Mumbai: Debt-laden Jet Airways seem to be lurching from one crisis to another.
In the latest turbulence, State Bank of India has asked EY to carry out a forensic audit of the airline’s financials for the fiscal years 2014 to 2018. SBI is the lead banker to the airline’s loans of over ₹8,000 crore.
According to sources close to the development, the probe was initiated after a complaint was made to the bank in August this year. “Since the allegations are financial in nature, EY has been appointed to audit it and a copy of the report will be sent to the complainant,” the source said.
While SBI and EY declined to comment, the spokesperson for Jet Airways was not available.
Jet Airways has a loan account with SBI whose exposure to the airline is said to be close to ₹2,000 crore. Jet had reported a net loss of ₹1,261 crore for the second quarter of FY19.
According to sources, a fortnight ago, the cash-strapped airline had requested a $350-million soft loan from its investment partner Etihad Airways, which owns a 24 per cent stake in the full-service Indian carrier.
14/12/18 Forum Gandhi/Business Line
To Read the News in full at Source, Click the Headline
In the latest turbulence, State Bank of India has asked EY to carry out a forensic audit of the airline’s financials for the fiscal years 2014 to 2018. SBI is the lead banker to the airline’s loans of over ₹8,000 crore.
According to sources close to the development, the probe was initiated after a complaint was made to the bank in August this year. “Since the allegations are financial in nature, EY has been appointed to audit it and a copy of the report will be sent to the complainant,” the source said.
While SBI and EY declined to comment, the spokesperson for Jet Airways was not available.
Jet Airways has a loan account with SBI whose exposure to the airline is said to be close to ₹2,000 crore. Jet had reported a net loss of ₹1,261 crore for the second quarter of FY19.
According to sources, a fortnight ago, the cash-strapped airline had requested a $350-million soft loan from its investment partner Etihad Airways, which owns a 24 per cent stake in the full-service Indian carrier.
14/12/18 Forum Gandhi/Business Line
0 comments:
Post a Comment