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Saturday, January 17, 2015

CONSPIRACY AT MAS: Jentayu 'supporter' lodges report against Khazanah over MAS losses

CONSPIRACY AT MAS: Jentayu 'supporter' lodges report against Khazanah over MAS losses
KUALA LUMPUR - An activist claiming to be supportive of Jentayu Danaraksa Sdn Bhd, the company seeking to provide airline leasing services which it has pitched as a key effort towards the revival of ailing national carrier Malaysia Airlines (MAS), today filed a police report against MAS main shareholder Khazanah Nasional Bhd.
Mohd Khairil Anuar Othman, after lodging the report at the Dang Wangi police station, claimed there is a financial conspiracy at MAS involving the purchases and leases of planes over the last decade at the national carrier.
“From 2011 to 2013, under the management of chief executive officer Datuk Ahmad Jauhari Yahya, the cost of loans rose sharply to almost RM12 billion and plane leasing costs reached RM1.3 billion.
“As a result, MAS has had to bear annual costs of more than RM400 million. This is the actual reason why MAS had suffered continued losses and not due to stiff competition as outlined by MAS and Khazanah.
“Further, MAS had to bear high depreciation costs for its planes, estimated at RM860 million.
This too had wiped out any profit at MAS and contributing to the losses,” he had said in a statement released by Jentayu.
Mohd Khairil questioned why MAS had to take on the plane depreciation costs, which it said could amount to RM10 billion in the current year ended Dec 31, 2014.
Mohd Khairil Anuar Othman with a copy of the police report filed today at the Dang Wangi station. - TRP pic by Sim Wie Boon
Mohd Khairil Anuar Othman with a copy of the police report filed today at the Dang Wangi station. – TRP pic by Sim Wie Boon
“Is this cost accurate? Doesn’t MAS lease the planes from another Khazanah unit, Penerbangan Malaysia Bhd (PMB), which was set up to specifically lease planes to MAS?”
Stating that PMB should have taken on the depreciation cost, and not MAS, he also asked why MAS had bought six A380 planes – postulating that demand for such aircraft is very low in the industry and claimed the jumbos themselves aren’t being optimised on current routes.
Given that an estimated RM17 billion had been pumped into MAS over the years , and yet the airline still needs rescuing, Mohd Khairil said the police report was lodged to ensure Khazanah and MAS are probed for possible misuse of these public funds.

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