Confirmed ... Incompetent and Idealess Khazanah to cannibalise MAS

Tony to Azman, "Great job!"

Jebat Must Die is bombarding Khazanah CEO, Tan Sri Azman Mokhtar for his incompetence. Read here and here.

Yesterday afternon, a close friend of mine came to visit. He had a former colleague who was together with Azman and Dato Danny Yusof in Binafikir. He said:

"Gathering from my conversation with him, Azman is just an analyst and talks like a researcher. Danny just an accountant and geek. Both know nuts about running company operations. They know nuts about managing businesses.

That is why they can't turnaround companies. Khazanah's failed to do strategic investment. Agro-business ventures failed. There is no way this people can turnaround MAS. They only know financial restructuring. They have no idea how to develop business."

To add to that, for many months, I had been told by a high level source that claimed the Wide Unbundling of Asset proposal (WAU) by Binafikir was never their's.

The source claimed the WAU proposal was almost a carbon copy of a proposal given to the then Minister of Finance, Dato Seri Anwar Ibrahim sometimes in mid-90s but was rejected.

One can suspiciously speculate that Tan Sri Nor Mohamad Yakcop may have got hold of the proposal and extended a copy to them. Azman, Danny, Khazanah and the Tingkat 4are Nor Yakcop's corporate boys.

However, the source claimed that the difference between Binafikir's WAU proposal and the proposal is that the proposal will not cost the Government any money and could develop the Malaysian aviation industry into a serious regional player.

That opportunity has passed us.

Azman and Danny made money selling Binafikir to Maybank who had no reason to buy with Aseambanker in their fold. Something smells when Danny left Binafikir after only a year.

Whether it is true or false, why this revelation? It sounds to vindictive and personal.

The reason being the Khazanah people have not being honest in their dealing and conduct of the MAS and Air Asia share swap. Over the years, their capability to turnaround MAS should have been seriously questioned.

If they can't do it, pass it to Airliners. Not geeky accountants. Not analysts. Not IPP operator. Not bankers. Not Butcher from Shell.

But they refused. It is as though they have something to hide. For sure, Nor Mohamad Yakcop has lots of ex to grind against Tan Sri Tajuddin Ramli and he would love to see MAS no more in existence to hide his past sins.


As of today, the much talked about Collaboration Framework promised had not been put together and signed by Khazanah party and Air Asia party.

The promise that the share swap between MAS and Air Asia could raise money for MAS was all bull to put wool on the eyes of the public.

This SMS received from my inside source revealed the latest development, below:

Looks like plan for MAS to be Sendirian Berhad. Just buyout minority share holder, get delisted by selling off engineering and cargo and they get the freedom to do anything. That was what not told to top 100 managers in just concluded briefing.

This is the same mistake made by Khazanah in their turnaround plan of MAS from the days of fore. Profitable routes given away, cut capacity for potential business and growth, and now selling profitable asset.

It can be seen that since Tony F's problem is in engineering, there is likelihood that the engineering will be given for cheaps to Air Asia with the air cargo business added on as bonus.

Not only have they shelved Firefly and Tony now planning to established Chartam Air, MAS had two profitable Sydney routes but is giving one to foreign controlled Air Asia X.

Jeddah route will be given away too. From next year, some of the Hajj charter will be Air Asia-X's.

Profitable London route was the first Danny slashed. It was him who said something greek which means no one party lose out but some party maybe better off.

Just like what Tony F did to Rural Air Service, this time Tony F have Khazanah as partner to cannibalise MAS and Danny "Boy" to push around to buy advertisement on QPR stadium boards.

It now puts in question Azman's promise to bloggers that each airline will stay within their respective "quadrant" of short haul, long haul, low cost, and full service?

Thus far, the option taken by Azman and his Khazzanah's team is typical of close-minded financial man and accountants without business management knowledge and acumen.

In fact, the past mistake of the Khazanah identified, trained and nurtured former CEO Tengku Azmil was of an accountant trying to be a Commercial Director. On top of that, he had two Assistant Commercial Directors throwing chairs at each other.

All the while Khazanah handled MAS, they were never concerned in generating business to turnaround the business. It is not that they do not want but it confirms after a series of Khazanah appointed people that they do not know.

To continue the SMS:

The spin was we need to sell the two profit making business unit to raise money for the airline business. The money raised will be one off. MH will by default be PN4 company an immediate precursor to delisting.

Their reason was the hole is bigger than that imagined. How can that be?

MAS performance and financial status have been under scrutiny of many for many years after Tajuddin left. Tengku Azmil was only around for a year. So whose hole should it be?

Idris Jala's?

The top management saw it as a spin because they know it can be turned around but these Khazanah people, as in the past, just do not know but are too arrogant to listen.

For Khazanah to take that route, it reflects their lack of knowledge of the airline business and yet all these years letting the staff on a wild goose chase as though they are serious about turning around MAS.

By repeatedly giving away their revenue earners, there is no serious intention to turn it around.

On what basis will MAS be able to be profitable again and grow if capacity being slashed and profit generator be sold?

This is but a lazy option to merely duplicate what Khazanah did at United Engineers. They delisted UEM and then relist the profitable or potentially profitable UEM Land. And UEM Land will sell Malaysian land and property i.e. sovereignty to Singaporean at Iskandar Johor.

It fits what the staff had known all these years. MAS had been designed by Nor Mohamad Yakcop during Pak Lah's administration to be cannibalised.

Back to the SMS message:

That was the reading from their presentation to Top 100 senior management personnel at 630pm today.

Tomorrow at 9am town hall session with rest of staff before presentation to MOT(?)

All the promises by Azman that MAS will remain in control seemed to be a white lie, like the promise of collaboration.

In the first place, how could you collaborate with a dog like Tony F.


It looks like Air Asia have got the most benefit from the temporary swap. They get an inside knowledge on their competitor and it's business plan.

They get MAS's routes which have been many since the day Danny entered MAS as Executive Director. Air Asia have reduced any possible head to head competition from MAS.

They are in the Committee to select the CEO, which means MAS CEO Ahmad Jauhari is powerless to the evil twin of Tony F and Din.

Now I can understand why Azman kept quiet while Tony F was heartedly breaking promise to "grandstand" and quarrel against Malaysia Airport.

That is the last part of the SMS:

Is all this AK fight with MAHB a diversion from the on going MAS AK share swap issue? Is that the reason why Amokh is so silent and allow TF keep barking?

Seriously, if this is how the deal goes, public outcry will be loud. BN could lose quite number of votes ...

- Another Brick in the Wall