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[KUALA LUMPUR] Malaysian budget airline AirAsia X Bhd said on Wednesday it has filed an official complaint with the country's Securities Commission against Hong Kong-based firm GMT Research over a June 10 report that questioned accounting practices at AirAsia X's parent, AirAsia Bhd.
AirAsia, the long-haul arm of Asia's biggest low-cost carrier, said in a statement that the GMT Research report said profits were shifted between the carriers by way of transfer pricing of service fees and costs charged by AirAsia. "AirAsia X asserts that the reports and presentation by GMT Research and its representatives concerning AirAsia X are untrue, misleading and inaccurate," it said.
Shares of the two airlines have tumbled since GMT Research's report said AirAsia uses transactions with loss-making associate carriers to boost its earnings.
Asked to comment on the AirAsia X filing, GMT Research partner Gillem Tulloch told Reuters by telephone, "We only do research, we don't force people to sell (shares). Investors make their own decisions."