OldAce999
14th May 2002, 04:03
From The Business Times, Singapore
MAS investigation still running
Police to continue probe into former management led by Tajudin:
official
By Eddie Toh
THE present management of government-owned Malaysia Airlines (MAS) has not abandoned its probe into the former management led by Tajudin Ramli, who lost his empire this week.
'We will leave it to the police to continue its investigation,' an MAS
official told BT yesterday. She declined to elaborate.
The statement puts paid to suspicion in some quarters that the
government may have struck a deal with the beleaguered tycoon, a protege of former finance minister Daim Zainuddin.
An executive had earlier said Mr Tajudin may have agreed to give up control of Technology Resources Industries (TRI) in exchange for a halt in the MAS probe.
Instead, the government intends to continue taking a tough stance on cleaning up the corporate mess left behind by the tycoon. In February, MAS lodged a police report alleging management irregularities by Mr Tajudin, who was then MAS' executive chairman, and three other executives.
Analysts said it is unlikely that the government would have done a
deal with Mr Tajudin. 'He has no bargaining power,' one said.
Over the weekend, Mr Tajudin failed to pay RM130.4 million to national bad debt agency Pengurusan Danaharta Nasional, which had paid that amount to pick up his TRI's rights entitlement last month.
Following the default, Danaharta moved swiftly to foreclose on Mr
Tajudin's pledged collateral. On Monday, it sold Mr Tajudin's 13.2 per cent stake in TRI for RM717.4 million, or RM2.75 apiece, to Telekom Malaysia. The acquisition boosted Telekom's stake in TRI to 15.6 per cent. TRI's share price rose 13 sen to RM2.67 yesterday.
Danaharta has also invited parties to bid for 44.84 per cent in Naluri Berhad, the former parent of the national carrier. Danaharta will also foreclose on his luxury hotel in the resort island of Langkawi. Proceeds from Danaharta's disposal of Mr Tajudin's assets will be used to shave his outstanding borrowings of RM1.5 billion.
It is still unclear who will emerge as the new owner of cash-rich
Naluri, which raked in RM1.8 billion from the sale of MAS to the
Finance Ministry two years ago.
In the case of TRI, Telekom is expected to gain management control of the largest cellular operator in the country although there could be some boardroom tussle initially. State-controlled Telekom is expected to consolidate its grip by buying another strategic block - a 15.8 per cent stake held by Deutsche Telekom. Telekom will have a combined holding of 31.4 per cent - still below the 33 per cent general offer threshold - should it succeed in buying the German teleco's stake. However, it's still unclear if Telekom will launch a bid for the entire TRI, which is capitalised at RM5.3 billion.
Another uncertainty is TRI's earlier tie-up with DiGi.com to bid for a
third-generation (3G) licence. It is still unknown if DiGi will back
out of the deal.
MAS investigation still running
Police to continue probe into former management led by Tajudin:
official
By Eddie Toh
THE present management of government-owned Malaysia Airlines (MAS) has not abandoned its probe into the former management led by Tajudin Ramli, who lost his empire this week.
'We will leave it to the police to continue its investigation,' an MAS
official told BT yesterday. She declined to elaborate.
The statement puts paid to suspicion in some quarters that the
government may have struck a deal with the beleaguered tycoon, a protege of former finance minister Daim Zainuddin.
An executive had earlier said Mr Tajudin may have agreed to give up control of Technology Resources Industries (TRI) in exchange for a halt in the MAS probe.
Instead, the government intends to continue taking a tough stance on cleaning up the corporate mess left behind by the tycoon. In February, MAS lodged a police report alleging management irregularities by Mr Tajudin, who was then MAS' executive chairman, and three other executives.
Analysts said it is unlikely that the government would have done a
deal with Mr Tajudin. 'He has no bargaining power,' one said.
Over the weekend, Mr Tajudin failed to pay RM130.4 million to national bad debt agency Pengurusan Danaharta Nasional, which had paid that amount to pick up his TRI's rights entitlement last month.
Following the default, Danaharta moved swiftly to foreclose on Mr
Tajudin's pledged collateral. On Monday, it sold Mr Tajudin's 13.2 per cent stake in TRI for RM717.4 million, or RM2.75 apiece, to Telekom Malaysia. The acquisition boosted Telekom's stake in TRI to 15.6 per cent. TRI's share price rose 13 sen to RM2.67 yesterday.
Danaharta has also invited parties to bid for 44.84 per cent in Naluri Berhad, the former parent of the national carrier. Danaharta will also foreclose on his luxury hotel in the resort island of Langkawi. Proceeds from Danaharta's disposal of Mr Tajudin's assets will be used to shave his outstanding borrowings of RM1.5 billion.
It is still unclear who will emerge as the new owner of cash-rich
Naluri, which raked in RM1.8 billion from the sale of MAS to the
Finance Ministry two years ago.
In the case of TRI, Telekom is expected to gain management control of the largest cellular operator in the country although there could be some boardroom tussle initially. State-controlled Telekom is expected to consolidate its grip by buying another strategic block - a 15.8 per cent stake held by Deutsche Telekom. Telekom will have a combined holding of 31.4 per cent - still below the 33 per cent general offer threshold - should it succeed in buying the German teleco's stake. However, it's still unclear if Telekom will launch a bid for the entire TRI, which is capitalised at RM5.3 billion.
Another uncertainty is TRI's earlier tie-up with DiGi.com to bid for a
third-generation (3G) licence. It is still unknown if DiGi will back
out of the deal.