Rayani Air apologised on Tuesday for its inability to pay refunds to the customers. The airline said in a statement on Facebook that this was due to the investors pulling out following the invalidation of the company's flying licences.

The statement said: "Dear customers, we apologise that we are still unable to make refunds on flight tickets despite our best efforts. The withdrawal of our Air Service Licence (ASL) and ASP (air service permit) were made while we were finalising investments in this airline. With the withdrawal of these licences, no investor will cooperate with us."

The company said that they did not expect the withdrawal of its investors and hence there is this delay in paying the refunds.

"With the withdrawal of licences, the investors who had committed to supplying funds on June 30 to resolve the refund issue has withdrawn from their commitment," the airlines said.

However, the company said it is working with both the Department of Civil Aviation (DCA) and The Malaysian Aviation Commission (Mavcom) to get a second chance regarding its operation.

RayaniAir ensured that if they are given a second chance, the investors would acquire the ownership of the company and would surely introduce a new and better management team.

"We cannot promise a date when this can be done, but what is certain is that we prioritise is our obligations to our customers. We hope that our customers will be patient with us and do not visit the (RayaniAir) office as it is currently closed and will be closed for the near future. We will make an official announcement as soon as we receive positive news," it said.