In return for a suspension of prosecution by the SFO, Airbus has agreed to pay a significant fine and costs to the SFO and also agreed to a statement of facts that appears to implicate executives of AirAsia.
The investigation by the SFO which reportedly took four years did not even once reach out to us (nor AirAsia, as stated in their press release of Feb 1) for any explanation or clarification.
This is a clear violation of the fundamental legal principle of fairness and access to justice.
We categorically deny all allegations of wrongdoing or misconduct on our part as executives and directors of AirAsia.
Caterham F1, the company alleged to have been sponsored improperly by Airbus was at the relevant time a Formula 1 Racing team that had gone round the globe promoting amongst others AirAsia, AirAsia X, GE and Airbus.
Throughout the period we were shareholders in Caterham, the company made no profits and was eventually disposed for £1 in 2014. From start to finish this was a branding exercise and not a venture to make profits.
So as to facilitate a full and independent inquiry by AirAsia, we are relinquishing our executive roles with immediate effect for an initial period of two months which may be extended at the discretion of the AirAsia Board as they deem fit based on the prevailing circumstances then.
At the request of the Board of AirAsia, we have agreed to continue to assist AirAsia in an advisory capacity as and when required.
Finally, we welcome any investigation by the authorities as that is the only way we will receive the fairness and access to justice denied us by the SFO process todate. We will extend our fullest cooperation to them.
Kamarudin Meranun is chairman, and Tony Fernandes is group CEO, AirAsia Berhad.
The views expressed are those of the authors and do not necessarily reflect those of FMT.