AUG 9 — The dust has not settled on the MAS-AirAsia swap deal designed we are told to save the Malaysian icon which is on the brink of financial ruin.
It is perhaps an opportune moment to make some early observations about this deal.
1. What do Tajuddin Ramli and Tengku Azmil have in common?
Both of them presided over the financial collapse of Malaysia Airlines (MAS) and both are still being rewarded.
Tajuddin by the simple fact that despite the police concluding that he could be charged with wrongdoing, he is still walking around town, wealthy and living the good life.
Now I read in The Malaysian Insider that Tengku Azmil has been removed as managing director of MAS but will be rehired as a senior director with Khazanah Nasional, the sovereign wealth fund of the country.
This is why this country is such a mess: there is no accountability. You can cause the financial ruin of an icon but are rewarded with a sweet deal.
And by the way, since we are on the topic of accountability and responsibility, wasn’t Azman Mokhtar of Khazanah Nasional the brains behind the restructuring of MAS when he was at BinaFikir?
Wasn’t he adamant about taking on AirAsia? Didn’t he know that the business model of MAS was broken?
Isn’t he culpable for what has happened at MAS?
I find it interesting that his sidekick at BinaFikir, Rashdan Yusof, is now in charge of daily operations at MAS. I guess there is no downside in getting it really wrong in Malaysia.
2. I have to wonder what is the use of the Transport Ministry portfolio and the people at Khazanah Nasional and EPF and the Ministry of Finance and the Economic Planning Unit.
The demise of MAS did not happen overnight. The company has been in the ICU for more than 10 years but has been revived with some cost-cutting measures.
Now we are told that actually the company needs an operational overhaul. And it needed more than 10 years for someone to figure this out!
That MAS could not survive on its current business model. What happened to expensive consultants hired by Khazanah Nasional?
There was a time when we could trust the brainpower of the people in government. Now we just hope they can minimise the screw-ups.
* Ali Kadir reads The Malaysian Insider.
* This is the personal opinion of the writer or publication. The Malaysian Insider does not endorse the view unless specified.
