PILOST
9th Jul 2001, 22:39
It's official now!The cans are squirming out of the rusty can! :eek:
"THE former controlling shareholder of Malaysian Airline System Bhd (MAS), Naluri Bhd, is threatening to sue the national carrier over a deal entered into by its previous management.
Naluri's German subsidiary is expected to issue a claim against MAS for 120.5 million Deutschemarks or about RM190 million for reducing cargo flight frequency to the Hahn Airport.
In November 1999, ACL Advanced Cargo Logistics GmbH agreed to handle MAS' cargo at the German airport in a deal based on estimates that MAS would carry 73,000 tonnes of freight a year to Hahn from Kuala Lumpur.
The airline's new management has now revealed that the cargo operations at Hahn was not feasible from the start, and suggested that it stands a good chance to contest ACL's claim.
More importantly, the stand assumed by the new management in its latest circular to shareholders appears to question how the national carrier was run when under Naluri's control.
Two years ago, Tan Sri Tajudin Ramli was the chairman and largest shareholder of both MAS and Naluri, making the 1999 cargo handling deal a related-party transaction.
Tajudin resigned from MAS shortly after selling Naluri's 29 per cent stake in the airline to the Government for RM1.8 billion early this year.
He remains chairman and 47 per cent owner of Naluri.
Incorporated in Germany, ACL is a joint-venture company between Naluri's wholly-owned Naluri International Ltd and German-based ALS Advanced Logistic Systems GmbH.
Naluri International subscribed for 60 per cent of ACL for RM3.6 million.
According to Naluri's 2000 annual report, Tajudin has personal interests in Naluri International and ACL.
MAS decided to move its European cargo hub to Hahn Airport, a former military airfield, from Amsterdam in 1999.
ACL was appointed to build and operate the advanced cargo centre that reportedly cost some RM70 million to develop.
The centre started operations in April that year and was supposed to handle an annual 150,000 tonnes of cargo.
MAS agreed to fly seven times a week to Hahn directly from Kuala Lumpur.
In its annual report, Naluri described Hahn as having the most modern air freight facility in Europe, being configured with a fully automated storage system and equipped with the latest technologies.
But MAS told its shareholders in its circular that "from the inception of the operation, it was not feasible".
"Due to this, MAS subsequently reduced its flight frequency from seven flights a week to two flights a week.
"ACL had issued a notice to the airline to reinstate the original frequency, it added.
The airline's latest annual report disclosed that ACL was paid RM28.75 million for its services in the year to March 31 2001.
No payment was made in the previous financial year.
Recent reports cited Walter Culas, chairman of Malaysia's Airfreight Forwarders Association, as agreeing that the Hahn Airport was not viable.
The new management of MAS has found that cargo trucks had to travel 110km from Hahn to the Frankfurt International Airport to get Customs clearance.
The national airline reported losses of RM1.3 billion for the year to March 31 2001, up five times from the previous year."
The gloves are coming off ..... & I know who's gonna win this!
:cool:
PILOST
"THE former controlling shareholder of Malaysian Airline System Bhd (MAS), Naluri Bhd, is threatening to sue the national carrier over a deal entered into by its previous management.
Naluri's German subsidiary is expected to issue a claim against MAS for 120.5 million Deutschemarks or about RM190 million for reducing cargo flight frequency to the Hahn Airport.
In November 1999, ACL Advanced Cargo Logistics GmbH agreed to handle MAS' cargo at the German airport in a deal based on estimates that MAS would carry 73,000 tonnes of freight a year to Hahn from Kuala Lumpur.
The airline's new management has now revealed that the cargo operations at Hahn was not feasible from the start, and suggested that it stands a good chance to contest ACL's claim.
More importantly, the stand assumed by the new management in its latest circular to shareholders appears to question how the national carrier was run when under Naluri's control.
Two years ago, Tan Sri Tajudin Ramli was the chairman and largest shareholder of both MAS and Naluri, making the 1999 cargo handling deal a related-party transaction.
Tajudin resigned from MAS shortly after selling Naluri's 29 per cent stake in the airline to the Government for RM1.8 billion early this year.
He remains chairman and 47 per cent owner of Naluri.
Incorporated in Germany, ACL is a joint-venture company between Naluri's wholly-owned Naluri International Ltd and German-based ALS Advanced Logistic Systems GmbH.
Naluri International subscribed for 60 per cent of ACL for RM3.6 million.
According to Naluri's 2000 annual report, Tajudin has personal interests in Naluri International and ACL.
MAS decided to move its European cargo hub to Hahn Airport, a former military airfield, from Amsterdam in 1999.
ACL was appointed to build and operate the advanced cargo centre that reportedly cost some RM70 million to develop.
The centre started operations in April that year and was supposed to handle an annual 150,000 tonnes of cargo.
MAS agreed to fly seven times a week to Hahn directly from Kuala Lumpur.
In its annual report, Naluri described Hahn as having the most modern air freight facility in Europe, being configured with a fully automated storage system and equipped with the latest technologies.
But MAS told its shareholders in its circular that "from the inception of the operation, it was not feasible".
"Due to this, MAS subsequently reduced its flight frequency from seven flights a week to two flights a week.
"ACL had issued a notice to the airline to reinstate the original frequency, it added.
The airline's latest annual report disclosed that ACL was paid RM28.75 million for its services in the year to March 31 2001.
No payment was made in the previous financial year.
Recent reports cited Walter Culas, chairman of Malaysia's Airfreight Forwarders Association, as agreeing that the Hahn Airport was not viable.
The new management of MAS has found that cargo trucks had to travel 110km from Hahn to the Frankfurt International Airport to get Customs clearance.
The national airline reported losses of RM1.3 billion for the year to March 31 2001, up five times from the previous year."
The gloves are coming off ..... & I know who's gonna win this!
:cool:
PILOST