Inderes quite rightly notes that the conclusion of the criminal case regarding the old Lifa Air’s 2022 disclosures does not change Pallas Air’s current situation: the company still faces an acute cash crisis. At the same time, Inderes limits the scope of the concluded investigation to the time before the Genano merger.
Therefore, I believe the essential question now is what happened in connection with and after the integration of Genano.
I have been raising the issue of Genano’s leasing and maintenance structure since 2021. In 2023, I also reported the matter to the financing company. Following this, the structure of subsequent agreements changed.
Furthermore, this is not an issue that has only been raised after the current crisis. The leasing and maintenance question was raised no later than June 25, 2024, at the Annual General Meeting of Pallas Air Oyj, and the question has been documented.
Since Genano’s own financial situation was already difficult at the time of the corporate restructuring and old contracts involved future maintenance obligations, it would be justified to clarify:
what was known about these matters when valuing Genano and incorporating it into the listed company, how were they accounted for, and how was the leasing and maintenance issue handled once it became public?
Another still-open question is who or which party brought the matter concerning the 2022 disclosures to the attention of the police, when this occurred, and on what documentation it was based.
I am not claiming there is a proven connection between this and the Genano matter. However, due to the timing of events, it would be justified to investigate why it was specifically the events of the old Lifa Air in 2022 that became the subject of an investigation at that time, while questions related to Genano’s 2023 corporate restructuring, financing model, and future maintenance obligations received significantly less public scrutiny.
Now, the old Lifa Air matter has concluded.
The questions related to Genano have not.