Tony Fernandes has a pattern of leveraging shareholder approvals for: 1 Large dividends when asset sales provide liquidity (2018); 2 Debt-focused restructuring (2025) that may favor insiders.

Minority shareholders should watch for: 1 Future equity raises (rights issues); 2 Whether new loans disproportionately benefit Fernandes-linked entities.

If history repeats, this could be another case of prioritizing insider interests over minority shareholders.
Fernandes’ Track Record:
History of High Dividends During Debt Crises:
In 2016, AirAsia paid special dividends after raising RM1 billion from Fernandes/Kamarudin’s share placement
Critics argue this enriches insiders while burdening the company with debt.

This means 'You have been s*cker£d!!'

Evidence This Has Happened Before; A The 2018 Dividend Payout (Cash Extraction Before Crisis)
AirAsia sold its aircraft leasing arm, AACL for MYR1.18B and paid huge dividends (MYR688M to Tony & Kamarudin).
Result: Short-term cash for insiders, but the company lost a revenue-generating asset and later faced a liquidity crisis; B The Covid-19 Pandemic Bailouts. AirAsia received government-guaranteed loans while Tony’s holding company (Tune Group) reportedly secured separate financing.

The Airbus Bribery Allegations (2018–2020)
UK Serious Fraud Office (SFO) Investigation:
Airbus admitted to a global bribery scheme (settling for $4 billion with US/UK/French authorities). Documents revealed: Airbus paid $50 million to sponsor the Caterham F1 team (owned by Fernandes and co-founder Kamarudin Meranun). Prosecutors alleged this was a kickback for AirAsia’s 180-aircraft order from Airbus. An additional $55 million was offered (but not paid) for further orders.

Internal Emails:
An AirAsia executive (believed to be Fernandes) demanded $16 million from Airbus, complaining: " I’m fed up. You owe me 4million already...Payup.Iwantmywhole16 million now".

Airbus employees discussed funneling payments to the F1 team to "close deals"

India’s CBI also investigated Fernandes for bribing officials to secure AirAsia India’s license.