Showing posts with label Transaero. Show all posts
Showing posts with label Transaero. Show all posts

07 April, 2019

Anti-corruption investigations into Transaero Airlines bankruptcy.

Photo Leonid Faerberg
The Russian Foundation for Anticorruption Investigations has launched an investigation focused on uncovering corrupt or fraudulent schemes possibly involved in the bankruptcy of OJSC Transaero Airlines. Transaero, the first private company approved for commercial flights back in 1990, has grown to become the second-largest airline of Russia and by 2013 had operated 98 aircraft with the annual number of passengers exceeding 12 million people. It ceased operations in 2015 due to financial insolvency and was declared bankrupt in 2017. The bankruptcy procedures, marred by numerous litigations and criminal cases against the company’s management in Russia and abroad, have been extended in March 2019 for another 6 months.