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<p>Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform
an advisory and management role for the principal shareholder, Petrol Jersey Limited.
There is no formal legal mechanism we can use to oblige Greybull to contribute towards
the cost of repatriating passengers.</p><p> </p><p>However Marc Meyohas, partner at
Greybull, wrote to the Transport Select Committee acknowledging a moral obligation
(if they make a profit) to contribute and help to defray the costs incurred by the
Government in repatriating Monarch customers.</p><p> </p><p>Discussions with Greybull
in relation to recovering the costs of the repatriation operation have been in writing.
Ministers last wrote to Greybull on this matter on 5 December 2018.</p><p> </p><p>The
extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment
in Monarch Airlines will depend on the outcome of the administration process, which
is not due to conclude until October 2020.</p><p> </p><p>I refer to the Written Ministerial
Statement made by the Secretary of State on 9 May 2019, which reported that the final
cost to the taxpayer from the Monarch repatriation have been assessed to be £40.5m.
This does not include any contribution from Greybull Capital or the principal shareholder,
Petrol Jersey Limited. We do not expect any material change to the final cost to the
taxpayer.</p><p> </p><p> </p><p> </p><p> </p>
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