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City & Business

SFO PROBES SILVERJET

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Silverjet collapsed last May

Wednesday August 20,2008

By Andrew Johnson

THE Serious Fraud Office is planning to investigate the collapse of business class-only airline Silverjet, it emerged yesterday.

It is believed the SFO is considering the move after receiving a complaint.

Silverjet collapsed last May after Middle Eastern investment fund Viceroy Holdings pulled a rescue package at the last minute.

Silverjet’s founder Law­rence Hunt and its invest­ors, including property developers the Reuben broth­ers, lost millions. The airline and its shareholders have not heard from Viceroy since the deal collapsed.

Silverjet struck a deal to borrow up to £8.4million from Viceroy and signed the memorandum of under­standing on April 29 this year.

The fund promised to make $100million (£54million) available and also to buy a 28 per cent stake in Silverjet for £4.3million. 

However, when Silverjet tried to draw down an initial $5million on May 23, it could get none of the cash.

The SFO will only act on complaints if it it considers there is enough evidence to proceed.

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