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Lauda quits airline he founded lauda.

Former Formula One racing star Niki Lauda (above) has resigned as chairman of Lauda Air after an external audit criticised the company's dealings in foreign currency.

'I leave it open to others to say if this criticism is justified, how it should be assessed and whether any of the accusations apply to me personally,' Lauda, who founded the airline in 1979, said.

'Since I have always said that I would step down from my post ... at any semblance of criticism of my person, I herewith resign as chairman of the board of directors of Lauda Air.'

In its report, the KMPG auditors criticised a lack of internal financial control in connection with business conducted in foreign currency.

Lauda's move comes hot on the heels of several attempts by the board to revive the ailing company, which is widely believed to be pounds 43 million in the red and facing bankruptcy.
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Publication:The Birmingham Post (England)
Geographic Code:4EUAU
Date:Nov 22, 2000
Words:150
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