Fireworks expected at MAS AGM
Fireworks are expected at the Malaysia Airlines System (MAS) annual general meeting tomorrow when shareholders raise thorny questions over controversies surrounding the company.
Fireworks are expected at the Malaysia Airlines System (MAS) annual general meeting tomorrow when shareholders raise thorny questions over controversies surrounding the company.
It is learnt that some shareholders or their proxies will quiz the company's senior management over its suit against its former chairperson Tajudin Ramli and the failed share-swap deal with AirAsia.
Making things even more interesting, it is understood that one shareholder will be represented by Wangsa Maju parliamentarian Wee Choo Keong
(right)
, who has been vocal about some issues involving MAS.
Wee had written extensively on the issue in his blog today.
Attempts to contact Wee this evening after the Dewan Rakyat sitting had adjourned were futile.
After eight months of internal wranglings, the share-swap deal between MAS and its chief competitor AirAsia, was scrapped last month.
The deal was aimed at helping MAS, which is struggling financially. The company posted its biggest ever net lost in March - RM2.52 billion - for the financial year ending Dec 31, 2011.
Why did Rashdan quit?
Another shareholder, who declined to be named, said shareholders are also expected to demand answers over the recent resignation of Mohammed Rashdan Yusuf as MAS deputy group chief executive officer.
Rashdan quit after soon after MAS raised RM2.5 billion through sukuk bonds that are guaranteed by the federal government.
The unionists were among the biggests obstacles to the move, fearing that should AirAsia's cost-cutting measures be implemented, jobs would be on the line.
As for Tajudin
(left)
, three suits were filed by MAS and its subsidiaries against him for breach of fiduciary duties and breach of trust when he led the airline between 1994 to 2001.
Following this, Tajudin filed his defence and later a counter-claim against MAS. These cases are still pending.
A celebrated bumiputra corporate poster boy of the Mahathir-era, Tajudin is best remembered for his failures as MAS boss which led to a government bailout.
Tajudin had earlier this year recorded a settlement with several government linked companies in February. The terms include a RM589 million debt owed by Tajudin being written off.
The AGM will be held at the MAS Academy tomorrow morning.

