Wednesday, December 07, 2011
Confirmed ... Incompetent Clueless Khazanah to cannibalise MAS for Tony F
Jebat Must Die is bombarding Khazanah CEO, Tan Sri Azman Mokhtar for his incompetence. Read here
Yesterday afternon, a close friend of mine came to visit. This friend used to work for someone 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 a geeky accountant.
Both know nuts about running company operations and managing businesses. They have no idea how to develop business. They only know financial restructuring.
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. "
Adding to that, this blogger had been told by a high level source that 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 some of the Tingkat 4
are Nor Yakcop's corporate boys.
However, the source claimed that the difference between Binafikir's WAU proposal and the received proposal is that the received proposal will not cost the Government any money and could develop the Malaysian aviation industry into a serious regional player.
Unfortunately, Anwar Ibrahim was too dumb to understand the proposal.
And that opportunity have by-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 reveal this now? It sounds vindictive and personal.
Off course, there is a timing to everything. 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 flamboyant salesman. 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 exist no more to hide his sordid past at Bank Negara, MAS and Naluri.
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 and was to put wool on the eyes of the public.
This #SMS received from my inside source in MAS revealed the latest development, below:
The plan is to turn MAS private by buying out minority s/holder and get delisted. Engineering and cargo will be sold off. This implies that they will have the freedom to do as they please without public scrutiny.
This is the same mistake repeatedly made by Khazanah in their past turnaround plans of MAS. Profitable routes given away, cut capacity for potential business and growth, and now selling profitable asset.
It can be speculated that since Tony F's problem is in engineering, there is that likelihood 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."
Air Asia is better off at the expense of MAS. Apa ini
one party is losing put?
It seems what Tony F did to Rural Air Service, this time Tony F have Khazanah as partner to cannibalise MAS and Danny "Boy" to be pushed around to buy worthless advertisement on QPR stadium boards.
It now puts into question Azman's claim to bloggers that each airline will stay within their respective "quadrant" of short haul, long haul, low cost, and full service?
Back to the SMS, the option taken by Azman and his Khazanah's team is typical of close-minded financial man and accountants without business management knowledge and acumen.
The past mistake of Khazanah identified, trained and nurtured former CEO Tengku Azmil was an accountant trying to be a Commercial Director. To make situation worse, Azmil couldn't handle his two Assistant Commercial Directors throwing chairs at each other in meetings.
Khazanah and Bina Fikir's handling of MAS was never concerned in generating business to turnaround the business. It is not that they do not want but it confirms that Khazanah appointed people do not know.
To continue the @SMS:
Their excuse is we need to sell the two profit making SBU to raise money for the airline biz to operate. By default, MAS will turn into a PN4 company and immediately delisted.
Their reason was the hole is bigger than that imagined. How can that be?
MAS performance and financial status had been under scrutiny for many years after Tajuddin left.
Tengku Azmil was only around for a year. So whose hole should it be?
One well celebrated business and political figure informed this blogger two, three months ago that Idris Jala was losing money at the rate of RM100 million a month. He may have used the long time fuel hedges to coverup the true financial status until new accounting practise demand disclosure of operating figures.
The top management described it as a spin because they know MAS can be turnaround but these Khazanah people do not know but are too arrogant to ask and listen.
If Khazanah take that route, it confirms their lack of knowledge and management skill in the airline business. Yet all these years, they were letting the staff on a wild goose chase as though they are serious to turnaround MAS.
By repeatedly giving away their revenue earners, there is no serious intention to turnaround. How will MAS be profitable and grow if capacity slashed and profit generator 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. Has the problems in Dubai resolved?
It fits what the staff had known all along. MAS had been designed by Nor Mohamad Yakcop fro the days of Pak Lah's administration to be cannibalised by Pak Lah, his family and cronies like Kalimullah.
Back to the SMS# message:
That's the view of few Top 100 senior management personnel present at 630 pm today. At 9am tomorrow, there will be a town hall session with rest of staff before they make the presentation to Ministry of Transport.
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.
It is now understandable why Azman kept quiet when Tony F was heartedly breaking the agreement to stop "grandstanding" and his charade against Malaysia Airport.
That is the last part of the SMS@:
Is the AA fight agst MAHB a diversion from MAS AA share swap problem? Is that why Amokh is so silent and TF allowed to bark?
Seriously, if this is how the deal goes, public outcry will be loud. The public knows that MAS is being cannibalised by corrupted politicians and businessmen.
That is the reason behind the grand design to blame MAS losses of RM8 billion to Tajuddin Ramli. Someone else gets the blame, while Pak Lah, Khairy, Nor Yakcop, Tony F, Kalimullah and many others rape MAS to death.
Whoever the blame be made to, Najib must step in and stop listening to brother Nazir. Otherwise, BN could lose quite number of votes ...for sure.