Swissair liquidator brings criminal charges in Belgium over Sabena bankruptcy
ZURICH (AFX) - The liquidator of bankrupt Swissair Group, Karl Wuethrich, said he has filed criminal charges in Belgium in connection with the bankruptcy of Sabena -- a former unit of Swissair -- more than three years ago.
'We have filed a charge against unknown persons with the examining magistrate Jean-Claude Van Espen in early November,' a spokesman for the liquidator told Swiss newsagency SDA-ATS, confirming a report in Belgian daily Le Soir.
Wuethrich alleges that irregularities damaging Swissair took place when the Belgian airline collapsed on November 7, 2001.
No further details regarding the charges were released.
According to Le Soir, Sabena transferred nine of its slots to unit Delta Air Transport (DAT), a regional carrier, only one day before its collapse.
Sabena did not obtain any payments for the slots, although British Airways PLC (LSE: BAY.L - news - msgs) had earlier offered to pay 80 mln eur for the time-windows.
Moreover, the Belgian government, with the approval of the EU commission, had granted DAT -- out of which SN Brussels Airlines was formed -- a bridging loan of 125 mln eur, although the money had originally been intended for Sabena.
Strange that swissair would sue Sabena because rumour has it that they sucked the Belgian airline dry during their expansion quest of buying up a ton of crappy assets. I doubt they'll win this one though they've certainly IMHO gotten away with plenty including covering up the part they played in the swissair crash, apparently with the Swiss government's blessing. Infuriating.
Swissair sues Sabena
4 January 2005
BRUSSELS – The administrators handling the affairs of former Swiss airline Swissair are suing the administrators of Belgium's former national airline Sabena.
Le Soir newspaper reported on Tuesday that the administrators of Swissair, which owned 49.5 percent of Sabena before the two companies went bust in 2001, say the Belgian airline owes them millions of euros.
Belgium sues Swissair for EUR 1bn
Swissair accused over Sabena collapse
Swissair administrators claim that just hours before the two companies were declared bankrupt, Sabena gave nine take of and landing slots rights to DAT, one of its subsidiaries.
British Airways would have paid EUR 80 million for the slots, Swissair administrators argue.
Sabena's administrators deny the allegations against them.
Late last year Sabena administrators launched a lawsuit against Swissair's administrators, saying the former Swiss airline had not done enough prevent the 2001 bankruptcies.
|Powered by Social Strata|