A fresh set of troubles have hit the bankrupt Jet Airways.
Recent audits by the State Bank of India (SBI) show that it has misappropriated funds relating to provision of loans, and raised fraudulent bills, as per an ET report The audit reveals that it did not verify invoices, which led to inflation of bills and fuel expenses for Jet Airways, though they remained static for other airlines.
A provision is when a company or a bank makes up for a loan which has gone bad or become unrecoverable, by putting extra funds into the kitty. These loans were also given out to Jet Lite in spite of the fact parent Jet Airways was making losses.
15/07/19 Business Insider
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Recent audits by the State Bank of India (SBI) show that it has misappropriated funds relating to provision of loans, and raised fraudulent bills, as per an ET report The audit reveals that it did not verify invoices, which led to inflation of bills and fuel expenses for Jet Airways, though they remained static for other airlines.
A provision is when a company or a bank makes up for a loan which has gone bad or become unrecoverable, by putting extra funds into the kitty. These loans were also given out to Jet Lite in spite of the fact parent Jet Airways was making losses.
15/07/19 Business Insider
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