NEWS FLASH
The trial against the former CEOs of Adria Airways, Arno Schuster and Holger Kowarsch, which was due to begin this morning at 10.30 has been delayed due to a two-week strike by Slovenian judges over low wages which began this morning. Mr Schuster and Mr Kowarsch led Adria after the German fund 4K Invest bought the carrier in 2016. The two were also partners at 4K Invest. They are both accused of financially draining the airline and are being sued for 78 million euros in what has become the largest compensation claim in Slovenia’s history. When Adria declared bankruptcy in October 2019, it owed tens of millions of euros to its suppliers, leasing companies, airports, airlines, employees and other creditors. The lawyers hired by official receiver, Janez Pustatičnik, studied the forensic audit of Adria and found that managers had violated insolvency legislation. While knowing Adria was insolvent, they did not request for owner 4K Invest to supply the airline with fresh capital as promised nor declare bankruptcy. Instead, they addressed Adria's financial issues with "problematic bookkeeping tricks". A new date for the trial is yet to be set.
Justice will soon be delivered, God bless
ReplyDeleteI think this is a waste of the courts time to be honest. They will just plead ignorance as it's not their role and will pass the blame onto someone else.
ReplyDeleteI swear, this whole ordeal is making a mockery of Slovenian industry. I thought when ww joined the EU things would get better but it is now worse!
ReplyDeleteWell slovenian government seems to be on strike as well...They haven't announced the results of the latest tender almost month and a half after the submition period
ReplyDeleteDon't forget that the current Minister of Transportation is the same one who sold Adria to 4K in the first place
DeleteAir connectivity is certainly not within their interest
On the other hand, she's the only one who is in favor of new national carrier. At least she admit that selling airport and national carrier was huge mistake.
DeleteI strongly smell they are just being scapegoats. The whole Adria thing is much deeper and extends to years of mismanagement.
ReplyDeleteThis whole case is a complete clown show. Slovenia looks like a banana republic, trying to blame some managers for the insolvency of an airline that has been making losses for decades.
ReplyDeleteNepotism and gluttony have plagued this company for decades. Public attendance is required for the show.
ReplyDelete