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Former Swissair management gets away legally unscathed

the 14 former executives of Swissair and the SAirGroup have not acted in breach of duty, although internal loans after the collapse of the airline could not be paid by the end of 2001 in full. To the Federal court.

It dismissed the liability claim of the Swissair Liquidator against former Directors, the CEO and CFO for breach of duty in the main final and, therefore, the judgments of the Zurich commercial court from April 2018, as confirmed on Friday it was announced.

The Swissair Liquidator had made a damage of around 280 million Swiss francs claims, for which the defendants were collectively liable to. The granting of group-internal loan constitutes a breach of Duty in the management of the active assets of Swissair, said the statement.

After the commercial court of the Canton of Zurich, the Federal court, this is now in dispute. The complaints made by the Swissair Liquidator, are, according to the judgment of the Federal court is unfounded. With the group's internal loans granted are at least for the time consideration of the business interests of the Swissair maintained.

Missing arguments for Alternative

The Zurich commercial court has found, according to the Federal court to hold that the flight operations of Swissair in the interest of the creditors, under all circumstances, have maintained. In this regard, the liquidators had not presented enough of the extent of the damage would be lower, if Swissair had decided, from the Cash Pool to get out and not to renew the fixed deposits, as the Liquidator would have expected.

in Addition, 9 of the 14 defendant's former executives had not been considered by the commercial court of law as de facto organs of the Swissair. The responsibility of action can therefore not against these people due to the lack of passive legitimacy. These are excreted from their functions, as the group's internal loans were still in line with the market and so unproblematic.

From 1. In January 2001, this was no longer so. From this point on, the Swissair would have been entitled to grant intra-group loans. The remaining defendants, therefore, must act. It failed, however Shall also, according to the Federal court, precisely to carry out what would have been the duties of action of the defendant.

Correct the classification of the lower court is also in respect of the charge, the group's organization with the Swissair was unlawful, further writes to the Federal court. The Liquidator had not established this allegation, at least sufficiently.

the Only thing to be decided with regard to the court fee of three million Swiss francs, the Federal court is slightly different than the Zurich commercial court. The fee has reduced by around 36'000 Swiss francs.

shambles after the Hunter-strategy

Swissair collapsed in the summer of 2001, after a failed investment strategy under a mountain of debt of 17 billion Swiss francs. On 2. In October, shortly after noon, Swissair had to stop operations because you lacked the money to pay for the aviation fuel. Around 260 machines, and with you around 19'000 passengers remained to this day on the ground.

Since may 2003, the Swissair is located in estate liquidation. Around 10'000 creditor with recognized claims of around 10 billion Swiss francs are affected by the Bankruptcy.

On the Grounding of the largest economy followed by the process of Swiss history. On 7. June 2007 the district court of Bülach acquitted all 19 defendants. In June 2008, Mario Corti, the last CEO and Chairman of the Board of the SAirGroup was spoken in the appeal process.

In April 2013, the Zurich high court dismissed a lawsuit against the former Chairman of the Board, Eric Honegger and other members of the Swissair Board of Directors. The court came to the conclusion that the decision of the former Swissair bosses, the Belgian subsidiary Airline, Sabena refinance shortly before the Grounding with 150 million francs, in view of the constraints, legally, be acceptable have been. (Judgment 4A_268/2018 of 18. November 2019) (sep/sda)

Created: 29.11.2019, 12:26 PM

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