SEPANG: Prime Minister Anwar Ibrahim has reminded Malaysia Airlines to learn from its past mistakes, stating that values such as good governance and integrity are more important than beautiful buildings and large offices.
Anwar said that when he was the finance minister in the 1990s, he was wary about the potential dangers stemming from the lack of transparency surrounding Malaysia Airlines’ privatisation.
“Under the Madani administration, I have repeatedly stressed the need for good governance and a clear vision,” he said.
“Management must be diligent, frugal and trustworthy. Focus on this, learn from past experiences, and avoid leakages.
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He was speaking at a ceremony to launch the Malaysia Airlines Berhad (MAB) Academy and the ground-breaking for the airline’s flight simulator centre here today.
Anwar, who is also the finance minister, praised sovereign wealth fund Khazanah Nasional and Malaysia Aviation Group (MAG) for turning Malaysia Airlines around and making it profitable. Khazanah Nasional is Malaysia Airlines’ sole shareholder via its subsidiary, MAG.
Last month, MAG announced it had posted RM766 million in net profit for the financial year ended Dec 31, 2023, marking the first time Malaysia Airlines’ parent company has recorded a profit since it was formed in 2015.
MAG, which posted a net loss of RM344 million in FY 2022, has also seen a 31% increase in revenue, from RM10.61 billion to RM13.85 billion, and a 64% jump in net operating profit, from RM540 million to RM889 million.
Anwar also said Malaysia Airlines should be managed properly and transparently for the benefit of the national carrier’s workforce, who he said should be properly compensated for their services to the country.
“Let’s not underestimate this issue because the airline’s employees have families and deserve our attention and consideration,” he said.
“A company that is well managed, with decisions made carefully, prudently and transparently, will result in a better future for the employees.”
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