in Business & Finance

Eq. Guinea seeks to resolve crisis blocking CEIBA's Euro ops

Posted 20 June 2017 · Add Comment

The President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, dispatched his Minister for Foreign Affairs, Agapito Mba Mokuy, to Spain last week to resolve legal obstacles affecting CEIBA Intercontinental and its operations in Europe, reports ch-aviation.

The issue dates back to 2002 when government refused to licence the Commercial Bank Guinea Ecuatorial (CBGE) to trade in violation of an existing agreement. CBGE subsequently took the matter to an Ivorian court as well as regional arbitration committee OHADA which, in May 2007, awarded the bank XAF45.8 billion CFA Francs (USD74.6 million) as compensation for damages incurred as a result of lost investments. With Malabo unwilling to pay, the bank's founder, disgraced Cameroonian millionaire Yves-Michel Fotso, secured a French court order in 2009 allowing him to pursue his claims in France.

As an entity related to the Equatoguinean government, Fotso has targetted CEIBA Intercontinental attempting to attach various aircraft on several occasions over the past few years including B777-200(LR) and even the President Jet, a Falcon 900LX. None have been successful as Fotso was never able to prove beyond a doubt that the carrier is indeed de-facto owned by the Equatorial Guinean government.

In November 2016, Fotso secured a favourable Spanish court ruling allowing him to pursue his debts in Spain with CEIBA once again a target. As such, given the strong possibility of its aircraft being seized, the carrier suspended its 3x weekly Malabo-Madrid Barajas, its only European service, in late March.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Bombardier’s Challenger 350 aircraft reaches 300 deliveries

Bombardier has announced that its industry-leading Challenger 350 aircraft is the fastest business jet in history to reach 300 deliveries in the medium and large categories.

Reforms needed to maximise aviation benefits in South Africa

The International Air Transport Association (IATA) presented its latest study on the economic value of air transport and tourism to South Africa, and identified opportunities for significant expansion over the next 20 years if key

Pegasus Universal Aerospace names Robbie Irons as CEO

South Africa’s Pegasus Universal Aerospace, pioneer of the Vertical Business Jet (VBJ) Pegasus One, has named Robbie Irons as its Chief Executive Officer (CEO).

Ethiopian Airways CEO awarded Honorary Doctorate Degree

Addis Ababa University has conferred an Honorary Doctorate Degree upon Tewolde GebreMariam, Group CEO of Ethiopian Airlines, at the University’s annual graduation ceremony held at the Millennium Hall in Addis Ababa on 13 July, 2019.

Ethiopian Airlines to launch flights to Garowe in Somalia

Ethiopian Airlines and SKYTRAX are to launch flight to Garowe, Somalia, via Bossaso, Somalia effective 15 July 2019.

Securing air service levels for Zimbabwe

The International Air Transport Association (IATA) yesterday met with Zimbabwe’s President, Emmerson Mnangagwa and a high level government delegation, to discuss the contribution of aviation to the country’s economy and

TAA SK0104311219
See us at
MEBAA BT2006260919Dubai AS BT2006211119