Garuda management accused of $1 billion fraud

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 arrange the deals, ICW adds. An investigation into the matter is under way.