After inking the secret MAS - AirAsia share swap agreement, they were all smiling at the rakyat! They look like a happy family. Don't they? From left: Datuk Kamarudin Meranun, Tan Sri Azman Mokhtar, Tan Sri Md Nor Md Yusof, Tan Sri Tony Fernandes
Tan Sri Nor Yakop, Tan Sri Azman, Rashdan & Tan Sri Md Nor: Spare YAB PM, Please!
By Yang Berhormat Wee Chee Keong, Ahli Parlimen Bukit Bintang
The sudden announcement of the secret MAS – Air Asia share swap was a repeat of the sale of the 70% of MAS Catering Sdn Bhd (MCSB) some eight years ago in 2003, aka “Golden Era” for the lucky few!. The said sale of MCSB was sealed during the time of DATO’ MD NOR bin MD YUSOF (as he then was), the then the Managing Director of MAS. He was also instrumental in the commissioning of BinaFikir Sdn Bhd to restructure MAS under the pretext of transforming MAS into an “asset light airline” under the project name ”Widespread Assets Un-Bundling” aka “WAU”. WAU! MAS definitely got lighter and lighter after being WAUed by the Bina dulu, tak Fikir langsung!
Presumably, at that material time Tan Sri Md NorMd Yusof wanted to see MAS as an“asset light airline” so that MAS could fly higher and higher and hogher. Perhaps higher than SIA and other airlines! Was it a wishful thinking or for something else?
In 1972 MAS set up MCSB as its catering arm to provide airline catering and catering related services not only to service MAS but other airlines (the number maybe more than 30 now) in KLIA and Penang airport. MCSB was very profitable. MCSB must have contributed a lot towards the growth of MAS financially. Your truly believes that the well respected Tan Sri Aziz, the former MD of MAS and who had done the most for MAS in term of growth and acquisition of landed assets for MAS, can vouch for this. Tan Sri Aziz, a fellow lawyer and Kelantanese, your truly is proud of you. Thank you for speaking up for MAS and its 20,000 employees. Your truly is absolutely certain the Tan Sri Aziz must be bleeding in his heart to see the way in which MCSB has been CANNIBALISED like what AirAsia X Sdn Bhd, when it was known as Fly Asian Express Sdn Bhd aka FAX, did to an aircraft for spare parts during the Rural Air Service (RAS) days. Sorry for digressing a little as your truly had to bring back a bit of history here and there for us to remember otherwise we, being humans, are condemned to repeat it.
MCSB was supplying 40,000 meals daily. If we were to assume for a moment that the profit margin for each meal was RM3-00 per meal, MCSB would have made a profit of RM120,000 daily on just the supply of meals alone. A monthly profit of RM3.6 million a month using 30 days as an average for easy calculation. RM43.2 million profit a year. I believe the profit margin was more than RM3.00 otherwise no body will give MCSB a second thought! Such guaranteed income will no doubt be of great financial help to our national carrier, MAS.
How about the sales of beverages (orange juice, soft drinks, mineral water, wine, liquor and etc) and other catering related services like the supply of cakes, biscuits, sweet, nuts, sugar, coffee, tea, salt, milk, napkins, blankets, tissue papers, perfume, toiletries and etc. The list is in-exhaustive. Mind you, your truly have been told that the prices are not below market price even though with bulk purchased by MAS !
Now lets compare the ways in which the 2003 sale of 70% of MCSB with the current secret share swap when it was announced to the nation on 8-8-2011. If a Chinese was involved in the secret deal then 8-8-2011 was a double LUCKY day. ( 8 -“FATT!” 8 - ”FATT!” In Cantonese dialect means prosper). Since none of the key players are Chinese I will leave it here. Now let us examined what Tan Sri Md Nor Md Yusof told the press then.
On 26-9-2003 Datuk Md Nor bin Md Yusof was quoted to have made the following announcements about the said MCSB deal:
“Commenting on the deal, Dato’ Md Nor Yusof said, “Today’s announcement is another step in the turnaround programme started in 2002. The national carrier will continue to retain its strategic presence in MCSB, both as a shareholder and an anchor customer, whilst pursuing its quality strategy by outsourcing supporting services to accredited industry experts.”
He added, “There will be something for everyone. The passenger experience will be enhanced and the stakeholders can look forward to better returns with employees having access to international career opportunities with the company that will now be part of a global network of almost 200 catering locations.
Just to remind readers, on 8-8-2011 after the top secret MAS-AirAsia share swap was inked, Tan Sri Md Nor bin Md Yusof was immediately appointed as the chairman of MAS and he was smiling as though the said secret share swap was his greatest achievement in his life. How coincidental that eight years later after teh “successful WAU” Tan Sri Md Nor bin Md Yusof was again brought in to SAVE MAS! Who actually brought him into MAS this time? Perhaps YB Tan Sri Nor Mohamad Yacob, Tan Sri Azman Mokhtar and one of his good friends, Tan Sri Tony Fernandes, can help us with the answer.For full report of the said announcement on 26-9-2003 by Tan Sri Md Nor Md Yusof. In the said press report, he did not disclose the name of the company that bought the 70% of the equity of MCSB or other important details of the said sale! The modus operandi in the announcement of the said secret share swap was very similar if not the same as that of Tan Sri MD Nor MD Yusof of 26-9-2003. Not much details were disclosed by all parties except for the share swap ratio of 20.5 % of MAS to be put on the silver platter for Tune Air Sdn Bhd (Tan Sri Tony and Datuk Kamarudin Meranun) and 10% of AirAsia Bhd to Khazanah and the BOMBASTIC WORDS “COLLABORATIVE FRAMEWORK AND SYNERGY” between MAS/AirAsia. Not much details were disclosed with regards to this so-called collaborative framework and synergy.
After the said secret share swap was sealed, we can only see:
i. the new MAS Board Members namely, Tan Sri Tony Fernandes, Datuk Kamarudin, Tan Sri Md Nor, Datuk Azman Yahya and, not forgetting the whizz kid En Mohammed Rashdan Yusofwere busy rushing into MAS set up as if there is no tomorrow;
ii. the cancellation of several Firefly’s full load flights during the Hari Raya season recently causing massive inconveniences to the rakyat;
iii. termination of profitable routes from JB to Kuching and KK as from 15 September 2011(today) causing inconveniences to the rakyat in Jore Baru and the surrounding areas and further, without considering the welfare of members of staff of Firefly; .
iv. desire to change the name of Firefly to Sapphire for no good reason except to satisfy certain people’s “NABSU” and hidden plans;
v. and the whiz kid and corporate guru Rashdan flew to London in a haste to attend the signing ceremony of the sponsorship for the QPR home jersey costing MAS RM18 million for 2 years but Genting UK paid RM17 million for 2 years for the main jersey of Aston Villa, a much reputable club, as reported in the Star of today.
The above were the only actions performed so far to SAVE MAS by the whizz kid Rashdan led MAS management together with the new directors namely, Datuk Azman Yahya (also a director of SCOMI, Symphony House, Pharmaniaga, Bolton and etc), Tan Sri Tony Fernanades, Datuk Kamarudin Meranun (both from AirAsia Bhd), Tan Sri Wan Azmi Wan Hamzah (of E & O share problems fame), Datuk Krishnan Tan (former IJM Chief Executive), Datuk Rohana Rozhan (Astro Chief Executive) and David Lau (from Shell Malaysia). To many, the above actions were done not to save MAS at all but to achieve other objectives! It was also a case of “Bina tak Fikir rakyat”!.
Going by Tan Sri Md Nor Md Yusof’s track records in MAS, can he really save MAS under the said secret share swap? Don’t make your judgment yet. You can make your judgment after the end of this posting.
From the above announcement of Tan Sri Md Nor Md Yusof, the newly crowned Chairman of MAS, it was clear that the sale of the 70% of MCSB was part of WAU by BinaFikir Sdn Bhd. Therefore, at the material time Tan Sri Md Nor Md Yusof, Tan Sri Azman Mokhtar and En Mohammed Rashdan Yusof knew or ought to have known the full details of the said sale of MCSB by MAS.
At that material time, when Tan Sri Md Nor bin Md Yusof made his famous announcement above as reported by Bernama in 2003, it would appear that he did not tell Malaysians of the whole story of how could the sale of the said 70% equity in MCSB, a very profitable business arm of MAS, help MAS to turnaround. More importantly, Tan Sri Md Nor Md Yusof, as the then Managing Director of MAS, has knowingly failed to disclose to Malaysians these glaring facts:
“that before his above announcement, simultaneously with the said sale of MCSB, he, as the MD of MAS, had in fact executed an exclusive agreement with MCSB, where MCSB was granted the exclusive right to supply in-fligth catering and cabin handling services to MAS at both the KLIA and Penang airport for a period of 25 YEARS until 2028!. That the 70% of MCSB was sold to GUBAHAN SAUJANA SDN BHD (GUBAHAN), a company related to and/or controlled by one Datuk Ibrahim bin Hj Ahmad… (this is the name on the official record – which is incomplete)”
Your truly has been told that this particular exclusive agreement was one sided and there was a non negotiable and guarantee clauses in it. Subsequently, on 16-4-2003 (6 months after the said sale of MCSB) MCSB’s name was changed to LSG SKYCHEF’s-Rahim Sdn Bhd (LSG). The established name of MAS Catering Sdn Bhd for 30 years was thrown into the drain. Now we can see how people like Tan Sri Md Nor Md Yusof had done in order to help, save and protect MAS. Malaysians must say “Thank You” to Tan Sri Md Nor Md Yusoff for a job well done!
Just for a bit of background information. The profits from this particular one sided agreement are huge otherwise Tamadam Bonded Warehouse Bhd would not have acquired 51% stake in Brahim’s – LSG Sky Chefs Holdings Sdn Bhd with a consideration of RM130 million satisfied by the issuance of Tamadam shares. In Tamadam company’s literature, over 90% of its annual profits are from LSG Sky Chef’s – Rahim Sdn Bhd. You must be wondering why Brahim-LSG Sky Chefs Holdings Sdn Bhd suddenly came into the picture from no where. Well, another changed of name of company. This time GUBAHAN was changed to Brahim’s – LSG Sky Chefs Holdings Sdn Bhd. Confusing isn’t it? It will be even more confusing if we were to examine the transactions involving Dewina Holdings Sdn Bhd, Dewina Host Sdn Bhd, Fahim Capital Sdn Bhd,Semantan Capital Sdn Bhd, wherein one Datuk Ibrahim bin Hj Ahamad … appeared. Your truly will address the corporate structures of these companies another day.
Is Datuk Ibrahim Hj Ahmad the full name of the person as recorded in Tamdam’s website, and Kawan Food Bhd’s website ? Your truly believes that it has another name after “Ahmad”. It should have been recorded as Datuk Ibrahim bin Hj Ahmad BADAWI!
Was the omission of the word “BADAWI” intentional? Who is this man with this name? Your truly wouldn’t know. Perhaps we should pose this question to Tan Sri Md Nor Md Yusof, the one time MD of MAS and the newly crowned Chairman of MAS, Tan Sri Azman Mokhtar, Rashdan, Tan Sri Nor Mohamad Yakop and Datuk Azman Yahya.
The not so famous but powerful Datuk Ibrahim bin Hj Ahmad ... from 2003 - 2009
On 23-12-2003 Gubahan Saujana Sdn Bhd was changed to Brahim’s - LSG Sky Chefs Holdings Sdn Bhd.
On 16-4-2004 MAS Catering Sdn Bhd was also changed to LSG Sky Chefs-Brahim’s Sdn Bhd.
On 28-6-2007 Tamadan Bonded Warehouse Bhd (Tamadam) officially announced that it has signed a conditional Sale and Purchase agreement with Brahim’s International Franchises Sdn Bhd (BIF) to acquire a 51% equity interest in Brahim’s LSG Sky Chefs Holdings Sdn Bhd (BLH) at an indicative purchase consideration of RM130 million, to be satisfied by the issuance of new Tamadan shares. Upon completion of the acquisition o f BLH, the vendor, namely BIF, is expected to hold approximately 73% of Tamadam. The shareholders of BIF are Datuk Ibrahim bin Hj Ahmad and Tan Sri Dato’ Mohd Ibrahim bin Mohd Zain. These informations were taken from the original link but had been replaced within the last few days. From this link you will see the name Datuk Hj Ibrahim bin Hj Ahmad… of course without Badawi.
0n 15-5-2008 Datuk Ibrahim bin Hj Ahmad (without “Badawi”) was appointed the chairman of Tamadam. A few days ago there was several handsome of Datuk Ibrahim bin Hj Ahmad but now it has been taken off. Your truly believes that all the information can be found in Tamadam Annual Reports filed with Bursa KL and Security Commission.
The latest structure of Tamadam after the completion of the acquisition exercise of the 51% in Brahim’s LSG Sky Chefs Holdings Sdn Bhd, which in turn owned LSG Sky Chefs- Rahim Sdn Bhd formerly known as MAS Catering Sdn Bhd.
The corporate structure of Tamadam after the acquisition of the 51%.
My sincere advice to YB Tan Sri Nor Mohamad Yakop, the present Minister o EPU and former Minister of Finance II during Badawi’s administration, Tan Sri Md Nor Md Yusof, En Mohammed Rashdan and Tan Sri Azman Mokhtar to abandon the scandalous secret share swap and spare YAB Datuk Seri Najib Tun Abdul Razak, the PM, from having to deal with such nonsense in Parliament in October when YAB has the big responsibility to fix the na tion economy and administer the nation without distractions of the thoughtless acts.
Please take notice that if YB Tan Sri Nor Mohamad Yakop and company are mindful in pressing ahead with the scandalous secret share swap, your truly will be compelled to invoke all machanisms available in Parliament to scrutinise this scandalous secret share swap with the main objective of stopping it. Your truly hope and trust that it will not be necessary. Thank you.
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