AFTER having exposed Xeraya Capital Sdn Bhd as the “next big scam” in sovereign wealth fund Khazanah Nasional Bhd, online whistle-blower FreeMalaysian (@FreeMsian) is now training his guns on home-grown Aerodyne Group which is touted as the world’s leading DT3 (Drone Tech, Data Tech and Digital Transformation) enterprise solutions provider.

Editor’s Note: Credit to FreeMalaysia for his Xeraya Capital exposé has prompted the Malaysian Anti-Corruption Commission (MACC) “to analysing the investment made by another firm allegedly owned by Khazanah”.

Interestingly, FreeMalaysian (@FreeMsian) was motivated to unearth the dirt in Aerodyne after its owner Datuk Kamarulazman Muhamed fumed that after the so-called FashionValet Sdn Bhd (FV) debacle “Malaysian start-ups should start thinking and planning to migrate and raise funds elsewhere”.

“The nerve and hypocrisy to say Malaysian start-ups should raise funds elsewhere after he himself has raised multi-millions from government agencies. Mainly from MavCap (Malaysia Venture Capital Management Bhd). Mounting losses in hundreds of millions,” exposed FreeMalaysian.

He further described Aerodyne as “a high-risk investment” given that the money the real owners seemed to have put in is only RM100k in ordinary shares”.

“Mostly Kamarul and his wife with few Indian nationals,” revealed FreeMalaysian. “The rest of the money of around RM300 mil seem to come from public companies including KWAP (Retirement Fund Inc).”

As he probed deeper, FreeMalaysian found out that the “same Khazanah-linked fellas seemed to have made initial investment into Aerodyne”.

But FreeMalaysian is least surprised with the massive public money channelled to Aerodyne which he described as “a legacy during KJ (Khairy Jamaluddin) and Najib (incarcerated former premier Datuk Seri Najib Razak) era”.

Hr further listed out some of the government agencies and government-linked companies (GLCs) which invested in highly risky preference shares at huge premium (around RM300 mil) in Aerodyne.

“My sympathies and condolences to the staff of Aerodyne,” lamented FreeMalaysian in the tail-end of his preliminary post on the drone outfit. “Hope the company survives and the owner goes to jail,”

In subsequent posts, FreeMalaysian shared the plight of Aerodyne employees as the company has been struggling to pay its staff on time.

On lighter veins, FreeMalaysian remarked that “Malaysia is broken!” after finding out that the Aerodyne head honcho (Kamarulazman)  is sitting on the board of Bank Negara Malaysia (BNM). – Nov 8, 2024

https://focusmalaysia.my/malaysian-drone-high-flyer-aerodyne-in-financial-mess-even-after-swallowing-rm300m-public-money/