PAC probes share swap Officers involved give detailed explanation

  • Nation
  • Tuesday, 22 Nov 2011

THE Public Accounts Committee (PAC) has questioned the objectives and strategy behind the share swap between Malaysia Airlines (MAS) and AirAsia Bhd.

After the first day of its probe into the deal, PAC chairman Datuk Seri Azmi Khalid said the committee was given a detailed explanation on the rationale of the share swap, which is part of comprehensive collaboration framework (CCF) agreed by the two airlines.

“Among those called to brief the committee were the Finance Ministry secretary-general, Treasury secretary-general, Khazanah Nasional Bhd chief executive officer and Transport Ministry secretary-general.

“They were also assisted by MAS managing director Ahmad Jauhari Yahya,” Azmi said after chairing the PAC meeting at the Parlia­ment yesterday.

He said those who were called in for the probe also explained the situation faced by the global aviation industry, noting that many airlines were facing problems.

PAC member Datuk Abdul Rahman Dahlan questioned whether the CCF would work, knowing that MAS has carried out many rationalisation programmes previously which did not work well.

On Aug 9, both airlines agreed to the deal, which allowed Khazanah Nasional to swap 20.5% stake in MAS for 10% in AirAsia.

On another matter, PAC deputy chairman Dr Tan Seng Giaw said the PAC would begin its probe into the 1Malaysia Development Bhd today. It will look into whether the company’s initiatives could benefit the rakyat.

The PAC will also call in the National Feedlot Corporation (NFC) and Agriculture and Agro-based Industry Ministry to question them over the NFC issue tomorrow.

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