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Monday, November 21, 2011

Probe into AirAsia-MAS swap deal starts

The PAC's inaugural meeting to investigate the pact gets underway.

KUALA LUMPUR: The Public Accounts Committee’s (PAC) inaugural meeting to investigate the implications of the controversial swap deal between AirAsia and Malaysia Airlines (MAS) was confined to an information-gathering execise.

“It was our first meeting and we were given an explanation and the rationale behind the swap. We have decided to recall the people who testified today for an indepth explanation on the matter,” said PAC chairman Azmi Khalid (Umno-Padang Besar).

The two-hour meeting was attended by the secretaries-general of the Finance Ministry, Transport Ministry, the Treasury, Khazanah Nasional Bhd’s (the government investment arm) chief executive Azman Mokhtar and MAS managing director Ahmad Jauhari Yahya.

On the prospect of calling AirAsia to testify, Azmi said: “We are considering it. We have only heard on why and how (the deal works).”

Kota Belud MP, Rahman Dahlan, a member of PAC, said that the first meeting was a “one-way traffic”.

“Basically, it was just an explanation from their side on why they did what they did, and their take on the airline industry. We haven’t started asking the tough questions yet,” he told reporters after the meeting.

PAC probe on NFC

Another PAC member, Kepong MP Tan Seng Giaw, said that the testimonies also revealed how the swap deal was an advantage for MAS.

Parliamentarians have been turning up the heat on the swap deal, saying that many parties have raised fears that the deal could lead to a monopoly.

Barisan Nasional (BN) and Pakatan Rakyat MPs say the swap, supposedly aimed at turning MAS’ fortunes around, benefited the budget carrier only.

On another matter, Azmi said the PAC will meet again tomorrow to probe 1Malaysia Development Bhd (1MBD) and its partnership with PetroSaudi International Ltd.

Opposition Leader Anwar Ibrahim wanted the PAC to investigate the sovereign wealth fund created by Prime Minister Najib Tun Razak, which he said was benefiting government cronies.

Among others, Anwar questioned the source of 1MDB’s RM3.5 billion cash investments in PetroSaudi which yeilded RM615 million profit in less than five months.

The PAC will also meet on Wednesday over the National Feedlot Centre (NFC) controversy where Women, Family and Community Development Minister Shahrizat Jalil and her family have been accused of misuing a RM250 million government soft loan given for the NFC project.

The PAC will meet with officials from the Ministry of Agriculture and Agro-based Industry on the NFC.

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