First here is The Star :
PETALING JAYA: To cut costs, Malaysia Airlines has offered its workforce up to two years of no-pay leave during which time they can seek employment elsewhere but not at rival companies. Those interested have up to June 30 to apply for the voluntary leave programme
Folks, someone please ask Amburger to organise a thosai sit in at Khazanah Nasional and MAS to exert some pressure on Azman Mokhtar and Danny whatever to take this two year "No Pay" leave option. This is a much better course of action for the country - instead of the Bersih morons making bloody fools of yourselves trying to cover Bapa Rasuah Malaysia's liwatting @$$.
The Khazanah dunggus have done it again. More billion Ringgit losses at MAS. Thats our money.
Now they say they need more money to keep MAS flying. And ..err..guess what? Where do you think they will be getting this money from? (Not much lah - about RM9.0 billion only)? From you and me folks. The taxpayer will be bailing them out again. Read on.
Even the nenek tua in the kampong probably has better business skills than these dunggus. And they claim they even studied at university.
Before we go any further here is a joke : "MAS deputy CEO Mohammed Rashdan Yusof and his team had been working out a financing plan.."
- another quarter of loss to the tune of RM171mil (March 31, 2012).
- the fifth consecutive quarter of loss
- net loss for the first quarter in 2012 was RM347mil.
- huge RM2.5bil net loss last year
- RM9bil fund raising to enable MAS to continue uninterrupted
- (MAS) surprised the market place with a massive RM9bil fund raising proposal .
- Government will set up a company that will pay for eight aircraft for RM5.3bil .
- RM9bil financing plan is crafted in three pillars
- the issuance of up to a RM2.5bil Islamic sukuk,
- Government setting up a (SPV) to raise RM5.3bil to pay for eight aircraft,
- and capex of RM1.2bil .. funded by a loan facility
- draw down the first tranche of the RM1bil sukuk in June to repay the RM1bil bridging loan it had taken from CIMB Bank.
- second pillar, the Minister of Finance Inc will set up a SPV .. issuing RM5.3bil long-term bonds (guaranteed by the Government)
- The six A380 were initially ordered by Penerbangan Malaysia Bhd but subsequently MAS took over the order. However, under this new financing plan, MAS will assign the rights to the SPV which will own the aircraft and MAS will pay for the leases over the period of the funding.
- MAS said that should its plans fall short, it would fall back on its parent company Khazanah Nasional Bhd to step in to provide financial support'' Rashdan told StarBiz.
Folks, listen to this : "..draw down the first tranche of the RM1bil sukuk in June to repay the RM1bil bridging loan it had taken from CIMB Bank.."
OK so Nazir Razak will get his money back first. Congrats bro. Banyak cantik. You are the clever one. What was your wife saying the other day about "justice" and stuff like that? By the way, just wondering, does CIMB have any kind of "advisory" role in this RM9.0 billion scheme as well?
Anyway, they are going back to the Gomen for an RM5.3 Billion loan. Thats our money as well. They will also issue sukuk (its a type of soup) for RM2.5 bilion. Guess who will subscribe for this sukuk? EPF?
The RM5.3 Billion loan will be guaranteed by the Government. "..second pillar, the Minister of Finance Inc will set up a SPV .. issuing RM5.3bil long-term bonds (guaranteed by the Government) ..."
You do not need to go to university to work out a financing plan where the Government throws in a Guarantee? Even the nenek tua in the kampong can think that up.
When you switch from Penerbangan Malaysia Bhd to MAS and then again to the new SPV, each of these 'switches' requires legal documentation, new cashflow and financial projections, new insurance advisory and a host of other expensive paper shuffling.
Why was MAS' very profitable Food & Beverage Business sold to Slumberjack's brother? Can MAS get it back? MAS lost a huge chunk of revenue when they sold that F&B business to Slumberjack's brother.
MAS is bleeding money through such unfair and foolishly done deals. All this needs to be stopped. No more half tickets, 10% tickets for retired Civil Servants etc, especially First Class tickets. There is money there as well.
MAS says their staff can take no pay leave for two years "during which time they can seek employment elsewhere but not at rival companies.." If so, how can Slumberjack still remain as the Advisor to MAS when Slumberjack's family are shareholders in Air Asia - who are still eyeing MAS' Maintenance Facility. That is another pothole that MAS can fall into, that will cost MAS even more revenue.
Folks : here is a final thought for you. If MAS keeps bleeding enough red ink, then guess who will reappear again as a White Knight and offer to "save" MAS - for the price of an "Imam Ghazali" pantun. Lu ingat dia orang bodoh ke?
36 comments:
Salam,
Dalam Malaysia ni dah takda ke orang lain yg boleh jadi CEO, DCEO, Pengarah Kanan MAS selain dari penyangak2 ni??? Sebuah kapal terbang CANADA terhempas di Jeddah beberapa tahun lalu menyebabkab 241 orang hangus. Sebabnya adalah kebakaran kerana tayar kapalterbang tak dipam mengikut SOP. Semasa berlepas, tayar terbakar akibat friction semasa berlepas. Hasil findout, Pengurus yang tak berkelayakan memaksa engineer mempercepatkan kapal terbang berlepas walaupun tahu tayar kapalterbang tak cukup angin. Guess what??? Pengurus MAS Maintenance tak berkelayakan kata YB WCK. So, adakah anda berfikir tentang perkara ini???
Ini semua `kong kali kong` punya business. It is this 1% golongan elit Melayu yang bersandar kepada PM Najib (sebelum ini dengan PM Dollah dan PM Mahathir ) dan pusing pusing kat situ juga.
Kita tak bolih nak buat apa. Hanya bolih bising bising saja sehinggalah kita tendang mereka keluar di PU13 barulah kepimpinan baru dari pembangkang bolih mula korek dan dakwa mereka. Itupun kalau pembangkang ni okey. Kalau tidak nanti kita akan terkena lagi dengan kumpulan elit pembangkang yang lebih perompak dari si BN penyamun itu.
Read John Grisham novels to learn how lawyers and big business wheel and deal and litigate to line up their pockets and pockets of those in power. I bet you, you'll soon have a dislike for lawyers.
Our PM should step in and clean all this nonsense.
What is most embarrassing here is that this whole cartoon carries a name of Malaysia Airlines System (Sistem Penerbangan Malaysia). It just shouts to the world that this is how we meant by our airlines system; poor management and making losses?
I think most people would not be bothered so much if it have a name such as 'Khazanah Airline System' or 'Level 4 Airline System' or 'Kami Penyamun Airline System'.
I don't really understand why we're still keeping this group of 'penyamun' to safeguard our national interest.
This cartoon have been around for too long and it's not a good influence at all towards BN votes.
Statement keras saya hari ni:
Azman Mokhtar and his gang and Nazir Razak: Tak cukup-cukup kaya lagi ke? Hangpa kumpul kekayaan untuk 10 keturunan hangpa ka camni?
maybe that B.A.B.I. (+LIM ANAK BERANAK) is a better choice then PM Najib afterall. citer banyak tak nak lah bro, at the end of the day who is running the show in MALAYSIA ni?
./eisaemillio
we taxpeayers have been F*&@ed over and over again with no end in sight and yet we like dunggus keep voting them back over and over again. Looks like we have F*&@ed ourselves over and over again and again.
Way to go Malaysian taxpayers keep it up.....
No wonder the Slumberjack, does not appoint Dr.M as advisor to MAS. In Dr.M's memoir, Pg.796;
"Just before the end of my tenure, I asked Tun Abdullah to appoint me as advisor to PETRONAS, Proton, Malaysia Airlines, the Langkawi Development Authority(LADA) and the Tioman Development Authority. Almost immediately upon retirement, I was appointed to PETRONAS, LADA and Tioman, but not to Proton and Malaysia Airlines. I had no right to demand anything, of course, but I thought it was a reasonable request considering my personal involvement in all these entities".
Tuan Syed,
Remember MV Agusta......
X men
MAS's woes started when Tun Dr M privatised it to Tajuddin Ramli. Prior to that, it seemed to be running well enough.
The story about TR has been told many times already. Basically, he bled the national carrier and still got himself bailed out by the taxpayers, thanks to his benefactors.
After that, the aviation industry had changed with Low Cost Carriers, higher fuel prices and a variety of ailments including paying for the union's demands.
MAS needs professional management and a turnaround should not be expected any time soon. It may be necessary to curtail domestic flight schedules to cut costs and whose idea was it to fly to Buenos Aires anyway ? Perhaps some people like to take a trip to Aargentina to ride horses but I hardly think there are Malaysian businessmen who bought into Argetinian professional football teams to warrant trips there.
In hindsight, it was an aggregate of bad practices.
BTW, don't get confused with Bersih whose objectives are free and fair elections and the troubles with Khazanah. Khazanah reports to the PM while the Election Commission reports to the Agung.
Bro, not white knight but bl**k knight maybe
Tuan,
Tired of hearing Khazanah antics. Look like everything remain the same
The head of Khazanah is PM. If he is not willing to change Khazanah, then mayb the PM need to be change. Otherwise its business as usual , and we the citizen foot all the bills
Last call
Is Slumberjack still the adviser of MAS?
Najib should sack Amok and Danny from Khazanah/MAS and send them to Somalia!
Bleed the nation t death
don't throw good money after a bad ones
Never mind lor...let ot be lor..your country is going bust...worse than africa lor...Malaysia Boleh..only you stupid people allow it lor..once the 13 election is over..this people will cabut..and laughing to their Carmen Islan Bank lor
Masih nak undi BN/UMNO lagi?
Salam Tuan Syed,
Bring back that Idris Jala guy.Kalau vote PR lagi parah depa bleed the national carrier.State corporations yang ada kat Selangor tu semua dah nyawa2 ikan. Airline business is a delicate industry, carriers in US & Europe banyak dah melingkup. Tambah dgn kepala hotak yg nak meranap, mmg ranapla jadiknya. Kesian pada MAS people, dah berapa tahun takdak bonus, kerani kerajaan pun dapat setengah bulan bonus.
Changes is difficult in Malaysia.
Everyone is out to make a buck.
Corruption is the way of life and there is no will power to change the way we live and how we live.
The day will come when we become another Zimbabwe or Greece and people will be talking how great the previous government. Unfortunately they have no clue because they were the ones who stole and bankrupt us while using race and NEP as an excuse.
Singapore made everyone equal. If you are lazy, you will pay a price. In Malaysia, we encourage laziness. We spoon feed you. Just look at the two economies and you will realize which government is better!
Tuan Syed,
A joke which is going around says, in Malaysia only two things bleed red without fail. A menstruating woman and Malaysia Airline.
Malaysia Airline is a sad story. Sebelum Merdeka it was Malaysia Singapore Airline. After the seperation, Singapore Airline helmed by a Malaysian Chinese went on not only to be one of the worlds best airline but also one of the most profitable airline.
Tapi Malaysia Airline despite providing good cabin service was mismanaged from day one by incompetent government appointees appointed to comply with NEP and then privatising it and handing over to an incompetent Tajuddin Ramli. When MAS made money it was from sale of buildings and other assets or even from receipt of payment from Boeing for late delivery of airplane. Next came the "con"sultants with there scheming scams like the two crooks and later for a brief moment an Indian snake oil salesman who thought of milking whatever left of MAS dry. Now comes the "saviour" Najib's family linked connection to sink MAS into oblivion.
Tuan Syed,
A Singaporean friend told me if you want to grow big and successful appoint a Singaporean. If want to downsize appoint a Malaysian. Hope you know apa yang sebenar di sindir dia.
Actually, the government can do us all good. Just wind up and send to grave the present Malaysia Airline. Then biar YTL ke Sunway ke maybe Tuan Syed (since you run a successful business) to start and run a new national airline. Tak perlu bagi asset raider Syed Mokhtar.
Lastly, even the feng shui for Malaysia Airline not good. The words Malaysia written in a miserable looking blue colour and a wau logo where the wau does not fly but moving mendatar (horizontal).
unless MAS iz manage by professionals and NOT political nominees, free from the shackels of UMNO, and independent from any government interferences it will NEVER be a succesful enterprise.period.
Great work Sir.
MAS: Turning around or spinning?
http://mastroubleshooters.blogspot.com/2012/05/mas-turning-around-or-spinning.html
Great work Sir
MAS: Turning around or spinning?
http://mastroubleshooters.blogspot.com/2012/05/mas-turning-around-or-spinning.html
Syabas, satu lagi pencapaian BN. GLC under kerajaan BN bukan ?
Easy money come from bad company like Mas......malaysians knows Mas didn't making money always lost...this is what that malaysia GOV want so it is easy for them to fund more money to Mas and take it back for them to use as "mak bapak diaorng punyer duit".....what to worry about "LHDN and EPF "has done a good job so for all the taxpayers congrats......
2 years no pay leave is a better word for you are suspended for 2 years.
Can't work for rival companies? What exactly are these people going to do?
Sell nasi lemak?
Still enjoy air travel benefits? You got no job and want to travel?
Where the heck did all these people learn their common sense?
You should not trust anything and everything that has the smell of Azman Mokhtar and his boys.
This beruk (I mean literally if you look at his photo) has been dumping to waste the government's money in many of their ventures.
Khazanah is really good at taking government's money, in other words, passing business risks of their fanciful ventures to the taxpayers.
PM Najib, hear us out, we are sick of this Azman Mokhtar. If you do not remove this monkey from Khazanah, YOU will be REMOVED in the coming election.
This 2 - year no - pay leave. Is it for real inspite of the present 3.4% unemployment climate ?
I can't take a week's leave without my manager going all sour face and my colleagues' throwing dagger-like glances at me.
Will there be a job waiting? In 2 years, they would have forgotten you were ever there.
Ya, Malaysia boleh...
Tuan syed, to divert a bit... What is your opinion about the FTA signed with Negara kangaroo...
Now they can own 100 percent in telecom & higher edu. companies & 70 percent in Insurance & investment banking. But we were only allowed to participate in private hospital, traditional & complementary medicine...what a good deal...
In dire straits
If the goverment wants a malay to lead MAS fine, appoint a malay. Majority race in Malaysia are malays, but appoint a competent malay, the best malay for the job. Takkan tak ada pulak? Apasal dah lama kena suap dah tak ada melayu yang boleh berdikari dan buat kerja? Bila yang teratas tu terbaik semua yang untung, termasuk semua
Rakyat Malaysia. Bila melayu terbaik dipilih, baru melayu boleh bangga dan kaum lain boleh hormat.
The majority of MAS employees are malays, and there are being screwed the most. Inilah 3M Melayu Makan Melayu.
Mana Ada Sistem ? Waste of brain cells thinking about this debacle. Just because we need a jaguh kampung, we can't face the reality that MAS has been mismanaged for the past 30 years - and almost always by the Melayu.
@nf
A Singaporean friend told me if you want to grow big and successful appoint a Singaporean. If want to downsize appoint a Malaysian.
Correction:
If You wanna grow big, appoint a Malaysian...who will become a Singaporean.
others no change.
I have to agree with the prognosis above that there is absolutely nothing special about the unveilling of the Financing Scheme. There's nothing exciting or new that can leave me in awe of the Finance team in MAS. Any bloody Dick and Harry.. even my grandmother in the grave can come up with "Guarantee by Government" and in the case of failuer let's go back to Khazanah for further funding. What the hell is that!! It still government funding. Nothing new.
I have high regards on AJ base on his previous track records and I believe he can deliver subject to no interference politically. I don't see the point of Danny being there as there's to much vibe and press spin (good or bad)on the things they tried to pull with Air Asia.
I also don't see the point of bringing in more consultant or what not as all this only involve paper shuffling and pilling on more cost to MAS. After all consultant is only the "Sultan of Con". I beleive that MAS already has good people in house that have the expertise/experience to know how to contribute, what to do and how to steer the company to better footing.
AJ has to be given the mandate to look closely on the overhead fat that has been eating into MAS bottom line. You can only skin and cut to a certain extend on the labour and internal cost.. What about others especially contracts between MAS and 3rd parties. Is it being done on arms length and pegged to market. Can it be unwind. What is MAS recourse on this. I don't think all the 3rd parties contract and service agreement has been addressed even during the Previous Mngmt time. I read someweher that even the maintenance cost that MAS charge to others are below market. If this is true. Why?? All need to be done commercially and must make commercial sense. No sentiment, no emotion and ultimatley no political interest.
I don't think any Malaysian want to see MAS failed but if it fail so be it. What it shouldn't do is dragging others with it, I mean money that is pump into it will get burn along the way is huge and can be better used elsewhere.
I like what Mr. Lee Kuan Yew has to say about SIA those days when SIA has some problem on their own. If I may quote "I don't care if SIA fail as long as Changi succeed".
Ultimately, you have to wonder how other Airline can work and MAS can't.
MAS is trying to hold staff costs down by offering the Voluntary Leave Programme. The VLP is managed by the Human Capital guys. Guess what? When all VPs reaching retirement age are expected to RETIRE (ie leave), and this has been applied across the board, guess where and who HC is extending BEYOND retirement age? The VP in HC overseeing "Talent Management". That, my dear Tn Syed, pretty much sums up the ROT in MAS, and it has been going on for DECADES.
MAS offers Voluntary Leave Programme to cut staff costs. Staff who reach retirement age must retire. All well and good. But, the VLP, like all staff-related issues, are handled by Human Capital. Guess what? When even critically skilled engineers services are not extended for a single day, HC, as expected, EXTENDED the services of its VP for "human potential development"! Probably under the aptly named ROT (retention of telent, ehem)programme managed by, you guess right, the VP of "HPD"! That, Tn Syed, explains in a nutshell the root of the rot that has been in MAS for decades.
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