Virgin Australia's new American private equity owners will use a shell company loophole to evade foreign ownership laws in the aviation sector, in a move tipped to spark objections from bitter airline rival Qantas.have confirmed that Virgin's new owner Bain Capital has revived a shell company, Virgin Australia International Holdings , to sidestep federal laws preventing foreign investors from owning more than 49 per cent of a local carrier operating international flights.
The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war for the group. "The [VAIH] company remains majority owned by Australian shareholders," a Virgin spokesman said. "The structure ensures ongoing compliance with the foreign ownership restrictions under the Air Navigation Act."
It could also prompt other countries to reconsider whether to extend flying rights to Virgin as an Australian carrier."I think they would have enough reason as a Japanese operator to say: no, that is not an Australian owned and controlled airline," Mr Hansford said.
pwhatch No jab no fly Qantas, rather go with Virgin Airlines, it's a global economy all profits go to the billionaires club anyway, you will own nothing and be happy lol 😂!
pwhatch Did you mean shelf company instead of shell company?
pwhatch And don't tell us, never pay Australian company tax. A rort that must be slammed shut SkyNewsAust newscomauHQ ScottMorrisonMP JoshFrydenberg AlboMP JEChalmers 7NewsMelbourne 9NewsQueensland 9NewsSyd 10NewsFirstQLD 3AW693 theheraldsun Politics_SMHAGE theTiser
pwhatch Why are there always loopholes? It is like laws are created for big Transnational to do as they like. 🤦🏾♂️🤷🏾♂️