20 August 2008

Silverjet in possible SFO probe

Failed all-business class carrier Silverjet may be the subject of an investigation by the Serious Fraud Office following a complaint.

The airline was grounded in January 2007 after high fuel prices, which rose from $55 a barrel at launch to $125 when it failed, and a falling business travel market prompted its decline.

A series of abortive rescue attempts were made, the most hopeful being a loan of Ã&#pound;53.6 million from Middle Eastern investment house Viceroy Holdings but the first instalment was never made and the deal collapsed.

It is thought the complaint centres around this failed deal but Silverjet administrator Begbies Traynor said it had yet to be asked for papers by the SFO.

By Dinah Hatch

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