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Court confirms recovery of $3.2 mln in favor of Transaero

12:22 18/11/2011

MOSCOW, November 18 - RAPSI. A commercial court of appeals upheld the lower-court's $3.2 million award in debt for Transaero airline from the Fourthtour travel agency, the court told the Russian Legal Information Agency (RAPSI) on Friday.

The Fourthtour travel agency appealed the September 2 decision of the Moscow Commercial Court to satisfy the airline's lawsuit.

Transaero was established on November 5, 1991, as the first Russian private airline. It is based at Moscow's Domodedovo airport.

Transaero reported in March that it would no longer work with Fourthtour due to the travel agency's debt to the airline. It also announced its intention to sue Fourthtour to recover the debt.

The airline notified Fourthtour of the cessation of their working relationship on March 1, which was necessitated by the travel agency's debt and dishonest accounting, the airline said.

Fourthtour began to accrue the debt last fall. By February, its debt exceeded $3.3 million, of which only $572,000 is covered by bank guarantee, the company reported.

Having ceased to cooperate with Fourthtour, the airline guaranteed that all tourists of the travel agency, which were transported by Transaero abroad, will be brought back by the airline to Russia, the press-service reported.

The plaintiff's press service reported that the Transaero airline is poised to file a lawsuit to recover from Fourthtour the primary debt and the penalties as well as a lawsuit for fraud.

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Court confirms recovery of $3.2 mln in favor of Transaero

12:22 18/11/2011 A commercial court of appeals upheld the lower-court's $3.2 million award in debt for Transaero airline from the Fourthtour travel agency.
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