AirAsia, a Malaysia-based airline, has announced the stepping down of its Chief Executive Tony Fernandes and Executive Chairman Kamarudin Meranun with immediate effect. As per the company’s exchange filing, both men were to stand down “for a period of two months or such other period that the company may deem fit.”
The two executives have relinquished their roles due to Airbus Bribery Scandal in which the two are allegedly involved. As per a court document on the Britain’s Serious Fraud Office’s website: Airbus Group SAS — paid USD 50 million as sponsorship for a sports team owned by two unnamed AirAsia executives. Identified as “key decision makers” in AirAsia and AirAsia X — the company long-haul arm — they were allegedly rewarded for an order of 180 aircraft from Airbus.
AirAsia’s Board has formed a committee to review the allegations, stating that Kamarudin and Fernandes would be kept as company advisors and redesignated as non-independent non-executive board members.
Speaking on the allegations, both Kamarudin and Fernandes have released a joint statement denying any wrongdoing and said that they “would not harm the very companies that we spent our entire lives building up to their present global status,” as per a media report.
Recently, Airbus has agreed to pay a record $4 bn in fine after reaching a plea bargain with prosecutors in Britain, France and the United States over alleged bribery and corruption stretching back for over a decade in the company.
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