Vietjet is defending its interests in a commercial dispute with FitzWalter Aviation (FWA), a newly established distressed fund, involving four aircraft during the Covid-19 pandemic when airlines across the globe had suspended operations.
At that time, Vietnamese cities, and most significantly, Ho Chi Minh City were in a strict lockdown.
Vietjet, says in a statement – which we print in full – that “during the pandemic, did not accept that the aircraft’s original lessors suddenly sold the airline’s aircraft loans to FWA and invalidated the existing long-term leasing contract with Vietjet, which allowed FWA to take possession of the aircraft.”
Vietjet says it “denies any accusations made by FWA. We have always shown our goodwill and willingness to lease or purchase the aircraft that had been specifically ordered for the airline to continue the aircraft’s operations. For all airlines, a fleet is the foundation of sustainable development. However, FWA still unilaterally grounded the aircraft and changed their registration information without following local authorities’ regulations and laws.
“As aircraft shortage becomes an issue for airlines around the world, the fact that FWA unilaterally changed the aircraft’s registration also caused significant losses when all of the four aircraft were grounded and failed to create added value for the industry in a long time.
“Regarding incorrect narratives relating to the aircraft dispute, Vietjet recently has received an apology from Aviation Working Group (AWG), who has also corrected and removed all incorrect information about Vietjet relating to the dispute.
“Previously, FWA itself also had a dispute over three aircraft with Vietnam Airlines – Vietnam’s flag carrier among many others. All these disputes were in vain and FWA failed to obtain any aircraft from the airlines. Currently, disputes between aircraft lessors and airlines have become common in the post-Covid period and there are long queues at international commercial courts for related hearings.
“The commercial dispute between Vietjet and FWA is expected to be heard in mid-2024. By default, the parties in an on-going lawsuit are not allowed to provide information to the public as it might affect the court’s decision. We are and will be continuing to defend ourselves to protect our legitimate interests and we believe that justice will prevail.
“Vietjet, and its co-founder Madame Nguyen Thi Phuong Thao, are rightly proud of their integrity and committed to retaining good relationships as well as fulfilling all obligations as agreed with suppliers and other partners in the industry.”
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