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Globespan airline investigation goes to court

The investigation into the collapse of Scottish airline Globespan has taken a significant turn over the last 24 hours with news that the High Court in London has informed online transaction processing company E-Clear to clarify it has access to an alleged £35 million which it is said to have withheld from Globespan. PricewaterhouseCoopers has suggested that the withholding of the £35 million in question may well have led in part to the collapse of the company.

E-Clear now has three days to show the courts that the £35 million is still available and has pledged not to dispose of any assets until the situation is resolved. It will be interesting to see whether E-Clear still has access to the £35 million in question and indeed the justification for allegedly withholding this payment from Globespan.

As we mentioned earlier today, the airline industry is in serious trouble with rumours that Japan Airlines is on the verge of collapse with even the likes of British Airways under extreme pressure. There are hopes that the investigation into the collapse of Globespan will allow lessons to be learned for the future, to ensure that we do not see a repeat of a similar scenario which could possibly have been avoided.

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