THE Employees Provident Fund disposed of nearly eight million shares in AirAsia Group Bhd days before the budget carrier was linked to bribery allegations involving European plane maker Airbus, Malay Mail Online reports.

The news portal said the share dumps were announced in Bursa Malaysia filings dated January 31 and February 3.

The Bursa Malaysia filings said 7,437,400 normal shares were dumped on January 28 and another 492,500 a day later.

EPF, which oversees RM1 trillion worth of assets, now holds a 6.29% stake in the budget carrier and retains 210.4 million shares.

British court papers allege that AirAsia executives received US$50 million (RM240 million) in kickbacks from Airbus to secure lucrative plane acquisition deals.

The Malaysian Anti-Corruption Commission and the Securities Commission have announced investigations into the allegations.

AirAsia Group Bhd executive chairman Kamarudin Meranun and chief executive officer Tony Fernandes have announced that they are stepping down for two months.  

Both men deny any wrongdoing and vow to cooperate with authorities.