Fidelity bank banner UBA banner
$41 million private jet declared missing

By News Express on 04/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,458

 •A Bombardier Global 6000 business jet
•A Bombardier Global 6000 business jet

A sleek Bombardier Global 6000 business jet sporting tail number ZS-OAK has been declared missing by the bank from which money was borrowed to buy the luxury jet.

The jet belonged to South Africa’s notorious Gupta family, whose alleged corruption helped trigger the scandals that recently forced President Jacob Zuma out of office. But the Guptas bought the plane with help from a $41 million loan from Export Development Canada, or EDC, Canada’s state-owned export-import bank.

EDC was helping Bombardier Inc., the Canadian aerospace firm, land the jet sale. But that turns out to have been a poor bet: EDC now says the family defaulted on the loan in October and still owes the bank $27 million.

And with an arrest warrant outstanding for Ajay Gupta, one of three brothers in the family, there are other worries, too. “There is a very real concern that the aircraft may be used to escape justice or for some unlawful means,” wrote EDC in a recent application to a South African court seeking permission to ground the jet.

But EDC first has to find the plane; the Guptas made the plane’s location data private after EDC sought the jet’s exact whereabouts in a court filing. The disappearance of the plane is noted on FlightAware, a website that allows the public to track the location of planes around the world. “This aircraft (ZS-OAK) is not available for public tracking per request from the owner/operator,” the site says. The plane has been spotted in recent weeks at airports in India, Russia and Dubai.

Ehsan Monfared, a Toronto aviation lawyer, says that the case is unusual. Most people or entities who buy business jets of that size and value don’t have credit issues, and banks like EDC make sure they’re well protected. EDC, for its part, insists it performed due diligence on the Guptas.

Phil Taylor, a spokesman for EDC, said that the bank’s motion seeking to ground the aircraft is due to be heard in Johannesburg on March 6, but he declined to comment further. A separate court case is also underway in Britain. An effort to contact the Guptas through their London law firm was not successful.

It’s certainly an embarrassing incident for the bank. But Karyn Keenan, the director of Above Ground, a Canadian human-rights and development nonprofit, finds it ironic that EDC is now worried about risking its reputation when it should have known of the corruption allegations against the Guptas that were circulating in South Africa at the time of the loan deal.

“This loan should never have been made,” she told The Washington Post. “Everybody in South Africa knew who the Guptas were. They had been investigated by South African authorities.”

The good news for EDC is that it’s likely to get the plane back eventually. Under an international agreement called the Cape Town Treaty, Monfared said, lenders have the right to seize a plane in any country that’s part of the pact. “I don’t think the Canadian taxpayer is going to get bilked, unless the aircraft has been otherwise disposed of,” he said.

•Adapted from a Washington Post report.

 

Source News Express

Posted 04/03/2018 1:43:17 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Police arrest Modu Sheriff’s Media Aide

Theft: 2 security guards in SARS net

MASSOB spits fire over Owerri bombs, vows to...

How defending champions Spain crashed out Euro 2016...

National Assembly Impeachment Plot: We’ll match force with...

JONATHAN, A YORUBA HATER —Femi Fani-Kayode •Says: Let’s...

USAIN BOLT announces RETIREMENT plans

Tension in MASSOB over rumoured plot to assassinate...

2015: Oyo APC holds guber primaries today, dismisses...

Jonathan’s economic strategy working wonders —PRESIDENCY •Hails ratings...

Hoodlums burn, destroy Dino Melaye’s constituency projects

Delta nullifies all C of O, initiates on-line...

 

Latest News Pastor, wife die in Imo flood Osun rerun polls: PDP, APC in crunch battle for 3,498 votes Leah Sharibu’s mother, others sue IGP, AGF, 2 others •Demand N500m and Leah’s release Saraki to PDP delegates: Save Nigeria from collapse with your votes Rumble in Kogi over N4.3bn alleged looted fund Married man kills pregnant mistress after she refused to get abortion Police invite whistleblower over alleged N2.5bn fraud by Aisha Buhari’s detained ADC PDP Convention will unite and prepare it for victory in 2019 — Okowa 2019: APC releases approved mode of primaries for all states and FCT Ghana closes 400 Nigerian businesses Kebbi politicians buying dangerous weapons for thugs: Police World leaders laugh at Trump during UNGA speech

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,633 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,366 views) Shameless Genevieve Nnaji exposes breasts in public (309,212 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,083 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,841 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,873 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,532 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,088 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,172 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,615 views) Lagos plane crash: Journalist releases victims’ names (158,509 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,151 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,631) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,438) Interview (165) Live Commentary (28) Love Matters (145) News (39,163) Opinion (1,111) Pidgin (11) Politics (6,764) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement