Amokh, Tony, Danny & Nazir should pay

Those who areresponsible and should pay this RM10 million fine for Malaysia Airlines

Those who areresponsible and should pay this RM10 million fine for Malaysia Airlines

We were right. The ‘Malaysia Airlines – Air Asia Share Swap’ that we opposed two years ago, not only turned out to be a failed business call, has now been proven to be commercially disastrous. Both companies were fined RM10 million each for the monopolistic collaboration.

The NST story:

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06 September 2013| last updated at 07:48PM

MAS, AirAsia fined for RM10mil each

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KUALA LUMPUR – Malaysian authorities on Friday fined Malaysia Airlines and AirAsia for anti-competitive conduct during a short-lived tie-up.

The Malaysia Competition Commission (MyCC) said in a statement that the  country’s two dominant carriers would each have to pay a RM10 million (US$3 million) penalty for collaborating to integrate some routes in which they had  earlier competed.

“When businesses agree to share markets, they are agreeing to stop  competing, at the expense of the consumers,” said commission chairman Siti  Norma Yaakob.

AirAsia, the region’s largest budget airline, agreed in August 2011 to hand  over a 10 percent holding to a state investment fund in exchange for a 20.5  percent stake in the ailing flag-carrier Malaysia Airlines.

The deal was aimed in part at eliminating mutually harmful competition on  some routes.

But it was unwound just eight months later following pressure from Malaysia  Airlines’ powerful employees union, which feared it could result in possible  job losses and other cost-cutting at the national carrier.

Both airlines recorded profits in the second half of 2012. Malaysia  Airlines, however, has been in the red this year while AirAsia has seen sharply  lower profits.

MyCC said the penalties were decided based on revenue earned between  January to April 2012 on four routes and that it equalled less than 10 percent  of their respective worldwide turnovers.

Both parties have 30 days to respond to the decision. — AFP

Read more: MAS, AirAsia fined for RM10mil each – Latest – New Straits Timeshttp://www.nst.com.my/latest/mas-airasia-fined-for-rm10mil-each-1.350607?cache=03%2F7.218073%2F7.282683%2F7.288063%2F7.288063%3Fkey%3DMalaysia#ixzz2e88dCBNs

**************

The so-called right wing bloggers community who are commercially sensitive with corporate con-jobs such as the ‘share swap’ because it was clear that the corporate exercise was to allow Air Asia Supremo Tony Fernandes to enter and start to devour on the national carrier using ‘Salami Tactics’, slice by slice. We were vehemently against it the moment it was announced via mainstream media.

We doubt the ‘share swap’ would benefit Malaysia Airlines at all. The stupid lemon that they tried to sell for what already seemed to be a corporate con-job was that “Fernandes and his team did well and Malaysia Airlines should benefit from his experience and rapid growth” and “Government had no choice”. What came as a surprise that it didn’t take much to prove we us right.

Fernandes did scheme to take over Malaysia Airlines with Malaysia Airlines Director Mohamed Rashdan “Danny” Yusuff. It was all too clear the moment they got themselves in as BoD members, Fernandes and his partner Kamaluddin Meranun established an Executive Committee that decide on the operations of Malaysia AIrlines.

Malaysia Airlines was rogered from behind by Fernandes to commit for the GBP3million sponsorship of QPR

Malaysia Airlines was rogered from behind by Fernandes to commit for the GBP3million sponsorship of QPR

They immediately started to fiddle things around. People were moved. People they wanted out of AirAsia were strategically placed in Malaysia AIrlines. Fernandes was quick to commit Malaysia Airlines GBP3 million in sponsorship for his own private venture of EPL bottom-rung club Queen’s Park Rangers.

He was actually very itchy to the ‘grand standing’, of the new conquered domain.

Malaysia Airlines routes were cancelled in favour of AirAsia. Like Bandung. Any aircrafts that AirAsia ordered but were unable to take due to AirAsia or any of the sister companies’ lowered capacity, they tried to hive off to Malaysia Airlines. This include two A330-300s, that AirAsia were supposed to take deliver from Airbus Toulouse in March-April 2012.

The engineer and architect of ‘Malaysia Airlines-AirAsia share swap’ deal: Nazir and Fernandes

CIMB Group President Dato’ Seri Nazir “Bastardise NEP” Razak was the middle man of the corporate exercise. His team did the corporate work and rationalised the deal for Prime Minister Dato’ Sri Mohd. Najib Tun Razak  as Chairman of Khazanah Holdings Bhd. to give the final green light. Of course CIMB earned the handsome fee for the ‘share swap’ deal.

Of course, at the top of the heap is Khazanah Managing Director Tan Sri Azman Mokhtar. He is the Chief Executive of Federal Government’s  investments and corporate arm. He is responsible of preparing the papers that Khazanah Holdings Bhd. BoD which is chaired by Prime Minister Najib is supposed to approve.

This is not the first time  a corporate exercise which came from Azman and Danny where Malaysia Airlines was devoured.

Binafikir founders, Azman Mokhtar and Danny Yusuff

The first one was when both of them were partners in Binafikir Sdn. Bhd. and provided the consultancy work for the Widespread Assets Unbundling (WAU) program ten years ago where assets of Malaysia Airlines were stripped and hived off, in the excuse to stop the ‘financial hemorrhage’ and further losses by reducing the burden to servicing the financial commitments of these assets.

Malaysia Airlines did not have a say then when their assets, which include the prize corporate HQ in Jalan Sultan Ismail, were sold off. Neither did when the ‘share swap’ deal was forced down their throat.

By God al Mighty’s grace, the ‘share-swap’ corporate con-job ended less than nine months later.

Azman and Fernandes agreeing to a deal

Khazanah’s Azman and Danny are both chartered accountants. They are expected to know the all the commercial laws of the land. It is totally unacceptable for them plus Nazir who is a GLC banker to engineer and commit Malaysia Airlines, a GLC, into being fined for unfair commercial practice.  As custodians to public funds, it is morally wrong for them to tarnish the national carrier’s image as an institution.

Since the ‘share-swap’ deal came and put together by Fernandes, Danny, Nazir and Azman, therefore they also should joint and severally bear responsibility for Malaysia Airlines’ RM 10 million fine imposed by the Malaysia Competition Commission.  After all, they were those who had the fiduciary duty as directors for comprehensive responsibility, which include to look into all the finer things, security, commercial practices and anti-trust laws.

Making them pay out of their own pocket would be fair thing to do, considering that Malaysia Airlines was fined for ‘unfair’ market practices that they were reluctant right from day one.

*Updated 0300hrs

Published in: on September 7, 2013 at 00:30  Comments (58)  

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58 CommentsLeave a comment

  1. The truth. Reasons why MAS never make money. A lot of personnel interests.

    The swap and The sting ! Monopoly indeed.

    • What has been said by ex YB Wee Choo Keong was 100% right , the share SUAP, the con-sultans, bina takfikir, danny the nanny, the pariah, bastardise NEP etc.etc.etc and ahjib gor masih tak nampak.. sick..

    • 25 years ago one of the MAS senior executives already had a posh flat next to Harrods London in Sloane Street. Rich man !

      • Here is how a major airline which has minimum corruption steered the money into its own pockets. Over 15 years ago, I sat next to a German in the lst Class cabin of this famous airline. I asked after a few drinks, ‘ Why are’nt you travelling by Lufthansa ?’ The German replied,’ For every US$100,000 I spent with this Airline, I personally get US$30,000. ‘ Practical politics !

      • I can even show you the flat !!!

      • Is that politics? Sounds like the act of lunatics. Those behind the tricks. Should be walloped on the head by big sticks.

      • The flat – can we put in CCTV controlled by us? It’d be interesting to know who uses it. We can monitor it from a miserable flat in Edgware Road. Financed by MACC.

      • Zen. A lot of loose change in this airline business.

      • Zen. Simple. Put your CCTV camera in the lift and monitor it from Park West, Edgeware Road, W2. Thanks for innovative suggestion

      • What is so annoying is that these b…….s become actsy with other people’s money in their pockets ! The World is so very small !

      • The MAS senior executive 25 years ago – is he still alive or dead? If alive, is he rich now?

        I wanna know because last I saw, Tan Sri Aziz MAS MD before, still driving his old Merc 280, bought second hand from his MD days, I think.

        If rich and still has the London “apartment”, maybe can whisper it to MACC.

        If dead, if can tell where his grave is, maybe can arrange for ………. (I need to let go my geram lah, bro.)

      • Zen. If you are in London next, look up the apartment block behind Harrods with the entrance courtyard and a water fountain along posh Sloane Street. If you are lucky you may see the b……..whom you will recognize at once. No names necessary.

      • Zen. This sort of hanky-panky with the public funds is one of the reasons why the Government should sell back all the GLCs to the private sector. At present, we see Civil Servants managing huge businesses with NO ACCOUNTABILITY and do not own a single share. THE DEBT OF THESE GLCs IS BORNE BY THE GOVERNMENT and us, THE RAKYAT.

      • Appreciate your responses and your views, AK.

        But beg to differ on the Government selling off the NGOs.

        i think the problem is not the NGOs, but the dishonest buggers who run them. And the Government – specifically, the political leader responsible for appointing them (“the buck stops at his desk”).

        Just imagine, a fake Master’s degree holder appointed as CEO of Tabung Haji, an organization with huge assets and multifarious operations. That he used a fake degree itself is a strong indication – if not evidence – of hanky panky tendencies.

        What the bloody hell is happening to this country? My Geography teacher used to say in desperation with our performance, “Like this, I’ll go to Timbuktu and teach”. And Timbuktu is not so far flung and God forsaken place these days.

        How I wish these miscreants can be fed to the marauding blue-garbed Tuaregs in the forbidding deserts outside Timbuktu!

      • Zen. This is why I suggested a Monitoring Unit in the PM’s Dept. to monitor that only proper business is carried out by the new shareholders of GLCs. The sales will reduce the Government Debt and hanky-panky with Public Funds and jealousy amongst Civil Servants.

      • Ak, whatever unit there may be, it’ll get hijacked by the Fourth Floor. Omar Ong and all.

        Either get rid of the Fourth Floor and/or the First Floor occupant (Naiib).

      • Zen. If theGovernment does not sell the GLCs to the Bumiputra privator sector, how are the Bumiputras going to own big businesses which may take decades to develop in a small country ? The chances are that they will fail to start afresh. Having said that, we see the Government carrying a lot of debt which is our debt, and these buffoons enjoying themselves sky high with salaries of at least RM10 Millions per year apiece which they do not deserve. No normal Government in the World will permit this except Singapore which has her own agenda. And the Singapore Government is being criticised every day for its excesses ! i) Read http://www.tremeritus.com/2013/08/29/lky-the-man-and-his-policies/ plus the comments. ii) http://www.tremeritus.com/2013/07/13/ng-kok-lim-rebuts-sg-embassy-singapore-is-authoritarian/ plus comments. iii) http://www.tremeritus.com/2013/09/06lky-absent-at-birthday-celebration/ plus comments

      • Aaaah, sell the GLCs to the Bumiputra privator sector. I missed that point in your previous comments, my friend. Now I agree with you. It’s in line with the objectives of the NEP and most Malaysians should agree.

    • This method of money movement was tried out before in the sale of the huge block of TNB shares and its subsequent re-purchase to Singapore. What we do not know, we do not know !

    • Editor. What about the biggest plantations merger in the World deal ? No personal share dealings involved in all these hefty deals I presume ? No phantom grinning Chinaman behind all these I presume ?

  2. I have always proposed that our democratic Government should not be involved in making money with GLCs in direct competition with the private sector and should only rule over us. My proposals are :-

    1. The Government return the GLCs to their former owners if they did not break the laws.

    2. The GLCs maybe bought by new Bumiputra owners and/or non-Bumiputra/ foreign partners.

    3. The Management of the GLCs be encouraged to do MBOs with non-Bumiputras or foreign partners.

    And most important of all, it is imperative to created a new Unit in the Prime Minister’s Dept. to monitor and advise the new owners of these former GLCs. There should be no fun and games at public expense.

  3. It’s terribly upsetting for stewards of GLC actually steered a financially stricken co. to strike an iceberg like that. Situationally, its where a huge fine got to be settled. And Khazanah shouldn’t even try to settle.

    I totally agree with BD. These reckless captains should be made to pay!

    MAS is struggling to make money. Only now, they’ve started to show operational profit. Management proudly declared that MAS made meagre RM8m last qtr.

    And now they’ve to give away for the most irrational JV the co ever saw, RM2m more than what they made!

    I’d be more terribly upset if Najib the Felinist fail to reprimand Amokh, Danny and Jay. He has the moral obligation to do it.

    This would be my last straw to support the weakest PM this nation ever saw.

    • I wont be surprised if Amokh takes instructions on the matter from or at least acts in consultation with Ah Jib Gor.

      Remember the role of the Fourth Floor goons since Khairy Al Mutari’s time. .

      Al Mutari? That’s just to rhyme with Al Juburi to whom he ran bringing a passport after the bloke was released from prison. That reflects the kind of fellows Ah Jib has as Ministers, GLC heads etc now, that made many people asking UMNO to replace him.

      PS:

      To bro Painkiller’s question in the previous post comments – no, I’m not standing in the UMNO elections. And I don’t want Ah Jib Gor to stand.

      Am appealing to the UMNO voting members to have him replaced by someone who is strongly Malay in character and in spirit, who would protect the rights and promote the interests of the Malays, like UMNO must have sworn to do upon its formation some 60 years ago. .

      • We have to find the good Malay from among the civil service where all the best Malays brain are. the corrupt Ketua Pengarah/Mayor also there too hehe.And yet and Indian Ali hamsa was chosen by UMNO President to be KSN!

      • The UMNO President’s choice is not based on “best brains”. It’s based on his assessment of the likelihood the blokes will help him directly or indirectly to get UMNO votes and the rakyat’s votes for him and BN.

        It’s the cheapest trick there is in the book. You appoint duds or yes men/women, you’ll get loyalty from blokes who’ll be in the line of fire or even fire back at others for you, like the “nghtclub bumper” Nazri. Or Khairy. Or Shahrizat the cow variety.

        Many have called for the chap with a desk “where the buck stops” be replaced. I support that.

    • Let’s take a step before this RM10m fine by MyCC.

      Obviously CIMB made money as the deal-maker for the ‘share-suap’. One might even think Jay Razak & Co. made a considerable handsome fee for the corporate job.

      When the deal was reversed by Jay’s elder sibling eight months later, did CIMB give back the money paid for a botched corporate deal?

      Shouldn’t PM insist that Khazanah be credited back fully the fee that was paid?

  4. Tajudin Ramli & MAS back in the day?

    It seems to me that we have selective memories about what’s been happening to MAS and in MAS.

    Perhaps the economics and the realities of the aviation industry haven’t registered with many of the bloggerati, especially those of the “right wing” persuasion.

    But that should be no excuse to indulge in chest-thumping rhetoric that is disregarded in the commercial market place.

    • Every sentence you use, every line, almost every word, is opinion, no facts.

      Kamon lah Mister, if you don’t want to be hurled with abusive words, substantiate and justify what you say, don’t make wild allegations or funny sounding innuendos.

    • What an absolute moron!

      This is clearly not about MAS. MAS was just carrying out what the controlling shareholders decided for the national carrier.

      It’s unfair to drag Tajudin Ramli into this.

      Then again this moron should hv done his homework. MAS did better after TR took over. They expanded their routes, expanded operations and even bought state of the art B777-200s for services to EU, Far East & NYC.

      They made profits from operations & cash position was solid.

      It was not until the Asian Financial Crisis 1997-8, MAS started to lose money. And it was from the expensive forex!

      Get you facts right, pls!

  5. Kling Karam ni lagi!

    Tak habis habis. Merata tempat dia pergi. Lontang kecoh habis cam kapal Kling tengah Karam!

    Banyak betul dosa dia:

    -Tuduhan tuduhan keatas Malaysia Airports
    -Tuduhan tuduhan utk burukan MAS
    -Kontroversi utk gunakan SimeDarby bagi capai cita cita Labu Airport Dis 2008
    – Hasutan ‘Airport Spring’ LCCT Nov 2011
    – Cukai penerbangan yg kutip, tapi tak bayor pada Malaysia Airports
    – Kontroversi kelewatan KLIA2
    – IPO AAX
    – Cubaan utk guna jenama ‘Lotus’ secara manipulasi
    – Lesen AOC AirAsia digantung DCA & lesen sementara diberikan
    – Penipuan Batavia Air
    – Penipuan dgn ANA utk AA Japan
    – Kontroversi AirAsia Indonesia
    – Kontroversi AirAsia Thailand
    – Kontroversi AirAsia India
    – Zest Air digantung lesen operasi penerbangan

    Pendekata, segala apa Kling Karam ni pegang jadi taik. Tapi kelentong Kling Karamnya, menyalahkan orang lain!

    MAS patut saman Kling Karam ni kerana dia terlibat dalam mengaturkan perjanjian share-swap dgn Khazanah.

    • Minority shareholders in MAS should sue this Keling Karam and the other three, for them being equally victimized by MyCC.

    • This guy is a proven ‘corporate terrorist’. He terrorise the corporate scene with cunning combination of manipulation, playing to the gallery, media abuse & fancy marketing.

      Groups of individuals should start suing his pants off. Should even do a class action suit for all the broken promises & misrepresentations.

      The table should be turned against him and begin to make him very afraid!

      He must be reminded of the severe risk whenever he opens his mouth…..

    • This kling karam got his foot in due to another kling karam in UMNO. No Malay in his right mind would give a multimillion company for 1 ringgit! This is pure corruption. SPRM must study this “sale”. DRB Hicom belog the government (malay government).

      • Would you like to say who? How etc.

  6. Bro, thats why more voters are being pushed to vote PR. But for PR’s own inadequacies, BN would’ve been history. In other words, many voters stuck to BN bcoz the option was not much better. UMNO/BN leaders pls stop yr delusions of grandeur. Especially the very mediocre and idiotic pretenders: you know who you are!

    • Not sure if they do. Many are takda muka, tak reti malu, buat selamba saja.

      Need to spell them out. Fair comments are not seditious, blasphemous or what’s the other word – cannot be sued in court.

  7. Why are some serial miscreants not held accountable? Bcoz they impress the PM and his people. Point being, unless you get into the circle, you will remain in the lower stations in life no matter how brilliant you are. As they say: money talks bullshit walks.

    • Birds of the same feather don’t shed one another’s feathers?

  8. The ‘share-suap’ deal is between the shareholders. Khazanah and Tune Air.

    The four BD listed is in the photo.

    The companies are executing what the shareholders decided. They cannot be made to pay the hefty fine.

    It’s totally unfair. Especially to the minority shareholders. They didn’t hv a say in the ‘share-suap’ and yet they are being victimized.

    The masters of such deal should pay. The minority shareholders should also consider suing them too.

    • Maybe email our comments to those concerned?

    • Yes, you are spot on!

      The minority shareholders of MAS should sue these four.

      Amokh and Danny are acting as controlling shareholders to MAS and CIMB. Jay Razak is acting on behalf of CIMB, which is a Khazanah subsidiary. Tony the Fucker is the controlling shareholder of Tune Air.

      Today, the value and profitability of MAS’ minority shareholders’ holdings have been adversely affected by a corporate deal this four planned and pushed through.

  9. and when Toniy Fuecker was in MAS, that (short-lived) sponsorship of QPR….a clear related party transaction that never, ever got the approval of minority shareholders. and i am one sad minority shareholder here bro… ini salah dari segi undang-undang negara !

    kalau memory serves me right, nanny danny was the acting CEO of MAS and he was super enthusiastic about it, proclaiming some bull shit about returning MAS to become a premier ‘brand’.

    wow, ni lah corporate speak orang tak pernah bekerja, wanking in his own self-delusion. you become a premier brand by consistent high quality service which is painstakingly built over time…..and this guy thinks you can buy it. hard to believe that he is entrusted to take care of a 27000 person-operation.

    pada masa yang sama, amokh khazanah dok diam aja…semua buku warna-warni merah biru hijau whatever….just for show, not to be practised. dengar cerita skandal2 dalam khazanah pun tak terurus.

    i think they should personally made to pay for these follies, running slip-shod over corporate governance and the laws of the land.

    pagar makan padi indeed.

  10. It is alleged that these characters take home a minimum of RM 10 Millions a year and untold Millions of ringgits from undeclared share transactions. Howzat ? Sums of mega ringgits which the Rakyat will never even smell. AND SOME WITHOUT ACCOUNTABILITY !

  11. Read red hot. http://www.tremeritus.com/2013/09/06/lky-absent-at-birthday-celebration/

  12. Yes, make them pay. Wonder how to get that done in this country. So many things are in a mess now.

  13. […] three plus Tony Fernandes who planned and inked the ‘share swap’ agreement for national carrier Malaysia Airlines and low cost carrier Air Asia to […]

  14. THERE IS ANCIENT SAYING, ‘THE BEST WAY OF MAKING MONEY IS TO CONTROL A BUSINESS BELONGING TO OTHERS WITHOUT YOUR OWN MONEY !’

  15. Where’s tok din meranun & aireen omar? very quiet lah… also, where’s azran? was reading that his aax wanted to get some yen facilities…. maybe by then after he got the yen, he can pay both the rm10m fines… ok what…

  16. […] all, the principle of demanding that Amokh, Tony, Danny and Jay Razak take responsibility and personally pay up for the RM10m fine impose… on Malaysia Airlines is just a fair […]

  17. […] also is one of the persons who should be jointly and severally responsible for the MyCC RM10m fine each to Malaysia Airlines and AirAsia exactly a week ago. He is believed to be one the engineers […]

  18. […] really bad perception of the series of fines imposed against AirAsia, which include Australia. The one by Malaysia Anti Monopoly Commission was a very stiff one, by any standard for a Malaysian corporation to be fined by an […]

  19. […] really bad perception of the series of fines imposed against AirAsia, which include Australia. The one by Malaysia Anti Monopoly Commission was a very stiff one, by any standard for a Malaysian corporation to be fined by an […]

  20. […] 2011 and getting Malaysia Airlines to pay for it was part of his calculations, seemingly when the ‘Malaysia-AirAsia Share Swap’ which was unprecedentedly materialised on 9 August 2011. However, the scheme short-lived and QPR is without Malaysia Airlines’ […]

  21. […] These projects and schemes actually did not bring about the desired results if not completely failed and doomed. What is worse than all that he did not own up when these projects were reprimanded. […]

  22. […] Tun Razak formed Malaysia Airlines system in October 1972 which played the primary role for communication and logistics as the national carrier. 39 years later, his two sons almost killed and buried the national pride. […]

  23. […] should have been made to pay for the RM10 million fine imposed by MyCC failed and reversed ‘Share Swap’ between Malaysia Airl…, since he was instrumental in the systemic attempt to ‘devour and kill’ Malaysia […]

  24. […] Airlines should stand up against Fernandes too. After all, it is only fair after the national carrier was slapped with a RM10 million by MyCC for Fernandes’s failed attempt to cannibalise the GLC into […]

  25. […] Airlines should stand up against Fernandes too. After all, it is only fair after the national carrier was slapped with a RM10 million by MyCC for Fernandes’s failed attempt to cannibalise the GLC into […]


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