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.  
* required field

Post a comment

Other Stories
Latest News

Ethiopian Airlines refutes ‘wrong reporting’

Ethiopian Airlines has confirmed that Ethiopian pilots have completed the Boeing recommended and FAA approved differences training from the B-737 NG aircraft to the B-737 MAX aircraft before the phase in of the B-737-800 MAX fleet to

Honeywell's X Factor on the right wavelength

Honeywell is offering a new speedy JetWave installation service in South Africa. Steve Nichols reports.

INTRO Aviation partners Corsair for future growth

Convinced of the growth and development potential of the French long-haul airline Corsair, INTRO Aviation, the German private aviation company, has decided to become the main shareholder, alongside TUI group. The announcement was

EgyptAir adds Washington D.C to its network

EgyptAir will operate three weekly direct flights to Washington (Dulles international airport) with its Boeing 787-9 aircraft.

Africa joins the Nexus jet set

Saudi Arabian-based Nexus is rapidly gaining a reputation throughout Africa for service excellence. Now, as Alan Dron reports, it is being courted by a number of different countries on the continent.

35 airlines confirmed for inaugural CONNECT Middle East, India & Africa forum

More than 30 airlines have confirmed their participation at the inaugural CONNECT Middle East, India & Africa – co-located with Arabian Travel Market 2019 and taking place at Dubai World Trade Centre on Tuesday 30th April and Wednesday

Connect MEIA SK1402010519
See us at
Connect MEIA BT1402010519