Businessman Syed Mokhtar Albukhary is proposing to the federal government to take over national investment arm, Khazanah Nasional Bhd’s 69.3 percent equity interest in ailing Malaysia Airlines, sources said.

While details of the businessman’s proposed takeover are not known, part of the deal may involve a long-term fuel subsidy by the government for as many as 60 years, they added.

However, one source close to Syed Mokhtar denied such a proposal to take over MAS. “We are strongly denying it... This is all just election play,” he said.

However, two separate sources confirmed that such a deal is being contemplated at the moment although details are sketchy because it is still early yet. Khazanah has not responded to questions sent.

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