Interesting Straits Times piece in light of my speculation of 25 Dec 2003, below:
"Which really leaves AirAsia – now looking like a success for the future and leading those of a Machiavellian disposition to consider that the real game plan may be along the lines of a quietly cut deal by LKY with AirAsia/Malaysian Government (pace that between Thaksin and the Malaysians to form AirAsia Thailand) to form AirAsia Singapore. Leverage to force the deal with AirAsia (a favoured entity of Mahatier) is the competition ostensibly threatened from “Tiger” and Valuair. Sweeteners are oceans of cash from Temasek Holdings and unlimited access to Changi as a hub (thus neatly negating Senai as a hubbing force and providing a future revenue stream from an investment that looks like it will really work). Further advantage is that risk need not be taken by going ahead with “Tiger” and Valuair will be toast (who’d finance it with this situation to deal with?)."
Despite the ritual denials from Fernandes, there looks to be something in the hypothesis. Watch this space!