4K companies collapse following Adria bankruptcy
Companies affiliated with the German turnaround fund 4K Invest, including Adria Airways’ former owner AA International Aviation Holding, have entered into liquidation following the collapse of the national carrier in late September. According to the “Siol” portal, the closure of these companies will make it difficult for law enforcement agencies to carry out an investigation and obtain necessary documentation. It is believed the fund funnelled money from Adria Airways and inked a number of highly damaging consultancy agreements on behalf of the Slovenian carrier with other companies in its ownership. A criminal investigation is underway to determine 4K Invests’ role in Adria’s bankruptcy.
4K Invest has vanished from the business registries of a number of countries following the demise of Adria Airways. Its website has been shut down and its phone numbers disconnected. It is also believed that several key people, including former Adria Airways CEO, Holger Kowarcsh, have now left 4K invest. The turnaround fund has companies registered in Germany, Malta, the United Kingdom and Luxembourg. The Slovenian Ministry for Infrastructure previously noted, “Minister [for Infrastructure] Alenka Bratušek repeatedly warned that the airline’s sale to the German capital fund was a mistake and that the then government of Slovenia should have found a strategic partner within the aviation industry that would have ensured the long-term existence and development of the carrier”. The Slovenian Prime Minister, Marjan Šarec, branded 4K Invest as “crooks”.
Swiss authorities are also looking into 4K Invest for its role in the collapse of Switzerland’s Darwin Airline, which was branded as Adria Airways Switzerland in its final year. A Swiss public prosecutor opened criminal proceedings after the bankruptcy office in Lugano drew his attention to suspected irregularities. The company has been accused of bankruptcy fraud and mismanagement. 4K’s questionable business moves involving Adria included the sale of its brand name, as well as absorbing the STBE company in December 2018, resulting in Stefan Beulertz, who was the head of STBE, becoming Adria's part owner. Mr Beulertz, a lawyer based in Malta who is close to 4K Invest, was implicated in the Paradise Papers, which exposed the rogue offshore finance industry.
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