40
40 Transport
Bird of prey at bay
Eagle Airways Holdings Limited is the guarantor of Viva Macau’s loan from the government and the airline’s biggest creditor. The 10th biggest creditor is Kevin Ho, nephew of Macau’s former chief executive, Edmund Ho
BY LUCIANA LEITÃO
made to Viva Macau through the In- dustrial and Commercial Development Fund. It is also the defunct low-cost air- line’s main creditor, having lent it about MOP469 million (US$59 million). According to the government loan
E
contract, Viva Macau had to pay back an initial instalment of MOP40 million by July 1, 2010 – a deadline the compa- ny missed. A spokeswoman for Macau Economic Services said a government committee had then given the loan guar- antors another 30 days to pay beginning on July 5. “Since the interest-free loan is signed with a promissory note, the guar- antors of Viva Macau are liable for the loan,” said the spokeswoman. When the second deadline was
missed, the government appointed a law- yer to sue the guarantors of Viva Macau. “Our lawyer lodged a legal action in the Court of First Instance on August 10 to recover MOP212 million in loans that were granted to Viva Macau,” said the spokeswoman. Although she did not want to com-
ment any further because the case is al- ready in court, she did say the govern- ment intends to do its utmost to recover the loan.
OCTOBER 2010
agle Airways Holdings Limited is the guarantor of the MOP212- million loan
the government
Who’s who Eagle Airways Holdings Limited is the majority shareholder in Viva Macau and has been since the creation of the airline in 2004, according to the commercial registry. Viva Macau was originally called Macau Eagle Aviation Services and changed its name after two years. Along with Eagle Airways Holdings
Limited, Viva Macau’s shareholders are the company Peak Projects (Hong Kong) Limited and businessman Andrew Pyne, Viva’s fi rst chief executive offi cer. According to last year’s annual re-
port, Eagle Airways Holdings is control- led by MKW, a company based in the British Virgin Islands. MKW is con- nected to MKW Capital, an interna- tional private equity fund that also has investments in the electronic media and websites in Macau through the Macau Ignite Media Group. Another major shareholder is Mariri Holdings Limited, a company based in Western Samoa. The directors of Eagle Airways Limited include Kevin Ho
Holdings
King Lun, the nephew of the former chief executive Edmund Ho Hau Wah; Reg Macdonald, chief executive of Viva Macau; Kevin McKenzie, business de- velopment director of Macau Ignite Media Group; and Ngan In Leng, Viva Macau’s chairman.
In its press releases, Viva Macau
described itself has a privately owned company with shareholders that includ- ed Mr Ngan and MKW Capital.
Big creditors The law says any attempts to enforce the collection of Viva Macau’s debts are now suspended because the company has been declared bankrupt. According to a source close to the matter, this goes for any such attempt by the government. Viva Macau signed fi ve promissory
notes to secure its loan from the govern- ment. Sources told Macau Business that four of these promissory notes have ex- pired. After Eagle Airways Holdings Lim-
ited and the government, Viva Macau’s third-biggest creditor is aircraft leasing company AWAS, which supplied the airline with three Boeing 767s, with a MOP109-million debt to collect. The other main creditors are Viva’s
chairman, Mr Ngan (MOP43 million), the Industrial and Commercial Bank of China (MOP38 million), Macau In- ternational Airport (MOP36 million), Air Macau (MOP31 million) and BNU (MOP25 million). The ninth-biggest creditor is a
company held by Mr Ngan In Leng (MOP24 million) and the tenth is Mr
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