Gaji Buta & Durian Runtuh. Malaysia Airlines bled more than half a billion ringgit in just 3 months, its latest quarterly results show, here. The carrier claims slightly more than 50 per cent of the losses was because it hedged its fuel needs wrongly. Well, to err is human ....
But what about the balance of the losses? Where did they come from? Are there people in MAS taking home GAJI BUTA? Compare these two stories: Chew Choong Seng, the CEO of SIA, is taking a pay cut, here, while Tengku Azmil Zahruddin bin Raja Abdul Aziz is given an option of buying 11.88 million shares in MAS!
Our national carrier has too many retirees on the board headed by Munir Majid. Take a look at Munir's deputy chairman N. Sadasivan, who also happens to be a former chairman of the now infamous Kenmark Holdings. Look at the list of companies he is in, here, and you'll wonder where he'd get the time to focus on MAS or any of them, for that matter.
Gaji buta for some, durian runtuh for others. Abdullah Ahmad Badawi, the MAS advisor, should start cracking on the lop-sided monopoly contracts which are against MAS' greater interest. He can start with the LSG Sky Chefs-Brahim's Sdn Bhd catering contract with the national carrier. In three months, the Sdn Bhd did slightly more than RM50 million worth of business with MAS.
Oh, by the way, the Brahim in the Sdn Bhd is Ibrahim Badawi, brother of the MAS adviser.