Asset management firm Kalrock Capital Partners on Monday said probes into its investor Florian Fritsch have no impact on its acquisition of Jet Airways. Fritsch is assisting in investigations by regulatory agencies in Liechtenstein, Switzerland, and Austria.
The probes are based on anonymous complaints filed in relation to certain businesses where Fritsch is a financial investor in his personal capacity, UK-based Kalrock said in a statement.
“Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges made thereunder, and these investigations have no impact on the acquisition of Jet Airways, and Jalan-Kalrock Consortium remains committed towards Jet Airways,” Kalrock added.
According to a Bloomberg report, investigators in Austria, Liechtenstein and Switzerland last week raided properties linked to Florian Fritsch in connection with a money laundering probe.
Kalrock Capital and UAE-based businessman Murari Lal Jalan were selected by lenders to revive the grounded airline in October 2020.
The Jalan-Kalrock consortium has two deadlines, which are likely to be missed. First, the consortium has to pay Rs 52 crore to workmen and employees of the erstwhile airline by the end of business on November 11. Sources say that this payment has not been made as yet. The second deadline has to do with the payment of Rs 185 crore to various lenders. The consortium has till November 16 to make this payment, and CNBC-TV18 has learnt that this has also not been made so far, according to a recent CNBC-TV18 report.
According to the report, the consortium had told the court that the effective date for its resolution plan would be the May 20, 2022, and as per the resolution plan submitted by it, it had proposed to pay employees within 175 days, and lenders within 180 days from the effective date.
In April, Sanjiv Kapoor, the CEO of Jet Airways, had said the airline is targetting to fly its aircrafts in the July-September quarter. In May, Jet Airways conducted its test flight to and from the Hyderabad airport in a step towards obtaining the air operator certificate. Jet Airways, which has not flown since April 17, 2019, is currently in the process of re-launching operations under its new promoters Jalan-Kalrock Consortium. The airline’s CEO Sanjiv Kapoor had said the test flight’s operation was a very emotional moment “for all the wonderful folks who have been working hard to get Jet back in the skies”.
(With Inputs From Agencies)
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