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4 HOME BUSINESS THURSDAY JULY 26, 2018 • THEEDGE FINANCIAL DAILY

Fernandes hits Flashback: March 12, 2018

back at MAHB

Seohan Soo is AmInvestment Bank

He says incentives were given to all airlines, not exclusive to AirAsia CEO, confirming The Edge report

STORIES BY SULHI AZMAN million from various incentive pro- were intended to support low-cost KUALA LUMPUR: AmInvestment sukuk market and AmInvestment
grammes provided by the airport travel growth, were given under its Bank Bhd has appointed Seohan Bank has been consistently ranked

KUALA LUMPUR: Incentives to operator up until 2017. Infancy Support Programme from Soo as its chief executive offi cer top three in the fixed income busi-
spur low-cost travel were given to While AirAsia has done its best, 2002 to 2007, and subsequently con- (CEO), confirming a report by ness,” the bank added.

all airlines, aviation tycoon Tan Fernandes said MAHB could have tinued with the Enhanced Incentive The Edge Malaysia weekly that Soo is also a qualifi ed barris-

Sri Tony Fernandes said, noting done so much more and created Programme from 2007 to 2009. was published on March 12. ter-at-law of Lincoln’s Inn, Lon-
in a series of tweets yesterday “so many” job opportunities if it Between 2009 and 2011, MAHB Soo replaces Raja Teh Maimu- don, and an advocate and solic-
that they were not exclusive to had worked with its biggest cus- said it implemented three other nah Raja Abdul Aziz, who currently itor of the High Court of Malaya.
AirAsia Group Bhd. tomer: AirAsia. incentive programmes such as holds dual roles as CEO of AmIn- According to AmInvestment
“Incentives are given to all air- “Also the lack of support on de- the Airlines Recovery Plan to as- vestment Bank and managing direc- Bank, Raja Teh Maimunah will
lines. Not just @AirAsia. We built veloping low-cost travel and the sist air-transport firms to recover tor of wholesale banking at AMMB now focus on her role as managing

a huge business for Malaysia Air- lost [of] billions to the Malaysian from the global fi nancial crisis. Holdings Bhd (AmBank Group). director of wholesale banking at
ports. In support quite the oppo- economy. “While AirAsia has been the In a statement yesterday, AmBank (M) Bhd. She will be re-

site was given in giving us support. “They (MAHB) are a monopo- principal driver of this growth, the AmInvestment Bank said Soo has sponsible for the wholesale bank-
klia2 was the last Thor of airport ly and Mavcom (Malaysian Avia- Malaysian government along with more than 23 years of investment ing client coverage teams, group

@AirAsia. Anything would have tion Commission) [is] supposed MAHB have played crucial roles banking experience at both for- treasury and markets, transaction
been better than that,” the group to police that. Hopefully that will as enablers by fully supporting eign and local investment banks. banking, corporate banking and

chief executive offi cer (CEO) of happen in the future,” he added. low-cost travel for the benefit of all “Having joined AmBank Group credit administration.

AirAsia posted on his Twitter ac- With the right support, Fer- Malaysians,” its acting group CEO as the director and head of debt “These changes are part of our
count yesterday. nandes said airport terminals in Raja Azmi Raja Nazuddin said. capital markets in 2003, Soo was internal reorganisation in line with
Fernandes was responding to Sandakan, Sibu, Tawau, Penang, Raja Azmi’s comments came amid most recently executive vice-pres- our Top 4 strategy and is intended
comments by Malaysia Airports Melaka and Kuching would have remarks made by Fernandes that ident of capital markets group at to further strengthen our leader-
Holdings Bhd (MAHB), which huge growth potential. the low-cost carrier was forced out AmInvestment Bank. ship bench strength to strategical-
on Tuesday revealed that AirA- On Tuesday, MAHB said the ex- of Terminal 2 of the Kota Kinabalu “He has been instrumental in ly drive the wholesale banking and

sia had benefited about RM376 clusive financial incentives, which International Airport three years ago. building the bank’s leadership investment banking businesses
in fi xed income covering debt forward,” said AmBank Group
origination, structuring and dis- CEO Datuk Sulaiman Mohd Tahir.
Higher cost base at Kota Kinabalu International tribution,” it said. . war d As part of its transformation
e
“Under his steward--
plan, AmBank Group — the
m
ar
Airport's T1 constraining AirAsia's ‘big plans’ ship, the capital mar-- sixth largest of eight local
b
banking groups — aims to
kets group has been
een
f
in
at the forefront of in- - become a top four bank
o
nd
KUALA LUMPUR: AirAsia “Based on our projections, over senger traffi c movements, saying novation in the bond// by 2020, based on several

Group Bhd said the higher cost the next 10 years, we can increase the airport operator “should stop financial metrics, includ-
base by operating out of Termi- our fl eet size in Kota Kinabalu cherry-picking data to suit its agen- ing market capitalisation,

nal 1 (T1) of the Kota Kinabalu from the current eight aircraft to da and instead, be an honest part- Soo is a qualified barrister-at- revenue growth and re-
International Airport (KKIA) is 45, including 10 Airbus A330s. ner and work with AirAsia in the law of Lincoln’s Inn, London, turn on equity.
constraining the budget airline’s This would more than triple our best interest of Sabah” . and an advocate and solicitor

big plans to make the airport a current capacity and make it pos- In the statement, MAHB at- of the High Court of Malaya.
hub for its services to China, sible to operate direct services tributed the improved passen-

South Korea, Japan and India, to key markets such as northern ger traffic to a reflection of the

and a transit point between Aus- China, South Korea and Japan, as high tourist numbers Sabah has
tralia and North Asia. well as Australia and India. enjoyed in recent years. Th is fol- AEON Co ordered to pay RM2.42m

As such, the airline is hop- “[This will also] allow AirAsia lowed two years of negative pas-
ing that operations at T2 can to carry 18 million passengers to senger movement of -2% and -3% per month to WCT as rental for mall
be revived for low-cost carrier and from Kota Kinabalu by 2028,” in 2014 and 2015 respectively,
(LCC) use, its chief executive reasoned Riad. which suggested that it was the
officer (CEO) for Malaysia Riad “However, we cannot do this reason for wanting to move AirA- BY EMIR ZAINUL ers, ordered it to pay the sum to

Asmat said, noting that AirAsia while we remain constrained sia to T1, said Riad. Gemilang Waras by the 14th day
is prepared to take up the costs by the higher cost base at T1,” “By focusing on those two KUALA LUMPUR: AEON Co (M) of each month until the disposal
of refurbishing T2. he said. years, MAHB would have the Bhd has been ordered by the High of the Notice of Appeal or Novem-
“It (T2) will be better than On Monday, MAHB issued a public believe that passenger Court to pay RM2.42 million per ber 2019, whichever is earlier.
before, and there will be no cost statement denying it forced AirA- traffic had long been on the de- month, equivalent to the current Subject to the payment, AEON

to Malaysia Airports Holdings sia to move to T1 of KKIA from T2 cline, and that this trend could monthly rental, to WCT Hold- Co shall remain in possession of
Bhd (MAHB) or the [Sabah] three years ago. It was respond- only be reversed by moving AirA- ings Bhd’s indirect wholly-owned AEON Mall Bukit Tinggi until the
state government. All we ask ing to recent remarks made by sia out of T2. This could not be subsidiary Gemilang Waras Sdn disposal of the Notice of Appeal.

is a chance to continue grow- AirAsia group CEO Tan Sri Tony further from the truth,” he said. Bhd following a court battle over Besides that, the court has or-
ing Kota Kinabalu to its tru- Fernandes, who — after meeting “The decreased traffi c at KKIA the lease renewal of AEON Mall dered AEON Co to pay into a trust

est potential for the benefi t of with Sabah Chief Minister Datuk during those two years corre- Bukit Tinggi. account for the costs and expens-

Sabahans, as we have always Seri Mohd Shafie Apdal — said the sponds with a drop in visitor ar- In a filing with Bursa Malay- es incurred by Gemilang Waras
done,” he said in a statement LCC was forced out of T2 and was rivals to Sabah, especially from sia yesterday, AEON Co said it for the maintenance, repair, ser-
yesterday. never in favour of moving to T1. China, which the then tourism filed a stay application on May vicing and upkeep of AEON Mall

Riad said such a move would Maintaining its stand on the minister and the Malaysian Asso- 8 following the court’s decision Bukit Tinggi according to the in-
also free up T1 for full-service matter yesterday, AirAsia said it ciation of Tour and Travel Agents favouring WCT on April 27. itial lease agreement.

carriers. was “compelled to move to T1 [on had attributed to a series of kid- Subsequently on May 15, it The court battle, which started
He added that AirAsia is Dec 1, 2015] in light of amenities nappings in the state, including filed a notice of appeal against in November, came about when

aware that the Sabah govern- and facilities being made una- of Chinese nationals in two sep- the High Court’s decision. AEON Co filed a suit against Gemi-

.
ment is looking to complete vailable for our operations then” arate incidents in April and May In the hearing for the stay ap- lang Waras to renew its licence for
construction of a new airport AirAsia also slammed MAHB’s 2014, and had nothing to do with plication on July 4, AEON Co and the mall, stopping the latter from
in Kota Kinabalu in a few years. claims that KKIA’s passenger move- T2,” he added. Gemilang Waras entered into a con- terminating the lease agreement
As such, it had requested that ment had improved by leaps and “Kota Kinabalu is important to sent order, pending the disposal of and evicting the tenants of the mall.
an LCC terminal be considered bounds from 2016 onwards mainly us. We wish to continue enhanc- the appeal in the Court of Appeal. On April 27, the High Court
for inclusion in the master plan. due to a rise in international pas- ing its air connectivity,” said Riad. AEON Co on Tuesday received ruled in favour of WCT, saying that
the sealed consent order through there was no renewal of the lease,
its solicitors, which among oth- which expired on Nov 23, 2017.