Whipping the master

The 'master' and the rude and dangerous canine

There is a Company’s Act statutory provision of ‘fiduciary duty as a director’. It basically means that a company director must act in the best capacity and utmost interest of the company of the board he sits on and enjoying all the perks. Whatever he do, must reflect the interest of the company and stakeholders, especially the shareholders.

However, that is not so true with regards companies under Khazanah Holdings Bhd.’s portfolio.

This director of Malaysia Airlines Tony Fernandes has gone far too much. Since Malaysia Airlines is a Khazanah Holdings Bhd subsidiary and will fully agreed for the ‘share swap deal’ on 9 August even though then it did not bring any clear benefit for the national carrier, what more at the ridiculous price it was inked for the ‘baseball card trading’. In fact like a marauder, he was crudely but swiftly to ‘pillage and plunder’. Almost instantaneously after having his foot in, he  took out the craving knife and sucked Malaysia Airlines a cool RM 18 million to pay for the sponsorship of all games at the home stadium of Loftus Park, which the acquisition of Queen’s Park Rangers was his private venture.

'Airport Spring': Fernandes's morbid attempt for passengers 'uprising' against MAHB

Then, there is gross disregard and blatant rudeness of an good example of ‘one shitting where one eats’ and biting the hand that feeds. This incessant rabid attacks against Malaysia Airports Holdings Bhd. (MAHB) on the excuse of ‘cost overrun’ for the new low cost carrier complex KLIA2. Quickly to follow suit as if part of the Opposition style ‘politics of hatred’, Fernandes rapidly attempted spinning the issue into consumers’ and his supporters’ uprising against the increase in airport tax, ‘Airport Spring‘.

This is very unbecoming of him as CEO of AirAsia Bhd. and director of Malaysia Airlines Bhd. One is Khazanah associate plc where else the other is a subsidiary.

Despite Khazanah Managing Director Tan Sri Azman Mokhtar telling some quarters in private that he told off Fernandes, “No grand standing”, the matter has become much worse than anyone could ever imagine exactly four months ago when the latter joined part of Khazanah’s stabble. In fact, many believed that Azman even tried to ‘protect’ Fernandes, with the advice of the former most trust aide Mohd. Rashdan Yusoff who is the latter’s co-butcher in Malaysia Airlines and now attempting to butcher Malaysia Airports.

Azman must act now and he must do it fast and openly. A lesson must be made example of this. Other directors in other GLCs must not misbehave even though their are non independent and must at all times maintain decorum. The must reflect their role of stewards in Federal Government’s investments and corporations.

Eyes are watching, even though in the recent UMNO General Assembly matters involving Khazanah were not raised. It does not mean that the could sweep it under the carpet. Failure of which will result to distrust on Azman’s ability to manage the nation’s investments. There are already streams of online analysts already justified their case why Azman should leave now.

The masters must be whipped too, for failure to leash their mad dogs.

Published in: on December 5, 2011 at 08:30  Comments (8)