MAS Shares Sold !

[MASystem]

Headlines today reported that Tajudin Ramli has successfully sold his 29.09% stake in MAS to the Malaysian Government at RM 8 per share.

[Elevation]

This has to be the deal of the century !
Market price : below RM4. Price for TR :RM8 !
He must have really stacked up some "hidden" assets while MAS was in his hands !

btw, "hidden" as in nobody will ever find any assets in MAS !

For how long more does the people of Malaysia have to pay the bail out of the "chosen" few (and keep these "chosen" few very rich) ?

For all, Merry Christmas, Selamat Hari Raya and a Happy New Year.

[Slasher]

Jesus and I thought the commies here were the masters of coruption and croneyism!

Surely Malaysian law, even with the limited democracey there, cannot permit a politician to bail out a croney using tax-payer funds?

[Elevation]

Slasher,
Not exactly tax-payer's money....... the "santa" this time is the KWSP (Employee's provident fund).
KWSP is something like CPF in Singapore.
Let's hope there is still some money left to pay the retirees after this deal !!!

[kurmitola]

Not really again...The Santa this time is Daim Z, the finance minister ( helping one of his cronies read: himself ) the only difference is Santa robs the money from the peoples' retirement fund and others. Wonder why we shud pay tax ?Guess what ? when interviewed by the local press , he got the cheek to tell "...the deal was on a willing buyer willing seller...." the money does not come from the buyer this time around!!!!
I'm not sure of whether I'm looking forward to be a kind of civil servant once again...the one thing I'm looking forward probably is that I will get a bonus when those people in the ministeries get theirs. That is if I'm not laid off...due stream lining. Well, people....you can count on continuing to fly domestic at the cheapest fare there is ...anywhere !!!

[Iso]

Apparently you people are not the only disappointed ones. Yes, our PM has also expressed his disappointment, in an interview with Bernama.

He specifically states, it was not due to bad management, but attributes it to the environment, fluctuations in the demands by the market, and the rising fuel prices.

MAS is not to be considered just a commercial entity, but has also to fulfill social obligations (discount domestic airfares).

The purchase of the shares should not be viewed as a bailout, but as a subsidy.

For a full reading of the article go to here;-

http://www.bername.com/bernama/general/ge2612_11.htm


I can't help but be reminded of the Continential Airlines fiasco, which turned into an incredible success story of business accumin, in a even more demanding environment. An unregulated environment.

Contential faced bankruptcy in three successive occassions, with 10 CEO'S in 10 year. It is what I would describe as being in a worse situation than MAS is in now.

However, through the incredible talents of some very clever and lateral thinking individuals, they changed the whole philosphy of work and management practices. They pulled the airline out of a nose dive, when it was at the brink of extinction.

There was basically a five step process to bring this about, and MAS, who have so much to learn from the experience of Continential, haven't even got to step 1. Those with the appropiate management skills would know exactly what I am talking about.

Having said that, you don't have to be graduate of Havard with an MBA, to do it.

It's worth thinking about.

[Kaptin M]

Another example of Mahatir's deeply ingrained corruption and cover-up ploys!

"..our PM has also expressed his disappointment..." - crocodile tears. You can bet he [Dr M] got his percentage from T.R.! And so now it's the KWSP being plundered.

MAS has been a real rice bowl [milking cow] for Mahatir, and Tajudin R the last few years. Now it's going to be thrown back into the Government quagmire to cover all T.R.'s trails, as some of his scams would probably have been exposed, IF Qantas had bought in - and you wouldn't be able to arsenic all the QF Aussies, would you Dr M!!

[Iso]

KM,

You have encapsulated the situation rather succinctly. Disclosure, as sought by the previous alleged potential foreign buyers would have lead to exposure bordering on the diabolical.

MAS, is not the only company/privatized government entity to enjoy such a bail out, sorry, subsidization. The Mass Transit System to the value of USD $1.6 billion.also gets a cash prize. This bailout is worth 7% of the entire budget next year. It is a disturbing trend, to say the least. Who or what is next?

While the staff at MAS only gets a cash advance for the festive period, TR walks away with the biggest bonus of the year. Should this be in the Malaysian Book of Records?

Unfortunately with the MAS deal, valuations, before and after sale will never be known. (But definitely approximated!) With the sale and disposal of assets and infrastructure between the then purchase, and now sale, there is no fat left in the company. Those of you who remember Naruli’s (TR) activities with MHS, will see exactly the same pattern. Asset stripping! But, the MAS deal goes one better; TR gets paid for it! Having the cake, and eating it too. No wonder members of the press and the business community are crying foul.

Some may think this “subsidization” amounts to an honorable nationalist action preserving the National Airline, by the Govt., but the price will be paid in the future. Cutting out the malignant cells cures Cancer, not putting a piece of plaster on it.

The MAS and Rail Transit deal are seen for what they are: Bailing out well connected friends and tycoons. Now that the KWSP, Provident Fund, has been used for this, it should be of great concern to all those that contribute. What/who is next?

Meanwhile, MAS devolves into a galactic black-hole, sucking in all cash available, as it is milked relentlessly, until it will eventually meets its final implosion.

Mada Ada Sistem? Ada........... kosong!.


[This message has been edited by Iso (edited 30 December 2000).]

[kurmitola]

Couldn't be better said than that! Dr.M will not need his EPF money when he retires. He has more than that. But what about the poor workers whom have been saving them up for years ? Well, as he said today, they will take care of MAS workers ( Daim is working on it ......). If after government takeover we can get better treatment and remuneration, then I think all Telekom and TNB staff would now ask the government to takeover too....." I'M NO PILOT NOW..., I'M A GOVERNMENT SERVANT ( WORKER )...and I hope I will get some kind of pension when I retire "

[OldAce]

discriminated says:

It is true that our beloved PM has said that there will not be any retrenchment in the company. However, management has a way of "redesigning" such statements. Some of the "redesigning" methods are;

1. The contract for the cabin crew and any other staff on a contract, whose contracts are expiring soon, will not have their contract renewed.

2. Staff who are almost retiring will be given optional retirement.

3. The management will find any opportunity to terminate the staff for any misconduct no matter how trivial it may be. Quote from a senior management staff "the company is willing to pay for the termination award rather than keep the staff".

I sincerely hope that whoever takes over the airline will do his/her best in restoring the pride and regaining the loyalty of the staffs rather then find the easiest solution out of this dilemma.

There are still many very loyal staffs around in the company (however many are choosing to leave the company rather than witness the ultimate destruction of an airline they were once very proud of if nothing is to be done to restore it soon)
and are still willing to see a turn around of the company soon. It was unfortunate that T.R did not have the caliber nor the expertise to continue ensuring that MAS maintains it's "Truly a Global Airline" status. Not only did he fail to achieve this objective but he was adequately compensated for it.

If this is what it means to be a "bumiputra" and the protection this status receives, it will be a matter of time before May 13 is once again witnessed by all of us Malaysians.
The government gave them the opportunity but they blew it. Why allow the rest of the people suffer?

Paying for T.R's failure is like "robbing the poor to feed the rich". The government should have bailed out MAS and not T.R. The biggest mistake has now become a colossal blunder.

How much more are the citizens going to be "robbed".




[This message has been edited by OldAce (edited 02 January 2001).]

[OldAce]

DollahX says:

MAS planes grounded and cannibalised for spare parts.

Rumours have it that MAS engineering crew were working overtime the past few weeks as more and more planes were grounded for lack of spare parts.

current situation is getting worse.Heh heh heh. Tajuddin's parting gift for Malaysians?


discrimunated says:

So it goes to show that the "bail out" was totally misplaced. the money should have gone to MAS instead of the person who is responsible of allowing MAS to drop to such extremes.


[This message has been edited by OldAce (edited 02 January 2001).]

[Goldwing2000]

Well said Oldace but I'm afraid you've been a little too lenient with your choice of words. The PM advocates racial harmony and tolerance but how on earth does he have the balls to bail out his bumiputra crony who has RAPED the airline blind and then in the same breath call for understanding from the other races. :mad: Noone is allowed to bring up the issue of the 'Malay Rights' but after this fiasco there will be a lot of questions asked by the opposition and no doubt the usual answers will be brushed under the table. "Welcome to Malaysia,our airline is there for the taking but if you're unsuccessful never mind, the Govt will always buy it off you for the same price as you've paid as long as you grease their palms and strip all it's assets. The tax payers will not be burden by it's small debt(RM8.6 billion)plus the small change(RM1.7 billion) that they paid for it in the first place." Where else in the world does this happen and made so blantantly obvious?
Apartheid was once the scourge of Africa and was rightly so abolished but with the underhand dealings that takes place among the bumis plus the ex-deputy PM's unfortunate demise from office, it makes one wonder if it has only moved continents! You'll never know, May 13 might only be round the corner and if it did happen then the bumis have only theirselves to blame for shooting themselves in the foot!

---------------
If it moves,then funk it!

[NCC-1701e]

i reckon the may 13 won't be like the one in 69. Most of the non-bumis are supporting the present leadership because they want stability above all else. Positive values such as justice and democracy seems irrelevant as long as they can live comfortably. The Bumis on the other hand have split in 2. Both sides seems to want to gather the support of non- bumis. More likely, the Bumis are going to fight this out between themselves and all the non-bumis are just gonna stand aside till the dust settles