Kalrock Capital, part of Jalan-Kalrock consortium, which had bid to acquire Jet Airways, has said that the investigations initiated by regulatory agencies in Liechtenstein, Switzerland, and Austria against its promoter Florian Fritsch will not have any impact on the deal between Kalrock and Jet Airways.
“Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with the 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,” a statement said on Monday.
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Jet Airways revival
Jet was grounded from April 2019 over unpaid dues to the tune of ₹8,000 crore. Over 18 months ago, the Mumbai Bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by Kalrock Capital and UAE-based entrepreneur Murarilal Jalan for the revival of Jet Airways.
Bloomberg had last week reported that multiple properties linked to Fritsch were raided by prosecutors in a criminal investigation.
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The statement on Monday added that the investigation, which is ongoing, has been initiated based on anonymous complaints filed in relation to certain businesses where Florian is one of the financial investors in his personal capacity. “The disputes are commercial in nature. Florian has already filed complaints with the concerned High Court regarding these disputes and complaints, which are also being investigated,” it said.
Jet had plans to restart operations almost six months ago. However, the plans have been getting delayed for the past several months. With the new issues in sight, the revival of Jet in November too looks bleak.
As per the revival plan, the consortium proposed a total infusion of ₹1,375 crore. This includes ₹900 crore towards capex and working capital and ₹475 crore to settle claims of all creditors. However, that investment too, hasn’t come in yet.