What a sad read this report is. The real tragedy is that all this could so easily have been avoided.
For those of you who have questioned my analysis of the financial situation at UL - start reading at page 111.
- Point 4 (c)
- Point (ii) (b) on page 112
Doesn't get any clearer. Out of money and insolvent (Bankrupt).
Food for thought - This report represents 6 weeks investigation into very specific cases. Just imagine what a full audit of the Airline will turn up. This is the tip of the iceberg.
The security violations could be used to downgrade the Airline and ban them from the EU - I don't expect it will get to that point.
I can only see 2 ways forward :-
-Billions of Rupees more of public money wasted with no end in sight trying to keep this running. UL will never make money in its current form.
-Bankruptcy. Start a new Airline with the proper safeguards in place.
For those of you who have questioned my analysis of the financial situation at UL - start reading at page 111.
- Point 4 (c)
- Point (ii) (b) on page 112
Doesn't get any clearer. Out of money and insolvent (Bankrupt).
Food for thought - This report represents 6 weeks investigation into very specific cases. Just imagine what a full audit of the Airline will turn up. This is the tip of the iceberg.
The security violations could be used to downgrade the Airline and ban them from the EU - I don't expect it will get to that point.
I can only see 2 ways forward :-
-Billions of Rupees more of public money wasted with no end in sight trying to keep this running. UL will never make money in its current form.
-Bankruptcy. Start a new Airline with the proper safeguards in place.
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