Six former executives of Volare Airlines have been arrested and accused of diverting funds to set up a new carrier, Reuters reported. "The diversion of funds was aimed at creating the necessary capital for the new airline, which not by coincidence used people, means and structures from the Volare Group," financial police investigating the demise of the Italian carrier said in a statement. The statement did not name the new airline. Burdened by heavy losses and debt and amid speculation of ...

Subscribe to Access this Entire Article

"Other News - 04/28/2005" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions?

Already registered? here.