Kalrock Capital says raids on promoter will not impact Jet revival

Kalrock Capital has said the ongoing investigation by regulatory agencies in Europe against its promoter, Florian Fritsch, will have no impact on the revival of Jet Airways.

"Florian confirms that neither Kalrock Capital Partners nor Jet Airways have any connection with these ongoing investigations, or the charges made thereunder, and these investigations have no impact on the acquisition of Jet Airways, and Jalan-Kalrock Consortium remains committed towards Jet Airways," the financial advisory and asset management company said in a statement.

Kalrock Capital along with United Arab Emirates (UAE)-based businessman Murari Lal Jalan were selected by lenders to revive the grounded airline in October 2020. The revival plan secured National Company Law Tribunal approval last June but the revival remains stuck.

Last week, Bloomberg reported that investigators in Austria, Liechtenstein and Switzerland raided properties linked to Florian Fritsch in connection with a money laundering probe.

In a statement Kalrock Capital said Florian Fritsch is assisting the investigations.

"The investigation, which is ongoing, has been initiated based on anonymous complaints filed in relation to certain businesses where Florian is one of the financial investors in his personal capacity. The disputes are commercial in nature. Florian has already filed complaints with the concerned High Court regarding these disputes and complaints, which are also being investigated," it added.