Jetstar executives questioned in Vietnam over $34 million

[Slats7]

Jetstar executives questioned in Vietnam over $34 million | News.com.au

TWO senior Jetstar Pacific executives are reportedly being questioned in Vietnam and are not allowed to leave the country.

The chief operating officer, Daniela Marsilli, and the chief financial officer, Tristan Freeman, are being questioned over the loss of almost $34 million linked to petrol reserves costs, the ABC reports.


Jetstar Pacific's former chief executive, Luong Hoia Nam, was arrested yesterday.


A spokeswoman for Australia's Department of Foreign Affairs and Trade said authorities had prevented two Australian employees of the company from leaving Vietnam.

News limited bring out their classic Jetstar B717 photo once again!

 

[gilby08]

OMG news.com.au get an updated photo.. ARRRRGGHH

Oh well, it's only 20% or so owned by QF, so it'll be headline news around the country!

 

[Slats7]

OMG news.com.au get an updated photo.. ARRRRGGHH

Oh well, it's only 20% or so owned by QF, so it'll be headline news around the country!

You would think by 2010 they would have an updated photo lol.

 

[gilby08]

You would think by 2010 they would have an updated photo lol.

Yer you'd think that but no!

I feel like writing a nicely wordered letter to the editor, but i'm not going to bother as they won't be bothered even reading it.

 

[samh004]

On topic, what’s the problem? Is it $34 million that has disappeared from a bank account, or just that they bet the wrong pay on where fuel prices were going and simply have lost $34 million that way?

Is Vietnam just trying to oust JQ and QF, or is there something criminal really going on here?

 

[Kendall Roy]

Ah, good old Communist Governments

 

[Mal]

On topic, what’s the problem? Is it $34 million that has disappeared from a bank account, or just that they bet the wrong pay on where fuel prices were going and simply have lost $34 million that way?

Another article I read implied that the Govt thinks they may have gone outside of the scope the board allowed them regarding fuel futures.

Two Qantas staff detained in Vietnam - Yahoo!7 News

According to international media reports, the former boss of Jetstar Pacific, Luong Hoai Nam, was arrested on Thursday as part of the investigation.

Vietnam's Tuoi Tre newspaper quoted a report by state investigators that the three Jetstar employees flouted a board of directors' resolution on buying aviation fuel futures, leading to losses of more than $US31 million ($A33.81 million).

 

[albatross710]

Two overseas Australian executives being held in Vietnam. Along with Stern Hu in China and I am sure there are other counties where they are holding executives on business related issues. Perhaps free trade isn't as free as it sounds.

 

[ozbeachbabe]

These BL execs obviously don't read off the same sheet of music as QF do re the fuel hedging as QF did quite nicely out of it which is good news considering the fuel bill represents 30% of operating costs for QF.

Do JQ or even QF care enough about these apparent renegade BL counterparts enough to launch a Chuck Norris inspired rescue mission for MIA's in 'Nam? :?:

 

[albatross710]

Do JQ or even QF care enough about these apparent renegade BL counterparts enough to launch a Chuck Norris inspired rescue mission for MIA's in 'Nam? :?:

Count me in.

 

[oz_mark]

Two overseas Australian executives being held in Vietnam. Along with Stern Hu in China and I am sure there are other counties where they are holding executives on business related issues. Perhaps free trade isn't as free as it sounds.

Are the executives in Vietnam being held, or are they just not allowed to leave the country? It is not uncommon, even in Australia, for people to have travel restrictions imposed while an investigation is under way.

Stern Hu is actually being detained as far as I know. Being prevented from leaving a country,and being detained in custody are two different things.

 

[Mal]

Are the executives in Vietnam being held, or are they just not allowed to leave the country? It is not uncommon, even in Australia, for people to have travel restrictions imposed while an investigation is under way.

Stern Hu is actually being detained as far as I know. Being prevented from leaving a country,and being detained in custody are two different things.

I believe they've just been told not to leave the country - and aren't under house arrest.

 

[drron]

Two overseas Australian executives being held in Vietnam. Along with Stern Hu in China and I am sure there are other counties where they are holding executives on business related issues. Perhaps free trade isn't as free as it sounds.

There have been a few cases in Dubai as well though think everyone there out now.
Maybe senior government officials didnt get their cut?

 

[oz_mark]

Is Vietnam just trying to oust JQ and QF, or is there something criminal really going on here?

Together with their other decisions (re use of an orange star, use of the word Jetstar), pretty clearly they want the brand out of Vietnam.

 

[Nigelinoz]

They have apparently been stopped from leaving since before Christmas.
No sign of return for Jetstar Pacific execs - ABC News (Australian Broadcasting Corporation)

 

[samh004]

Together with their other decisions (re use of an orange star, use of the word Jetstar), pretty clearly they want the brand out of Vietnam.

Strange really when they have pretty full flights over there. Although maybe they think they’d get the numbers without the brand. They might not get the planes though

Can’t imagine simply changing the name of the airline and kicking them out will leave them in a particularly good spot with the international community though. Discrediting JQ employees might be the way to go.

 

[Nigelinoz]

Hanoi takes another potshot at Qantas-14 January, 2010

HANOI - The fractured relationship between Jetstar Pacific, part owned by Qantas, and the communist government of Vietnam shows no sign of healing.

In the last broadside from Hanoi, managers at the Vietnamese budget airline have been accused of violating maintenance regulations.

Jetstar Pacific’s largest shareholder is the Vietnamese government.

The Civil Aviation Administration of Vietnam (CAAV) ruled three officials made mistakes in monitoring maintenance work and had not fulfilled the company's commitment to safety, Vietnam News Agency said.

It identified the managers as former general director Luong Hoai Nam and two foreigners who headed the airline's maintenance and technical quality sections. It did not say where the foreigners were from.

"Key JPA executives have to take responsibility for these systematic mistakes," the report quoted the CAAV as saying.

Hanoi police arrested Luong Hoai Nam last week for alleged neglect of responsibility in the performance of his duty causing "serious consequences", local media reports said.

 

[samh004]

The serious consequences would be what now? I haven’t heard of any accidents with their planes.

I’m guessing highlighting maintenance problems with Vietnam Airlines planes coming to Australia, in effect fighting fire with fire, would probably have negative consequences. But I don’t see how Qantas can resolve anything with the government, if their goal is just to take the spoils.

Communists, what can you do!

Maybe the solution is so bail on Vietnam, and set up a Jetstar Pacific hub based out of Thailand instead.

 

[oz_mark]

Would seem that the maintenance issues are being investigated after some whistleblowing from within the ranks.

BRUCE Buchanan, the chief executive of Jetstar Airways in Australia, said yesterday there would be no apology or any reinstatement of the men who blew the whistle on Jetstar Pacific in Vietnam to its aviation regulator.

Jetstar Pacific hits back, while whistleblowers hold their line

 

[ethernet]

Seems the Jetstar executives are still stuck there.

In other news Vietnam has increased flight costs/upped the cap, whatever, and raised HCMC airport tax 30%.

AirAsia /VietJet Air has bought in another inactive shelf entity.

"The Vietnamese government, which already owns 70% of Jetstar Asia through a state investment corporation, has told Qantas, which owns 27% of the venture, that it has to stop using its generic Jetstar branding on its investment this October, and has denied two Australian executives that Qantas appointed to the airline permission to leave the country since before Christmas, while it investigates foreign exchange hedging losses of $34 million."

Besides the stupidity of the branding dispute - if not resolved - how about
overprinting VetStar - crossing out the 'J' and putting a 'V' or 'Vi' there.
Keep the orange star. Maybe Saudi Gazette - Vietnam political jockeying may raise risks leadership issues.

Also last Friday Jestar was doing BKK for $229 - normally .vn is cheaper than BKK or HKT - so maybe pax may decide on Thailand instead, and tourism to .Vn drops. There is talk .Vn is missing the tourist $$$.