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Commenting on two further resignations from the easyJet board, airline founder and largest shareholder Sir Stelios Haji-Ioannou said:
“I find the current situation very bizarre. Two more scoundrels running for the hills following the CFO’s resignation just two weeks ago.
Read more: Sir Stelios comments on the latest resignations from the easyJet board
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Stelios statement on the easyJet /Airbus scandal 16 April 2019 at 12.12h BST
Commenting on the easyJet 2020 H1 trading update released on the 16 April 2020, the airline’s founder and largest shareholder Sir Stelios Haji-Ioannou said:
“I have previously referred those in charge of easyJet as scoundrels. This remains my view. They made a deliberate mistake in affirming the contract between easyJet and Airbus worth at least £4.5 billion whilst easyJet has a grounded fleet of 337 Airbus aircraft. Instead of serving a notice of termination to Airbus to cancel the contract they have deliberately chosen to send at least £2.5bn of our cash to Airbus in the years 2020-22. At least £1.5 billion of our cash (of the £2.5bn) is shown as going to Airbus in the next 9 months whilst the fleet could remain grounded.
Read more: Stelios statement on the easyJet/Airbus scandal 16 April 2019 at 12.12h BST
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Update from Stelios on the easyJet/Airbus scandal
Stelios has hired a hard hitting legal team of Simon Bushell and Ben Jaffey to expose the deficiencies in the easyJet announcement of the 9th of April 2020 about “deferring” 24 aircraft deliveries from Airbus.
The long argument can be seen in the letter but in short the “new deal with Airbus” must be put to a shareholder vote.
The scoundrels at easyJet do not have the corporate authority to cut such a deal given the collapsed share price and the monumental size of the Airbus order of c GBP 4.5bn. If the FCA does not force the scoundrels to call a shareholder vote on new deal with Airbus, easyGroup will not hesitate to seek a judicial review.
In plain English that means going to High Court judge to ask for an injunction to require the regulators to do their job properly.
Read more: Update from Stelios on the easyJet/Airbus scandal