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-   -   4 Corners 29 Jun 2020 Aviation (https://www.pprune.org/australia-new-zealand-pacific/633640-4-corners-29-jun-2020-aviation.html)

ozbiggles 28th Jun 2020 23:36

4 Corners 29 Jun 2020 Aviation
 
Seeing a few tasters for tonight’s 4 corners which seems to be mostly about Virgin with a little of Qantas and politics chucked in. From what I can see so far it looks like the Chairperson tries to throw one JB under the bus. As much as JB cops heat for where VA ended up, it is the Board who ‘control’ the CEO and the company. I for one have always thought much more scrutiny should have been placed on the board for where VA ended up. So far from what I have read about the story tonight a lot of people are going to come out not looking so flash but the buck stops at the top (Or it should anyway) and you begin to see in this story where it fell apart.

wheels_down 28th Jun 2020 23:40

Liz will be using the virus to cover her arse.

I will fall off my chair if she throws him under the bus. She is the chairperson!!!

Section28- BE 28th Jun 2020 23:48

ex ABC- Four Corners:Top bosses at Virgin Australia give insiders' account of .......
 
Link here to promo article: https://www.abc.net.au/news/2020-06-...ation/12392730

Rgds
S28- BE

Arctaurus 29th Jun 2020 00:27

The board has to collectively accept responsibility for this cluster f**k - COVID was just the final straw, not the original cause. That can be laid fairly and squarely at the former CEO and the board.:mad:

Boeingpilot738 29th Jun 2020 01:21

For whatever reason the board seemed to have escaped scrutiny, perhaps this will lay bare some facts about what’s really gone on at the top. Borghetti’s Vs Scurrah’s plans have been vastly different yet have presumably received approval from the board in both cases, talk about having an each way bet.

TBM-Legend 29th Jun 2020 02:45

Rumour on the legal street is that the Board and Scurrah are being lined up over the November bond raising for misleading and deceptive conduct over the financial representations they made to investors. The real situation of the accounts was not properly disclosed. Watch this space...

mrs nomer 29th Jun 2020 02:50

Any recent board transactions can be examined and dealt with. There may be criminal or civil liability implications. It seems the time period from November to April would fit within the context of "recent" transactions.

In fairness though, no one could have predicted COVID, which was the final issue that drove VAH into administration.

Time will tell if there are aspects that would otherwise attract the interest of the regulator.

MickG0105 29th Jun 2020 03:17


Originally Posted by TBM-Legend (Post 10824021)
Rumour on the legal street is that the Board and Scurrah are being lined up over the November bond raising for misleading and deceptive conduct over the financial representations they made to investors. The real situation of the accounts was not properly disclosed. Watch this space...

That's surprising. The prospectus for that notes issue was pretty straight up and down. 20 pages of it were dedicated to outlining risks.

What I would like to see is the business case and Board minutes for the acquisition and debt raising. Even with optimistic growth of Velocity the deal had at best a 5 year payback period, likely longer. Most importantly, the debt tanked net equity into the red. Debts exceeded assets by over $100 million and that didn't include the AASB 16 treatment of leases. By trashing the business's net equity it removed any resilience to shocks that the business had. EB is the chair at IAG; if she doesn't understand business risk I don't know who on that Board would.

Sunfish 29th Jun 2020 04:36

They should have removed jv much sooner.

airdualbleedfault 29th Jun 2020 04:44

I don't believe the "board" were being paid millions to build their own mini qantas whilst running the airline into a dodgy financial position with more smoke and mirrors than a David Copperfield show ("we're not making profit but we have plenty of cash" wait a minute..........)
The buck has to stop somewhere and it might as well be with the one that got paid the most :rolleyes:

Tommy Bahama 29th Jun 2020 05:23

A less impressive group of individuals would be hard to find. Lizzy seriously has the charisma of a garden gnome. The “it’s not my fault” attitude has been the village idiots modus operandi for years.

wheels_down 29th Jun 2020 06:27

Mossimo taking calls from the media today. First time since he left. Trying to lessen the blow I assume that is inbound.

hoss 29th Jun 2020 07:48


Originally Posted by Sunfish (Post 10824060)
They should have removed jv much sooner.

Hey, keep Veitchy out of this! 😉

wheels_down 29th Jun 2020 11:13

This Rex and Nationals under the rug deal is probably another whole episode in itself.

McCormack what a defensive ****.

Superman1 29th Jun 2020 11:17

Just cannot believe what I just saw... Elizabeth Bryan talked as if she was an innocent bystander and took no responsibility for her appalling lack of oversight... Disgraceful


34R 29th Jun 2020 11:21

Wow..... so it was everybody elses fault.

That would have whipped em all up into a frenzy I reckon

brokenagain 29th Jun 2020 11:23

McCormack was quick to shut down any suggestion of favouritism to Rex. Cronyism at its finest!

MelbourneFlyer 29th Jun 2020 11:29

I thought that Alan Joyce presented and prosecuted his case vey well, ditto Paul Scurrah, but Virgin chair EB was a doddering disaster!

Switchbait 29th Jun 2020 12:25

A bunch of self serving crooks, nothing less.
Shameful, and should be criminal behaviour in a publicly listed company.

Sunfish 29th Jun 2020 15:16

Story pulled by ABC?


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