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Cathay Pacific’s CFO Martin Murray is stepping down in January after more than nine years in the role. Murray will go on to become the finance director of Cathay shareholder Swire Pacific, the companies state in a 14 December filing to the Hong Kong stock exchange. In addition, he will become a non-executive director of Swire Properties. Replacing him at Cathay is Rebecca Sharpe, currently the group director finance at Hong Kong Aircraft Engineering Company (HAECO), a wholly owned subsidiary of Swire Pacific.<br/>

The restructuring exercise involving Malaysia Airlines Berhad (MAB) is expected to be finalised by Dec 31, says Datuk Abd Rahim Bakri. The Deputy Finance Minister said the government has taken measures to hold discussions on the debts and leasing made by the national carrier under the exercise. “I can see some progress and the discussion is expected to be finalised by the end of the month, ” he said. Abd Rahim said MAB, along with other carriers around the world, was also badly hit by the impact of the Covid-19 pandemic. Currently, the airline is operating with 75% of its aircraft grounded due to travel restrictions, and this has impacted its capacity and income. He said prior to the pandemic, the financial position of the Malaysia Aviation Group Berhad (MAGB) had already dropped between 2015 and 2018. As of Aug 31, the liquidity position of the MAGB group of companies stood at RM366m apart from the RM578m available from funds allocated by Khazanah Nasional. “In order to overcome the financial problems of the MAGB and MAB, the government will hold further talks with Khazanah to find out the direction of the company, especially in strengthening the position of its finances and identify the best strategic solutions, ” he said.<br/>