Adria Airways: K4 Investment Fund Liquidates Assets Amid Bankruptcy Investigation

By , 10 Dec 2019, 19:20 PM News
Adria Airways: K4 Investment Fund Liquidates Assets Amid Bankruptcy Investigation Photo: Verybluesky, Wikimedia commons, CC BY-SA 3.0

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According to reports by the news portal Siol.net, the companies through which the German 4K Invest group controlled Adria Airways, the Slovenian air carrier which declared bankruptcy this September, are shutting down one by one.

The disappearance of companies which were in control of Adria Airways since its purchase in 2016 will make it difficult for the bankruptcy administrator Janez Pustatičnik and law enforcement agencies to search for documents and information on millions of euros of transfers to tax havens and other countries, and to track assets to pay back tens of millions of Adria debts to creditors, reports Siol, continuing that criminal investigations into the business of the German owners of Adria are now ongoing. The investigation would probably include a forensic audit of Adria’s transactions, which would, says Siol, serve as the basis for legal actions against those responsible.

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