NewsExpress advert FCMB 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: 1,083

 •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+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Africa’s first solar bus unveiled

Bring back the World Cup, Buhari tells Eaglets...

Intersociety rubbishes DSS’ claim on arrest of IPOB...

Zambia suspends election campaigning over violence

Boko Haram kills 5 close to Nigeria’s border...

Biafra Youth League releases programme for international congress...

Obiano to address Anambrarians in America on Jan....

Alleged N400 million fraud: Metuh knows fate March...

Shell confirms attack on its Kolo Creek oil...

FG confirms 110 Dapchi schoolgirls missing, steps up...

Ayade invites EFCC, ICPC to witness bidding process...

How Ibori outsmarted British Govt. and regained his...


Latest News 500 Chinese companies to recruit workers in Anambra Militants give FG ultimatum to reinstate Boroh or face fresh attacks Dapchi Abductions: Military was alerted about Boko Haram operation but failed to act — Amnesty International Imo 2019: Madumere steals show at APC State Executive Council meeting Land Use Charge: Real Estate sector stakeholders hail 50 per cent reduction by Lagos Government Special Report: The travails of Nigeria’s cancer patients •The odds against them Maritime sector has capacity to catalyze economic growth, says NIMASA DG IGP Ibrahim Idris’ order to return firearms suspicious and absurd — Bishop Ezeokafor EFCC re-arraigns Dasuki’s ally over N600m ONSA fraud CPC intervenes for Nigerians as Ford recalls 1.4m vehicles China threatens military and diplomatic action against U.S. Trump seeks death penalty for drug traffickers to curb US opioid abuse


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,455 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,135 views) Shameless Genevieve Nnaji exposes breasts in public (260,865 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,402 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,032 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,452 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,717 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,432 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,184 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,270 views) Lagos plane crash: Journalist releases victims’ names (132,634 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,913 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,973) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (455) Features (554) Global Business Monitor (239) International (1,858) Interview (146) Live Commentary (28) Love Matters (114) News (33,751) Opinion (896) Pidgin (10) Politics (4,627) Religion (701) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera