Never miss a story

Get subscribed to our newsletter


×
Image source: idolbin.com

Malaysia: Malaysian airline tycoon Tony Fernandes said he applied for a special form of Indian citizenship that would allow him to evade aviation rules restricting foreign ownership in India.

By becoming an “Overseas Citizen of India” (OCI), the AirAsia chief executive may be able to wholly acquire and fully control the airline’s Indian subsidiary, Bloomberg reported.


AirAsia India is a three-way joint venture between AirAsia, the Tata Group and a private investor, with the Malaysian group currently owning a 49 per cent stake.

Indian aviation rules that foreigners or foreign companies can only have up to a 49 per cent stake in local airlines, prompting a number of domestic Indian carriers to raise concerns that AirAsia India is foreign-controlled.

Mr Fernandes, whose parents are from India, told reporters in Hyderabad that he had submitted his application last week.

Mr Fernandes’ announcement comes days after news emerged that as many as 54,000 Malaysians have renounced their citizenship since 2010.

But according to the Indian publication The Economic Times, the Overseas Citizen of India status, which is open to people who have Indian origin roots, does not amount to dual nationality or dual citizenship.

Mr Fernandes is credited with turning around AirAsia, which was heavily in debt when he bought it for RM1 (S$0.34) in 2001.

Today, it has more than 200 planes operated by eight carriers in five countries – Malaysia, Indonesia, Thailand, the Philippines and India, The Straits Times reported recently.

Mr Fernandes also founded a Formula One team and is majority owner of English football club Queens Park Rangers.

With a net worth of US$230 million (S$312 million), he was ranked 45 in Forbes’ list of the 50 richest Malaysians in 2016. In 2015, he was also included in Time magazine’s list of the 100 most influential people in the world.

(The article was first published in malaysia-chronicle.com)


Popular

Unsplash

Afghans were by far the largest group of applicants in the EU in September.

Afghans lodged more than 17,000 asylum applications in the EU in September, up from 10,000 in August and nearly twice as many as Syrians. This made Afghanistan by far the main country of origin, which Syria had been for seven years until July, the European Asylum Support Office (EASO) said.


Total applications in the EU exceeded pre-pandemic levels for the first time since the outbreak of Covid-19.

Keep Reading Show less
Photo by @shawnanggg on Unsplash

Aviation has revolutionised tourism and business forever, not to mention the cultural linkages that have been made possible.

“When once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, and there you will always long to return.” – Leonardo DaVinci

International Civil Aviation Day is observed on December 7th to recognize the flying industry’s impact on modern society. In 1994, as part of ICAO’s (International Civil Aviation Organization) 50th-anniversary celebrations, the first International Civil Aviation Day was observed, and in 1996, the United Nations General Assembly declared December 7th as International Civil Aviation Day.

Keep Reading Show less

Incomplete data entries and loopholes in the ledger are significant factors in slowing down the accounting process.

By- Harris Scott

Business owners hardly have time to look into all aspects of a business operation, and accounting is one aspect. While small business owners might invest some time handling accounting services, it is indeed a big waste for owners of major enterprises. Regardless of the size of the business, your organization needs someone to look after the ledger.

Keep reading... Show less