Ruscoe
Topic Author
Posts: 1605
Joined: Sun Aug 22, 1999 5:41 pm

Sabena Corruption Scandel Settled?

Mon Nov 15, 2004 5:24 pm

I am enquiring if the Sabena corruption scandel is still ongoing or has it been settled.
Fror those who don't remember this was a criminal investigation started in Oct 2001 to investigate if there was any corruption surrounding the purchase of 17 new aircraft by Sabena in Nov 1997, and subsequently doubled at the last moment.
It was widely held that it was this purchase which pushed Sabena into bankruptcy.
I know the topic has been discussed before but I am really just enquireing if there has been any conclusion?

Ruscoe
 
HB-IWC
Posts: 4042
Joined: Fri Sep 22, 2000 1:09 am

RE: Sabena Corruption Scandel Settled?

Mon Nov 15, 2004 5:55 pm

Don't know whether a conclusion has already been reached, but the case surrounds a deal by Sabena to acquire not 17 but 34 A32S aircraft, to be split up as 26 A319s, 5 A320s and 3 A321s. The deal involved then Swissair parent company SAirGroup's leasing arm FLIT, and was very fishy from the beginning, because all Sabena was looking for was the replacement of 13 ageing B732s, with the remaining B733s/734s/735s just doing fine.

At the end of the day the Sabena Board was forced to swallow a deal that saw all 737s replaced and increased capacity both in terms of number of airframes and number of available seats per frame. The leasing rates were reportedly scandalous by all industry standards and there is no doubt that all key decisions regarding this fleet renewal program were taken in Zurich rather than Brussels.

 
SNBA
Posts: 201
Joined: Thu Oct 07, 2004 6:28 pm

RE: Sabena Corruption Scandel Settled?

Thu Nov 18, 2004 12:19 am

This is just unbelievable!!! A shame that SABENA disappeared... 'hope the Swiss will pay soon... "Old Lady SABENA" was a legend and gave some contribution to airlines world!!!
 
brightcedars
Posts: 751
Joined: Wed Nov 10, 2004 6:18 pm

RE: Sabena Corruption Scandel Settled?

Thu Nov 18, 2004 12:38 am

Last night you could see on most Belgian news and the business channel that a small army of lawyers was in Zurich, adding the finishing touch to the case they will want to be dealt with by a Swiss court.

In short, there is talk of 2,000,000,000EUR of money that would have illegally been pumped from SN into SR in order to make the latter appear in better condition than it really was. The lawyers hope to win this amount in compensation for the benefit of the curators of Sabena.

I'm sure you can find more details if you check out the news on most Belgian news websites or make a search on your favorite search engine.
I want the European Union flag on airliners.net!
 
iakobos
Posts: 3255
Joined: Wed Aug 06, 2003 6:22 pm

RE: Sabena Corruption Scandel Settled?

Thu Nov 18, 2004 1:16 am

On paper, the substance of the case is 120 pages long, backed up by nearly 1,000 pages of evidential documents, and indeed the amount of alleged illegally pumped cash is in the vicinity of 2B Eur (2.6B$), no peanuts.

It seems to corroborate what SN's pilots association claimed a very long time ago.

Three main pumping vanes are cited: a host of unexplained (some really huge) surcharges, extremely dubious accounting practices and cash transfers which never reappeared in the proper ledgers.

At the very least, the blue cow was properly milked dry.




 
SNBA
Posts: 201
Joined: Thu Oct 07, 2004 6:28 pm

RE: Sabena Corruption Scandel Settled?

Thu Nov 18, 2004 1:25 am

It is a shame!!! Really...
 
bennett123
Posts: 7722
Joined: Sun Aug 15, 2004 12:49 am

RE: Sabena Corruption Scandel Settled?

Thu Nov 18, 2004 8:38 am


I do not mean to spoil the party, but I seem to remember that Sabena never made a profit, hence the need for the Swissair involvement.

Where did the E2 BN come from.

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