Who are you case3

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Who are you?
I’m Dato’ Fam Lee Ee. Independent Non-Executive Director of AAB
What is your background?
I study Business Admin at the University of Malaya and continue with LLB (Hons) at
University of Liverpool, England. I has been practicing law since 1991 and is currently
a senior partner at Messrs YF Chun, Fam & Yeo.
What is your relationship with Air Asia?
I was appointed as an Independent Non-Executive Director of the Company on 2004.
Then, I was re-appoint as Senior Independent Non-Executive Director on 2014.
Currently, I one of the member of the Audit Committee and Chairman of the
Nomination and Remuneration Committee of the Board. Besides, I also a NonIndependent Non-Executive Director of AirAsia X Berhad.
What is your reaction on GMT Research Report?
AAB are of a clear opinion that it should consolidate its Associate companies. AAB
does effect the returns over its Associate companies and believe it is a critical criteria
and the ‘raison’ for consolidation of Associate companies.
Way Forward/Suggestions
AAB should re-measure the ownership of the associates or applying substance over
form.
“To ensure that financial statements give a complete, relevant, and accurate picture of
transactions and events”.
Who are you?
I am Irvin George Luis Menezes. Assurance Partner of PwC Malaysia. A member of
ICA and MIA.
What is your background?
I am a trained and qualified in the UK as a Chartered Accountant. After eight years
with a London based auditing firm, i returned to join PWC Kuala Lumpur in 1993. I am
Technology, Media and Telecommunications Leader.
What is your relationship with Air Asia?
PWC has been external auditor for AAB from year 2011 to 2015
What is your reaction on GMT Research Report?
PWC not agree with GMT Research. AAB cannot consolidate because it breach MFRS
10. Due to aviation regulations in Indonesia, Philippines, Thailand and India, AirAsia
could not have legal control or legal power over its associate companies.
Way Forward/Suggestions
AAB should focus on the requirement of MFRS and continue with equity method.
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