Kalrock claims probe against investor won’t impact Jet deal | Mint
Active Stocks
Wed Feb 21 2024 15:59:55
  1. Tata Steel share price
  2. 143.85 1.99%
  1. Bharti Airtel share price
  2. 1,139.75 -0.38%
  1. State Bank Of India share price
  2. 771.55 1.51%
  1. Power Grid Corporation Of India share price
  2. 280.15 -2.71%
  1. ITC share price
  2. 403.30 -0.68%
Business News/ Companies / News/  Kalrock claims probe against investor won’t impact Jet deal
BackBack

Kalrock claims probe against investor won’t impact Jet deal

The investigation, which is ongoing, has been initiated based on anonymous complaints filed in relation to certain businesses where Kalrock Capital’s investor Florian Fritsch is one of the financial investors in his personal capacity

The planned relaunch of Jet Airways has faced several delays, with the airline yet to announce a date for restarting flight operations. (Mint)Premium
The planned relaunch of Jet Airways has faced several delays, with the airline yet to announce a date for restarting flight operations. (Mint)

Kalrock Partners Ltd, a part of Jalan-Kalrock consortium, which owns Jet Airways, said on Monday that investigations initiated by regulatory agencies in Liechtenstein, Switzerland, and Austria against its promoter Florian Fritsch will not have any impact on the deal between Kalrock and Jet Airways.

Kalrock Partners said Fritsch is assisting in the investigations and “confirmed" that neither Kalrock Capital Partners nor Jet Airways has any connection with these ongoing investigations, or the charges made thereunder.

“In an economic crime case coordinated searches were conducted in Liechtenstein, Austria and Switzerland on 26 October. This was done in a preliminary investigation on suspicion of aggravated fraud, breach of trust and money laundering. No charges have been filed to date. The police is analysing evidence obtained in the searches. No names of persons or entities are communicated or confirmed," Liechtenstein’s prosecutor general Dr Robert Wallner said in an emailed response to Mint’s query.

In June 2021, the National Company Law Tribunal approved the resolution plan submitted by Kalrock Capital and UAE-based Murarilal Jalan for the revival of Jet Airways, which was grounded since April 2019.

“The investigation, which is ongoing, has been initiated based on anonymous complaints filed in relation to certain businesses where Florian is one of the financial investors in his personal capacity. The disputes are commercial in nature," Kalrock said in a statement.

Jet Airways emerged from bankruptcy proceedings with a change of ownership and planned to launch services during the September quarter after receiving the air operator certificate on 20 May. However, clarity is still awaited from the airline on the aircraft pipeline.

“Increasingly, the relaunch date for the airline seems further and further away. The consortium had said in Dec 2021 that it wants to fast-track payments to all stakeholders and had aimed for an early 2022 start. But there are multiple headwinds one after the other. The stalemate between the lenders and consortium continues and the ownership is yet to be passed on," a senior official said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Nov 2022, 11:08 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App