and make an accusation so that TR can sue your pants off..Oh I forget even Nazri agree that it may take at least ten years per case….and with appeal will last longer. Mat Leather King liwat case is a point in mind.

        This sort of thing make one think the whole Malaysia looks just a huge coffee shop..a nasty one..

        You know why this happen? The law is inadequate, some judges are slow and some lawyers are extremely dishonest !!!
        And we Malays are extremely fed up

        HUDUD any body?

    • too much info for many morons to understand or grasp the issue bro!

      • And if you don’t provide the info and help clarify, the morons, if any, won’t understand, would they?

        And your kind of comment makes you a moron, too, doesn’t it?

        Haba haba.

  2. Betul sangatlah, tuan.
    Sah, Kali spin sebab dah panas sangat issue MAS

    True, TR made a lot of mess 12 years ago but to continue blaming him due to the current mess is plain stupid, just like Kali and the gang such as TFatso, Black Midas, KJ, Sleepyhead, Botero Fan and the likes, who are plain Idiots.

    But my question is, why the current administration is not able to take action against them ?

    The only answer I can think of is either they are guilty or clueless. In that case, time to deploy the “right people” in taking the Nation forward.

    To summarise, there are 2 great jokes going around town:

    1. Tony is so cunning, he can easily sell fridge to the Eskimos, Disneyland to Walt Disney, Virgins to Richard Branson, Bersih to Ambiga and MAS to Khazanah.

    2. Malaysia used to have an IDIOT as a PM and now we have a PM with a lot of IDIOTS as advisers.

    Good luck 1Malaysia

    • The safest thing to do is don’t do.

      But the question is: who does the do?

  3. BD,

    Good of you to explain lengthily here. No doubt the Opposition blogs are having a field day. Even Sin Chew Jit Poh calls it “The opportunists’ utopia – Tajuddin Ramli has received an early Raya gift. All the GLCs have been “advised” to strike out their legal suits against him.” Free Malaysia Today calls it “Nazri abusing his power”.

    Good also that Nazri tried to explain, as per The Star report. But Nazri has not been perceived in a favourable light in the past, earning such words as “having a foot in his mouth”. He said the proposal was made after Tajudin approached certain ministers for help in the matter. And asked, “What is wrong to settle the matter?” But the question may also be asked, why does the Government – specifically Nazri himself – need to concern itself with matters that are in the Courts? When there are a host of other matters the Government should concern itself with in these trying times. Like explaining these MAS-Air Asia matters.

    Sure, the Government should have “no plan to bail out any parties in the suit”. And “no special deal between Tajudin, the Government and GLCs for the parties to agree to the settlement over the suits.” The issue should not have arisen in the first place. He and the Government should not be bothered with Tajudin’s request for help. Tajudin had his days of glory and we all must face the consequences of our acts or omissions. There are literally millions much less fortunate people out there. And they have millions of votes.

    As far as “counter-claims” are concerned, wouldn’t that be a decision of the parties involved, settling out of court if there are any prospects of no one paying damages? Why the Government – and Nazri – spending time to think about these in the past “six months”?

    It is a matter of course that he must never take any action resulting in a government loss and that “it must not be a settlement at the expense of the Government.” Even if the court cases take many years to settle, why must he bother? It’s for the Courts and the parties concerned to handle. The fact that he made a hoo haa out of matters that are in the Courts – apparently for nothing – increasingly makes people perceive Najib and his Government in bad light.

    Yes, I agree that the Government should instead be spending time on explaining the many questions asked by the public on this MAS-Air Asia deal.

    • I wish to make it clear that I dislike the Opposition parties and their so-called news portals MI, Mkini, FMT. But I’m interested in the Government giving full and complete explanations on controversial matters so that such Opposition blogs do not appear to be reigning supreme, helped by Google Malaysia which highlight more of their headings than even the national news agency Bernama in the Google Malaysia News page.

      The Bernama report says a number of GLCs are negotiating for a settlement of all civil suits against Tajudin, It may appear that Nazri’s action has brought some result. But at what expense? What about the image it costs the Government which may be seen as meddling in cases that are in the Courts.

      If it is aimed at protecting Danaharta, Nazri should have said so and explained fully like BD does above. Especially when nobody knows what the results would be if pursued in the Courts.

      I might also add that the Government should discreetly back up and financially assist pro-Government portals that have a good following among the Malaysian public so that they can engage good writers who can take away the “non-committed” readership of the publicly known Opposition blogs. More importantly, provide explanations like BD does above. I think the Minister of Information must seriously consider that. There’s a need to counter those blogs in ways that Bernama, Radio and TV don’t.

    • @ Abu,

      Have to agree with your comment that “the Government should instead be spending time on explaining the many questions asked by the public on this MAS – Air Asia deal”

      The thirteen million ringgit plus question then is : Why is the Government not doing this?

  4. BD,

    Okla we take it that this deal will benefit MAS. But will it benefit the consumer?

    The MAS new chairman who happen to be the ex MD said this to some 1000 MAS employee in this meeti teh staff last Thursday.

    This colloboration between MAS and Air Asia is about to stop destructive competition between them. It is about you don’t kacau me and I don’t kacau you.

    This is a win-win deal where both will benefit most through in his own word “better pricing and fees” for both airlines.

    As result Firefly will cease operations as LCC and MAS will not be allowed to offer low fares anymore. MAS will also be asked to stop many domestic routes and to share equally capacities with Air Asia X like to London, Jeddah, Sydney and Tokyo.

    For overlapping routes there will be floor price for MAS meaning MAS cannot have fare lower than Air Asia or Air Asia X highest as was the case when Route Rationalization first implemented back in 2006.

    Too bad for Malaysian as there will be total monopoly in domestic aviation.

    Too bad for Malaysian as the only way they can enjoy “premium” international services at discounted fare will be on Singapore Airlines, Emirates, Etihad or Thai Airways.

    Now not every one can fly premium on Malaysian airlines.

    Mike Lame

    • You mean MAS should eventually go to oblivion? The more people try yo explain this fiasco ( my word) the more it looks like MAS is being prepared to be destroyed completely…

  5. Big Guy,

    Meluat & menyampah aku!

    Si Jib bagi muka kat Keling, inilah jadinya! Tak pasal pasal Pembangkang buat ceta.

    Pas tu ada lak Keling sekor lagi ni, Hindu-god-Syiah-priest tambah bikin sial ja!

    Mangsanya sapa???

    Melayu! Melayu dalam MAS. Melayu cam Tajudin Ramli.

    Kenapa Melayu kena jadi mangsa????


  6. Bigdog. Thanks for your postings on MAS, MAB and Rocky Bru’s hint on Mother of All Telco’s happenings (to be). I cant help but create a blog TunMpleasesaveMalaysia

    • Betul tu..saya sokong

  7. Zakhir, I am no PR supporter but your article is not convincing. If you want the BN to get support I advise you and your master to disowned what is not morally right.

  8. BD,

    Thanks for the articles by ABITW…..all very clear and detailed, providing more than adequate proof why the RM 8 billion loss figure under Tajuddin is a fallacy.

    If that is the case, shouldn’t Tajuddin engage legal assistance to address the article by the Star below?

    Oh by the way, the figure quoted by the article is RM 9.5 billion, but, I won’t nitpick about the extra RM 1.5 billion.

    The article was written in April this year. It’s in black and white, and I’m sure that Tajuddin would have no problem taking the paper to court in order to clear his good name, if the facts are as what ABITW claims them to be.

    Following this, Tajudin became the airline’s executive chairman. Under his stewardship however, MAS suffered losses for four straight years starting from the financial year ended 1998 and it was saddled with a reported RM9.5bil debt.

    • Please differentiate between ‘losses’ and ‘debts’.

      Probably The Star could substantiate the accumulated debts amounting to RM 9.5 billion. Malaysia Airlines did buy a new fleet of B777-200s and A330-200s during the mid 90s.

      The Oppositions, MI, Malaysiakini, MT keep perpetuating that “Malaysia AIrlines under TR suffered RM 8 billion losses”. Where did these figures come from?

      Even if it is aggregated, it does not add up to RM 8 billion. And thats a fact.

      • Fair enough point.

        What The Star means by debt ought to be studied further.

        So, MAS under TR did make losses, but, these losses do not add up to RM 8 billion.

        What do you make of TR’s allegations that he was….

        directed by former Prime Minister Tun Dr Mahathir Mohamad and former Finance Minister Tun Daim Zainuddin to buy the 32% stake in MAS from Bank Negara in 1994 to help the central bank recover from foreign exchange losses.


        You have mentioned it in your posting and The Star article states that it is what TR alleges, so, where do you stand?

  9. In this article, Big Dog has made some of the worst misrepresentations anyone has ever made. He has only told part of the story, which makes Danaharta seem like thieves, when Tajuddin, Daim and Mahathir are the actual thieves.

    He has not spoken about the shady deals that TR made, and which made MAS loose hundreds of millions of RM.
    And he has not spoken about the hundreds of millions of RM lost as a result of TR’s mismanagement.
    And he has not explained why the Govt. bought MAS back from TR at RM8 a share, when it was being traded at just over RM3.
    TR himself has said, he was “acting at all times as an agent of the Govt. and all his actions were for, and on behalf, of the Govt.”.
    What does that mean? It means that, at all material times he was taking instructions and acting on behalf of both, Mahathir and Daim. As a result of that, Mahathir instructed that MAS be bought back for RM8 a share.
    Bank Negara was then referred to “Mahathir Bank” and Petronas was referred to “Mahathir Petroleum Company”.
    TR’s romantic trysts’ with staff, including affairs with wives of pilots, has also led to some bad decisions being made, resulting in great financials loss.

    This is what paid bloggers always do, they hide information, offer and volunteer only information that makes their paymaster/s seem like they have committed no wrong, they blame other blogs and individuals, without offering any evidence, ignoring evidence against them but ‘inventing and creating’ evidence against their targets, etc. etc. etc.

    The fact he is being paid by Mahathir is lost on him.

    I have more questions for BD. He should answer these questions first, for his puny brains may not understand all of them.

  10. […] any of its associates to look bad. When the story about Malaysia Airlines-AirAsia share swap broke, MI skewed the story with a sinister agenda and instead, was harping on the lies of demonising […]

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