Thanks for your link to Air Lada, Big Frank. And what do we find?
According to Ascend Worldwiide, information updated weekly, Air Lada have a fleet of one Fairchild Metro III - owned by none other than Euro Continental Air. From the same source, Euro Continental Air own one Metro III - leased to Air Lada, and one Metro II - leased to Flightline. And Euro Centinental Air? Formed in 2005 and based in Valencia, where, you may recall, they were previously based before their AOC was suspended. Can you smell what I can smell . . .?
Here are the links:
Profile on Euro Continental Air | Centre for Asia Pacific Aviation - CAPA
Profile on Air Lada | Centre for Asia Pacific Aviation - CAPA