Photo Feature

Turbulent weather

AirAsia's Tony Fernandes dismisses a highly critical report by research firm GMT

After Hong Kong-based research firm GMT released a critical report on his airline, AirAsia CEO, Tony Fernandes has been rubbishing its questions on the company’s accounting practices. The report stated that AirAsia was “close to default” and has inflated profits by 39% in the past five years. Fernandes may defend his labour of love but, the markets have started showing signs of worry as its stock hit a five-year low. Given his failure in the English Premier League and F1 and a reported net debt-equity ratio of 263%, there are doubts whether Fernandes can soar again.