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

IATA Regional Aviation Forum opens in Nairobi

The IATA Regional Aviation Forum in Nairobi was officially opened this morning by Aaron Munetsi, director of government and international affairs – AFRAA.

IATA Forum: The importance of air transport in Kenya

The International Air Transport Association (IATA) presented its latest study on the economic value of air transport and tourism to Kenya at the IATA Regional Aviation Forum in Nairobi and identified opportunities for significant

EgyptAir in codeshare with United Airlines

EgyptAir has entered a codeshare agreement with United Airlines.

Desert dust’s open season on engines

Maintenance trends in Africa map the prevailing weather conditions. During the Harmattan season, for example, MROs usually notice a spike in engine-related events.

Ethiopian launches ‘Feel Addis’ app

Passengers flying Ethiopian with layover between 8 and 24 hours in Addis Ababa are set to have their end-to-end layover experience transformed in a whole new way with the launch of the airline’s digitised transit package dubbed Feel

Benefits from pan-African outlook

African aviation is prone to frequent change, according to AJW group sales director, Hafsah Abdulsalam.

AVAFA20SK2207050320
See us at
MEBAA BT2006260919AVAFA20BT2207050320Dubai AS BT2006211119AVMENA20 BT1309100620