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AirAsia executives step down amid Airbus bribery fallout
AirAsia CEO Tony Fernandes and chairman Kamarudin Meranun have stepped down over bribery allegations tied to a major Airbus corruption probe.
The airline group is being investigated by the Malaysian Anti-Corruption Commission as well as Malaysia’s Securities Commission.
In a joint statement, the pair said: "We categorically deny any and all allegations of wrongdoing or misconduct on our part as directors of AirAsia.
"We would not harm the very companies that we spent our entire lives building up to their present global status."
But they said they were stepping down, with immediate effect, for two months or ‘such other period that the companies may deem fit’ while an independent investigation takes place.
On Saturday, AirAsia issued a statement denying it was paid a bribe of $50 million to buy 180 planes from Airbus.
The allegations emerged after Airbus agreed to pay $4 billion in fines to settle accusations of corruption.
AirAsia’s statement said: "AirAsia is deeply concerned that these allegations will have an adverse and negative impact on the AirAsia brand, reputation and goodwill.
"AirAsia is monitoring developments in this matter and will review any allegations or negative inferences concerning or affecting AirAsia and/or any of its executives and will fully cooperate with the Malaysian Anti-Corruption Commission and the relevant authorities where required."
The Commission is looking into whether AirAsia Group and AirAsia X broke securities laws after the UK’s Serious Fraud Office named the airline as one of the recipients of bribes by people working on behalf of Airbus.
The SFO alleged the Caterham F1 motor racing team received $50 million from Airbus ex-parent EADS for sponsorship in exchange for AirAsia agreeing to an aircraft order from Airbus.
Caterham was owned by AirAsia Group CEO Tony Fernandes and chairman Kamarudin Meranun.
The airline group is also the subject of an investigation into money laundering in India where Fernandes and other AirAsia executives, including the newly appointed acting CEO, have been summoned for a second time to answer allegations of bribing officials.
Last year Kamarudin Meranun escaped the prospect of a criminal trial after agreeing to pay RM3.64 million (about $900,000) to the Securities Commission Malaysia for alleged insider trading.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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