NEW DELHI: The revival of Jet Airways has hit another roadblock as the promoter of Kalrock Capital is facing investigation by regulatory agencies in Europe. This fresh development comes at a time when the airline management is having a tussle with its lenders over the minutes of the resolution plan.
Kalrock Capital, however, in a statement on Monday, said the ongoing investigation by regulatory bodies in Liechtenstein, Switzerland and Austria against its promoter, Florian Fritsch, will have no impact on the revival of Jet Airways.
Last week, international media reported that investigators across Europe had raided properties linked to Fritsch in connection with a money laundering probe.
“Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges made there under, and these investigations have no impact on the acquisition of Jet Airways, and Jalan-Kalrock Consortium remains committed towards Jet Airways,” said Kalrock Capital in its statement.
A partner at a leading consultancy firm said there is always risk associated when one-half of your partner is under the purview of regulatory bodies.
“If he (Fritsch) is charged with something serious, it definitely would be a setback for Jet Airways' revival. It is too early to comment anything more,” said the partner requesting anonymity.
Karlrock Capital said that 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. Florian has already filed complaints with the concerned High Court regarding these disputes and complaints, which are also being investigated,” the statement noted.
SpiceJet reports Rs 838 cr loss in the second quarter
SpiceJet on Monday reported a widening of net loss to Rs 837.8 crore in the second quarter ending September 2022 (Q2FY23) as record fuel prices and the depreciating rupee caused turbulence for the budget carrier.
Excluding the forex loss, the airline’s net loss stood at Rs 577.7 crore in the latest quarter under review. In the year-ago period, SpiceJet posted a net loss of Rs 561.7 crore. During that period, including a forex gain, the figure was Rs 568.7 crore, according to a release.