SFO considers Silverjet collapse investigation
20.08.08
Failed Luton Airport based all-business class airline Silverjet may be the subject of an investigation by the Serious Fraud Office (SFO) following a complaint, the Times reports. The airline was grounded in May after high fuel prices, a falling business travel market and the credit crunch saw the losses mount and Silverjet never reach a promised profitability.
A series of abortive rescue attempts were made, the most hopeful being a loan of £53.6 million from Middle Eastern investment house Viceroy Holdings. However, the first installment was never made and the deal collapsed, which saw the airline fold.
It is reported that the complaint centres around this failed deal. However, Silverjet administrator Begbies Traynor said today that it had yet to be asked for papers by the SFO.
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