AirAsia CEO and Chairman Relinquish Posts after Airbus Bribery Allegations

AirAsia Group Bhd (AAGB) chief executive officer Tan Sri Tony Fernandes and executive chairman, Datuk Kamarudin Meranun have stepped down their executive positions effective immediately for two months in regard to the bribery allegations.

The relinquishment was based on the Committee’s decision.

“(They) have notified the Committee that they will relinquish their executive positions within the Group, effective immediately, for a period of two months or such other period that the Company may deem fit.”

“The Committee has decided that in view of the current difficult economic circumstances facing the airline industry, to retain them as advisors to the Company during this two month period.

“As advisors, they will not have executive authority within the Group,” said the company.

The Britain’s Serious Fraud Office (SFO)’s allegations for Airbus bribery to win AirAsia’s airplane purchasing, the UK accused that Airbus has bribed for plane ordering by giving a $50 million sponsorship to Caterham Formula 1 racing team in 2012.

Air Asia had denied corruption and bribery allegations, saying it was neither involved with the SFO investigation of Airbus nor given any opportunity to provide any information or clarification to the SFO.

The share price of Malaysia’s AirAsia Group (AIRA.KL) and unit AirAsia X (AIRX.KL) has plunged 11% and 12% respectively on Monday following the scandal and the impact of coronavirus outbreak.