KPMG, in a notice which appeared today, is asking creditors of Malaysian Airline System Bhd (MASB) to submit proof of debt or claim by Nov 12, 2020.
MASB has been in creditors’ voluntary liquidation since Feb 14 this year. Unfortunately, this latest notice to creditors by KPMG is causing confusion among social media users as many are mistakenly assuming that it is Malaysia Airlines Bhd (MAB) that is being liquidated.
A similar misunderstanding cropped up in February this year when the notice of appointment and address of the interim liquidator was published in major newspapers and went viral on social media.
To set the record straight, MAB replaced MASB as the national flag carrier as part of a recovery plan on Sept 1, 2015.
MAB is wholly-owned by the government, through sovereign wealth fund Khazanah Nasional Bhd, which is reportedly looking for a strategic partner for the airline.
In the latest notice, KPMG is requesting creditors who have yet to submit their proof of debt or claim to do so not later than 5pm on Nov 12.
The notice signed by liquidator Adrian Hong Boo Kiat informed the creditors to deliver by hand or send by post a formal proof of debt or claim in accordance with the proof of debt general form which can be obtained from the liquidator.
It is an irony, nevertheless, that even before the liquidation process of the old entity has been completed, the national carrier’s financial woes are now compounded with the COVID-19 pandemic which has ravaged many economic sectors worldwide, including the airline industry.
In 2015, Khazanah pumped in RM6 bil to revive MAB’s fortunes but looking at the current situation, it is going to be a mammoth task for it to salvage the ailing national carrier. – Oct 22, 2020
