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Sakmongkol ak 47

Saturday 13 August 2011

New Age Collectivism

Deconstructing the MAS-AA deal.
Once again, the government is on track to creating monopolies in almost anything. The government is not for free market. It wants exclusive rights.  It is behaving exactly like what the NEP hawks demand- legislate rights. This government is careless on its responsibility to take care of our assets. It fritters them away. It wants quick fixes.
For the government, the quick fix is to create monopolies. Let’s not compete destructively. We have a monopoly, we give you one. We are both powerful, so let’s gang up and corner the market. We think we can compete in the full service airline market. Give you the low cost carrier market. After all, we all ARE for free market what.
Hayek warned us of this hypocrisy when he wrote in his The Road to Serfdom- many of those who profess the most individualistic objectives support collectivist means without recognizing the contradiction. What Hayek didn’t know is, it’s now called Comprehensive Collaborative Framework.
Let’s deconstruct the whole MAS- AA comprehensive collaborative framework.  Because it’s a framework only, it allows for future modifications and adjustments. I take it, this means, it’s not yet definitive and conclusive. That is good. We can still plug and play.
MAS is in the pits, its share price are down. It’s making losses. Azmil says sorry. The MAS personnel are not happy.
The main shareholder khazanah cracks its head. Khazanah , the assemblage of finance and accounting brainboxes sit down and think how to save MAS.  How man. Surely, we the best of the best can provide a solution. We sent azmil, he can’t do it. We sent idris jala, from the land of underachievers, but he who was fast-tracked because of the bumi policy from that land, also couldn’t make it. Azmil continues to blame the rising price of fuel as the chief culprit gnawing at MAS’s bottom line. We are almost led into believing that only MAS faces the rising price of fuel, other airlines run on water or on air. We are also almost led to believe that, facing the rising price of fuel is a new experience for MAS- in all its long years of its miserable existence, the MAS planes ran on water.
We need to ask the following:-
How was it possible for the government though Khazanah with the assemblage of gunslingers there able to persuade AA with profits in record time, more dynamic, with beautiful but unsmiling flight attendants, agree to swap shares?
Why would the people at AA go along with the persuasion?
How come CIMB acts as the common advisor or broker? I am reminded of the story told by an accountant friend; even the pharaoh during the time of Moses had only one broker- Haman. Haman only brokered for Pharaoh and not for Moses. Even Haman was principled in that he advised only one client- pharaoh. CIMB the modern Haman advised both pharaoh and Moses. Or I am also reminded of the P Ramlee’s Ali Baba 40 thieves. They don’t rob on Saturdays and Sundays. Those are public holidays. Ramlee’s 40 thieves are a disciplined lot. The present day thieves loot every day. Public holidays included! Nang Buti Nang, Kui buti kui. Orang bukan orang, hantu bukan hantu!
How was Khazanah able to persuade? I don’t think its bully tactics. TF can’t be cowed into accepting something that is not profitable to him. He has clashed with the government on many issues- ownership over the name of F1 team, aerobridge, moving hq to elsewhere. He fights and challenges the government on every score- MAS has Tun Abdullah, he now has Abdullah’s nemesis- Mahathir. You dickheads at the gomen can’t do anything to me lah esse. Unless TF and AA see they can profit from these.
That’s one, which we shall try to explore.
Two, what is the interest of Khazanah in doing this? Let’s accept the main rationale being making attempts to re organize, re structure or otherwise disembowel MAS to cut off the tumor that’s been causing diarrhea all this time , leaving stinking stool all over the place.
Why is Khazanah not focusing on finding the management talent to get MAS up and about?
Instead it goes for the easy way- technically sidestepping what is actually a cartel to corner the market for all those who want to fly. They call it comprehensive collaborative framework
In an earlier article, I said through this share swap, where the government owns more of AA, AA acquires an almost new national identity. Now it can vote get rights on landing and flight routes.  Not unlike those pendatang haram getting ICs and getting rights to vote.
So for AA, having Khazanah as its substantial shareholder is a strategic move. It frees up management resources as now its management’s time can  focus on other regional JVs like Japan instead of having to fight in its own territory. Let’s lay waste foreign land.
AirAsia opted for the share swap instead of a placement by Khazanah in order to remain invested in the airline business, as well as a quicker way as compared to Khazanah building a position in the open market.  Come- we short cut your intention to buy shares in the open market. Let’s talk and maybe we can get a win-win situation. Lutolongguaguatolonglu la,
As a result, given a strategic investor in the form of Khazanah - political lobbying and fighting for routes and infrastructure has disappeared. As one research outfit says- there’s nothing wrong with a "you scratch my back, I scratch yours" arrangement, as long as both parties "get their itch satisfied equally".
Can I supply you those bamboo back scratchers for those hard to reach itching areas?
So what profit can AA extract once Khazanah play ball?  Well, immediately I think, those problems connected to its airport-related battles such as the use of aerobridges at the new LCCT, being forced to move from Kota Kinabalu International or even trying to get the name changed from KLIA2 to LCCT2, will now likely be a significantly less arduous task than before. AAX (AirAsiaX) will likely be reapplying for the much fought for Sydney route, something that management is more confident now of getting.
AA and TF must have asked and demand for a clear product offering by MAS and AirAsia – in other words, you MAS get out from the low cost carrier market. Give us the monopoly ad you know what you must do next, don’t you. Remove Firefly.
AA’s demand for clear product segmentation effectively removes MAS and AirAsia from destructive competition. Ayo- why don’t we share lah, you get some, I get some. Poor Firefly will be realigned as a regional full-service carrier, conceding more yields to AirAsia. Those FAs who left AA to join FF, will now find themselves back under the whip lashing AA supervisors. The clear mandate given by Khazanah for AirAsia to be the only low-cost carrier in Malaysia should allow it space to consolidate a grip on the low-cost market.
In other words AA has the MONOPOLY. Did Khazanah agree that in future, it will ask the government never to issue airline licenses to any upstart? Only AA is allowed to. Does it also mean that other companies can’t collaborate with locals in setting up another low cost carrier?


Anonymous,  13 August 2011 at 10:06  

The government think they can do no wrong ,so come next election we changed it for good....
Thanks for the insight for us poor souls who had been suckered all those 50 over years!
Each day this government can be so innovative to cheat us public...and we may be not wrong to think this top malays in such glc are coporate crooks,and thats where their talent lies....
You really open this can of worms for us lay people....Thanks again...

Melayu Baru,  13 August 2011 at 12:18  

Assalamualaikum Dato' Sak,

Let me jog my memory on your postings on Government misdeeds

a. MAS-AA Deal
b. FRIM Land Deal
c. RMAF Airbase
d. TM-Alcatel
e. Synergy Drive
f. MRT
g. etc..etc

Before you were blogger

a. BMF
b. MAS (prequel)
c. Piratization
d. IPPs
e. Perwaja
g. etc etc

The above must have cost the country hundreds of billions. Hundreds of billions that can be put to build hospitals, schools, universities. Hundreds of billions that can build human capital, alleviate poverty and develop new technologies. Hundreds of billions that if invested properly would secure our (yours and mine)future generations.

Yet the band of thieves are all now still in power. They get away with murder (BMF), robbing (all) and thieving (all). Only those who dropped out of favor get slapped in the wrist, for expediency sake.

They are invincibles, what. MACC no balls, police led by pondans, AG in collusion - lagi apa mau takut? You all rakyat marah? Huh! In the past was creative delineation & gerrymandering. Now, with JPN and SPR in cahoots with the above band of thieves, sure can win again, what? Re Sabah.

Apa you all nak marah? Government have been effing your behind for so many years, what. Not only your behind - your mom, your dad, your sons & daughters, your friends, your enemies - everyone in Malaysia (except for the effers). Not only the did it today as we speak, it was yesterday, tomorrow and in the future too...

During election time, bagi you all serbuk serbuk saja. Orang kampung happy bukan main dengan Beras jati 5 kg. Yang pandai demand sikit dapatlah duit. Kalau payah, masuk pengundi hantu...

Can what - 52 years boleh jalan ini formula. New media pun tarak effect la... kalah popular vote pun boleh gadi gomen lagi what. So one more round of looting. What? Rakyat 'sedar'? Nothing implantation of new voters cannot change... The same people will win again and one more round, please. Repeat.

Ini blog syok syok saja. You all baca, setuju - then what? While you read, digest and type, dont your behind feel funny? Or you get used to that already that it doesnt matter anymore?

All the effing will continue. You all are helpless bunch. What do you want to do? Report to the police? MACC? Askar? Pasukan bulan sabit merah? No effect la, bro. These teflon skin people got away with murders - how ah?

All the instrument of power are in the devils' hand, what? What do you want to do? Panggil bomoh? Baca Ayat Kursi? Sembelih ayam?


Melayu Baru

Anonymous,  13 August 2011 at 12:23  


those people's in khazanah, treasury etc is not fund administrator but they are brokers.

Anonymous,  13 August 2011 at 12:33  


U see what I see!

So how about that 'cable'? Got or not?

FF has a lot of potential comes 2015!


Anonymous,  13 August 2011 at 15:22  

But why the urgency?Are they worried about MAS 2nd Qtr results?The deal does not bring in any money to MAS but brings TF mgmt panache to give MAS a new future.Are the khazanah guys thinking that its ok to sacrifice 40% of value rather than face hostile investors post 2nd Qtr.With TF onboard all is roses.
And why remove Tg Azmil n hv that Danny guy as a COO?Is Tg Azmil's vision too different from danny n tf?But tg azmil vision was approved by board including Danny.
And if its not vision but incompetency that cost Azmil his job. .why retain him in khazanah?Sack him. .without compensation.Charge him in court as per Zubir.Lets hear the full story.
Truth is Jala bad oil bet is closed out this quarter. And some believed incl Azmil that the total realised loss shld be disclosed via an official statement.It may well be in the books but how many knows the exact loss?is it 2,3 or 4 billions>some even say its a profitable hedge.
Thus the move to kick out Tg Azmil.If it becomes wide public knowledge that Msia Economic Wizard lost billions on a single bet. .there will mass protest against allowing him anywhere near Putrajaya.He is a menace and blind but driving us forward. .big risk.And if jala falls the WAU story will be open game.And WAU is an even bigger loss.And Daim knows.
AA shares hv been very exuberant in the months leading to this event.Thus TF is ok with deal . .swat a firefly,ownership of two airlines,access to info n can set strategy for MAS.Who knows wat other opportunities. .endless.
So its win win for the big boys.
Lets pray that come 2014 we won't hv to bail out 2 airlines.

Anonymous,  13 August 2011 at 15:32  

Aisay man,

In this country water is more expensive than oil. Just go to any oil companies service stations. They sell water at RM1.20/0.5litre. That's RM2.40/litre. In hotels, they sell at RM4.00/0.5 liter. That's RM8.00/liter When you pump petrol and it cost RM1.90/litre! Is this not ridiculous?

Is it cheaper to produce a liter of oil compared to a liter of water? The profit must be huge in water business than oil business. This is only possible in boleh land. So Mas must invest in water business like AA where they sell 0.5 liter of water on their flights at RM4.00/liter. Enough profit for them to pay their stewards/stewardesses salaries.

Anonymous,  13 August 2011 at 15:50  


" Nang Buti Nan Kui Buti Kui "

Not many Chinese will understand the above phrase unless they are Hainanese !

You must have had a Hainanese classmate in the days of yore !

Seg Son
Vung Tau

Anonymous,  13 August 2011 at 16:12  

Melayu Baru,

Boleh tambah?

-Sg Besi
-Sg Buluh
-Jet Engine
-Konsortium Perkapalan
-Tolong tamabah....

The list is non exhaustive. Ini negeri kaya bro. Tapi banyak sudak dirompak. Siapa rompak? Siapa kaya? Sendiri jawab.
Semua curi-curi 1Malaysia!

Saya Pun Melayu Baru.

Patrick 13 August 2011 at 16:28  

As I have mentioned before, there are still too little information available to even begin to analyse this deal at a deeper level. What we, mere mortals, can do is to analyses the bits and specks of info available or fed to us to satisfy us. The real wheeling and dealing has been done, sealed and delivered.

From the business perspective, which this is all about, TF and Tune Air will be the ultimate winners. As is still my believe, if you really want to understand what drives the ultimate success of an airline business, its ROUTES. Legitimate and sovereign sanctioned ROUTES. For without this, no matter how cost effective and well managed an operation of an airline company is, it will never succeed. Lets look at this from another simplified angle and what each party brings to the table.

TF and AA, TA has got very good industry reputation (supported by maverick billionaire Richard Branson) that is a premium intagible asset. The low cost industry has been proven and foreseen to grow by leaps and bounds and WILL canibalise economy class segment. Just put this in perspective to the target market of AA of the entire the Asia continent, including India, with a population of well over 2B with fast rising income.

Because of this fast growing market segment in this market, low cost carrier with first mover advantage, like AA, is fast capitalising on this market. Hence, its justification of massive purchase of specific type of new airplanes to suit its business model. With the global industry watching TF/AA and global fund managers backing him, TF/AA is careful not to make costly mistakes, such as massive CAPEX expenditure. If you care to really read global airline industry analysis, AA really needs these massive number of aircrafts to cater and meet the growing markets needs. Which in turn, drives its revenues and concurrently, its stock price.......

Patrick 13 August 2011 at 16:28  

....So TF/AA/TA brings a lot of juicy tangible and intangibles to the bargaining table with Khazanah.

What does MAS have to offer? A badly managed company, a bleeding company, govt management culture, long history and global routes network. Even if MAS has more cash in its bank than AA, it only means that the management has not been productive in reinvesting its cash and are actually lost at how to utilise such assets. Having more cash in bank does not equate to better managed company to AA. Frankly MAS has got nothing to offer in this deal. Except its lucrative routes. And a sovereign backing for access to more legitimate routes.

The ability to access lucrative routes is the only asset that TF/AA/TA are after. All the other pieces of conditions such as controlling Firefly's growth, clear separation of low cost business and premium business, management of MAS, etc, etc are just means to support the final objective of route acquisition for AA.

Many armchair economists and business critics will criticise and hammer this deal for what its worth. I agree totally with all the other arguments. But do people really think that TF and his team can really have full access and management control/impact over MAS? MAS IS a govt outfit with govt working culture and mentality. These are its intangible baggage that no new management can overcome. Politicans will rule the day as there are many hidden vested interest within the MAS ecology. These hidden 'warlords' within MAS have a lot to lose with an objective, bottom-line driven management style. But these 'warlords' also fail to see that if their own interest are genuine 'symbiotic-relationship' and not a 'leech-relationship' in the MAS ecology, this new development is actually beneficial to them as well.

AA/TF/TA will be the ultimate winners in this deal once the lucrative route rationalisation/acquisition is executed. By this time, I foresee AA splurging on more orders for more specific type aircafts to support the rapid expansion of its new customers and business with its newly acquired routes. MAS/Khazanah MAY realise then, the ultimate strategy and game plan for this entire deal. Khazanah's insignificant stake in AA will not have any significant impact on AA's business or market capitalisation, MAS may dump its AA holding back to AA, etc, etc. BY which time, AA/TA/TA will be the king of the hill, laughing all the way to the bank (definitely not CIMB).

Anonymous,  13 August 2011 at 17:20  


Whilst is not apparent what is the end game, we can look to history to predict the outcome of this MAS/AA merger. This is what I think the scenario will be.
If you look back to the last six-month MAS share went down to a low of 1.35 from 2.10 and AA share went up from 2.60 to a high of 4.20. By announcing MAS lost money in the 1st quarter and AA is poised to make billion-ringgit profit in the next couple of years certainly helps. I think they were looking to swap the shares at 1.50 to 4.00, thereby making it look like a fair deal. This is deliberately done. Of course with the momentum the highs and lows will overshoot. With the issue of warrants, TF will gain a few more percentage of MAS shy of 23% where he has to make a general offer.

Next replace the board and the chairman with people aligned to TF. I am sure TF was consulted as to who he wants as chairman. That makes 7 people not including Rashdan and the new CEO. So now he has 9 out of 11 on the board aligned to him. For all intent and purpose he now controls MAS without any cost to him or breaking a sweat. Sadly, this is all done with the knowledge and concurrence of Khazanah.

The bigger question is why go through all this trouble just to acquire a non-performing money loosing concern. I maintain this whole exercise is to bail out AA. How are they going to do it? You simply cannot transfer cash from one company to another. For now they will get MAS to provide spares and maintain AA aircrafts. These are all a very expensive undertaking. What I think they are looking at is for MAS to absorb AA.

They will maneuver for the share prices of both company to be the same, which will be in the range of 2.00 – 2.50. Then it will be justified to completely merge both company under the guise of better synergy and lower cost. At the same time this will protect AA from the economic turmoil that is coming in 2012/2013. Now all AA debt’s is MAS debts. Both companies will still be operated under they own branding.

The coup-de-grace will be to hive off AA later as an asset rich and debt free company. This model is exactly the same as TM/Celcom merger. History is repeating itself. MAS will be left to hold the can.

As an afterthought this will also give them the opportunity of getting rid of Brahim/LSG catering.


OneMalaysian,  13 August 2011 at 18:30  

Dear Sakmongkol

“We sent Idris Jala, from the land of underachievers, but he who was fast-tracked because of the bumi policy from that land, also couldn’t make it”.

I think that statement was quite unfair. People who are familiar with what he achieved at MAS gave him high marks. I know someone who works there, and he said nice things about him, but not Azmil, who was referred to as the headless chicken running around aimlessly.

I also know some people who once worked at Shell, and I have very high regard for them – quality people. A highly rated company will have quality people, or else they wouldn’t have succeeded. I don’t know Idris personally, but I have seen him present the NEM. He is almost evangelical when it comes to talking to crowds to convince them to his ideas. This is no bad skill in large companies that you have to turn around. I expect that he didn’t get where he did in Shell by being “fast-tracked because of the bumi policy”. I doubt very much that was the case. But I know for a fact this is the case in government departments, in the arm forces, in the courts, in the police, in GLCs.

If Sarawak is the land of underachievers, this is because of the bad government that they unfortunately have, that allows one man, his family and cronies to steal from the people. How could Sarawakians achieve when such a corrupt and inept government keeps its people illiterate, under-skilled, poor and isolated, and dependent on it to give them paltry handouts once every few years?

Donplaypuks® 13 August 2011 at 19:13  

"How come CIMB acts as the common advisor or broker?"

While we detest this kind of favouritism shown to CIMB, technically, if both parties agree to it, then it's legal. More so since there will (usually) be considerable savings in fees.

But it does worry me that CIMB seems to be landing one plum consultancy/merchant bankinging contract after another, what with its connection to PM Najib.

And if we are to go by the disastrous Advance Synergy/Sime Darby merger which has proven to be neither a synergy nor an advance in businesses, CIMB (who earned some $500 million in fees) should be low down on anyone's preferred list of merchant bankers!

Now, the $64K question. If all that was done was valuation to peg the no. of MAS: AA shares for the swap, which can be done by a 3rd rate LCC qualified book-keeper based on KLSE prices, what work did CIMB exactly do?

Any legal agreement as to the working arrangement between MAS and AA falls under the purview of lawyers and not merchant bankers.

And, btw, why the delay in announcing MAS Q/e 30th June 2011 results?

we are all of 1 Race, the Human Race

bruno,  13 August 2011 at 20:27  

Dato,what these Umnoputras and their cronies want is to keep on filling their pockets until these two airlines are stripped to their bare skeletons.MAS was in existence for decades before AA came into the scene.Then it was a nationalised airlines and it nhad all the monopolies it wanted.

But Mahathir together with Daim and Tajudin run it into the ground,an airline which was once so profitable and the pride of Malaysians.If Umno is stiil the ruling regime after the coming GE it is not only the airlines that is going to be skinned.Petronas will eventually be needing a bailout too.

The people have to realised that,especially the Malays that as long as Umno GOM is in power the future of their children and their children's children are pretty bleak.This is a fact.If anyone still have hope after so many decades of plundering that these robber barons will change,good luck to them.

In commodity and speculative trading,the first thing one learn is to cut your loses and let your winners run.Never hang on your losses and hope.If a loser hang on his losses and hope eventually he will be left standing in the middle of the street stark naked.Any traders who have been burned will swear to this.

This is the same situation Malaysians are in now.The Chinese have woken up that the MCA is irrelevant to their community.The Indians have woken up but they have gone back to sleep again after some coaxing by sugar daddy.The educated and younger generation of Malays have realised it as can be seen in Bersih 1.0 and 2.0.One quarter of the fencesitters tilting to the opposition and Umnoputras will be boarding the midnight flight to Zimbabwe.Of course our buddy Quite Despair will be on another plane heading to his adopted homeland,the United States,the place of his birthright.

Anonymous,  13 August 2011 at 23:36  

the very very ominous sign of the MAS A A deal announcement is the obvious lack of compelling powerpoints.No way can it succeed.

OneMalaysian,  14 August 2011 at 01:21  

Dear Sakmongkol

The Star in its Saturday 13th business section carried a fairly comprehensive report of this MAS-AA deal, with analysis of where the benefits lie, and interviews with the main players. But the report does not quite go deep enough. Malaysians in general, and shareholders of both MAS (except for Khazanah) and AA (except for TF and Kamaruddin) should be worried about the long-term implications of this deal.

It was interesting to discover the deal was sealed on a boat floating down a river in Oxford where the trio of Nazir Razak of CIMB (playing mid-wife), Azman Mokhtar of Khazanah, and TF hammered out the outline of the current deal. So that explains why only CIMB was involved in advising both parties.

Looking at this deal is like focusing on a nearby object with a long telephoto lens. The nearby object is in sharp focus – you can see all the details – but the far away objects in the background are out of focus, in fact quite blur, and you can’t quite make out what they are. This, to my mind, is how I see this deal.

We can see some route rationalization where both AA and AAX will gain at the expense of MAS. And as one of your readers point out, routes are everything for airlines. There may be some cost savings where both parties will benefit. These will represent the low-hanging fruits. But the long-term prospect of MAS is harder to see. Why? This is because after the route restructuring to remove direct competition with AA, MAS will effectively be a full service, premium airlines competing with the likes of Singapore Airlines, Thai Airways, Cathay Pacific, Emirates, Eithihad, Qatar and so on. This will not be easy as these airlines have strong branding, new planes and good service. So it won’t be easy for MAS to raise fares. And by not competing with AA, what is MAS to do with all the seats that they had previously that were used to fight AA. This is about 35% of all available seats, sold as cheaply as AA’s. Does MAS downsize to eliminate these seats? So we see that on balance, the massive changes are to happen at the MAS end, including a change to a more entrepreneurial and performance-oriented corporate culture. Are we asking too much of MAS, like asking an elephant to dance?

But with the reduction in competition, despite denials by TF, I think Malaysians will have to face higher fares from AA. So I think you are quite right to suspect that this deal will lead to a government-sanctioned monopoly of cheap air travel.

Anonymous,  14 August 2011 at 06:17  

WAU killed MAS.W/out control of the assets MAS fleet just got older n ancient.Situation came to a crunch when cashflow became seriously constipated by Idris Jala's big time oil hedge gamble.MAS was paying for fuel benchmarked at usd 100 when competitors was paying usd 70.Thus CASK was actually 30 % higher than competitors.Even the best airline CEO will not be able to compete with that handicap.
Thus MAS fleet not renewed making it less attractive n inefficient.
Only recently have Khazanah/MAS woken up.Two significant incentives undertaken by Azmil i.e policy of MAS owning planes(reversal of WAU asset lite ) and fleet renewal (necessitating rights issue and exposing Jala's recklessness ).
At that point Azmil became the enemy.
And what better cover up than bringing Tf onboard?
Truth of the matter of MAS demise is due to WAU and Jala's oil hedge.transparency demands govt to reveal losses of these two failed turnaround.All the talk of them being successful is pure bull.A straight rights n loanstocks old hv given better results than the convulated WAU n closing the hedge ( as Tf did) would hv been the right thing to do.

Anonymous,  14 August 2011 at 06:23  

Anything goes wrong just blame the staff.Any success let Ceo take credit n financial reward.
CEO gaji is 200x staff is ok.Public Relations manager earns double engineering manager is ok.Comes to a point where powerpoint skills more valued than engineering.
Malaysia is run by idiots who surrounds themselves with bigger idiots.

Anonymous,  14 August 2011 at 06:39  

OneMalaysian, pls read below on what Jala and the gang (including Munir n Azmil) have done on MAS:

and the real reason why Jala was appointed as Minister (again, with poor outcome)below


Anonymous,  14 August 2011 at 06:44  

Dato Sak
kita semua ditipu oleh org politik dan ceo of Glc company tapi bukan Dato Sak dalam isu Glc tahun pertama mereka dalam buku akaun masing-masing untung tapi tahun kedua bila kontrek mereka nak tamat mereka buat rugi agar semua ahli lembaga pengarah yang telah mendapat bonos bagi tahun pertama dulu meminta Ceo tersebut tunggu untuk menyelamat kan syarikat Glc tersebut inilah dia apa yang berlakudan cara mereka membuat duit senang keatas syarikat Glc sebab itu kita lihat kesemua sesiapa yang menerajui khazanah Dan Ceo Glc akan kaya raya walaupun dengan menjual aset syarikat Glc tersebut ditahun pertama kita untung sebagai Contoh:
1.Idris Jala jual bgn Mas kpd Pnb tahun pertama untung.
2.Che Khalid jual aset Tnb pun tahun pertama untung.
3.Azman Yahya dari banker sekarang kaya raya raya.
3.Azlan pun kaya raya.
Diatas adalah sedikit kes -kes berkenaan dgn Glc nak cerita banyak lagi mungkin Dato Sak Sak lebih mengetahui.
Wahai rakyat Malaysia dalam Umno fikirkan lah dimana anda berada sekarang selepas, 54 tahun merdeka adakah menulong rakyat atau diri sendiri?
Sedikit tambahan untuk renongan Dato orang Pekan dan Pahang amnya Mb Pahang telah meluluskan beberapa ribu ekar tanah iron oil @lombong emas Difelda Sg Temau, Kuala Lipis atau nama Ksg pada permulaan dan rakan kongsi Maj ugama islam Pahang. Selepas tanah itu diluluskan selama dua tahun syarikat Ksg yng dipunyai oleh Khairy Ghapor telah bertukar tangan dan nama kpd adiknya Dato Hasnor. Harap Dato dan org Pahang amnya menyiasat dan ini bukan tuduhan tapi keyataan

Anonymous,  14 August 2011 at 07:27  

In a nutshell, there are 2 great whispers going around town:

1. Tony is so cunning, he can easily sell fridge to the Eskimos, Disneyland to Walt Disney, Virgins to Richard Branson, Bersih to Ambiga and MAS to Khazanah.

2. Malaysia used to have an IDIOT as a PM and now we have a PM with a lot of IDIOTS as advisers.


Anonymous,  14 August 2011 at 08:16  

The cigar chomping status conscious highly paid Khazanah deal makers can only think 1 step ahead.The freewheeling red capped TF thinks 3 steps ahead.
Already he is tweeting of the MAS London flite he was on..talking to crew n pax..praising everyone.Raising the morale of staff..creating vibes.Khazanah's role is to condemn..cos they think they are the GODs and untouchable.
Thus this AA/MAS deal will surely end in tears for us.TF can have those egoistical Khazanah guys for snacks let alone breakfast.

SO..please please Mr PM..UNWIND this deal.Reswop the shares at same value.Bring a down to earth consumer guy to run more accountants,analyst or pseudo businessman.
Find a Consumer goods Marketing guy quick and team him up with a strong numbers guy.Ban them from cigars ,Armani suits and powerpoint.

And please retain the new Board members except for Danny boy,TF and KM.

Please save MAS..and make it a real one now.No more WAU n Jala fairytales,

Anonymous,  14 August 2011 at 09:00  

Idris Jala,Munir,Azmil toyol duit rakyat,Tajuddin & Daim Toyol duit rakyat,What happen Now? no case again them, because our moto is before: Bersih, Cekap dan Amanah and now Rakyat diutama.
Rakyat Malaysia pls Thing......

Anonymous,  14 August 2011 at 13:28  

They want MAS to compete with the likes of SIA,Etihad,Emirates etc?So who has MAS been competing with now?
Thats always been MAS global arena.But MAS
planes are old. .seats not so good.However,MAS still getting high fares.I don't think MAS is cheaper than SIA even tho the seats a thousand miles diferent.
And MH theme is ok too. .not inferior to any competitors.
So how will tony improve MAS?
Less frequencies n destinations cos share with AA n AAX
Major VSS
Sales of Planes
Monetise cargo n engineering
Rights or placements
New fleet

foresee MAS to be small but profitable.
Firefly will be domestic FSC.
Firefly turboprops will absorbed as AA.Potentially supplemented with Bombardier small jets.
AA/AAX fares up 20% and less cheap seats for domestic flights.

By 2014 TF will assume Mgmt control of MAS.Thats the game plan.

awang batuburok,  14 August 2011 at 14:30  

salam Ramadhan Dato dan semua pembahas,

sebenarnya kerja-kerja meng "faraidkan" duit rakyat melalui GLC kapada umnoputera dan kuncukuncu nya telah lama berlaku, cumanya ramai melayu mudah lupa.
Bak kata Tun Dr M, dah lama sangat dah, barah dah sampai ke usus!!!

disaat rakyat rakyat miskin terkial kial menanti seringgit dua wang asnaf dari pungutan zakat dalam bulan yang mulia ini, nampaknya sistem faraid jutaan ringgit melalui GLC lagi cepat dan
cekap bergerak dalam bulan ramadhan yg mulia ni.

tahniah rakyat 1Malaysia.

Anonymous,  14 August 2011 at 18:45  

Hypocrites? Nah!

He's supoosed to get more accolades from Oxford to call for a truce in about 24 or so months with all the credential you salivate at. Or get more stashed funds from the Brits as Mubarrak did.

Haman! I'll make sure my grandkid is named after him. We need plenty smart ass lawyers.

But can we call fascist communists those tempered terms just as well? ;)

It has turned kotor anyhow as it has been so airated by "babis" like Ezam.

Wouldn't you guys go for a firing squad rather than a grand amnesty?

Anonymous,  14 August 2011 at 21:58  

Dato Sak,

I usually don't read your blog, unless it's displayed on other blogs/sites like malaysianinsider or malaysiakini.

But,I must say I like your style of writing. Infact,I admire your wisdom. How I wish there are more open minded people like you in this beloved country.

Why don't you give this MAS-AA thing a break! I think you have written quite extensively already.

Chill. Take care.

Oh but please write quickly Daim's right hand man take on the country. I think you have one more installment to go.

Unrepentant Klepto,  15 August 2011 at 00:02  

"Matthew Rubin, Economics Prof of University of California and James Buchanan of George Mason University of Virginia shared the Nobel Prize in Economics(1991)for proving that government bureaucrats or even employees in big private companies anywhere, tend to care more about their own comforts, benefits and salaries than they care about the taxpayerd or customers they are supposed to serve." quoted in a magazine

dahserikngankeris 15 August 2011 at 03:18  

Dato Sak,

Aspan making the step, are you stepping up as well?

come on dont be shy, lol.

new age collectivism it is, but watch out even vw dumped lambo after stealing all its secrets....3 cheers for air malaysia berhad....hip hip yippiekaieaaaaa!

Unrepentant Klepto,  15 August 2011 at 17:03  

Dato, couldn't help feeling but to rummage through my collection to look for the late Prof Syed Hussein Alatas's book, Corruption and the Destiny of Asia. Allow me to quote selectively from pg 4-5:
"Many problems have repeated themselves throughout history. The great Chinese reformer, Wang An-Shih (AD 1021-86) in his attempt to eliminate corruption was impressed by the two ever-recurrent sources of corruption, bad laws and bad men. As he put it,'But what I wish particularly now to emphasise is that history proves it to be impossible to secure proper government by merely relying on the power of the law to control officials when the latter are not the right men for their job. It is equally futile to expect efficient government if, having the right men in their proper positions, you hedge them about by a multitude of minute and harassing prohibitions......He classified human beings into two groups, the morally mediocre and the morally high. Changes of fortune did not affect the latter. The danger comes when the moral mediocrities gained control of government. Their actions might then release all sorts of corrupt forces throughout the hierarchy..... In the last analysis, the two absolute prerequisites against corruption, he believed were power-holders of high moral calibre, and rational and efficient laws. Neither could function without the other. The one conditioned the other. Both had to be present for any effort to be successful........Amongst the Islamic scholars, Abdul Rahman Ibn Khaldun(AD 1332-1406) should be especially mentioned. He is well known not only as the discoverer of scientific history and sociology, but also as a student of corruption. Like Wang An Shih, he was no armchair theoretician. He was an active public figure who rose several times to high office, suffered imprisonment and various changes of fortune. During his appointment as a judge he tried to eliminate corruption and bribery but failed, and was dismissed from office. Ibn Khaldun attempted to explain the causes of corruption, and also why at certain times times reformers had failed, and at other times they had succeeded. His insight into the matter is interesting. He considered the root cause of corruption to be the passion for luxurious living within the ruling group."

Looking back is it any wonder then that the peoples of both China and the Arab world are where they are at this moment, and practically count for nothing in the scheme of civilised and virtuous living, and our leaders are still strutting about in sartorial splendour as if apeing the West would, pari passu, bring about the Great Asian Millenium. Big time thievery by official sponsorship, or whatever, will unravel bit by painful bit because we still have many good and honest men and women. The likes of Dato' Ramli Yusuff, Datuk Mat Zain Ibrahim, lawyer Rosli Dahlan, Datuk Nik Abdul Aziz, Datuk Paduka Marina Mahathir and many others, will still have their day, one day, God willing, with the help God-fearing individuals prepared to put an end once and for all to the pillage going on for so long.

Konfudz,  15 August 2011 at 22:40  

Salam Dato Sak,

First I would like to refer to Melayu Baru statement on 'govt misdeeds'. He omitted two of the biggest - BNM forex losses, and Maminco. Fortunately Malaysia is able to absorb these losses, but perhaps not in the future.

IJ and Azmil were brought in to sort our the corporate mess left by the previous management. By most accounts they did a good job, and were also able to some operational improvements. They were dealing with many corporate legacy problems, which sometimes takes time to sort out. MAS will always be at a disadvantage to their rivals in Singapore and Bangkok which have bigger hubs.

We should also look at Khazanah's track record in corporate manipulations. I don't think they did well with Timedotcom, and there may also be other examples.

We should also remember that the GE is around the corner, and this may explain the manoueverings with MAS and TR's debts.

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