Economy

Pilots demand government probe into Monarch collapse

Greybull Capital is owed about £150m for loans made to the airline, but as a preferred creditor it will be first in line to be repaid when assets such as airport landing slots are sold. "I hope the government will encourage the authorities to investigate whether that is not an issue of fraudulent preference".

The collapse of Monarch Airlines should be subject to an inquiry to establish the role played by the private equity firm that owned the carrier, a former minister has said.

Administrators at KPMG are now in the process of selling off Monarch's assets, a spokeswoman said, including airport slots, prepaid fuel, property and equipment.

BALPA also wants the govermment to investigate a £165 million bailout of Monarch previous year, which was initially thought to have been funded by Greybull but is now reported to have come from Boeing.

The capital infusion, through Monarch's offshore holding company Petrol Jersey, was carried out in several tranches between October 2016 and March this year, the FT said.

The Tory frontbencher told peers: "If there is any evidence the directors have acted improperly we will not hesitate to take action against them".

Last week we called on insurance brokers to let the Monarch collapse serve as a cue to urge clients to double-check whether their policy covers airline failure, as it turns out not all policies provide the cover as standard.

Grayling told MPs he was keen to avoid a repeat of the Monarch collapse, which sparked the biggest ever peace time repatriation of Britons stranded overseas, at a cost of £60 million to the government, some of which it is attempting to recoup from third-party tour operators and travel agents who had bought seats on Monarch flights.

About 80,000 Monarch passengers have been brought back to the United Kingdom on rescue flights, Mr Grayling said.

Approximately 2,000 Monarch employees lost their jobs as the airline entered administration and its directors have been criticised by the British Airline Pilots' Association and Unite union for the way they handled redundancies.



Like this

Latest


11 October 2017
Blizzard Is Hiring for a Possible New Overwatch Project
About a week ago, Reddit user Mnemosynaut leaked images of the new Halloween skins for Mei , Symmetra, Reaper and Zenyatta. Overwatch players can choose four additional heroes for this mode: Genji, Torbjorn, Widowmaker, and Zenyatta.

11 October 2017
Google Buying Apple? False $9 Billion Acquisition Story Was 'Technical Error'
Dow Jones provided the following statement to 9to5mac : "Please disregard the headlines that ran on Dow Jones Newswires between 9:34 a.m.

11 October 2017
Porsche Shows off Electric Cayman, Turbo Charging
Porsche says that the system is suitable for use in areas where the distribution system is subject to power limitations. It's capable of achieving a charging capacity of up to 320 kW per vehicle or twice 160 kW.

11 October 2017
Danaher Corporation (NYSE:DHR) Quarterly Sales Review
BidaskClub cut shares of Danaher Corporation from a "hold" rating to a "sell" rating in a research report on Tuesday, July 25th. Following the completion of the sale, the insider now owns 18,245 shares in the company, valued at approximately $1,513,787.65.

11 October 2017
Earnings Forecast of Callon Petroleum Company (CPE)
Scotiabank set a $15.00 target price on Callon Petroleum and gave the stock a buy rating in a report on Saturday, July 1st. The company has experienced volume of 3,928,065 shares while on average the company has a capacity of trading 5.20M share.

11 October 2017
Cardi B's "Bodak Yellow" Makes Another Hip-Hop Milestone
With this feat, the Bronx-bred MC now has the longest running number one solo song by a female rapper in history. In this case, "solo" means "unaccompanied by any other artists".

10 October 2017
Portugal vs Switzerland plus Netherlands vs Sweden and the rest of Europe
Exhausted of studying? Click through the gallery over to determine which groups have already qualified for the World Cup . Australia and Syria, who ended their respective groups in third spot, will face each other in a qualification playoff.

10 October 2017
Syrian rebels hand border crossing to opposition government
Witnesses reported seeing a Turkish army reconnaissance team escorted by HTS fighters inside Syria's Idlib province on Sunday. Twitter video showing a Turkish convoy in Syria.

10 October 2017
Father accused of killing toddler daughter
A 38-year-old Lady Lake man is facing a charge of first degree murder in the death of his 17-month-old daughter. Main drove himself to the Sumter County Sheriff's Office Village's Annex to turn himself in.

10 October 2017
Fabio Rochemback: former Barcelona player arrested for involvement in cock fighting
He also played for Sport Club Internacional, Barcelona and Sporting Lisbon, before joining Middlesbrough in August 2005. Juarez Rochemback told Globo Esporte: "Fabio was with me at the farm in Soledade, but now he's back in Porto Alegre".



Recommended