Expatica news

Swissair accused over Sabena collapse

17 November 2004

BRUSSELS – The liquidator of Belgium’s former national airline Sabena has filed a complaint against Swissair with the Zurich authorities.

It has charged the Swiss airline group (SAirgroup), which has also since gone under, for disloyal management that brought about Sabena’s downfall.

The legal proceedings were focussing on the management “imposed” on Sabena as well as an accounting policy that significantly embellished the Swiss group’s finances, said Sabena representative Christian Van Buggenhout.

The complaint against SAirgroup was lodged on 9 November.

According to Van Buggenhout, Sairgroup caused the collapse of Sabena while at the same time misleading the public and investors, in particular in Switzerland, about the consistency of the groups published results.

The Swiss group has also been charged with providing false information on the company’s commercial activities.

Van Buggenhout already indicated in January 2003 that he seeking compensation worth EUR 2.4 billion from former Swiss shareholders in Sabena.

Swissair owned 49.5 percent of Sabena while the Belgian government, which was trying to keep the airline afloat, owned the rest.

The Swiss company, itself on the brink of collapse, finally let go of Sabena at the start of November 2001.

This led to the inevitable bankruptcy of the 75 year-old company.

Swissair went under at the end of March 2002.

[Copyright Expatica 2004]

Subject: Belgian news