NEWS FLASH
The last two CEOs of Adria Airways, Arno Schuster and Holger Kowarch, have made a payment of a combined total of 450.000 euros to settle a 78 million euro damages lawsuit levelled against them. The bankruptcy administrator, Janez Pustatičnik, explained that the main motivation behind this move was to bring the lengthy bankruptcy process, ongoing since 2019, to a close. Although the settlement amount is far below the original lawsuit, Mr Pustatičnik stressed that it reflects both the legal complexities and the limited ability to collect more from the former executives. He noted that pursuing the full claim could expose creditors to even higher risks, including the possibility of having to cover a portion of the defendants’ legal expenses if the court limited their liability.
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 were both accused of financially draining the airline and were sued for 78 million euros in what 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.
Now, you like it or not, this is a good business right here.
ReplyDeleteSteal 80mio and pay 400k for it
That is a serious accusation. What did they steal? How can you prove they stole anything?
DeleteBecause they admitted guilt by settling the lawsuit.
DeleteThey didn't necessarily steal 80 million. This amount is the total damage they caused to their suppliers (not paying for fuel), employees (not paying their salaries) etc.
DeleteThis is not to say that they did not get a good deal out of this. Surely they are still net positive by a large margin after paying the 450k.
And this total damage has been collecting for years, before Arno and Holger even took the positions as CEO.
DeleteSettlement does not equal admission of guilt!! How ignorant are people in these comments??
DeleteThere are records of the money they sucked from Adria to various off shore accounts. They addmited guilt by oaying fraction of it. Have they stolen nothing, they would have appeared in court. There is just one thing: they vouldn't have pulled this off without help in Slovenia.
DeleteThe laws are wrong for today's world. Instead of the prosecutor having to prove the charges, defendants should have to prove where the money ended up. If they fail to do so, they should be found guilty and sentenced to 20 years in prison.
ReplyDeleteThis is story for kindergarten.
DeleteYour Kindergarten is 100s of employees which lost their jobs, some of them, never found a same level job they had before again, cause they were plus 50 in years. Same time 78 millions are gone with the wind and the same guys, who said they need to earn more than 1 Mio per year as they are so good, created a little disaster by bankrupting a company flying out of LJU for decades and today they dont know anything anymore, cant recall anything and got a way with ridiculous 0.45 Mio of payment. These two guys do not suffer, they live well. Others with a good education and paying 30 years into the system, get 600 EUR per month and have to figure out how to live.
DeleteThe system is set up wrongly and instead of correcting it, the system will defend next cases again and again. That's Kindergarten!
Again, when these two guys took over, Adria had around 145m€ of total debt. All the previous managers who were generating this debt for the purpose of "national interest" should also be responsible for this.
DeleteOf course they should be responsible but they were the ones that ended it all, even though they bought an airline they technically did nothing wrong by taking money out of it (just bussines man doing bussines) but what you are wrong at is the dept, it was less than that and even if it was bigger adria still brought more money to our country compared to loss
DeleteIt’s actually a huge credit to the bankruptcy manager that they got something. It’s rare in these types of cases and they avoided a slow moving of the judicial wheels.
ReplyDeleteTrue, but i think the damage they have done to Slovenian turistic sector is much bigger than 78 mio.
DeleteAdria was going bust sooner or later, 4K guys just pressed the fast forward button.
DeleteBest deal ever.
ReplyDeleteWho will pay or paid the Euro 78 million instead?
ReplyDeleteNo one
DeleteWhat jobs Schuster, Kowarch and previous Adria managers, from Slovenia, have today?
ReplyDeleteFor sure they don't deliver food, drive taxi or wait the tables. It's irrelevant which jobs precisely they do - they do some of the jobs reserved for "selected", within Mafia worldwide
DeleteHahahahahahahaha, "Free World", "Market Economy", "Rule of Law", "Democracy", "Open Market", and similar empty phrases invented to keep masses in slavery, on their best!!!!!
ReplyDeleteEcactly. And the masses allow it, cause they let them manipulate and even support the status quo.
DeleteDržava Slovenija je izgubila okoli 3 milijarde eurov zaradi propada Adrie. Gospoda sta pa odgovorna za okoli 30milijonov eurov.
ReplyDelete