20 August 2008

Silverjet - Serious Fraud Squad investigates

The UK's SFO has received a complaint and has opened an investigation according to the UK's Daily Telegraph into the circumstances surrounding the abortive attempts to salvage the airline prior to its demise in May of this year.

It has always been somewhat fishy in the public announcements that came from Silverjet up to and including its CEO standing up in public at the Arab Travel Mart in Dubai earlier that month. Whether the Silverjet people were telling porkies to hype up their value and close the deal before it was actually consummated or the proposed investors were telling porkies remains to be seen. Possibly both.

Either way it was ugly and a lot of people lost money and jobs. If this is what it takes to get to the bottom of the mess - so be it.

I for one will be very interested in this outcome.



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