BRIEF-AirAsia reinstates Fernandes as CEO after probe finds no wrongdoing

March 20 (Reuters) - Airasia Group Bhd:

* AIRASIA GROUP BHD - UPDATES ON FINDINGS OF INDEPENDENT INTERNAL INQUIRY CONDUCTED BY BDO GOVERNANCE ADVISORY

* AIRASIA- BDO FOUND TWO EXECUTIVES HAD PROPERLY DISCLOSED INTERESTS TO BOARD OF AAB AND ABSTAINED FROM DISCUSSIONS RELATING TO SAID SPONSORSHIPS

* AIRASIA-BDO FOUND CO'S AIRCRAFT PROCUREMENT PROCESS ROBUST; PROCESS WAS COMPLIED WITH & AIRCRAFT ACQUISITION JUSTIFIABLE & AT PRICES FAVOURABLE TO CO

* AIRASIA- BDO FOUND AAB’S SPONSORSHIP OF SPORTS TEAM WAS APPROVED IN COMPLIANCE WITH ITS PROCEDURES

* AIRASIA GROUP BHD - BDO'S REPORT PRESENTED TO AND ACCEPTED BY BOARD

* AIRASIA- ARISING FROM THIS, BOARD HAS RESOLVED TO REINSTATE EXEC POSITIONS OF ANTHONY FRANCIS FERNANDES AND KAMARUDIN BIN MERANUN Further company coverage: (Reporting By Krishna N. Das)