Image Source: AsiaOne
PETALING JAYA - The directors of the AIRASIA Group gave their nod in 2010 to efforts by Tan Sri Tony Fernandes (pic) to build the AirAsia brand through sponsorships, said sources. The board of AIRASIA X had approved amounts of up to US$250 million (S$350 million) sought for a sponsorship strategy via a Formula One racing team. The sponsorship was a way to lift the AirAsia brand and allow it to be a globally recognisable brand, said a source. Fernandes and his business partner Datuk Kamarudin Meranun have been under the spotlight for allegations of corruption involving monies paid for the sponsorship of the Caterham Formula 1 racing team after it was reported that Airbus will pay a record-breaking settlement of 3.6 billion (S$5.4 billion) in penalties after admitting to bribery across its international business. The UK SFO allegations concern a US$50 million sponsorship between Caterham Formula 1 racing team, which was founded by Fernandes, and Airbus's former parent, EADS, between the years of 2013 and 2015.