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.



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