DEBT FRAUD FROM ALKAN AIR: ACTUAL TREND
Of course, the art of bargaining is an important skill in any business. However, the case of ALKAN AIR (Egypt) clearly demonstrates that some companies have elevated bargaining to a kind of cult: “What is a bazaar without bargaining?!”.
So, when the CASE HAS BEEN CREATED notification was sent to this defaulter, the financial management of ALKAN AIR began to complain about the lack of money and temporary technical difficulties with the operation of flights.
However, at the same time, the financiers asked their creditor to reduce the amount of the debt, which has not been paid since October 2019 (!!!). Approximately to 35%. And they added that if the creditor makes such a discount, then, according to them, “the debt will be paid IMMEDIATELY.”
Moreover, when the creditor of this company refused to make a discount, the financiers of ALKAN AIR tried to put pressure on their creditors through the administration of BLACKLIST.AERO. Naturally, they were sent to a well-known address ...
Why is this happening? For me, some participants in the aviation market mix up business practices with the “oriental bazaar”. They do not feel the difference between the definitions of “businessman” and “huckster”. For them, hysterical bargaining, by all means, regardless of any ethical standards, is the main form of self-realization in business! They can’t imagine being any others in business!
I have always said that the occurrence of such bad debts is most often not a financial or technical problem. Usually, this is a MORAL problem. Specific people in specific companies simply ALLOW THEMSELVES to do business that way.
We at BLACKLIST.AERO see that there are companies in the global aviation market that have developed a certain “business formula”: accumulate debts and not repay them for a long time. Then demand a serious discount. And the worst thing is that it often works! Creditors agree, wanting to get “at least something.” In this particular way, they motivate dishonest dealers to continue this dirty and pre-planned tactic of non-payment for the sake of a subsequent discount.
Although, compared to a number of other companies, the financiers of ALKAN AIR look like just small shopkeepers.
For instance, Greek company ELLINAIR accumulated debts in the amount of more than USD 27,000,000. They had received EU aid for these debts, after that they began to demand from their creditors to reduce the debt burden by 80, and with some individual creditors, by 90 percent!
To the honor of the creditors, almost all of them refused such an “offer” and intend to prosecute the new owners and management of ELLINAIR on the fact of fraud with targeted assistance from the European Union.
Colleagues, you and I should clearly separate situations when a company fails and therefore asks for a reduction in the debt burden as an exception. And on the other hand, there are cases of systemic debt fraud, as an ingrained business practice. And in the event of the second option, aviation market participants have to learn to fight back. What BLACKLIST.AERO will contribute in every possible way.
And I have only one question to the management of ALKAN AIR. Please tell us honestly: is ALKAN AIR really in financial ruin, or you are just engaged in debt fraud???
I have repeatedly said about this simple truth to the co-owner of MERKUR HOLDING, Halis Din. During the time that has passed since he signed the Three Cases Declaration in December 2022, cases against MERKUR and its subsidiary company JET ASSIST have been repeatedly created in the BLACKLIST.AERO Registry.
Last week, already well-known Congressman Danilo (Dan) Fernandez was forced to comment during 10 minutes, right at a meeting of the committee that he heads in the Philippine Congress, on the publications of BLACKLIST.AERO.
In November 2023, we wrote about AERO BLEU AIRWAYS and its actual owner, Philippine Congressman Dan (Danilo) Fernandez. Let me remind you - this company has repeatedly distinguished itself by wet leasing cargo aircraft for charter programs. However, each time, the lack of professionalism of management in planning flights and basic ignorance of the laws operating in the cargo transportation market led to the fact that programs were disrupted, aircraft were idle, and AERO BLEU AIRWAYS simply refused to pay both leasing payments and the bills for previously provided handling and refueling services.
Occasionally, representatives of defaulting companies ask us a question like: “How can you help a company like...” and then the name of the company that filed a case against them. “Ask others, your claimants have a very bad reputation! But we have a good reputation and don’t want the case in BLACKLIST.AERO to cast a shadow over it!”
