CEO Zafrul quits! Tengku Zafrul has been had again. The first time was at Avenue, after the merger with ECM-Libra. Now he's been forced to quit Tune Money, my sources said. Both ECM and Tune Money involved the PM's friend Kalimullah Masheerul Hassan, Kali's friend Lim Kian Onn, and Tony Fernandes.
Zafrul sent in his resignation a week ago but is still sore, especially with the PM's friend and the PM's friend's friend. He told some friends that one of the friends was going around bad mouthing him and putting pressure on him to resign. I could have told Zafrul that that's how the guy operates.
Their quarrel, apparently, is over how to move on. Zafrul wanted to developTune Money, which has been making waves after just one year, as planned. Kali and Kian Onn, it was understood, wanted to get out. Tony is caught in between but he's stuck on Kali with regards to a couple of other big ventures.
The economic uncertainty is making the wizards nervous and uncertain about returns to their investment. More worryingly, Pak Lah will be stepping down in March, the latest, and the talk is that some people are in a hurry to get out ahead of the PM.
Kali and Kian Onn have 16.5 per cent share in Tune Money while Zafrul holds 10 per cent., CIMB 25 per cent stake and Tony much of the remaining.
Pic of happier tunes - Minister of Finance ll, Zafrul, Tony and Kalimullah.
p.s. Tengku Zafrul's CEO blog In Tune was last updated on Oct 16, 2008. Tony hasn't posted anything on The Entrepreneur about his CEO's resignation, either.