August 11, 2011
http://www.malaysia-chronicle.com
MAS-AirAsia Deal: Reprieve for Tajuddin Ramli?
Written by Wong Choon Mei, Malaysia Chronicle
Amid flourishing regard which Malaysian taxpayers have again been taken for the float by the UMNO elite, Opposition leader Anwar Ibrahim ticked off Minister in the Prime Ministers Department Nazri Aziz for allegedly instructing Government-Linked-Companies or GLCs to withdraw lawsuits filed opposite for MAS authority Tajuddin Ramli.
Among the affected GLCs have been Telekom Malaysia Bhd, Naluri Corporation, Celcom (M) Bhd, Atlan Holdings Bhd, Pengurusan Danaharta Bhd, Malaysia Airlines as well as Duta Skyline Bhd. These firms had sued Tajuddin for waste suffered by MAS amounting to billions of ringgit, as well as there is regard which with the cadence of pen, Prime Minister Najib Razaks administration department was bailing out depressed aristocrat Tajuddin.
Such orders should have come from the Minister of Finance as well as not Nazri as this concerns GLCs. The supervision pronounced it had the clever case opposite Tajudin involving billions of ringgit in filing the suit. It is the disturbing, Anwar, the former Finance minister, told reporters upon Thursday.
The UMNO elite
UMNO is the widespread celebration in the BN coalition, upon condition which all 6 of the countrys prime ministers since 1957. A celebration of over 3 million members, it operates upon the largely feudalistic style with energy tightly hold in the hands of the couple of chosen families, together with Najibs as well as former premier Mahathir Mohamads.
On the back of this ultimate shun route for Tajuddin is the secrecy-shrouded MAS-AirAsia deal, wherein inhabitant investment organisation Khazanah substituted its 20.5 per cent interest in MAS for 10 per cent in AirAsia.
Analysts have been churned in their responses, with the little insisting it benefited AriAsia as well as the little who say it was the bailout for MAS. Whichever it is, the understanding lacked clarity as well as shares in AirAsia plummeted, while MAS batch shot up more than eighteen per cent.
Given the outrageous complexity of the swap, it is not clear yet who unequivocally benefited but already many say they smell crime as well as crude benefits in the understanding praised as the really great thought by Mahathir, former Trade apportion Rafidah Aziz, as well as Najib himself. There is conjecture which the booty have already been carved out as well as agreed upon by these UMNO bigwigs.
It is additionally revelation which Munir Majid, the former MAS authority who instituted the fit opposite 
Tajudin, had resigned effective Jul 31, 2011. He was MAS chief since 2004. Meanwhile, Anwar has appealed to the authorities, together with the Securities Commission, to sieve through the transaction to ensure utmost transparency.
More importantly, the understanding raises the question as to what is the fate of the GLC Transformation Programmes which had been launched by the Prime Minister Najib Razak with most fanfare as well as wastage of millions of the rakyats money. And is the supervision specifically admitting which the supposed successful turnaround of MAS was the small charade? The Prime Minister contin! gency be hold under obligation for misleading the rakyat upon this, pronounced Anwar in the reply to the swap.
This understanding additionally raises fundamental issues of clarity since of the privacy in which it was shrouded. In this regard, the Securities Commission contingency investigate the pos! sibility of irregularities together with insider trade of the shares of both entities.
Peremba Boys
A news portal had reported progressing upon Thursday which Nazri had issued letters to the GLCs, informing them which the Finance Ministry had agreed to solve out-of-court all outstanding polite suits opposite Tajuddin.
This is to surprise we which the supervision of Malaysia as well as the Finance Ministry has agreed to solve all polite claims opposite Tajuddin Ramli (left) as well as others to be withdrawn immediately in view of the fact which the supervision as well as the Finance Ministry have agreed which the pronounced cases will be staid out of court. For your information the supervision has since me the charge to action for the supervision in this matter, Malaysian Insider had quoted Nazri as saying.
It is believed which both the BN supervision as well as the GLCs will negotiate for the tellurian settlement with all the parties involved in the Tajudin lawsuits. Some of the counts which had come up before Federal Court judge Md Raus Shariff upon Thursday have been paid in instalments to September 29 for case government tentative settlement.
Tajudin is one of the coterie of Malay tycoons since special privileges by Mahathir who pronounced he longed for to emanate the special speed of Malay entreprenuers to tighten the Chinese prevalence in corporate Malaysia. But shortly after it was implemented, the devise succumbed to massiv! e corrup tion, with many indicating the fingers at Mahathir as well as his finance apportion of which time Daim Zainuddin as benefiting the most from the program.
When asked about the MAS-AirAsia deal, Mahathir not only insisted it was the really great idea, but which AirAsia can sense about the experience of MAS as well as MAS can sense how to revoke costs as done by AirAsia.
No comments:
Post a Comment