Published: Sun, February 02, 2020
Markets | By Otis Pena

SC will examine Airbus-AirAsia graft allegations

SC will examine Airbus-AirAsia graft allegations

Prosecutors added that the company during investigations failed to prevent individuals associated with the company from bribery involving other airlines.

Airbus will pay fines totalling almost United States dollars 3.9bn to France, the UK and the U.S. after judges in the three countries agreed to a corporate plea bargain struck by Airbus.

"As AirAsia and its executives have no visibility on Airbus' internal processes, we can not comment on or be associated with any alleged failures or lapses on the part of Airbus to comply with its own policies or applicable legal requirements".

"AirAsia vigorously rejects and denies any and all allegations of wrongdoing", the low-priced carrier noted.

"Under (section) 317A of the Capital Markets & Services Act 2007 (CMSA), a director of a public listed company (PLC) who does anything with the intention of causing wrongful loss to the PLC or its related corporation commits an offence which is punishable with imprisonment and fine", he said in a statement.

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"In the case of the Airbus-AirAsia disclosures, I confirm that the MACC is in touch with the United Kingdom authorities and is already investigating the matter". "As both are listed on Bursa Malaysia, the SC will examine the allegations and review all available evidence to determine if there is any breach of securities laws", the commission said in a statement issued this afternoon.

The investigation comes as the Malaysian government evaluates five strategic investment proposals, among them one from AirAsia, to partner with the ailing national carrier, Malaysia Airlines. It said Airbus employees offered an additional $55 million, though no payment was made. Fernandes and Kamarudin could not immediately be reached for comment.

Two "executives" at AirAsia and AirAsia X were mentioned in legal documents listing instances of bribery by Airbus to secure contracts through corrupt middlemen to sell its aircraft worldwide. "The payments were meant to induce or reward improper favour by the Government Official 1towards Airbus", the document suggests.

At the centre of the Airbus case was a decades-old system of third-party sales agents, run from a now-disbanded headquarters unit that at its height involved some 250 people and several hundreds of millions of euros of payments a year, sources familiar with the matter have said.

Investigators uncovered wrongdoing in Sri Lanka, Malaysia, Taiwan and Ghana during the four-year period.

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