New Delhi: According to media sources, authorities looking into claims of fraud related to one of the investors hoping to relaunch India’s Jet Airways discovered a treasure trove of luxury automobiles and watches, among the things confiscated.
An appeal to unfreeze the assets, which include five Rolex watches, a classic vehicle simulator, and seven Porsche cars, was denied by the Liechtenstein Supreme Court. This information was made public in a judgement from June that was posted on the court’s website and covered by the media.
In the small principality nestled between Austria and Switzerland, prosecutors are looking into Florian Fritsch for possible fraud and money laundering. According to the article, he ignored an email and SMS requesting comment.
Fritsch and his investment firm Kalrock Capital are a member of the team chosen to rescue the once-leading private airline in India, Jet Airways, which declared bankruptcy in 2019. By the end of September, the investors have promised to invest Rs1 billion ($12 million) to take over Jet Airways, according to the media source.
According to Chief Prosecutor Robert Wallner, the Liechtenstein investigation has made progress but still needs more time to be finished. He didn’t mention him by name in his comments to Bloomberg but was responding to inquiries regarding the investigation into Fritsch.
Due to several appeals by the defendants, prosecutors were unable to access a sizable amount of confiscated papers, Wallner stated via email. He was reported by the news source as indicating that the unsealing procedure was now under progress.
The consortium suggested a total injection of Rs. 1,375 crore in accordance with the recovery strategy. This comprises 900 crore for capital expenditures and working capital, as well as 475 crore for the payment of all creditors’ claims. However, neither has that investment as of yet.
Nearly six months prior, Jet had intentions of starting up again. The plans, however, have been slipping for the previous few months. With the upcoming challenges, it is unlikely that Jet will return in November.