Posted by goldminer > 2014-03-26 14:56 | Report Abuse

Terror: Still chatting on plane crash, politics etc, guess this is a flush-out plate for loss-making shareholders

Can I have some company insights view on MAS next 5-10 years business outlooks ? Which may already planned before the plane crash incident.. the crash news shall faded eventually oneday, whatever the endings

Posted by DreamHunter > 2014-03-26 14:58 | Report Abuse

ThambiPower, so you see what happens when desperate folks resort to the blame game ...

Posted by DreamHunter > 2014-03-26 15:00 | Report Abuse

Sometimes ot's about chance n luck too, apart from sheer intelligence ...

Posted by DreamHunter > 2014-03-26 15:04 | Report Abuse

The radar readings even initially indicated Turkmenistan and Kazakhstan as possible 'Northern Corridor' destinations, but eventually the flight path zone was narrowed down to the southern Indian Ocean. So, you see the vast range of possible geographical zones that we've had to deal with ...

Posted by SaturnY > 2014-03-26 15:06 | Report Abuse

why non of the countries like Kazak and Turk help?? Why eastern and US and Aust help....where Kaza....?

Posted by SaturnY > 2014-03-26 15:06 | Report Abuse

where is brotherhood?

Posted by SaturnY > 2014-03-26 15:07 | Report Abuse

Only help watch radar huh?

Posted by SaturnY > 2014-03-26 15:07 | Report Abuse

And we are armchair critic while brotherhood is arm chair radar man.....lol

Posted by SaturnY > 2014-03-26 15:11 | Report Abuse

if we condemn the west on human rights, they are doing thing which we are not.They are doing it for humanitarian. And China probably because of their citizens but Japan and Australia are doing it for right reason

Posted by DreamHunter > 2014-03-26 15:16 | Report Abuse

That's because they have the required resources, kid. Like when we help Indonesia during tsunami n volcanic eruptions n forest fires.

If we do get to the level of Japan or Australia, then we'll be doing the same thing for others. But you just love to see the bad in everything. Kid.

Posted by thomasleee > 2014-03-26 16:13 | Report Abuse

Can the authority please filter the maintenance crews on ground? Few planes suffering problems is no longer coincidences! I suspect someone in maintenance is not fit for the job! Malindo plane caught fire, generator gone bad etc. MH370 may be related to maintenance gone wrong!

Posted by SaturnY > 2014-03-26 16:18 | Report Abuse

Oh yes .....we seem to have excuses everywhere....even when ppl help, we don't give info like simple as cargo list....took use 8 days to share radar......And the Chinese are still asking for the pertinent info and we still have not shared.....so much for helping each other. No wander we found nuts from our team during SARS. Dreamhunter will tell you now Vietnams got a bigger search fleet than us......hahahaha

Posted by DreamHunter > 2014-03-26 16:49 | Report Abuse

Vietnam was an ex-socialist military-backed state, and it was at war with US for a protracted period. I wouldn't be surprised about that. They would hv a signficant naval or ex-naval fleet of sea craft.

Posted by DreamHunter > 2014-03-26 16:51 | Report Abuse

They also received substantial military aid from China and USSR as a client socialist state.

Posted by izoklse > 2014-03-26 17:01 | Report Abuse

Its gone viral already and people spreading the info about conspiracy theory involving America and china on the mission to hijack MH370 using a remote control technology.

Posted by DreamHunter > 2014-03-26 17:12 | Report Abuse

Conspiracy theorists can construct whatever conspiracy theory they want. But not everyone has to believe them. Other than conspiracy-theory junkies.

Posted by HJey > 2014-03-26 18:07 | Report Abuse

Watching the press conference of MH370, I can agree that Datuk Seri Hishamuddin is a capable person when he's doing the right thing. He is prime minister material, if only he dares to go against current regime

Posted by SaturnY > 2014-03-26 18:10 | Report Abuse

Peace...no need conspiracy...Malaysia is simply inept....tq

Posted by derricksyl > 2014-03-26 18:14 | Report Abuse

逾半家屬委美律師樓 訴馬航波音索上億美元.

美國空難訴訟專家瑞貝克律師事務所（Ribbeck Law Chartered）將代表超過一半的MH370客機遇難乘客家屬，入稟美國法院起訴馬航及飛機製造商波音公司，有信心每名乘客可索賠數百萬美元，若胜訴涉及賠償額將達數以億美元計。作為馬航最大股東的大馬政府，料也將受波及.

Posted by connot2323 > 2014-03-26 18:37 | Report Abuse

Unchallenged power has bred arrogance and inefficiency in government




READERS’ COMMENTS: They are the Malaysian elite, the ruling class in the country. It was so cosy to be part of the ruling elite. You may act with impunity and not be questioned.

You do not get asked difficult questions. The press is servile. -- Wan Norman

Darren Choong: "The Malaysian leadership is not used to being held to account on anything," Michael Barr, an Asian politics expert at Flinders University in Australia, told AFP.

"They are more used to controlling the press and silencing critics," he said.

The authoritarian Barisan Nasional government has been in power since independence from colonial rulers Britain in 1957.

Unchallenged power has also bred apathy, arrogant, egotistic, full of oneself, superior, proud, big-headed and inefficient PM, DPM, ministers and government servants.

Cornelius: I would like to propose to INTAN (Institut Tadbiran Awam Negara) to pick out every shortcoming (scrutinise every complaint from day 1) in the MH370 crisis pertaining to the media sessions. Given the fact that we did not do well (according to foreign/local media) in our presentations, let’s leave it to this organisation (which is very professional thus far), lead the government side to train/retrain/mould spokesperson/s to face the media.

I am sure they have the expertise. INTAN could perhaps invite CNN/BBC trainers as guest speakers.

Rajendran Velayuthan: "The only thing necessary for the triumph of evil is that good men do nothing."

Good to see so much independent views and feedback!

Tay Huat: NUJ should shoulder the responsibility for true journalism to regain its stature as reporters owe it to the people to report the truth.

Luke Kim Ling: The local media is always gagged or deprived of true info. They have been trying their best to reveal the truth. But they are working against a very powerful, corrupt regime!

Ghee Hin Ooi: If local media ask too many questions or even a few difficult questions, they will receive a "love letter" from the "honorable" Ministry of Home Affairs inviting the chief editor or owner for a cup of Starbuck Coffee. Hahaha.

Norliza Salleh: Our local media couldn't say anything much because they are afraid to be banned by the government. As we all know we don't have a free press in Malaysia. So, we shouldn't blame the media. All of us have to bow down to the government.

Laze Kvin: They will likely get promoted because of links they had.

These comments are based on the article “Don't pander to propagation of 'no questions asked' culture”

http://www.theantdaily.com/news/2014/03/26/unchallenged-power-has-bred-arrogance-and-inefficiency-government

Posted by connot2323 > 2014-03-26 18:53 | Report Abuse

Al Jazeera Points At U.S. Military Base On Diego Garcia As Possible Location Of Missing Flight 370

https://www.youtube.com/watch?v=k3T5i8y7WTM

Posted by Madam YaSer > 2014-03-26 18:56 | Report Abuse

alahai itu videao tu published 19 March, hari ini dah 26 March

Posted by connot2323 > 2014-03-26 18:56 | Report Abuse

LETTER from JD Loverenclear: The real culprit is this ‘Malaysia Boleh’ hype

The MH370 tragedy has spilled into the international sphere harsh realities about Malaysia. Unless and until there is a national will, involvement and interest in rectifying our national political agenda, Malaysia can only sink further in global confidence.

Full story: http://www.malaysiakini.com/letters/258245

Posted by connot2323 > 2014-03-26 19:01 | Report Abuse

Boeing and MAS could face RM4.95bil lawsuit in United States

http://www.malaysiaedition.net/boeing-and-mas-could-face-rm4-95bil-lawsuit-in-united-states/

...RUN AS FAST AS YOU CAN.

Posted by thundercats > 2014-03-26 19:04 | Report Abuse

Floyd Wisner, another US-based aviation crash attorney, said Malaysia Airlines' liability was "almost certain, no matter what the cause of the crash ultimately is determined to be".

"The fact that the wreckage has not yet been found does not have any real legal impact upon the families' claims against Malaysia Airlines," he told AFP.

Posted by connot2323 > 2014-03-26 19:43 | Report Abuse

BRICKBAT BONANZA FOR MALAYSIAN LEADERS.

No one denies that the disappearance of MH370 was unprecedented, as the Malaysian government and Malaysia Airlines have taken great pains to remind us. But instead of trying their best to rise to the occasion, they have shown their ineptitude and arrogance for the whole world to see.

We are especially appalled by this report of unprofessionalism by Joshua Kurlantzick, Senior Fellow for Southeast Asia at the Council on Foreign Relations: "At a recent briefing in Kuala Lumpur, a spokesman told reporters that the prime minister would be making a statement without taking any questions. When reporters pressed for more access, the reply came back: 'Go watch a movie.'" http://www.businessweek.com/articles/2014-03-18/malaysia-airlines-flight-370-as-mystery-deepens-can-malaysia-still-salvage-its-public-image

Seriously, how can those who speak on our behalf expect respect when they themselves are so disrespectful? This is what decades of impunity has wrought. Our "elected" leaders and the huge government machinery they have distorted to their advantage simply don't know how to deal with the world at large. They have no stick – no sedition act, peaceful assembly act, PPA – to wield over diplomats, the international media and distraught citizens of other countries.

The international criticism continues to mount. We are sharing a handful of links below but we really have no heart to post them individually because there is nothing they say that we don't already know.

• Crisis of credibility in Malaysian plane search http://atimes.com/atimes/Southeast_Asia/SEA-01-200314.html
• Malaysia's Bumbling Ruling Elite http://www.usatoday.com/story/opinion/2014/03/23/malaysia-airline-najib-government-corrupt-column/6797203/
• Malaysia’s political rivalries bedevil search for lost MH370 flight http://www.globaltimes.cn/content/850223.shtml#.UzEk_tz-88N
• Malaysia’s airliner response exposes a ruling malaise http://www.washingtonpost.com/opinions/malaysias-airliner-response-exposes-a-ruling-malaise/2014/03/24/af255ba6-b372-11e3-8cb6-284052554d74_story.html

Posted by connot2323 > 2014-03-26 19:51 | Report Abuse

Global Witness investigations have concluded that Arnold Schwarzenegger has financial ties to some of the world’s most destructive logging companies. Including Taib family owned Ta Ann. Global Witness said DFA had $4.15 million investment in Ta Ann as of November 2013.

http://www.theguardian.com/environment/2014/mar/25/arnold-schwarzenegger-destructive-logging-companies

Posted by connot2323 > 2014-03-26 19:53 | Report Abuse

MH370: Families want face to face meeting with the Prime Minister http://t.co/Qm4efrYKK7

Posted by connot2323 > 2014-03-26 19:55 | Report Abuse

"A more likely problem for Malaysia is that of perception. A country once known for its quietly strong economy is becoming better known as something else: a disorganized, unmeritocratic country completely unable to cope with a real emergency." - Washington Post's foreign affairs expert Adam Taylor.

http://www.washingtonpost.com/blogs/worldviews/wp/2014/03/20/most-people-dont-know-enough-about-malaysia-and-its-government-heres-what-you-should-understand/

Posted by Ruhaizat Talib > 2014-03-26 20:13 | Report Abuse

Base support RM0.20

Posted by connot2323 > 2014-03-26 20:16 | Report Abuse

Lessons from MH370: How can we never lose a plane again? - Alexander Trowbridge (CBS) http://goo.gl/1wnNp9

Posted by connot2323 > 2014-03-26 20:17 | Report Abuse

Posted by Ruhaizat Talib > Mar 26, 2014 08:13 PM | Report Abuse

Base support RM0.20


...mukin 18 sen

Posted by Ah Ho > 2014-03-26 20:18 | Report Abuse

.125

Posted by connot2323 > 2014-03-26 20:18 | Report Abuse

tak ada harapan lagi?

Posted by Edmundleekoklam > 2014-03-26 20:21 | Report Abuse

This counter is hopeless. Avoid avoid

Posted by lohweimin > 2014-03-26 20:23 |

Post removed.Why?

Posted by Ruhaizat Talib > 2014-03-26 20:26 | Report Abuse

Long term prospect might be bright for this counter, M&A with other Airline on the RADAR

Posted by connot2323 > 2014-03-26 20:29 | Report Abuse

STRAIGHT TALKING.

"The Malaysian government’s lack of leadership, slow response, questionable assets, flip-flopping statements, lack of empathy, authoritarian attitude and an obsession to blame the opposition for all its failings has become a source of bemusement and ridicule. These shortcomings have long been embedded in Malaysia’s system of governance due to the BN’s long dominance of Malaysian politics. These symptoms are merely reflective of a secretive, oppressive and incompetent regime." ~ Dr Faisal S Hazis

http://aliran.com/e-newsletters/2014/disease-kill-malaysia/

Posted by connot2323 > 2014-03-26 20:33 | Report Abuse

MAS FACES COMPENSATION CLAIMS OF AT LEAST USD40M. BUT CAN WE PUT A PRICE ON MALAYSIA'S TARNISHED REPUTATION?

The airline is liable under international treaty for as much as $175,000 per passenger, and possibly more.

A US law firm has already made the first move to file a multimillion dollar lawsuit against MAS on behalf of the passengers' families. http://www.reuters.com/article/2014/03/26/malaysia-airlines-lawsuit-idUSL1N0MM27420140326

That is only to be expected.

One thing's for sure, as the saga of MH370 moves to the courts, the international scrutiny of MAS as well as Malaysia will become even more intense.

Posted by OptimusX8 > 2014-03-26 20:37 |

Post removed.Why?

Posted by Ruhaizat Talib > 2014-03-26 20:38 | Report Abuse

Kajang election is the strong proff that Rakyat Tolak BN

Posted by connot2323 > 2014-03-26 20:41 | Report Abuse

Going by MCA’s logic, Utusan should scream ‘Apa lagi Melayu mahu?’, says Guan Eng

If Chinese votes went to Barisan Nasional (BN) in the just-concluded Kajang by-election, then Malay votes must have increased for PKR, said DAP secretary-general Lim Guan Eng.

Commenting on MCA's claim that its candidate, Datin Paduka Chew Mei Fun, gained more votes from the Chinese this time, Lim said by the same logic, Malay support for PKR "must have gone up tremendously".

"Can Umno agree with that?" he asked.

"If it does we may see Utusan Malaysia coming out with the headline 'Apa lagi Melayu mahu?' tomorrow," he said in ject, referring to the Umno-owned daily's headline, 'Apa lagi Cina mahu', in the aftermath of the 13th general election last year which saw a repeat of the Chinese voting for the opposition.

Yesterday, PKR president Datuk Seri Dr Wan Azizah Wan Ismail won the urban mixed seat of Kajang, defeating Chew with a majority of 5,379 votes, less than the 6,824 vote majority the party received last year.

MCA, which had been struggling to regain the confidence of the Chinese since the 2008 general election, said it was happy to have reduced PKR's majority and more importantly, boost its Chinese vote share from 18% in the May 2013 polls to 25% in the by-election.

But Lim questioned the claim, saying that Pakatan Rakyat (PR) received a stronger endorsement in Kajang.

He told BN not to only look at votes coming from a certain group, but to consider the whole picture, and take into account the lower turnout.

The turnout yesterday was at 72%, less than the 88% turnout recorded last year.

"Based on this, the majority secured by PR actually increased from 56% to 59%," Lim said.

Yesterday, DAP strategist Dr Ong Kian Ming attributed the lower turnout to some 2,400 outstation voters who did not return to vote.

The Serdang MP also estimated that the turnout among the 16,000 Chinese voters was less than 70%, as opposed to the general election last year that recorded over 85%. – March 24, 2014.

http://www.themalaysianinsider.com/malaysia/article/going-by-mcas-logic-utusan-should-scream-apa-lagi-melayu-mahu-says-guan-eng

Posted by Stevecheahsw > 2014-03-26 21:28 | Report Abuse

（吉隆坡26日訊）早已負債累累的馬航（MAS，3786，主要板貿易）遭受連番打擊，財務仍在失血之際面臨MH370空難事件，大股東國庫控股恐需再掏一筆資金“拯救”馬航。　該公司2013財年全年淨虧擴大至11.7億令吉。　針對此事，馬航主席丹斯里諾尤索夫受詢時表示，資金援助與否是股東（即國庫控股）的決定。　市場人士告訴《中國報》，早在馬航上月中公佈2013財年全年業績時，就已傳出需另一輪注資的傳聞，相信該公司當時已向國庫控股提出注資要求。　　“這一輪注資相信將用以更換B777型客機，畢竟這一型號客機已超過15年，屬于老客機。不過，國庫控股一直未有宣佈，相信經歷此次事件，短期內料將針對未來發展做出宣佈。”需耗巨資換新機　事件發生至今，馬航總執行長阿末佐哈利坦承將對公司帶來衝擊，不過尚未有單位針對馬航客機至今不見蹤影做出虧損統計。　“路透社”報導，截至12月底，該公司持有現金及短期投資接近12億美元（約40億令吉），金額比過去兩季營運資本平均總和來得少。　換言之，馬航或需在短期內獲得新資金或銀行貸款，支撐公司接下來的營運。　MIDF證券研究分析師回應提問時說，汰換老舊飛機刻不容緩，目前約11架B777型客機需更替。　“據我們估計，單是更換這一型號客機，約需耗資逾億令吉，一般在訂購新客機，馬航需先預付20%訂金，這筆錢或需由國庫控股墊付。”　儘管馬航是東南亞市值第4大航空公司，卻連續3年面臨營運現金流萎縮風險，連續6年無法應付資本開銷。員工是最大阻力不會輕易私有化馬航私有化已多次老調重彈，分析界認為，國庫控股現階段將維持馬航上市資格，不會輕易私有化。　第二財長拿督斯里阿末胡斯尼日前在下議院回應提問時指出，馬航無意裁員，且首相拿督斯里納吉曾在馬航于2011年8月換股方案后，保證馬航不裁員。　私有化馬航談何容易，MIDF證券研究指出，員工將是最大阻力，尤其政府曾多次承諾不裁員。　“假設國庫控股將馬航賣給本土企業家，公司架構勢必得經歷重組，包括員工在內也將經歷‘大地震’，若果真下狠手裁員，對國家經濟影響也不小。”　目前，馬航旗下聘請員工已逾2萬人。　政府聲聲不裁員，無疑讓馬航難以振翅飛翔，MIDF證券研究說，現階段縱使想縮減成本，空間也不大。　“馬航在管理成本方面，已相當謹慎，必要的追蹤系統等，卻是不能避免的開銷，在這方面，該公司可說是到了減無可減的地步。”　提莫蒂指出，這次事件將加速馬航“衰退”速度，不過該公司已連續數年如此，有必要重組，唯一方法就是大刀闊斧削減人力及航線。　根據“路透社”資料，馬航截至去年底，總負債達117億令吉，下一筆屆滿債券是在2022年中，總額達4億5520萬美元（約15億令吉）。暫擱轉盈計劃必須精明營運“路透社”報導亦指出，MH370客機一日找不到，馬航即需繼續承受名譽受損、金錢損失等，管理層轉虧為盈計劃也可能暫擱。　本地航空業面對供過于求局面，馬航若想飛出新天地，得擬定新策略避免多余開銷，精明營運才是正途。　MIDF證券研究透露，馬航做為全方位航空需懂得取捨之道，若總想著維持載客量與機票價，必將陷入兩難局面，擬定方前進方向，才不會落到兩頭不到岸。　“因為是全方位航空公司，成本肯定比主打廉價航空的亞洲航空（AIRASIA，5099，主要板貿易）來得高，就算有意降機票價，調幅相信也不大。”　該行指出，馬航在短程航線上難與亞航一爭高下，長程方面又得面對阿聯酋Etihad及卡塔爾（Qatar）航空競爭，此時若仍無法釐清方向，恐將加劇營運挑戰。　馬航目前營運策略是以較低機票價補機位，達到更高效率，不過分析界相信，隨著這次事件帶來的反效果，馬航需要國庫挹注新資金的可能性大大提高。　瑞士信貸亞洲航空業分析師提莫蒂受訪指出，即使假設效應為一次性且公眾發現事件與馬航無關，數個季度訂單下跌趨勢難免，馬航需要將價位壓得更低才能與其他業者競爭，屆時失血狀況將更嚴重。或可仿效日航先破產後重振江山危機或許是轉機？海外分析師指出，長期受政府國庫控股庇護的馬航，或可仿效日本航空，宣布破產后重振江山。　德國DVB銀行航空與陸路交通融資部門主管克拉伯斯奇以日航為例，從一間破產航空公司，到2012年成為亞洲獲利最多的航企。　日航是在2010年1月申請破產保護，經歷企業重整成功止虧為盈，並在2012年9月19日重新上市。　另有投資銀行指出，國庫控股需像新加坡政府投資臂膀淡馬錫控股，在金融危机期間支持海皇輪船（Neptune Orient Line）。　淡馬錫控股在2009年時，認購海皇輪船發行的附加股。　“路透社”報導，部分借款給馬航的銀行，大多看在政府支持的原因，繼續提供融資。　“我們無需將馬航放在觀察名單，大部分銀行已借款給馬航，相信現在起，政府將給予馬航更多支持。”過去12年獲184億金援馬航自1998年身負債務以來，也開啟了政府的金援路程，至今都未回本；單是過去12年已金援近184億令吉。　丹斯里達祖丁1998年掌舵馬航即蒙受虧損；他是在1994年以約18億令吉，收購馬航32%股權。　政府終在2001年，以18億令吉或每股8令吉，高價購回達祖丁所持的32%股權，當時馬航股價僅3.62令吉。　財經週刊《The Edge》去年8月底曾報導，政府是透過財政部旗下公司，為馬航約123億令吉貸款做擔保，包括大馬航空控股（PMB）擔保的70億令吉，及Turus Pesawat私人有限公司擔保的53億令吉。　上述這批由政府擔保的巨額貸款，是2002年開展的資產分拆計劃一部分。　此外，馬航也在2006年、2009年和2013年，發行附加股及優先股以籌措資金，大馬航空控股和國庫控股也參與認購。政府過去12年援助馬航粗略估算金額年份援助方式令吉2001年高價購回32%股權約18億2002年承擔負債與購買73架飛約70億購買8架飛機出租給馬航約38.7億2006年至2013年國庫控股認購附加股約57億估算總額約184億

Posted by andychucky28 > 2014-03-26 22:12 | Report Abuse

Remember, mahaitir wants to privatise MAS, but ahjib says no!

Posted by talkrealreal > 2014-03-26 22:35 | Report Abuse

88年洛克比空难，飞机上大部分是美国人。美国政府动用超过千名技术专家，从几百万块飞机碎片中找到蛛丝蚂迹，最后锁定了叙利亚恐怖分子。最终逼迫强势的卡扎菲政府交出恐怖分子，付出了高达27亿美金的赔偿金，每位空难人员的家属获赔偿金一千万美金。这才是真正的大国。[爱心]
如果机上是154个美国人，马来政府会在国际法庭上；如果是154个俄罗斯人在机上，马来政府会在坟墓里。可惜，机上是中国人。2013年中国赴马来西亚旅游人数已经突破了300万。按照每人总消费5000元计算，中国为马来西亚带来的直接旅游收益超过150亿人民币。我们希望今后看到这个数字为0。支持的请转发！

Posted by alenac > 2014-03-26 22:47 | Report Abuse

Looks like MAS will go under soon, Insurance compensation will not be enough. Victims can sue for more after receiving insurance claims. US lawyers are asking for US$8 mill per person. 223 persons will be huge and send MAS to insolvency swiftly.

Posted by andychucky28 > 2014-03-26 22:51 | Report Abuse

If MAS no money, who pays? The gov lah! If the gov pays, who's money you think..

Posted by alenac > 2014-03-26 22:57 | Report Abuse

Best to declare Mas bankrupt.

Posted by connot2323 > 2014-03-27 01:17 | Report Abuse

GE13 NOT FREE OR FAIR, SAYS PEOPLE'S TRIBUNAL.

“We have found ourselves compelled to reach a conclusion that there were multiple failings in the way GE13 was conducted and that virtually every tenet of free election was violated at some place and at some time. There were so many breaches of law, disregard of procedures that we have to conclude that elections were not free and fair.” ~ Yash Pal Ghai, Bersih's People's Tribunal head

Download the Bersih's People's Tribunal report on GE13 here » http://www.bersih.org/wp-content/uploads/2014/03/Peoples-Tribunal-on-GE13-Findings-Report.pdf

Posted by connot2323 > 2014-03-27 01:35 | Report Abuse

Minister: Bernas deal good for gov’t
Anisah Shukry
| March 26, 2014

Shareholders Nafas and Nekmat will receive an annual payment of RM2 million for every year Bernas remains de-listed.

Syed Mokhtar al-Bukhary Ismail Sabri YaakobKUALA LUMPUR: Syed Mokhtar al-Bukhary’s acquisition of Padiberas Nasional Berhad (Bernas) is a “good deal” as the original shareholders will receive RM2 million from the tycoon for every year the national rice firm remains de-listed.

Agriculture and Agro-Based Industry Minister Ismail Sabri Yaakob revealed today he had received a written pledge from Syed Mokhtar that his four firms would make the annual payment to National Farmers Association (Nafas) and the National Fisherman’s Association (Nekmat).

This was on top of the RM67 million Syed Mokhtar paid the two associations for its shares in Bernas, through his companies Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal Sdn Bhd, Acara Kreatif Sdn Bhd and Tradewinds Bhd.

“So we not only get RM67 million from selling the shares, but an additional RM2 million yearly. It’s a good deal for the government because the money can be used to invest in other ventures,” Ismail told a press conference at the Parliament lobby today.

He said the RM2 million was in lieu of the dividends Nekmat and Nafas would have received had they not sold their shares to Syed Mokhtar’s four firms.

The written pledge was legally binding, he said.

Ismail also clarified that while the four companies intended to re-list Bernas after five years, it was entirely up to the Security Commission (SC) to allow it to be listed again in Bursa Malaysia.

“They plan to re-list Bernas in the future, but they cannot guarantee as it is up to the SC. It is something out of their control,” he pointed out.

The four companies had on March 14 informed Bursa Malaysia that they had already obtained more than the 90% of Bernas’ shares, which is required to execute a compulsory acquisition.

They said they planned to de-list Bernas from Bursa and trading was suspended on March 21.

Opposition Leader Anwar Ibrahim had previously said the privatisation was done at the expense of fishermen and farmers, who used to control a 10% stake each in Bernas through Nafas and Nekmat.

But Ismail reiterated today that not only would Nafas and Nekmat be compensated handsomely for the buyout, but the interests of the paddy field workers would remain protected per the original agreement between Bernas and the government.

“Even though Bernas will be delisted, its obligation and responsibility towards paddy field workers remains unchanged because it is bound to concession agreement between Bernas and the government,” said Ismail.

“The Finance Ministry and Agriculture Ministry have also placed representatives in Bernas to safeguard the interests of the farmers,” he said.

http://www.freemalaysiatoday.com/category/nation/2014/03/26/minister-bernas-deal-good-for-govt/