Report by : Gan Yung Chyan
/ KUCINTA SETIA
According to a report by Forbes, Cathay Pacific has delayed its first payment to the HNA Group for its HK Express subsidiary as it seeks HK Express' clarification on ownership of 3 freighter aircraft.
Cathay Pacific could not proceed with its payment of 1.2 billion HK Dollars to HNA on 8 May 2019 due to a questionable purchase of three Boeing 747-400F freighter aircraft by HK Express. These aircraft have not been disposed.
Cathay Pacific is waiting for HK Express to clarify on the ownership of the freighter aircraft since it is a low-cost airline. It is not obliged to pay HNA since HK Express has failed to dispose of the cargo aircraft it "acquired under murky circumstances" (Will Horton, Forbes).
HK Express leased two Boeing 747-400F freighters to cargo airline AirACTcargo and the third to Suparna Airlines, the Shanghai-based cargo-and-passenger airline subsidiary of HNA.
A Cathay Pacific spokesperson declined to comment on the refusal of payment, saying, "It is our understanding that all concerned parties are working towards the completion of the deal (buyout of HK Express)."
Cathay Pacific expects to acquire HK Express by 31 December 2019. HK Express will retain its name, logo and aircraft livery as the only low-cost subsidiary of Hong Kong's largest airline.
Ref : Cathay Pacific Delays Payment to HNA For HK Express As it Probes Questionable 747 Purchase, Will Horton, Aerospace & Defense, Forbes, 14 May 2019, www.forbes.com
/ KUCINTA SETIA
According to a report by Forbes, Cathay Pacific has delayed its first payment to the HNA Group for its HK Express subsidiary as it seeks HK Express' clarification on ownership of 3 freighter aircraft.
Cathay Pacific could not proceed with its payment of 1.2 billion HK Dollars to HNA on 8 May 2019 due to a questionable purchase of three Boeing 747-400F freighter aircraft by HK Express. These aircraft have not been disposed.
Cathay Pacific is waiting for HK Express to clarify on the ownership of the freighter aircraft since it is a low-cost airline. It is not obliged to pay HNA since HK Express has failed to dispose of the cargo aircraft it "acquired under murky circumstances" (Will Horton, Forbes).
HK Express leased two Boeing 747-400F freighters to cargo airline AirACTcargo and the third to Suparna Airlines, the Shanghai-based cargo-and-passenger airline subsidiary of HNA.
A Cathay Pacific spokesperson declined to comment on the refusal of payment, saying, "It is our understanding that all concerned parties are working towards the completion of the deal (buyout of HK Express)."
Cathay Pacific expects to acquire HK Express by 31 December 2019. HK Express will retain its name, logo and aircraft livery as the only low-cost subsidiary of Hong Kong's largest airline.
Ref : Cathay Pacific Delays Payment to HNA For HK Express As it Probes Questionable 747 Purchase, Will Horton, Aerospace & Defense, Forbes, 14 May 2019, www.forbes.com
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