Originally Posted by
Avenger
Bondi, although in the past you have made some valid observations I think this "interest " issue is diluting your credibility somewhat, if 1.2M euros is held in a " Client " account, as legally required in EU, at current interest rates of .05% that would yield 600 euro a year interest. Divide that by 40 pilots is 15 Euros a pilot, lee the cost of a bank transfer to get it.. If you examine the accounts in detail you will not there is no mention of interest received.
The credibility of an airline is diluted when they sell a dream career in aviation while requiring a 30-40K training payment to prevent pilots escaping the nightmare of its job security fear culture.
The “interest” is indeed an issue, particularly for those paying rather than receiving interest.
The vast majority of pilots will not have 30-40K readily available for Norwegian’s ‘pay before flying’ scheme. Several UK banks currently offer a 35K loan at 7.3% interest with GBP 1,081 monthly payments (x36 months, 40K total repayment).
The Global Crew declared 1.2 million in ‘pay before flying’ cash may not be held the EU. If so, it is not subject to EU regulations:-
https://beta.companieshouse.gov.uk/c...filing-history
Global Crew Filing history – 4 August 2016 - Section 9 states:
“These funds are held by the Company’s parent undertaking, Rishworth Aviation Ltd, on behalf of Global Crew UK Ltd.”
Section 14 states:
“The Company [Global Crew UK Ltd.] does not have a bank account, therefore, all income and expenditures are collected or incurred by other group companies”
The person having “significant control” of Global UK Ltd, is located in New Zealand:
https://beta.companieshouse.gov.uk/c...43804/officers
So, while “someone” may be collecting huge amounts in interest on over a million in ‘pay before flying’ payments held outside the EU, the chumps that handed over 30-40K receive no interest whatsoever, but have GBP 1,081 monthly payments for three years at 7.3% interest – with no direct employment relationship and associated labor rights with the airline!