After encountering double tragedies of its flight MH370 and MH17, Malaysian Sovereign wealth fund Khazanah Nasional, which has the overall control of the airline for years by an ownership of 70 per cent stake, said if the board and remaining 30% shareholders agree, it plans to buy all remaining shares by some $435 million, undertaking a “complete overhaul”.
Mahathir commented “Khazanah has been in full control of Malaysia Airlines all this time. And all this time Malaysia Airlines has been bleeding profusely, so why should anyone believe that with 100 per cent control Khazanah will not keep on losing.” says Channel Newsasia.
Aviation experts also expressed their concern on other factors such as the excessive political disagreements and Khazanah’s own track record with MAS could prevent the crucial action needed to resuscitate the carrier. Analysts have said that Khazanah needs to bring in a dynamic and entirely new management team, trim its 19,500 employees in the face of union resistance, and scrap major routes if MAS is to survive.
The article is an abstract from the article, Ex-PM criticises Malaysia Airlines Takeover by Channel Newsasia, 12 August 2014. Let us know your comments.
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