15 August 2022
Malaysia Airports Holdings Bhd (MAHB), AirAsia X Bhd (AAX) and Capital A Bhd, which owns AirAsia Bhd, have clarified that they did not enter into any separate settlement agreement to discontinue legal proceedings against each other.
“Save for the mutual agreement to discontinue the legal proceedings, there was no other settlement agreement entered into by the parties,” they said in their respective Bursa Malaysia filings.
Last week, all three parties announced that they have discontinued their legal proceedings against each other in relation to collection of passenger service charges (PSC) and negligence in the operation and management of klia2.
In a separate statement on Monday (Aug 15), MAHB said AirAsia and AAX have already fully paid the RM41.5 million outstanding PSC the airport operator claimed pursuant to a High Court judgement dated July 18, 2019 and subsequently affirmed by the Court of Appeal on March 3, 2022.
The discontinuance of legal proceedings is, however, not related to a debt of approximately RM78 million due and owing from AAX, which comes under the long-haul low-cost airline’s scheme of arrangement to restructure its debt.
“Further outstanding PSC which has accrued since has not been waived and remains due and owing based on the principles stated by the High Court and Court of Appeal,” said MAHB.
The group said it is currently in the process of recovering the outstanding debt from AAX as a secured creditor in the scheme proceedings.
MAHB said it is committed to working together for the mutual benefit and success of all aviation stakeholders like airlines, airports, passengers and the industry.
“We will focus on recovering and stimulating the air travel revival and propelling the growth within the aviation ecosystem for both the industry and the country.
“Parties believe that being leading entities within the aviation sector, we can find amicable resolutions based on goodwill and camaraderie without having to resort to legal proceedings, which should only be invoked in extreme circumstances,” it said.
Shares of MAHB closed three sen or 0.5% lower at RM6.22 on Monday, giving it a market capitalisation of RM10.32 billion.
Capital A inched up one sen or 1.5% to 66 sen per share, valuing it at RM2.75 billion, while AAX climbed half sen or 1% to 50 sen apiece, for a market capitalisation of RM207.41 million.
Source: www.theedgemarkets.com
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