Raids on Jet promoter Florian Fritsch
Kalrock Capital on Monday said the ongoing investigations related to its promoter Florian Fritsch in overseas jurisdictions will not have any impact on the acquisition of Jet Airways.
Regulatory agencies in Liechtenstein, Switzerland and Austria had recently raided multiple properties of Fritsch as part of a probe into alleged fraud and money laundering.
The consortium of Murari Lal Jalan and Fritsch had emerged as the winning bidder for the airline after the National Company Law Tribunal (NCLT) approved its resolution plan in June last year.
This development comes amid uncertainty over when Jet Airways would restart operations. The airline was grounded in April 2019.
“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 Capital said in the statement.
The statement added that the investigations, which are ongoing, have been initiated based on anonymous complaints filed in relation to certain businesses where Florian is one of the financial investors in his personal capacity and that 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 added. Kalrock did not disclose any details about the complaints.
Last week, Jet reported a standalone net loss of Rs 308.24 crore for the quarter ended September 30, 2022. The company added that due to the losses, there has been an erosion in its net worth.
■ Florian Fritsch owner of Kalrock, which is part owner of Jet
■ Fritsch properties raided in different EU jurisdictions on money laundering charges
■ Uncertainty over Jet restart stays
■ Kalrock says raids unrelated to Jet