Ex-Axiata CEO Jamaludin Ibrahim tipped to helm Prasarana

KUALA LUMPUR – Tan Sri Jamaludin Ibrahim has been nominated to take over the reins at Prasarana Malaysia Bhd as the national transport operator’s non-executive chairman, people familiar with the matter tell The Vibes.

Jamaluddin, who is former Axiata Group Bhd president and CEO, will take the helm after Datuk Seri Tajuddin Abdul Rahman was sacked on May 26 over his conduct during a press conference concerning a collision between two light rail transit trains last month.

It is understood that the Prasarana board will meet tomorrow and confirm the appointment.

Jamaludin, who is also a member of Prime Minister Tan Sri Muhyiddin Yassin’s National Economic Action Council, was among a clutch of names that included former Malaysian Anti-Corruption Commission chief Tan Sri Abu Kassim Mohamed speculated for the position.

The Vibes had earlier reported that Abu Kassim will step down from the Prasarana board effective tomorrow and that several corporate leaders have been among those approached to chair Prasarana.

Jamaludin, a telco veteran, is expected to not only turn around the public transport company but also fix its image following a series of problems that occurred under Tajuddin’s watch, aside from the LRT accident that left six passengers in intensive care, with more than 100 sustaining either serious or light injuries.

The Umno warlord was also accused of interference and conflict of interest as his family members were involved in Prasarana-linked development projects adjacent to the Dangi Wangi light rail transit (LRT) station project, claims that he has consistently denied.

Under the Pasir Salak MP’s watch, Muhammad Nizam Alias was also controversially removed as Prasarana CEO in February.

Tajuddin is now subject to a pending charge of abuse of power following the MACC’s submission of investigation papers to the Attorney-General’s Chambers in April.

It is understood that Abu Kassim was originally meant to replace Tajuddin in March but the latter managed to cling to the post.

Meanwhile, Malaysia Airlines Bhd chief transformation officer Mohd Azharuddin Mat Sah is tipped to take over as CEO on July 1.

Prasarana maintains and operates Malaysia’s two LRT networks – the Kelana Jaya and Ampang-Sri Petaling lines – as well as the KL Monorail, Sunway bus rapid transit line, and bus services here, in Penang, Kuantan and Kamunting. It is also the operator of the mass rapid transit (MRT) service in the Klang Valley.

The group has been bleeding red since 2014. According to its latest financial results ended December 31 last year, Prasarana registered a loss of RM3.61 billion on the back of RM842.09 million in revenue. Its total liabilities for the year stood at RM35 billion compared with total assets of RM1.29 billion.

External auditor Ernst & Young PLT, in Prasarana’s 2019 annual report, said as liabilities were in excess of assets, “these conditions indicate the existence of material uncertainties that may cast significant doubt on the group’s and the company’s ability to continue, therefore, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business”. – The Vibes, June 29, 2021