in Air Transport

CEIBA Intercontinental's seized aircraft to be returned to them

Posted 12 October 2015 · Add Comment

CEIBA Intercontinental's B777-200 has been released after founder of Commercial Bank Guinea Ecuatorial (CBGE), Yves-Michel Fotso lost a bid to retain the aircraft, ch-aviation reports.

The aircraft was seized in July whilst undergoing a VIP refitment at Basle/Mulhouse/Freiburg with Amac Aerospace Switzerland.  
 
The dispute dates back to 2002 when Equatorial Guinea refused to license CGBE to trade as it violated an existing agreement.
 
The matter was taken to court and in 2007 the bank was awarded EUR70 million (USD77 million) in compensation.
 
The two sides settled on a revised EUR30 million settlement, the debt led to bank seizing the aircraft.
 
It was ruled last month that CBGE had not successfully proven Equatorial Guinean government’s ownership of the airline or aircraft so therefore CEIBA was not responsible to the outstanding debts, leaving the aircraft free to return to Central Africa.  
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