A new airline, MyAirline, had been launched in Malaysia on December 1, 2022. The airline had decided to compete with Air Asia in the ultra-low-cost flight segment. With ambitious objectives because the airline planned to put 50 aircraft into service
My Airline is down
Almost a week ago, MyAirline surprised everyone by announcing that it had to temporarily suspend its flight operations. The reason: serious financial challenges that require a global restructuring and recapitalization of the company.
Suspicions of financial crimes
Goh Hwan Hua, co-founder and majority shareholder of the airline, and his family appear to play a key role. Malaysian police arrested Goh, his wife and their son on Wednesday October 18, various media outlets in the country report. Both father and son sit on the airline’s supervisory board.
“Police obtained a four-day remand for him from Wednesday,” Ramli Mohamed Yoosuf, head of the police’s economic crimes investigation department, told The Straits Times. The charge is: suspicion of financial crimes.
Leasing companies want planes back
Goh Hwan Hua owns 98% of the airline through two companies. The remaining 2% belongs to former airline boss Rayner Teo. Teo resigned in early October for health reasons. In the meantime, operations director Stuart Cross managed the business. However, he resigned on October 16.
Signs of dissolution within the airline continue. Transport Minister Anthony Loke wants to revoke the airline’s operating license. He was completely surprised by the end of flight operations.
The leasing companies that own the nine Airbus A320s in the MyAirlines fleet are demanding the return of their aircraft.