Aerodyne Group, a Malaysian technology company specializing in drone technology and data analytics, sparked concern when it reported losses of up to RM100 million.
The company is known for its expertise in developing and using drones for industrial purposes, such as infrastructure inspections, agriculture, oil and gas, power line monitoring and more.
Around 2019, Aerodyne became the talk of the town among Malaysians for its intention to produce Malaysia's first 'flying car' called an air mobility vehicle.
However, the project has not yet seen results and Aerodyne is now reported to have suffered quite significant losses.
The losses sparked concern after it was said to involve the Retirement Fund (KWAP), Petronas Venture and VentureTech (MIGHT) funds.
KWAP is one of the largest pension funds in Malaysia and plays an important role in managing retirement savings for public sector employees.
Apart from KWAP, there are also foreign companies that have reportedly invested in Aerodyne, including Japan and South Korea, amounting to $30 million dollars.
The company was investigated in 2019 after using funds from VentureTech Sdn Bhd.
Aerodyne Group CEO Dato’ Kamarul A Muhamed previously explained that the RM20 million funds received from VentureTech were not to be used for the flying car project, but to expand the company's drone business.
Many parties expressed their concern over the situation, fearing a similar crisis to the one experienced by Fashion Valet recently.
Previously, Fashion Valet was reported to have suffered losses of RM43.9 billion from investments involving Khazanah and Permodalan Nasional Berhad (PNB).
