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Pakistan International Airlines acting CEO barred from leaving Pakistan
March 24th 2017
Pakistan International Airlines (PIA) acting CEO, Bernd Hildenbrand, has been put on an ‘exit control list’ by the government in Islamabad amid allegations of mismanagement and corruption. Read More » Specifically, the German aviation veteran is accused of mishandling an A330-300 wet-lease deal with SriLankan Airlines.
Financially troubled SriLankan wet-leased one of its new A330s to PIA last year and PIA used the aircraft to launch a daily Islamabad-London ‘premier service’ last August, the first time the carrier offered flat beds and AVOD IFE to passengers.
PIA returned the -300 to SriLankan last month upon completion of the US$19 million six-month rental agreement. The controversy started when SriLankan’s management said the PIA lease deal was “the most profitable deal SriLankan ever had” and other industry sources suggested PIA paid almost twice the going rate. In the interim, PIA’s accountants said the carrier lost US$14 million during the brief lease.
"My conscience is clear. I haven't done anything wrong. There's no question of any corruption on my part. Whatever I did was to the best of my ability and in the best interest of PIA. All major transactions were made with the approval of the Board of Directors and according to the rules," Hildenbrand said.
Boeing’s Shanahan en route to the White House?
Boeing senior vice-president for supply chain and operations, Patrick Shanahan, could soon be working at the White House, the Wall Street Journal has reported. The Boeing veteran has been tapped to replace deputy secretary of defence, Bob Work, as the No.2 in the Pentagon, reporting to defence secretary, Jim Mattis.
Aviation expert Jack Koh joins law firm Stephenson Harwood
Law firm Stephenson Harwood LLP has strengthened its aviation finance practice with the arrival of aviation specialist Jack Koh. Jack joins the firm's Singapore office as a consultant.
Jack brings more than 20 years of experience in senior management positions in the airline and maintenance, repair and overhaul (MRO) industries. He provides guidance to clients on commercial and technical aspects of the acquisition and leasing of aircraft, aircraft asset residual value strategy, long-term fleet management solutions and management of aircraft lease return conditions.
"Jack is a very well-known name in the industry. He is renowned for his extensive knowledge of the aviation and MRO industries," said Singapore-based asset finance partner Saugata Mukherjee. "His exemplary negotiation skills and track record of achievements in aircraft purchase contracts, aircraft sales, industry JVs and business investment due diligence enhances the firm's position as a recognised leader in the aviation sector."
