February 14, 2012
“Hiccup” delays settlement over Tajuddin’s Appeal
S Pathmawathy@http://www.malaysiakini.com
12:59PM Feb 13, 2012
Former Malaysia Airlines (MAS) head Tajudin Ramli has cited a “last-minute hiccup” in ironing out terms of settlement with Pengurusan Danaharta Bhd (Danaharta) in a case before the Court of Appeal.
Justice Abu Samah Nordin agreed to adjourn the proceedings to 2.30pm tomorrow(February 14) after Tajuddin’s lawyer, Lim Kian Leong, said more time is needed to resolve several “procedural matters”.
The appeal pertains to a Kuala Lumpur High Court order on December 7, 2009 which requires Tajuddin to pay Danaharta RM589.14 million with 2 percent annual interest above the base lending rate of Malayan Banking Bhd, backdated to Jan 1, 2006.
Danaharta is managing loans that Tajuddin had incurred in purchasing MAS shares in the 1990s.
Lim indicated this morning that the parties involved have reached a settlement, the terms of which were not divulged in court.Lawyers representing Danaharta and the government agreed to the postponement. However, other parties objected, insisting that unless Lim could offer an assurance that the process would be completed by tomorrow, the appeal should go on.
“If I could give some assurance (I would) but my client believes that it can be resolved by tomorrow. A great deal of effort has been put in getting us this far… I understand the frustration,” replied Lim. “… we have made huge progress so far… this is just a last-minute hiccup.”
Justice Abu Samah is sitting with Justices Syed Ahmad Helmy Syed Ahmad and Alizatul Khair Osman Khairuddin.
Tajuddin, in his affidavit obtained by Malaysiakini last week, said that Danaharta had requested to settle the matter “out of court” and for for “all relevant cases” to be adjourned until the settlement is finalised.
He stated that he cannot divulge the terms of settlement in public until the government and Finance Ministry have been briefed and the government-linked companies are informed.
Among those who have filed suits against Tajuddin are Danaharta, Telekom Malaysia, Celcom (M) Bhd, CIMB, Naluri Corp Bhd, Atlan Holdings Bhd and MAS.
Suits withdrawn
Tajuddin became the largest shareholder in MAS, after he borrowed RM1.79 billion from the government in 1994 to purchase a 32 percent stake in the national carrier.
Severely affected by the Asian financial crisis in 1997 and 1998, Tajuddin in 2001 convinced the government to buy back the MAS shares at RM8 per share.
However, Tajuddin failed to repay the multi-million ringgit loans taken to purchase MAS, following which Danaharta filed a suit against him in 2006, seeking RM589.14 million with interest.
He then filed a counter-suit claiming RM13.46 billion from some 22 parties and individuals. The tycoon claimed that he had acted on the instructions by then premier Dr Mahathir Mohamad and finance minister Daim Zainuddin to take over MAS. Mahathir, however, has denied ever having given such instructions.
Minister in the Prime Minister’s Department Mohd Nazri Abdul Aziz, in a letter last August, had informed litigants that the government and the Finance Ministry had agreed that all suits against Tajuddin would be withdrawn for an out-of-court settlement.
The legal team was to be replaced by lawyers from Hafarizam Wan Aishah & Mubarak, a firm that regularly acts for UMNO, in a bid to save the government billions of ringgit.
Din Merican: the Malaysian DJ Blogger 
Typical modus operandi of business awarded to BN gomen crony-
1) Choose crony that will share the loot with you
2) Award business to crony – that come with pre approved loans
3) If crony fails in the business, buy back business at a loss (- so that crony can make another killing and share the final loot) with the excuse that such business must remain in the hands of Malay businessman.
MAS was one of the many gomen business awarded to crony that failed and then “rescued” by government. Hope some readers can care to name these companies which most Malaysians has forgotten ( mudah lupa) to refresh our memories !
This glaringly shows that you don’t need to have a MBA to run mega business in Malaysia, Its not what you know but who you know in Malaysia to run a big business – Malaysia Boleh.
Of late we read in papers that Khazanah is divesting some 10 of its profitable non-core business to “selected” bumi companies with loans thrown in to take over the business. Good Luck !
Tajuddin became the largest shareholder in MAS, after he borrowed RM1.79 billion from the government in 1994 to purchase a 32 percent stake in the national carrier.
Severely affected by the Asian financial crisis in 1997 and 1998, Tajuddin in 2001 convinced the government to buy back the MAS shares at RM8 per share
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And guess who is left carrying the baby?! And who pocketed all the money when MAS was raking in the profits? It doesn’t take a rocket scientist to figure that one out.
Malaysia Incorporated is all about providing cash cows for these criminals to milk. They then milk them dry till their teats drop off and the cow rolls over dead with just skin and bones. Right now Shahrizat and hubby are left holding the cash cow (not to confuse with the real cows) so these criminals could milk it dry. Nothing, of course, to stop Shahrizat’s hubby while holding the cow by its tether, to also squeeze its teats for some of the milk.
Haven’t we gone through this before?? Hello?? Knock, knock! Anybody home?
That’s right Mr Bean, that’s exactly the Ultimate Question : Who pocketed the money out of E-MAS ” Loss” of RM 8 Billion ? ? ( ” it does not take a rocket scientist to figure that out…)
May i add also a crude Question : E-MAS, the National Carrier making losses ? So far that we know of, the Alitalia went bust, & lately the American Airlines – National carriers generally NEVER make losses, except We ( Malaysia’s E-MAS ) who are the Suckers…
Then the one just revealed RM 15.5 Billion Reserve Fund ” wiped outin Forex ” gamble ” ? Why was Jaafar Hussein ” sacked ” ?
What about the Unjust ‘sacking’ of Tan Sri Ani Arope in the TNB scam, making public to pay ” extra” to YTL’s IPP in Kerteh ?
Is’nt all these form a ” Pattern” , a Systematic causing of ” Losses”?
These went before Mr Bean, ” watch-out ” for the Future – the E-MAS-Air Asia collaboration, & now the latest “Proton” deal ? What might happen to Felda Global Venture that’s going ” public ” ?
I’m tired of reading about Tajuddin Ramli from Simpang Empat Kangkong.
deleted.
Not relevant, so delete button is used.
arent msians numbed from 20+years of screwing by the same buggers? Or they truly are enjoying every bit of it, lubricated by the occasional Rm100 or Rm500 handouts? Pathetic lot!
According to an article in the Star ” High Flyer” 11the february,2012, the Emirates Airlines which was set up later than MAS has 2,900 pilots. Out of that total 45 are Malaysans.
20 Emirates A380s fly to 17 destinations and another 70 A380s are on order. They do not talk about the hundres of other aircrafts in service carrying passengers to destinations all over the world based on the hub (Dubai) and spokes principle. 0n 1st January,2012 Emirates flew into Malaysain aviation history when its A380 superjet landed for the first time since the plane went into service four years ago.” But before that”, the Star reports,” a Malaysian pilot has been captaining one of these humongous jets.”
Please Make My Day MAS.
There should be RCI on MAS issue long ago. Period,
we get what we vote for….all malaysians to be blamed…..dont take a rocket scientist to find that we put these people there when we have the choice to vots who is capable to govern the country.Certainly we can do something but nothing seems to happen.