Financial advisor and asset manager Kalrock Capital Partners said on Monday that the ongoing investigation related to its promoter Florian Fritsch will have no impact on the acquisition of Jet Airways.
“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 the acquisition of Jet Airways, and Jalan-Kalrock Consortium remains committed towards Jet Airways,” said a statement from Kalrock Capital.
Last week prosecutors conducted raids on properties linked to Fritsch located in Liechtenstein, Switzerland and Austria for suspected fraud and money laundering, raising the probability of delays to restart commercial operations at Jet Airways once again.
“Fritsch, is assisting in certain investigations initiated by regulatory agencies. The investigation 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 statement said.
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Florian has already filed complaints with the concerned high court regarding these disputes and complaints, which are commercial in nature, and are also being investigated.
Kalrock Capital joined hands with UAE-based businessman Murari Lal Jalan to revive Jet Airways after the airline filed for bankruptcy in 2019. Spearheaded by CEO Sanjiv Kapoor, Jet Airways said it was planning to start ticket sales in November.
However, the ownership transfer process is yet to be completed as certain payment obligation issues remaining unresolved. Recently the National Company Law Tribunal ruled that Jet Airways’ employees have to be paid their provident fund and gratuity dues totalling at Rs 275 crore.
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The beleaguered airlines secured the crucial air operators permit in May this year which basically allows it to restart commercial flight operations. The airline aims to resume as a full-service carrier. In October, the National Company Law Appellate Tribunal (NCLAT) bench increased admitted claims of Punjab National Bank (PNB) to Rs 956 crore from Rs 754 crore.
The resolution professional had reduced the claim by Rs 202.09 crore following which PNB filed an application objecting to the reduction. PNB is one of the largest shareholders in Jet Airways holding 26% in the company, as at the end of September.