AirAsia Group co-founder settles insider trading case
AirAsia Group co-founder and executive chairman Datuk Kamarudin Meranun has dodged a potentially damaging court case after settling with the Securities Commission Malaysia over insider trading.
He was accused of acquiring 5.66 million Malaysia Airlines shares in 2011 as AirAsia and the national carrier signed a Comprehensive Collaboration Framework and share swap agreement.
Due to an anti-competitive public outcry over the deal, it was scrapped several months later.
The deal would have carved up the market with MAS focusing on full-service operations and AirAsia on the low cost market.
Kamarudin settled the case for RM3.64 million, ‘without admission or denial of liability.’
Two other individuals were also involved in the insider trading scheme and have also settled.
"The settlement was reached following letters of demand sent by the SC pursuant to its civil enforcement powers under the securities laws," the securities commission said.
"The amount disgorged from Datuk Kamarudin Meranun is equivalent to three times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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