AirAsia X Files Complaint Against GMT Research

9th Jul 2015

Malaysian airline AirAsia X is still angry about the report made by GMT Research and is now filing a complaint against it with the Securities Commission (SC). According to the carrier, the research group’s report was full of misleading facts, false allegations and unfounded accusations against the company.

The GMT’s report from 10th June said the carrier was using transactions with associate companies to increase its revenue. In addition, the report also questions AAX accounting practices.

AirAsia X Says Report is Misleading and Inaccurate

The long haul, budget carrier responded to the report saying:

AAX asserts that the reports and presentation by GMT Research and its representatives concerning AAX are untrue, misleading and inaccurate. AAX categorically refutes any such accusations, allegations or interference and takes great offence and exception to the same.

According to AirAsia X, the Hong Kong-based research company failed to check, enquire or verify any information about AAX before it decided to release their report. This, AirAsia says, is grounds enough for an investigation by the Securities Commission for violating the Capital Markets and Services Act (2007).

The carrier continued their statment by saying:                      

AAX’s complaint includes, without limitation, potential breach by GMT Research of section 177 of the CMSA, which provides for prohibition against the making of statements or dissemination of information that are false or misleading and is likely to induce the sale or purchase of securities by other persons, or is likely to have the effect of raising, lowering, maintaining or stabilizing the market price of securities.

AAX added:

AAX wishes to clarify that all relevant costs have been adequately captured in its books and financial statements which have been duly audited in accordance with Malaysian accounting standards and practices.

Following the report, AirAsia’s shares went down several points.

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