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    21 June 2012| last updated at 01:30PM

    Fee paid 117 times lower than alleged: Donald



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    KUALA LUMPUR: Deputy Finance Minister Datuk Donald Lim told the house today that the consultancy fee paid by Malaysia Airlines (MAS) to BinaFikir Sdn Bhd for the Widespread Assets Unbundling (WAU) project was RM1.6 million.

    “The amount of consultancy fees paid by MAS to BinaFikir is actually 117 times lower than the amount of RM200 million alleged by a member of parliament Wee Choo Keong (Independent-Wangsa Maju).

    “And the financial restructuring exercise for eight and a half months involving BinaFikir have benefit Mas significantly,” said Lim.

    He added that in 2002, Mas recorded RM835 million of loss in profits but after the financial restructuring exercise Mas managed to gain profit of RM339 million in the subsequent year, 2003.

    “While in 2004, Mas continues to gain financial momentum with a record of RM461 million profit gain,” he added.

    According to BinaFikir report on the project, “the financial restructuring exercise involved ‘unbundling’ the airline of RM5 billion of assets and RM7 billion of liabilities, transforming MAS’ gearing ratio of 700 per cent as of March 31, 2002 to a net-cash position, turning it into an ‘asset-light’ airline”.

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