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BN White Elephant # 10 :: MAS Black Hole

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MAS was in good shape in 80s under Aziz and a strong contender against Singapore Airlines.

The MAS success story made a turn in 90s after Aziz retired from MAS. Mahathir ordered RM 1.79 billion cash bailout for Tajudin in 2001 and MOF spent RM9.5 billion to buy back MAS fixed assets.

Third bailout by writing off RM840 million.

Insofar, Malaysian taxpayers have paid RM 12.13 billion to rescue MAS from bankruptcy since 2000.

With the black hole created by MAS, at least another RM 10 billion public funds are needed to make MAS floating again in the sky.

It’s better to shut down MAS and let AirAsia or any private airline to run international routes.

Number of BN White Elephant Project monitored : 10 MAS bailouts with public funds : RM 12.13 billion Total accumulated cost or losses : RM 54.418 billion or RM 54418 million MAS posts biggest-ever loss in its history

By B.K. SIDHU

PETALING JAYA: National carrier Malaysia Airlines Bhd (MAS) posted a shocking RM2.52bil net loss for its financial year ended Dec 31, 2011 the biggest-ever loss in its corporate history led by higher expenses, despite revenue rising […]