Kalrock says investigations into investor Fritsch have no bearing on the Jet Airways deal | Jobi Cool


BENGALURU, Nov 14 (Reuters) – Asset manager Kalrock Capital Partners said on Monday that investigations into investor Florian Fritsch had no impact on its acquisition of Indian airline Jet Airways ( JET.NS ).

Fritsch assists in the investigations of supervisory authorities in Liechtenstein, Switzerland and Austria. The investigations are based on anonymous complaints made in relation to specific companies in which Fritsch is a financial investor in his personal capacity, UK-based Kalrock said in a statement.

Once India’s largest private airline, Jet had stopped flying in April 2019 after running out of cash, before India’s bankruptcy court last year approved a resolution plan filed by a group of Kalrock and UAE businessman Murari Lal Jalan.

“Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges filed pursuant to them, and these investigations have no bearing on the acquisition of Jet Airways, and the Jalan-Kalrock Consortium remains committed to Jet Airways. Kalrock said, adding that the dispute was of a commercial nature.

Meanwhile, trade paper Economic Times reported on Monday that Jet Airways’ plan to monetize its assets has been delayed due to a standoff between lenders and the Jalan-Kalrock conglomerate over its resolution plan.

Jet Airways did not immediately respond to Reuters’ request for comment.

Chris Thomas in Bengaluru reports; Editing by Rashmi Aich

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