Sunday, 29 October 2017

Former Monarch owner makes profit-share pledge to taxpayers

The former owner of Monarch has pledged to use part of any profit it makes from the collapsed airline to compensate taxpayers saddled with a £60m bill for flying holidaymakers back to the UK.
Sky News has obtained a letter from Marc Meyohas, a partner at the investment firm Greybull Capital, to the chair of the Transport Select Committee, in which he acknowledges a "moral obligation [if we make a profit] defray the costs incurred by the Department for Transport (DfT) in repatriating Monarch customers".
The letter, obtained from a source in Whitehall, represents the first sign of a formal commitment‎ from Greybull to foot part of the Government's bill if it ultimately makes a profit from Monarch, which it owned for three years.

DfT insiders confirmed that Greybull had made the pledge verbally to Government officials prior to remarks made by Chris Grayling, the Transport Secretary, at a select committee hearing on 16 October, when he referred to the former shareholder's "moral obligation".

SKY       News.