Jetstar Pacific Losses etc..
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Not so much about where he is now,
A Hypothetical,
Lots of allegations made , investigated and recommendations by the regualtor were made.
Not all allegations found by the regulator are noted in the finding.
People are named with no finding against them.
Now made public via the ALAEA submission to the Senate in Australia.
Therefore would not the people named, or those people holding the named position at the time, have the right to the Australian legal system, as a confidential submission to an overseas regulator has been made public by the ALAEA to all Australians via the Senate.
As an example, how could the writer alledge someone to be medically unfit, yet have no medical qualifications ? You would never have to prove you were not unfit, it would be up to the writer of the submission to prove you were.
There are also many more.
Seem's to me a chat with close mates who happen to be legal professionals in Australia around the subject of slander may be worthwhile.
And the question still to be answered is how did the ALAEA get hold of a confidential report to a overseas regulator, I have my own opinon, but the ALAEA may find themselves asked the same question in a legal venue in Australia.
A Hypothetical,
Lots of allegations made , investigated and recommendations by the regualtor were made.
Not all allegations found by the regulator are noted in the finding.
People are named with no finding against them.
Now made public via the ALAEA submission to the Senate in Australia.
Therefore would not the people named, or those people holding the named position at the time, have the right to the Australian legal system, as a confidential submission to an overseas regulator has been made public by the ALAEA to all Australians via the Senate.
As an example, how could the writer alledge someone to be medically unfit, yet have no medical qualifications ? You would never have to prove you were not unfit, it would be up to the writer of the submission to prove you were.
There are also many more.
Seem's to me a chat with close mates who happen to be legal professionals in Australia around the subject of slander may be worthwhile.
And the question still to be answered is how did the ALAEA get hold of a confidential report to a overseas regulator, I have my own opinon, but the ALAEA may find themselves asked the same question in a legal venue in Australia.
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
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.
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.
$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.
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Read the former CEO was detained for questioning, have never seen any report of him being found guilty of anything or jailed.
Perhaps after investigations were concluded he was released ?
Be funny if Bernie hasn't learn't, and is still commeting about the same people and airline to anyone that may walk into a certian coffee shop in HCMC.
Be even more funny to see him now, exposed to legal action in Australia that is being initiated outside of the airlines and regulators.
How did the ALAEA get a hold of the confidential EMail ???????
Perhaps after investigations were concluded he was released ?
Be funny if Bernie hasn't learn't, and is still commeting about the same people and airline to anyone that may walk into a certian coffee shop in HCMC.
Be even more funny to see him now, exposed to legal action in Australia that is being initiated outside of the airlines and regulators.
How did the ALAEA get a hold of the confidential EMail ???????
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Found this article from earlier in the year:
http://vietnamnews.vnagency.com.vn/E...uel-bills.html
And this in october:
VIETNAM'S AVIATION UPDATE | News
MC
http://vietnamnews.vnagency.com.vn/E...uel-bills.html
And this in october:
VIETNAM'S AVIATION UPDATE | News
MC
Jetstar Pacific "Shakeup"?????????????
Oh my Sainted Aunt!!!!
The Vietnamese Government is now "initiating changes in ownership" of Jetstar Pacific and Bruce B. is just standing there transfixed in the headlights of the oncoming truck - he does not seem to understand his predicament at all. For example, I'll bet that Qantas will pay lots and lots of cold hard cash to increase its stake from 27% to 30% - and all for an airline that has never made a profit and never will - while Qantas has a share of it anyway.
Just how thick do you have to be to get a management job at Qantas?
Here is a hint Brucey; if there is a transfer of Jetstar Pacific to the majority control of Vietnam Airlines, I would "anticipate difficulties", great big hairy, toxic, lethal and intractable difficulties. Do you really expect to get your aircraft back when all this finishes?
http://www.theage.com.au/business/je...1024-1mg8u.htm
The Vietnamese Government is now "initiating changes in ownership" of Jetstar Pacific and Bruce B. is just standing there transfixed in the headlights of the oncoming truck - he does not seem to understand his predicament at all. For example, I'll bet that Qantas will pay lots and lots of cold hard cash to increase its stake from 27% to 30% - and all for an airline that has never made a profit and never will - while Qantas has a share of it anyway.
Just how thick do you have to be to get a management job at Qantas?
Here is a hint Brucey; if there is a transfer of Jetstar Pacific to the majority control of Vietnam Airlines, I would "anticipate difficulties", great big hairy, toxic, lethal and intractable difficulties. Do you really expect to get your aircraft back when all this finishes?
JETSTAR is supporting a shake-up in the ownership of its trouble-prone Vietnamese offshoot, Jetstar Pacific, in a deal that will result in it and the national flag carrier Vietnam Airlines carving up the Asian nation's travel market into low-cost and premium segments.
Under a tentative agreement still months from completion, the Vietnamese government will transfer a 70 per cent stake in Jetstar Pacific held by its investment arm to Vietnam Airlines. Jetstar's parent, Qantas, is expected to increase its holding from 27 per cent to 30 per cent.
Jetstar's chief executive, Bruce Buchanan, said the airline was supportive of a change in the ownership but he emphasised yesterday that ''there is a lot of water to go under the bridge with those discussions''.
''We have a lot of success in executing two-brand strategies … and we think that could be leveraged in Vietnam for a lot of benefit not only for the Vietnamese industry there, but also Vietnam Airlines,'' he said.
The Vietnamese government has initiated the ownership changes after several years of controversy for Jetstar Pacific. Last year two Jetstar-appointed executives at the Vietnamese airline were banned from leaving the country for more than six months while police investigated fuel-hedging losses.
The budget airline has not turned a profit since Qantas bought into it in 2007.
Mr Buchanan said he did not anticipate difficulties from Vietnam's dominant airline taking majority control of Jetstar Pacific, likening it to Japan Airline's stake in the yet-to-be launched Jetstar Japan.
''Irrespective of our partnership and how else we can create benefits for the other partners, we have to stay true to the ultimate brand promise,'' he said.
Although the Vietnamese shareholder selects Jetstar Pacific's chief executive, the Australian airline maintains an influence by appointing the chief financial officer and other executives. Qantas also has two seats on a six-member board.
...............
Under a tentative agreement still months from completion, the Vietnamese government will transfer a 70 per cent stake in Jetstar Pacific held by its investment arm to Vietnam Airlines. Jetstar's parent, Qantas, is expected to increase its holding from 27 per cent to 30 per cent.
Jetstar's chief executive, Bruce Buchanan, said the airline was supportive of a change in the ownership but he emphasised yesterday that ''there is a lot of water to go under the bridge with those discussions''.
''We have a lot of success in executing two-brand strategies … and we think that could be leveraged in Vietnam for a lot of benefit not only for the Vietnamese industry there, but also Vietnam Airlines,'' he said.
The Vietnamese government has initiated the ownership changes after several years of controversy for Jetstar Pacific. Last year two Jetstar-appointed executives at the Vietnamese airline were banned from leaving the country for more than six months while police investigated fuel-hedging losses.
The budget airline has not turned a profit since Qantas bought into it in 2007.
Mr Buchanan said he did not anticipate difficulties from Vietnam's dominant airline taking majority control of Jetstar Pacific, likening it to Japan Airline's stake in the yet-to-be launched Jetstar Japan.
''Irrespective of our partnership and how else we can create benefits for the other partners, we have to stay true to the ultimate brand promise,'' he said.
Although the Vietnamese shareholder selects Jetstar Pacific's chief executive, the Australian airline maintains an influence by appointing the chief financial officer and other executives. Qantas also has two seats on a six-member board.
...............
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Ha ha. Brucey is about to get another lesson on 'business dealings Asia style'!
Perhaps BCG can come in and consultant on the issue?
Perhaps BCG can come in and consultant on the issue?
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So Jetstar Pacific hasn't made a profit since 2007. We've paid millions in what ever you want to call it to the Vietnamese government. But still, these idiots are prepared to increase there holding from 27% to 30%. I know it's only 3% BUT! WTF are these idiots doing?
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WTF are these idiots doing?
They are essentially doubling up to save face by continuing to pour money into a failed venture, rather than write off the loss. Clearly the Vietnamese understand this, and will continue to milk Qantas for all they can. Who is playing who?
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...... And meanwhile we can't get a Capitol expense claim approved for a few new computers in our section.
I get harassed for not saving a cup full of jet A1, by not using ground power and conditioned air on a 60 min transit ....
And these f%#*^g idiots go and blow hundreds of millions on failed ventures, cartels and offshore airlines with a fleet of 120 aircraft ?
Has this world has gone completely mad ...??
When does this stupidity end?
I get harassed for not saving a cup full of jet A1, by not using ground power and conditioned air on a 60 min transit ....
And these f%#*^g idiots go and blow hundreds of millions on failed ventures, cartels and offshore airlines with a fleet of 120 aircraft ?
Has this world has gone completely mad ...??
When does this stupidity end?
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Loss aversion, yes that is what HIH did and I know it well.
They got so involved with ****e markets they could not withdraw without losing face until the whole thing imploded because of cumulative effects of multiple ****e markets.
There were other reasons but that was the crutch (forgive me ) of things.
Starting to sound familiar guys???
They got so involved with ****e markets they could not withdraw without losing face until the whole thing imploded because of cumulative effects of multiple ****e markets.
There were other reasons but that was the crutch (forgive me ) of things.
Starting to sound familiar guys???
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A Perspective
Stressful times ahead for Bruce Buchanan as things are starting to get extremely out of control for what is fast becoming a true pandora's box for the Jetstar group of airlines. The latest problem involves the financially unsound Vietnamese arm Jetstar Pacific which has an operation that looks like it was set up by "Dodgy Shonky & Co Aviation Consultants". The carrier is now losing even more money..., and BB is in desperate talks with the Vietnamese Govt which owns Vietnam Airlines to offload QF's stake in JQ Pacific to around 27& with the Vietnamese Govt to take a majority stake in the fledgling carrier. BB has even offered to model the new operation on QF's "two brand strategy" boasting the virtues of the "success" it has had with QF. So far the Vietnamese are wise enough not to buy any of it. BB maybe missed out first year Organisational Theory classes at university - he should look at the concept of the "span of control of an organisation" - basically the bigger you make it by creating lots of other companies the more costs are involved and the harder it is to effectively manage the whole operation. If he was conversant with this key fundamental concept then maybe his "pan-Asian" strategy wouldn't seem like such a good idea. I almost feel sorry for Bruce...almost.
Just like Hastie Group. Approx 300 separate entities in the group, share price goes from $4.00 odd to 10.5. A basket case.
Jetstar Pacific - The new Vietnam Airlines Low Fare Subsidiary
Folks,
Do some trawling around the aviation news sites.
If I have the correct interpretation, Qantas shareholders have just done their shirts in Vietnam, so much for the much vaunted Qantas Asian strategy, where Qantas Airways Ltd. is only ever a minority shareholder.
One usually reliable source is reporting that majority shareholding in Jetstar Pacific, by a directive of a one party state political pen, has been transferred to Air Vietnam, the bitter rival.
At the stroke of a pen, Jetstar in Vietnam has become the instant low fare arm of the state carrier.
It seems to me that, for all practical purposes , the very considerable sums invested in Vietnam by Qantas ( anybody got any figures??) are now, by Government directive, lost by Qantas to the state.
It looks like all the fuel hedging losses (carried by Qantas??) and the locking up of two expat executives was only the start of the problems.
With the "new Qantas" in SIN, reportedly in political trouble before it even starts, and the apparently rather ordinary financial performance of Jetstar in SIN, where does this leave the Qantas plan for the future.
Tootle pip!!
Do some trawling around the aviation news sites.
If I have the correct interpretation, Qantas shareholders have just done their shirts in Vietnam, so much for the much vaunted Qantas Asian strategy, where Qantas Airways Ltd. is only ever a minority shareholder.
One usually reliable source is reporting that majority shareholding in Jetstar Pacific, by a directive of a one party state political pen, has been transferred to Air Vietnam, the bitter rival.
At the stroke of a pen, Jetstar in Vietnam has become the instant low fare arm of the state carrier.
It seems to me that, for all practical purposes , the very considerable sums invested in Vietnam by Qantas ( anybody got any figures??) are now, by Government directive, lost by Qantas to the state.
It looks like all the fuel hedging losses (carried by Qantas??) and the locking up of two expat executives was only the start of the problems.
With the "new Qantas" in SIN, reportedly in political trouble before it even starts, and the apparently rather ordinary financial performance of Jetstar in SIN, where does this leave the Qantas plan for the future.
Tootle pip!!
Last edited by LeadSled; 28th Oct 2011 at 13:15.
Insider,
My lousy spelling, unless I want to claim I use the common US spelling, which I won't.
And, of course, Vietnam Airlines.
Isn't it interesting (well, I think it is) that there are no comments on the substance of the posts, in days before the QF AGM, it becomes public that the Vietnam caper, at the cost of how many hundreds of millions of dollars of shareholders money, is a bust ---- as far as any QF/Jetstar Asia strategy is concerned.
Tootle pip!!
My lousy spelling, unless I want to claim I use the common US spelling, which I won't.
And, of course, Vietnam Airlines.
Isn't it interesting (well, I think it is) that there are no comments on the substance of the posts, in days before the QF AGM, it becomes public that the Vietnam caper, at the cost of how many hundreds of millions of dollars of shareholders money, is a bust ---- as far as any QF/Jetstar Asia strategy is concerned.
Tootle pip!!
Last edited by LeadSled; 28th Oct 2011 at 13:20.