August 11, 2011
End of the Sad Chapter in the MAS Saga
Executive Editor@www.themalaysianinsider.com
Putrajaya has directed all government-linked companies, together with Malaysia Airlines as good as the inhabitant debt restructuring association Danaharta, to cease all polite suits opposite Tan Sri Tajuddin Ramli, the former authority of the inhabitant conduit as good as dependent of Tun Daim Zainuddin, according to documents obtained by The Malaysian Insider.
For your inform the supervision has since me the mandate to movement for the supervision in this matter, Nazri pronounced in the minute sighted by The Malaysian Insider. At least the single supervision agency is approaching to withdraw the claims opposite Tajudin in court today.
Nazris minute additionally directs the lawyers behaving for the GLCs as good as Danaharta to hand over their cases to the organisation of Hasfarizam Wan as good as Aisha Mubarak, the known Umno lawy! er. But the minister made no mention of the conditions of allotment with Tajuddin.
Tajuddin was the dependent of Daim, the close friend of Dr Mahathir as good as ex-fi! nance mi nister who was the architect of the right away discredited policy of nurturing the category of Malay corporate captains upon supervision largesse. Individuals such as Tajuddin, Tan Sri Halim Saad as good as others flew tall in the 1990s though their loyal mettle was tested during the Asian monetary crisis. Nearly all of them fared poorly.
The Najib governments move to solve all superb claims opposite Tajuddin appears to be an try to purify the line-up purify in the monetary tale that goes behind decades to the height of Dr Mahathirs administration.
First military inform in 2002
MAS had first lodged the military inform opposite Tajuddin in 2002 for allegedly causing the flag conduit to humour waste in excess of RM8 billion. Tajuddin was the executive authority of the airline from 1994 to 2001.
According to the inform to the Malaysian Anti-Corruption Commission (MACC), the major writer to the record waste underneath Tajuddin was the relocation of MASs load operation in Amsterdam as good as Frankfurt to the single hub in Hahn, Germany, where the airline was forced to enter in to the disadvantageous aircraft franchise contract with the company, that was after related to Tajuddins family.
The new load hub operation had caused MAS to humour waste of between RM10 million as good as RM16 million the month before the project was terminated after the supervision regained carry out of MAS in 2001.
The stop resulted in the RM300 million allotment claim opposite MAS by the company. MAS has had the turbulent past decade after the supervision paid for behind the airline from the former corporate high-flyer during RM8 per share or about stand in the marketplace cost during the time.
The airline was during the time saddled with the debt reported t! o be RM9 .5 billion. It afterwards had the books
cleaned up! in 2002 underneath the far-reaching asset unbundling (WAU) exercise that was engineered by the BinaFikir consultancy, afterwards led by Tan Sri Azman Mokhtar.
In 2009, Danaharta as good as dual of the subsidiaries won the RM589.143 million fit opposite Tajuddin. The box arose after the aristocrat executed the trickery agreement upon Jul 13, 1994 to borrow RM1.792 billion from the organisation of syndicated lenders to financial the squeeze by him of the 32 per cent interest in MAS.
However, from 1994 to 1998, he unsuccessful to use the original loan, causing it to turn the non-performing loan (NPL). In 1998, Danaharta acquired the NPL from the lenders though Tajuddin additionally unsuccessful to solve his debts to Danaharta until it was in default of RM1.41 billion as during Oct 8, 2001.
As part of the allotment agreement, Tajuddin was to compensate RM942 million in four instalments over 3 years as good as that he was available to set free his charged shares during the minimum cost per share.
Tajuddin, however, defaulted in the payment of the quarterly seductiveness payable underneath the allotment agreement as good as upon Apr 27, 2002, the plaintiffs terminated the allotment agreement as good as demanded RM1.61 billion from him.
On Apr 29, 2002, Danaharta, together with the subsidiaries Danaharta Urus Sdn Bhd as good as Danaharta Managers Sdn Bhd, sole part of the charged shares consisting entirely of Technology Resources Industries (TRI) shares during RM2.75 per share, resulting in sum proceeds of RM717.39 million.
As during December 31, 2005, the volume superb was RM589.14 million as good as upon May 11, 2006, Danaharta as good as the subsidiaries commenced movement to redeem the money.
Tajuddin alleged! , in his affidavit, that he was directed by Dr Mahathir as good as Daim in 1994 to buy the determining interest in Malaysia Airlines to bail out the government.
Forced National Service
Tajuddin claimed that his squeeze was the forced inhabitant service, disguised as an arms length commercial deal, because the supervision wanted to damp the investment community as good as the ! public.< /p>
Dr Mahathir denied in his journal published this Mar that he as good as Daim had forced Tajuddin to bail out MAS in 1994 for RM1.8 billion. Instead, Tajuddin was ecstatic over his squeeze of the inhabitant carrier, the former prime minister pronounced in the book patrician A Doctor in the House: The Memoirs of Tun Dr Mahathir Mohamad.
Recently Tajuddin indicted me as good as Tun Daim of forcing him to buy shares as good as the determining seductiveness in MAS. we have checked journal reports of the time. Far from feeling coerced, it is obvious that Tajuddin was ecstatic over his purchase.He wanted to barter his Malaysian Helicopter shares (a association with dual aircraft) for MAS shares (a association with good over 60 aircraft). The supervision rejected his devise as good as asked that he compensate in cash instead, that forced him to borrow RM1.8 billion.He was thus not coerced by the supervision to buy the shares, though was forced by his own modest collateral to borrow heavily, Dr Mahathir wrote.
Tajuddin had claimed that Dr Mahathir as good as Daim had forced him to buy the 32 per cent interest in MAS from Bank Negara during RM8 per share instead of the marketplace cost of RM3.50 to bail out the central bank that was strike by multi-billion ringgit foreign sell losses.
Tajuddin had pronounced that he did not want to buy the! MAS int erest as he was disturbed about monetary waste though concluded to do it because it was the gauge as good as additionally because the supervision had positive him that he would be protected from monetary waste as good as liabilities.
I do recollect wondering how Tajuddin would be able to buy the airline as good as when we asked Tun Daim, he explained that Tajuddins telecommunications association Celcom (Malaysia) Berhad was you do well, Dr Mahathir wrote.
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