Ex-MAS shareholder faces charges
Ex-MAS shareholder faces charges
Associated Press, Kuala Lumpur
Malaysia's debt-ridden national airline has confirmed lodging
a police report against former top officials over alleged
management irregularities.
The report amounts to the first step in a legal process
leading to investigation by police and is the latest in a series
of controversies bedeviling Malaysia Airline System, or MAS.
Airline officials issued a statement late Monday confirming a
story in the Asian Wall Street Journal newspaper that a report
had been filed, but said details would not be disclosed because
it was "a police matter."
The newspaper cited MAS Chairman Azizan Zainal Abidin as
saying that the report accused Tajudin Ramli, the former
controlling shareholder, and three other officials of management
irregularities.
The complaint focused in particular on several transactions
involving the airline's cargo division, Azizan was cited a
saying.
Maizan Shaari, director of the Federal Police Commercial
Crimes Division, was cited by the New Straits Times newspaper as
saying that a dozen people had been questioned, including senior
officials.
"We have not questioned Tajudin, but we will eventually call
him for an interview to help our investigation," Maizan was
quoted as saying.
The investigation is another blow to Tajudin, a tycoon who was
the airline's chairman from 1994 until early 2001, when he sold
his 29 percent stake in the airline back to the government.
The 1.79 billion ringgit (US$471 million) Tajudin received was
based on the same share price he had originally paid, but was
more than double the market value of the shares at the time he
sold.
The sale triggered accusations that the government was bailing
out a well-connected businessman and damaged Malaysia's image
with investors.
Prime Minister Mahathir Mohamad has tried to restore
Malaysia's credibility, shaking up some heavily indebted
companies after taking up the finance portfolio last June
following the resignation of Daim Zainuddin as finance minister.