Garuda management accused of $1 billion fraud

An independent watchdog in Indonesia has accused Garuda''s management of participating in a $1 billion fraud involving mark-ups on aircraft leasing agreements.

Garuda Indonesia has suffered losses to the tune of $1 billion since 1989 as a result of mark-ups on aircraft leasing agreements agreed by senior management at the airline, according to Indonesia Corruption Watch ICW, an independent watchdog. The Indonesian flag-carrier's management colluded with officials at Merpati Nusantara Airlines and private financing firm Sakanusa Dirgantara to arrangeĀ the deals, ICW adds. An investigation into the matter is under way.

This latest corruption allegation may further hamperĀ ...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: garuda | management | accused | billion | fraud

Print Edition

FinanceAsia Print Edition