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Mario Corti denies charges in Swissair trial


Published : Mon, 22 Jan 2007 18:27
By : Agencies
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BUELACH (AFX) - Swissair parent company SAirGroup's former chief executive officer Mario Corti today rejected in court charges of unlawful management in relation to the aviation group's grounding in 2001.

Corti defended the restructuring of SAirLines and denied having acted to the detriment of the company's creditors.

Amid ongoing civil procedures Corti declined to comment on Swissair payments to Belguim's Sabena, which came as part of the group's strategy of buying minority shares in a number of smaller airlines and is thought to have contributed to Swissair's insolvency.

In relation to these payments Corti stands accused of breach of fiduciary duties.

After operating for 70 years, Swissair was unexpectedly grounded on October 2, 2001 when the airline was unable to pay its fuel bills.

Hundreds of passengers and aircrew were stranded around the world until emergency bridging loans and government guarantees helped the private company resume flights.

The airline was eventually stripped of its assets and slid into bankruptcy within six months.

Corti is the second of the 19 defendants who has chosen to give testimony in the high-profile trial, with the majority of defendants using their legal right to remain silent.

afx.zurich@afxnews.com

jmt/amb

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