Strike delays Adria Airways CEO trial
NEWS FLASH
The trial against the former CEOs of Adria Airways, Arno Schuster and Holger Kowarsch, which was due to begin this morning at 10.30 has been delayed due to a two-week strike by Slovenian judges over low wages which began this morning. Mr Schuster and Mr Kowarsch led Adria after the German fund 4K Invest bought the carrier in 2016. The two were also partners at 4K Invest. They are both accused of financially draining the airline and are being sued for 78 million euros in what has become the largest compensation claim in Slovenia’s history. When Adria declared bankruptcy in October 2019, it owed tens of millions of euros to its suppliers, leasing companies, airports, airlines, employees and other creditors. The lawyers hired by official receiver, Janez Pustatičnik, studied the forensic audit of Adria and found that managers had violated insolvency legislation. While knowing Adria was insolvent, they did not request for owner 4K Invest to supply the airline with fresh capital as promised nor declare bankruptcy. Instead, they addressed Adria's financial issues with "problematic bookkeeping tricks". A new date for the trial is yet to be set.
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