THE CHIEF executive of Malaysian airline Air Asia Tony Fernandes yesterday denied allegations he was paid a $50m (£38m) bribe via his Formula 1 team by aircraft giant Airbus.

Prosecutors allege Airbus paid a bribe of $50m through sponsorship of the nowdefunct Caterham F1 team which was owned by Fernandes to win orders from Air Asia.

"We categorically deny all allegations of wrongdoing or misconduct on our part as executives and directors of Air Asia," Fernandes and Air Asia executive chairman Datuk Kamarudin bin Meranun said yesterday.

Fernandes, who is a major shareholder in Championship football club Queens Park Rangers, owned Caterham until 2014.

The allegations by the UK's Serious Fraud Office (SFO) concern a 2012 sponsorship deal between Caterham and Airbus' then-parent EADS.

Air Asia said on Monday that Fernandes and Meranun would step aside from their executive roles for two months while the claims were investigated.

Fernandes and Meranun said the SFO had not contacted them or Air Asia about the allegations.

(c) 2020 City A.M., source Newspaper