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More ‘skeletons’ exposed in Khazanah’s closet
KUALA LUMPUR, Nov 12, 2024: Aerodyne is reported to be in a financial mess even after swallowing RM300 million public money from Malaysia’s Sovereign Wealth Fund (SWF - like 1Malaysia Development Berhad) Khazanah Nasional Berhad.
The “swallowing” is said to have occurred during Perikatan Nasional (PN)’s time and Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki said he believed there are many more (skeletons).
No News Is Bad News reproduces below The Coverage’s posting on the Khazanah-Aerodyne financial debacle, coming on the heels of the RM43.9 million Fashion Valet Sdn Bhd loss:
Aerodyne In Financial Mess Even After Swallowing RM300 Million Public Money From Khazanah During PN Time – Received RM 200 Million Grant From PN Minister
12 November, 2024
He further described Aerodyne as “a high-risk investment” given that the money the real owners seemed to have put in is only RM100k in ordinary shares”.
“Mostly Kamarul and his wife with few Indian nationals,” revealed FreeMalaysian. “The rest of the money of around RM300 mil seem to come from public companies including KWAP (Retirement Fund Inc).”
As he probed deeper, FreeMalaysian found out that the “same Khazanah-linked fellas seemed to have made initial investment into Aerodyne”.
According to Thick Brick , four days ago on November 8th, Focus Malaysia published an article entitled “Malaysian drone high-flyer Aerodyne in financial mess even after swallowing RM300m public money”. Since then, the article has viral on social media and republished by i3Investor and Reddit.
Aerodyne is in play. More so, Azam Baki hinted that another Khazanah company is on its radar screen. Believe there are many more.
It all started out when Aerodyne owner, Datok Kamarul Muhammad uttered the word “a#**hole” in his remark on November 5th X in reaction to the debacle against a fellow start-up Fashion Valet. MACC has moved in on FV and from the discussion on Sosmed, they have found irregularities and peculiar transactions.
Free Malaysian continued their salvo on X against Aerodyne. Revealed that it is a RM100,000 company and have been borrowing all around for RM300 million yet it is not profitable. Can read it on in Focus Malaysia.
This issue of Aerodyne is actually not new.
A blog revealed back in May 2022, during the PN administration led by Ismail Sabri that Aerodyne had received a grant from the ICU Prime Minister’s Department for RM200 million. The Company making a loss and receiving grant is no big deal. Its a common day to day affair in business. But ….
Lets first make it clear that there is no intention to kill this “successful” unicorn (that’s what the Malaysian media and IT community claim them to be). More so they are a Bumiputera company.
Tokpa luluskan RM200 juta dana ICU duit rakyat kepada kroninya ‘bailout’ Aerodyne Group
Nampaknya kerajaan tidak pernah serik selepas memberi dana RM20 juta kini RM200 juta (bail out) kepada syarikat dron Aerodyne Ventures Sdn Bhd atau Aerodyne sebuah syarikat yang rugi hampir RM7 juta tahun lalu menggunakan dana rakyat di bawah Unit Penyelarasan Pelaksanaan Jabatan Perdana Menteri (ICU) oleh Menterinya Dato’ Sri Mustapa Bin Mohamed
Tahun 2019 Aerodyne Ventures Sdn Bhd kecoh selepas disiasat oleh Jawatankuasa Kira-kira Wang Negara (PAC) kerana menggunakan dana RM20 juta Syarikat VentureTech Sdn Bhd (VentureTech), sebuah anak syarikat Malaysian Industry-Government Group for High Technology (Might).
RM20 juta membangunkan projek kereta terbang namun telah dijadikan untuk menyuntik modal Aerodyne Group sahaja. Sekalipun dengan dana bantuan kerajaan, syarikat itu tetapi mengalami kerugian.
Menurut Might, Aerodyne berjaya memperoleh AS$30 juta daripada pelabur, antaranya dari Jepun dan Korea Selatan, selain Malaysia. Namun semakan penyata akaun mereka. syarikat ini hanya mempunyai hutang sahaja. Sejak dimulakan rugi RM2.2 juta.
Dilaporkan RM20 juta hangus untuk menghasil projek kereta terbang yang gagal dibangunkan hingga hari ini. Dana yang diterima untuk membangunkan projek lain.
Kelulusan oleh Dato’ Sri Mustapa Mohamed menggunakan dana pembangunan rakyat ICU JPM RM200 juta kepada Aerodyne Group sesuatu yang melampu bagi projek dron yang tidak memberi manfaat kepada rakyat.
Words circulating in limited circle and has already been mentioned on social media conversation that the RM200 million grant from ICU was not completely utilised for the company’s purpose but was partly a political slush fund.
The application was for less but the approved was more than requested.
Off course this is what was rumoured and need to be confirmed or even investigated. Caveat emptor, readers beware. The company and ICU could give their response or denial. MACC could also investigate.
Believe it is tough.
The political fund, if it is is true, could had been stashed away abroad to, say Dubai, and its difficult to trace and retrieve the money.
If it is true, preferably Kamarul would cooperate and reveal the perpatrators than subject himself and company through the hardship of being investigated, account frozen, and operation hampered to merely cover-up the wrongdoings of suspected three politicians; one currently from PAS, one from PPBM and one from UMNO.
Aerodyne is a recipient of MAVCAP fund which is now under the Khazanah management. There have been too many talk of hanky panky gory in MAVCAP.
Lets clean up all this and give all entrepreneurs a fair chance for getting funding. And, unscrupulous politicians should stop taking advantage of genuine entrepreneurs.
Source : Thick Brick Blogspot
“Malaysian drone high-flyer Aerodyne in financial mess even after swallowing RM300m public money”
AFTER having exposed Xeraya Capital Sdn Bhd as the “next big scam” in sovereign wealth fund Khazanah Nasional Bhd, online whistle-blower FreeMalaysian (@FreeMsian) is now training his guns on home-grown Aerodyne Group which is touted as the world’s leading DT3 ( Drone Tech, Data Tech and Digital Transformation) enterprise solutions provider.
Editor’s Note: Credit to FreeMalaysia for his Xeraya Capital exposé has prompted the Malaysian Anti-Corruption Commission (MACC) “to analysing the investment made by another firm allegedly owned by Khazanah”.
Interestingly, FreeMalaysian (@FreeMsian) was motivated to unearth the dirt in Aerodyne after its owner Datuk Kamarulazman Muhamed fumed that after the so-called FashionValet Sdn Bhd (FV) debacle “Malaysian start-ups should start thinking and planning to migrate and raise funds elsewhere”.
“The nerve and hypocrisy to say Malaysian start-ups should raise funds elsewhere after he himself has raised multi-millions from government agencies. Mainly from MavCap (Malaysia Venture Capital Management Bhd). Mounting losses in hundreds of millions,” exposed FreeMalaysian.
He further described Aerodyne as “a high-risk investment” given that the money the real owners seemed to have put in is only RM100k in ordinary shares”.
“Mostly Kamarul and his wife with few Indian nationals,” revealed FreeMalaysian. “The rest of the money of around RM300 mil seem to come from public companies including KWAP (Retirement Fund Inc).”
Source : Focus
“Malaysian drone high-flyer Aerodyne in financial mess even after swallowing RM300m public money”
savemalaysia
Publish date: Fri, 08 Nov 2024, 06:10 PM
AFTER having exposed Xeraya Capital Sdn Bhd as the “next big scam” in sovereign wealth fund Khazanah Nasional Bhd, online whistle-blower FreeMalaysian (@FreeMsian) is now training his guns on home-grown Aerodyne Group which is touted as the world’s leading DT3 (Drone Tech, Data Tech and Digital Transformation) enterprise solutions provider.
Editor’s Note: Credit to FreeMalaysia for his Xeraya Capital exposé has prompted the Malaysian Anti-Corruption Commission (MACC) “to analysing the investment made by another firm allegedly owned by Khazanah”.
Interestingly, FreeMalaysian (@FreeMsian) was motivated to unearth the dirt in Aerodyne after its owner Datuk Kamarulazman Muhamed fumed that after the so-called FashionValet Sdn Bhd (FV) debacle “Malaysian start-ups should start thinking and planning to migrate and raise funds elsewhere”.
“The nerve and hypocrisy to say Malaysian start-ups should raise funds elsewhere after he himself has raised multi-millions from government agencies. Mainly from MavCap (Malaysia Venture Capital Management Bhd). Mounting losses in hundreds of millions,” exposed FreeMalaysian.
He further described Aerodyne as “a high-risk investment” given that the money the real owners seemed to have put in is only RM100k in ordinary shares”.
“Mostly Kamarul and his wife with few Indian nationals,” revealed FreeMalaysian. “The rest of the money of around RM300 mil seem to come from public companies including KWAP (Retirement Fund Inc).”
As he probed deeper, FreeMalaysian found out that the “same Khazanah-linked fellas seemed to have made initial investment into Aerodyne”.
But FreeMalaysian is least surprised with the massive public money channelled to Aerodyne which he described as “a legacy during KJ (Khairy Jamaluddin) and Najib (incarcerated former premier Datuk Seri Najib Razak) era”.
Hr further listed out some of the government agencies and government-linked companies (GLCs) which invested in highly risky preference shares at huge premium (around RM300 mil) in Aerodyne.
“My sympathies and condolences to the staff of Aerodyne,” lamented FreeMalaysian in the tail-end of his preliminary post on the drone outfit. “Hope the company survives and the owner goes to jail,”
In subsequent posts, FreeMalaysian shared the plight of Aerodyne employees as the company has been struggling to pay its staff on time.
On lighter veins, FreeMalaysian remarked that “Malaysia is broken!” after finding out that the Aerodyne head honcho (Kamarulazman) is sitting on the board of Bank Negara Malaysia (BNM). – Nov 8, 2024
Dilaporkan RM20 juta hangus untuk menghasil projek kereta terbang yang gagal dibangunkan hingga hari ini. Dana yang diterima untuk membangunkan projek lain.
Kelulusan oleh Dato’ Sri Mustapa Mohamed menggunakan dana pembangunan rakyat ICU JPM RM200 juta kepada Aerodyne Group sesuatu yang melampu bagi projek dron yang tidak memberi manfaat kepada rakyat.
Words circulating in limited circle and has already been mentioned on social media conversation that the RM200 million grant from ICU was not completely utilised for the company’s purpose but was partly a political slush fund.
The application was for less but the approved was more than requested.
Off course this is what was rumoured and need to be confirmed or even investigated. Caveat emptor, readers beware. The company and ICU could give their response or denial. MACC could also investigate.
Believe it is tough.
The political fund, if it is is true, could had been stashed away abroad to, say Dubai, and its difficult to trace and retrieve the money.
If it is true, preferably Kamarul would cooperate and reveal the perpatrators than subject himself and company through the hardship of being investigated, account frozen, and operation hampered to merely cover-up the wrongdoings of suspected three politicians; one currently from PAS, one from PPBM and one from UMNO.
Aerodyne is a recipient of MAVCAP fund which is now under the Khazanah management. There have been too many talk of hanky panky gory in MAVCAP.
Lets clean up all this and give all entrepreneurs a fair chance for getting funding. And, unscrupulous politicians should stop taking advantage of genuine entrepreneurs.
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