AirAsia X lodges complaint with SC over GMT Research

KUALA LUMPUR: AirAsia X Bhd has lodged a official complaint with the Securities Commission (SC) against GMT Research for making various misleading statements and allegations.

The medium-haul budget carrier had on Wednesday urged the SC to take appropriate action against GMT.

“GMT has accused AAX, among others, of practising or allowing profit shifting between AirAsia Bhd (AAB) and AAX by way of transfer pricing of the service fees and costs charged by AAB,” it said. 

AAX stated GMT Research’s reports and presentation by the research house and its representatives concerning AAX “are untrue, misleading and inaccurate”. 

AAX said GMT Research’s failure to check, enquire or verify such information prior to issuing any statements necessitates an investigation by the SC for potential violation of the provisions of the Capital Markets and Services Act 2007’ (CMSA). 

Its complaint included, without limitation, potential breach by GMT Research of section 177 of the CMSA, which provided for prohibition against the making of statements or dissemination of information that is false or misleading in a material particular 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 stabilising the market price of securities.

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