The Brazilian airline Azul, which is owned by airline mogul David Neeleman, has called for a top-down investigation into the now defunct shell company TAP SGPS to work out why the company is bankrupt, why and where the money went, and to determine who is “guilty” for its insolvency.
Azul has questions about the way that the holding for the Portuguese airline (now called Siavilo) became insolvent and wants access to accounts, documents and contracts regarding the company and the process, including directors’ decisions and documents related to the clearing out of assets.
In the insolvency of TAP SGPS, the shell company has no business activity and holds negative equity of more than €1Bn.
Azul is trying to claw back monies it…