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unstar this property registered interest false more like this
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Department for Transport more like this
star this property answering dept id 27 more like this
unstar this property answering dept short name Transport more like this
star this property answering dept sort name Transport more like this
star this property hansard heading Monarch Airlines: Insolvency more like this
star this property house id 2 remove filter
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25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether their current estimate for the cost of repatriating customers of Monarch Airlines to the UK assumes a contribution from (1) the owners, and (2) any associate, of Greybull Capital; and when ministers or officials last contacted Greybull Capital about its willingness to make a contribution to that cost. more like this
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Lord Myners more like this
star this property uin HL18037 more like this
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answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-10-08more like thismore than 2019-10-08
star this property answer text <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>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. Until then, we will not be able to confirm the final total that the Department has recouped.</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>
star this property answering member printed Baroness Vere of Norbiton more like this
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less than 2019-10-08T11:27:26.357Zmore like thismore than 2019-10-08T11:27:26.357Z
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4580
star this property label Biography information for Baroness Vere of Norbiton more like this
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3869
unstar this property label Biography information for Lord Myners remove filter