Friday 29 Mar 2024
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KUALA LUMPUR (Feb 5): AirAsia X Bhd said today that it has set up a non-executive board committee to review the Airbus bribery allegations involving the low-cost carrier’s executives.

The decision came on the heels of a similar decision by its sister company AirAsia Group Bhd, which also formed a non-executive board committee two days ago.

AirAsia X will also appoint an independent expert as part of the review, it said in a filing with Bursa Malaysia today. The airline noted that the committee will exclude Tan Sri Tony Fernandes and Datuk Kamarudin Meranun, both of whom are non-executive directors in the company.

“AirAsia X was mentioned in the Approved Judgment and the Statement of Facts in relation to Regina vs Airbus SE, dated Jan 31, 2020 and available in the public domain.

“The committee’s main objective will be to review the allegations therein so far as it concerns AirAsia X, and to take any necessary action based on the review which includes the appointment of an independent expert.

“An updated announcement will be made upon the finalisation of the said appointment. All matters in relation to this review will be managed and handled by the committee,” it said.

AirAsia X and AirAsia were mentioned in a UK court document which alleged Airbus of bribing two executives of the companies with some US$50 million in exchange for purchasing Airbus aircraft.

Airbus allegedly provided the US$50 million in the form of a sponsorship for a sports team owned by the two executives, which was reported to be Caterham F1 racing team — previously owned by Fernandes and Kamarudin.

The duo categorically denied all allegations, and relinquished all executive roles in AirAsia for two months or a period deemed fit by AirAsia, amid the ongoing probe that now involves Malaysian authorities.

Shares of AirAsia X rose half a sen or 4.35% to 12 sen, giving it a market capitalisation of RM497.78 million. AirAsia share price also crawled back to the positive zone, the stock gained one sen to RM1.16, after it had slid nearly 20% in the past two trading days.

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