Most people are scratching their head trying to find reasons, logical one that is, what went wrong with our national carrier. How many rescue plans does she need?. A decade ago, more specifically, somewhere in 2002, the current Managing Director of MAS's major shareholder, albeit Khazanah Nasional Berhad, Tan Sri Azman Mokhtar headed the wide asset unbundling (WAU) restructuring exercise thru BinaFikir consultancy.It really helped MAS to clean up its book.
If that is not enough MAS had two rights issues since, raking in RM1.6 billion in 2007 and RM2.67 billion in 2010 to fund its operations and fleet purchases. Idris Jala, the former MD of MAS was doing a fine job steering it clear of troubled waters.MAS has undergone almost everything that a turnaround situation would warrant including restructuring, outsourcing, streamlining, financial reengineering etc....you named it....they've done it kinda thing, then why is it that it is still bleeding red ink?
Though the experts in the aviation could argue that all these were financial in nature to keep the airline in the black, but what was lacking is operational fixes, it still doesn't make sense.What makes perfect sense is thar the unnecessary leakages such as the well known secret of the outsourcing of thr catering wing whereby MAS indeed suffers significant waste. The former Prime Minister's brother Ibrahim Abdullah is a shareholder in SkyChef - a joint venture with Lufthansa - which has taken over the job of MAS Catering. This is a very lucrative deal for SkyChef but a bleeder for MAS.
Or is it due to the curse of Nor Mohamed Yakcop?....Remember him?...the former Second Finance Minister. There was a period when MAS was reporting direct to him, and he his known as the opposite of Midas, whereby anything and everything that he touched in the past went bust (well, almost all). He is infamous for putting Bank Negara into technical bankruptcy with his forex deals which caused RM17.0 billion in losses.He was also the Chairman of Abrar which not only went bust but was wound up. Not only companies, even people who ether brought him in or employed him also were literally busted or went bust. It is a long list which includes Anwar Ibrahim, Rashid Husain, Abul Hassan,......
Adios for now.....GOD have mercy and help us........a.h.baharom
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