KLSE: Please investigate why no announcement when the “MAS-AirAsia” share swap was almost “MAS-AK”!

by weechookeong

During the WAU exercise MAS, all the three famous personalities namely, Tan Sri Azman Mokhtar, Mohamed Rashdan Yusuf (both from Binafikir Sdn Bhd, the super consultant company) and Tan Sri Dato Md Nor Md Yusof have played a very significant role. Dato’ Md Nor Yusof, was the chairman of MAS then. A few days before the share swap, which was shrouded with utmost secrecy, Tan Sri Dato’ Md Nor Md Yusof was appointed the non-executive chairman of MAS. How co-incidental!

According to the report card of Binafikir Sdn Bhd (Binafikir), the super consultant company founded in 2002, in HERE, and my posting on the subject matter, inHERE, the so-called WAU was put together by Binafikir, which was “ENFORCED”by none other than Dato’ Md Nor Md Yusof, the then Chairman of MAS in 2002. I do not know whether at that material time WAU enjoyed the same secrecy as in the so-called share swap.

This was what The Edge stated after WAU was ENFORCED upon MAS after 6-11-2002:

“Through the Widespread Asset Unbundling (WAU) scheme put together by BinaFikir Corporate Consultancy and ENFORCED by (Dato’) Md. Nor, Malaysia Airlines is now on track to achieving its target for a turnaround by next year.” The Edge Daily, 5th February 2003., in HERE. (The emphasis was mine.)

From the so-called share swap and the adverse press reports on MAS, it seemed that WAU was a total failure. Yet, all the said three personalities were back in action as the “SAVIORS” for MAS. Of course, we must not forget Tan Sri Tony Fernandes, the CEO of AirAsia, known to have owed airport taxes to the tune of almost RM120 million! When I pressed the Ministry of Transport and MAHB to take actions against AirAsia on the airport tax debts, AirAsia had no choice but to pay with a discount of some RM30 million. A handsome reward for owing airport tax with no interest but special discount. No wonder AirAsia was a successful low cost airline with unprecedented high share price increased from 21-7-2011 until it was suspended from trading on 8-8-2011.

Food for thought, AirAsia with its high share price and fantastic performance according to the favourable press reports in the MSM and news portals but had never paid dividend to its shareholders. That was successful and good performance for the said three personalities and the favourable press reports.

After the failure of WAU can we trust them again? Wasn’t it a clear case of conflict of interest? Where was the corporate governance in this so-called share swap?

More interestingly, KLSE should investigate why there was no announcement by MAS and AirAsia regarding the almost concluded share swap on Friday, 5-8-2011 (two days before the announcement of suspension of trading of both AirAsia and MAS share on 8-8-2011). This so-called share swap was finally inked on Tuesday, 9-8-2011.

If on 6-8-2011 the Malaysian Insider was able to publish with such clinical accuracy of the so-called share swap deal, in HERE, it was clear that the share swap deal must have been agreed upon (“already MAS-AK”) several days before the publication of the story by Malaysian Insider based on “sources”. Lets see what the KLSE is going to do on this.

Next posting will be LSG Sky Chef Brahim Sdn Bhd and the privately owned AirAsia “X”, which was not part of the so-called share swap, which was shrouded with utmost secrecy.