No bailout! The Tenaga Nasional Board's board of directors met last week and, unexpectedly, shot down its CEO/President's proposals to clean up a TNB Coal mess, which included a multi-million dollar pay-off for one Pak Robert, sources said.
This blog had reported on Sept 21 ["Tenaga Okays Bailout"] that the board, at its meeting on Sept 19, agreed to a US$100-million bailout package that would include buying Pak Robert's 1 per cent interest in the venture for a phenomenal US$34 million.
[see earlier postings: "TNB's Indonesian Tsunami" July 31 and "RM350 million, man" Aug 4]
A special board meeting was then convened on Oct 2, during which the directors U-turned some of the decisions reportedly made at the September meeting. At the end of this latest meeting, the sources said CK was told to initiate discussions with the various parties involved in the coal fiasco, including Singapore-based Noble Energy Inc and Pak Robert.
The mandate is: "Cut Losses, Buy More Time". CK will then report to the board for a final decision to be made.