Serious Fraud Office may launch probe into Silverjet collapse

20th Aug 2008

Collapsed luxury airline Silverjet could be the subject of an investigation by the Serious Fraud Office after receiving an undisclosed complaint, regarding the abortive attempt of Viceroy Holdings to loan up to US$100m (£53.6m), The Daily Telegraph reports.
The luxury airline went into liquidation shortly after it announced it had arranged a loan of up to US$100m (£53.6m) from Abu Dhabi-based investment house, Viceroy Holdings. The first instalment of US$5m failed to arrive and days later Silverjet grounded planes, leaving business travellers stranded.

Experts believe that any possible investigation will be based around banking documents detailing the abortive deal. Mark Fry, of Begbies Traynor, administrator of Silverjet, said the SFO had yet to ask for the airline’s documents, though it “would co-operate fully with any investigation”.

Viceroy signed a memorandum of understanding to put up to US$100m into the airline at the end of April. The first instalment of US$5m on May 23 failed to materialise and shares in the airline were suspended shortly afterwards.

The airline, its advisers and administrators have not heard from the Viceroy Fund since shortly after the collapse.


Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation