belgian news
Swissair 'resolved to let Sabena fail'
3 October 2002

BRUSSELS — Several months before Swissair promised the Belgian government to increase its stake in troubled airline Sabena, the Swiss flag carrier had resolved to let its daughter company collapse, it was claimed on Thursday.

French-language radio broadcaster BEL-RTL said the claims were made in a Thursday-published report from a Swiss investigation commission assigned the task of examining the role the Swiss government played in the Swissair crisis.


And according to the report, three Swiss banks and Swissair reached an accord about its daughter companies on 25 April 2001 — an agreement which outlined the downfall of Sabena.

But despite that agreement, Swissair agreed three months later to inject EUR 425 million into Sabena, a promise which the Antwerp Gazette said appears to have been a “swindle”.

The commission’s report also alleged Swissair concealed its financial problems by profiting from its daughter companies, especially Sabena, enabling it to reduce its own losses.






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