Kalrock says probes into investor Fritsch have no impact on Jet Airways deal (updated)

Jet Airways (India)

14/11/2022 05:23

(Adds details, background)
       BENGALURU, Nov 14 (Reuters) - Asset manager Kalrock
Capital Partners said on Monday that probes into its investor
Florian Fritsch have no impact on its acquisition of Indian
airline Jet Airways  JET.NS .
    Fritsch is assisting in investigations by regulatory
agencies in Liechtenstein, Switzerland, and Austria. The probes
are based on anonymous complaints filed in relation to certain
businesses where Fritsch is a financial investor in his personal
capacity, UK-based Kalrock said in a statement.
    Once India's biggest private carrier, Jet had stopped flying
in April 2019 after running out of cash, before India's
bankruptcy court last year approved a resolution plan submitted
by a consortium of Kalrock and UAE-based businessman Murari Lal
Jalan.
    "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 said, adding that the disputes are commercial
in nature.
    Meanwhile, business newspaper Economic Times reported on
Monday that Jet Airways' asset monetisation plan has been
delayed due to an impasse between lenders and the Jalan-Kalrock
consortium over its resolution plan.
    Jet Airways did not immediately respond to a Reuters request
for comment.
 (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi
Aich)
 ((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))