The investigations into Florian Fritsch, one of the two executives seeking to get bankrupt Jet Airways India Ltd. back in the air through a bankruptcy process, will not affect the rescue plan for the airline, according to his firm.
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“These investigations have no impact on the acquisition of Jet Airways,” Kalrock Capital Partners, Fritsch’s investment company said in a statement. Neither Kalrock nor Jet Airways have connections with ongoing investigations or the charges, it said.
Bloomberg News last week reported multiple properties linked to Fritsch were raided by prosecutors in a criminal investigation. Kalrock said on Monday that Fritsch is assisting in certain investigations initiated by regulatory agencies in Liechtenstein, Switzerland, and Austria.
A potential revival of Jet Airways would be the first for a carrier in India under new bankruptcy laws, and could boost Prime Minister Narendra Modi’s image as a business-friendly leader.
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The latest legal dispute is a fresh blow to Jet Airways that has faced delays in its comeback after collapsing amid debt in 2019. Once India’s top private carrier, Jet Airways, promised to start flights by March this year but it has struggled to place orders for new aircraft with lenders reluctant to allow it to take on fresh liabilities.
The disputes are “commercial” in nature, Kalrock said. The probe was initiated based on anonymous complaints related to businesses where Fritsch is one of the financial investors in his personal capacity. Fritsch has filed complaints with a high court regarding the disputes and complaints being investigated, according to the statement.
The consortium was picked to bring back Jet Airways to the air, made up of Fritsch as an investor along with his Dubai-based partner Murari Lal Jalan, with the group “committed” towards the airline, it said.
