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Wednesday, February 29, 2012

MAS lost RM2.5 billion. Sell it off and privatize it!


Malaysia Airlines (MAS) recorded a stunning net loss of RM2.52 billion for 2011 and the company is now in “crisis”, the national flag carrier said today.

The carrier also confirmed that the losses for the 2011 financial year were the largest in its history. The airline reported a massive net loss of RM1.28 billion in the fourth quarter, which was about as much as the first three quarters combined. “The company is in crisis,” CEO Ahmad Jauhari Yahya openly admitted in his statement today.

For so many years, MAS has indeed suffered losses continuously and last year, its performance was the worst in history. It clearly shows that the nation's carrier has been badly managed, overstaffed and its management as well as workforce has no productivity at all. Why? It is because the entire organization itself is full of politics, cronyism and opportunists.

In fact the entire board of directors of MAS should resigned en bloc to pave way for an extraordinary general meeting (EGM). Khazanah Nasional Bhd, the BN government's investment arm and largest shareholder in MAS should also sell of their part to private entities in order to allow professionals to run the company competently. Let those who knows how to run a business professionally to run MAS instead of giving it to politicians or conservative civil servants.

It has been proven, the MAS board has been given so many opportunities to buck up, but they are now making it the worst in history.

We would like to tell Umno and BN, forget about the bumiputra entity, the bumiputra equity, the more you talk about maintaining this status in the name of the supremacy of one race, the more you will disgrace that particular race that you claimed to uphold all these years.

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