Ironic how Qantas CEO AJ refuses to talk about the finances of any business segment except the 'underperforming' Qantas International.
Not so the Jetstar Pacific CEO, Le Song Lai. Prior to joining Jetstar Pacific, replacing their now jailed former CEO Luong Hoai Nam, he was/is a senior executive at Vietnam's State Capital Investment Corporation (SCIC) which owns around 70% of Jetstar Pacific. (
Vietnam's Jetstar Pacific gets new CEO)
Interesting interview
VietNamNet - Jetstar Pacific now thirsty for capital: General Director | Jetstar Pacific now thirsty for capital: General Director
In order to keep periodic engine maintenance and implement the plan to charter and purchase more aircraft, Jetstar Pacific (JPA) needs some 55-60 million dollars. JPA commits to pay all the debts to Vinapco prior to July 31, said Le Song Lai, General Director of JPA, who is also the Deputy General Director of the powerful State Investment Capital Corporation (SCIC) which specializes in making investment in enterprises with state’s capital.
So
$60 million to keep the place running.
$8.4 million to pay for fuel is hasn't paid for.
$interest on the $8.4 million.
$undisclosed 'commercial deal' (which
definitely wasn't a cash payment) for the freedom of the 2 Australian executive prevented from leaving
Jailed former CEO who quit a month before being locked up due to ideological differences.
THANKS QANTAS!!
As a casual outside observer this is how the Vietnamese Government blackmails the unprofitable mothership for some more cash. Holding the little orange baby hostage from the big stupid Australian. Qantas sure isn't playing by their own rules here. Minority share holder - Majority capital provider.
Or so it seems, who knows.