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Thu, Mar 07, 2013 at 16:56
Tony Fernandes bought AirAsia for one ringgit in 2001
On 2 December 2001 the heavily-indebted airline was bought by former Time Warner executive Tony Fernandes's company Tune Air Sdn Bhd for the token sum of one ringgit (about USD 0.26 at the time) with USD 11 million (MYR 40 million) worth of debts.
Fernandes turned the company around, producing a profit in 2002 and launching new routes from its hub in Kuala Lumpur.