Jet Airways investigated over alleged misuse of funds
The problems are stacking up for troubled Indian carrier Jet Airways.
The corporate affairs ministry is looking at allegations the airline has been siphoning off funds.
A senior government official said the investigation is at ‘a crucial stage’.
News of the probe sent Jet’s share price sliding again.
The Mumbai Registrar of Companies is apparently inspecting Jet’s accounts for misuse of loans secured for airline operations.
However the airline said it ‘has not received any communication from the ministry of corporate affairs in this regard’.
The probe likely relates to the airline recently delaying publication of its quarterly result after auditors refused to sign it off due to irregularities.
This latest upheaval comes at a particularly bad time as private equity firm TPG Capital was revealed as the latest potential investor, and is reportedly mulling buying a $100 million stake in the airline’s frequent-flyer loyalty programme, Jet Privilege.
Jet Airways has already held discussions with Blackstone Group over selling a stake in Jet Privilege.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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