Investigators are examining why some money destined for a private investment firm's football teams instead went to Bonza. The airline collapsed barely a year after it launched.
Cut-price airline Bonza was reliant on private investment firm 777 Partners for funding.The firm is also facing multiple lawsuits including one alleging "a vast scheme of corporate manipulation and theft of assets".The cash poured into failed Australian airline Bonza is being examined as part of a US investigation into money laundering.
Bonza, which had been "wholly reliant" on funding from 777, went into voluntary administration in April and liquidation in July.The Bonza model — flying jets between regional destinations on ultra-low-cost fares — was met with scepticism from many in the aviation industry.Virgin co-founder Brett Godfrey is among those who thought it was a doomed idea from the start.
"Of course, what did happen is we started selling seats on tickets that we were never, ever gonna be able to supply," he said.Approvals came more than a month later than hoped. The delay was catastrophic: 15,000 passengers' flights were cancelled near Christmas. Mr O'Neil-Dunne worked in 777's aviation arm, but he has alleged he was kept in the dark on matters including the investment in Bonza.
Four Corners has been told there were no formal agreements in place specifying how many aircraft the airline would receive — despite its success relying on a growing fleet.Journalist Paul Brown, who has investigated 777 for outlet Josimar, said he believed Bonza's Australian directors had questions to answer about their decision to rely on the Miami-based firm.
777 Partners Aviation Airlines Four Corners Tim Jordan
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