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MYAirline in rescue negotiations with two potential investors
November 1st 2023
Grounded Malaysian carrier, MYAirline, said it was in “deep” talks with two potential investors in an attempt to recapitalise the airline and return it to flying. Read More » The start-up LCC suspended all operations on October 12 after failing to secure new sources of funding. It has since had its air operator certificate (AOC) suspended and been served with a show cause notice by the Malaysian Aviation Commission. “We have received more than 15 proposals from potential investors and two are in advanced stages of negotiations,” MYAirline said. “The team is working around the clock to finalise a recapitalisation package that will revive our operations. This will facilitate the reimbursement of monies to affected passengers and payment of salary and statutory dues.” In addition to the AOC suspension and show cause notice, to which MYAirline said it had responded, Malaysia Police arrested co-founder, Allan Goh Hwan Hua, last month as part of an investigation into potential offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
