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MALAYSIAN AIRLINE SYSTEM BERHAD

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Malaysian Airline System Berhad : AirAsia, Malaysia Airlines fined for flouting competition rules

09/06/2013 | 08:10am EST
An Indonesia AirAsia Airbus A320-200 passenger prepares to land at Sukarno-Hatta airport in Tangerang

KUALA LUMPUR (Reuters) - Malaysia's competition watchdog on Friday fined national carrier Malaysian Airline System Berhad (>> Malaysian Airline System Berhad) and budget airline AirAsia Berhad 10 million ringgit ($3 million) each for breaking competition rules in a pact that later fell through.

KUALA LUMPUR (Reuters) - Malaysia's competition watchdog on Friday fined national carrier Malaysian Airline System Berhad (>> Malaysian Airline System Berhad) and budget airline AirAsia Berhad <AIRA.Kl> 10 million ringgit ($3 million) each for breaking competition rules in a pact that later fell through.

The Malaysia Competition Commission said in a statement that the carriers had entered an agreement in 2011 aiming to share markets in domestic routes in breach of competition regulations.

The agreement, which was to have involved a $364 million ringgit share swap, fell through in May 2012.

"When businesses agree to share markets, they are agreeing to stop competing at the expense of the consumers," Siti Norma Yaakob, chairman of the body, said.

AirAsia said in a statement it would fight the decision.

"AirAsia has always put compliance as our utmost priority and similarly we have taken necessary steps to ensure that the collaboration arrangement was in compliance with applicable law in every respect," it said.

Malaysia Airlines, in a stock exchange filing, said it was reviewing the decision and taking legal advice.

($1 = 3.3050 Malaysian ringgit)

(Reporting by Siva Sithraputhran; Editing by Dale Hudson)

Stocks treated in this article : Malaysian Airline System Berhad, AirAsia Berhad

ę Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP 5.63% 0.75 End-of-day quote.20.00%
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