Two top AirAsia Executives stood down in February after being implicated in a report by the UK’s Serious Fraud Office. The implications referred to the airline’s procurement of Airbus jets.
The SFO alleged Chief Executive Tony Fernandes and chairman Kamarudin Meranun ordered Airbus jets in exchange for sponsorship of their now-defunct Formula 1 racing team.
The deal was disclosed at the time and backed by the board of directors of AirAsia, according to the independent investigation carried out by BDO Governance Advisory.
It showed ‘demonstrable benefits’ to AirAsia Group and it found no links the sponsorship was directly tied to the Airbus plane order, according to a stock market filing.
Chief Executive Tony Fernandes and Chairman Kamarudin Meranun have now been reinstated.
The two Executives disclosed their connections and did not take part in discussions which related to the sponsorship.
AirAsia has ‘robust’ aircraft procurement processes, BDO said.
It found that AirAsia’s ‘aircraft acquisition was justifiable and at prices favourable to the airline.’
The Malaysian Anti-Corruption Commission and Malaysia’s Securities Commission said they would examine the SFO allegations to see if laws had been broken.
