ED may investigate AirAsia case; Venkataramanan denies any wrongdoing

The Enforcement Directorate (ED) has sought from the Central Bureau of Investigation (CBI) details of the case of alleged corruption filed against top executives of AirAsia, according to ED sources.

“We will analyse the case registered by the CBI to see if a fresh case has to be filed by us or what further action we can take,” said an ED official. The CBI on Tuesday named AirAsia Group CEO Tony Fernandes and Tata Trusts’ R Venkataramanan for allegedly trying to subvert aviation laws for their joint venture AirAsia India by bribing government officials.

The ED is already probing corporate lobbyist Deepak Talwar, the middleman named in the CBI FIR, in a case of alleged money laundering and had raided several premises linked with him a week ago.

Both AirAsia and Venkataramanan have denied the charges, saying the accusations were made with mala fide intention and will be defended in court.

AirAsia clinches deal to sell 182 Airbus jets portfolio for $1.2 billion

AirAsia Bhd is selling up to 182 Airbus jets to firms managed by BBAM Ltd, one of the world's largest aircraft portfolio managers, in a $1.2 billion deal that will help it cut debt and give it firepower to expand further.

With the sale of its leasing operations, Asia's biggest budget airline is cashing in on a booming leasing sector after ordering hundreds of Airbus planes at bargain prices in recent years to become one of Airbus' biggest customers.

The move, which lifted AirAsia's shares 5 percent higher, is part of restructuring efforts that include selling stakes in businesses and revamping associate airlines since the group's finances came under scrutiny three years ago as amounts owed by its associate firms rose.

"Today's sale is much in line with our stated strategy of disposing non-core assets and businesses, an undertaking which we have successfully executed over the last six months - starting with our training centre, ground handling unit and now our leasing unit," AirAsia Group CEO Tony Fernandes said in a statement.

AirAsia to launch new Chinese low cost carrier based in Zhengzhou

AirAsia Bhd signed a joint venture agreement with China on Sunday to establish a low cost carrier (LCC), with a base in the east-central city of Zhengzhou.

AirAsia (China) is a joint venture between AirAsia, Everbright Group and Henan Government Working Group, the airline said in a statement.

AirAsia (China) will also invest in aviation infrastructure, including a dedicated LCC terminal at Zhengzhou airport and an aviation academy to train pilots, crew and engineers, as well as maintenance, repair and overhaul (MRO) facilities to service aircraft, the statement said.

No further details of the LCC were provided.

Malaysian Prime Minister Najib Razak, who is on a visit to China, witnessed the signing of the joint venture agreement.

"This Chinese venture represents the final piece of the AirAsia puzzle," said AirAsia Group CEO Tan Sri Tony Fernandes.

"In just 16 years, we have successfully built a presence in Malaysia, Thailand, Indonesia, Philippines, India and Japan, with China closing the loop on all major territories in Asia Pacific."

AirAsia and AirAsia X currently fly to 15 destinations in China and the group is the largest foreign LCC operating into the country.

AirAsia is Asia's largest budget airline. China's Everbright Group is a state-backed financial firm.
READ MORE