VietJet hit with global asset freeze in FitzWalter dispute. The court order covers carrier's existing fleet, as well as aircraft it has ordered but not yet received Published Mon, Oct 19, 2026 · 09:19 PM * The freeze applies to VietJet's assets worth up to US$251.6 million. PHOTO: VIETJET VIETNAMESE low-cost carrier VietJet Aviation has been hit with a global asset freeze by a UK court after continually refusing to pay a US$250 million of debt to a London investment firm. FW Aviation, an arm of FitzWalter Capital, was granted the order after a High Court judge decided there was a risk that the airline would attempt to hide or spend its assets. VietJet has repeatedly failed to pay the vast majority of money it owes despite a number of judgments in favour of the aircraft leasing company. The order covers VietJet's existing fleet - all of which is leased - as well as aircraft it has ordered but not yet received, including Airbus A330-900 and A321neo jets. It also extends to cabin equipment and engines on order, including from Rolls-Royce Holdings, pre-delivery payments, maintenance reserves, lease deposits and ticket sales proceeds from agents, according to the court order. VietJet can continue to deal with its assets in the ordinary and proper course of business, though it needs court permission to do so for aircraft orders, maintenance reserves and lease deposits held outside Vietnam, the order said. The freeze applies to assets worth up to US$251.6 million. The business times turns 50. Five decades of milestones and moments that shaped Singapore's success story - told through our headlines. Explore BT50" "I have little sympathy for the claimed disruption which may arise," to the airline's operations, Judge Pushpinder Sani said in the Oct 15 ruling. "It will have been caused by VietJet's own wilful refusal to satisfy the judgment debt and strenuous anti-enforcement efforts, rather than a genuine inability to pay." The dispute stems from four Airbus jets the buyout fund assumed control of during the Covid-19 pandemic. VietJet stopped paying leasing fees to FitzWalter and continued to fly them for around a year. The debt has swelled from an initial ruling of around US$180 million in 2025 as interest and legal fees mount. Vietnam's legal system has refused to recognise the UK court's judgment. VietJet declined to comment on the latest ruling. FitzWalter welcomed the ruling, saying it would prevent the airline from siphoning off more value from shareholders. A UK judge ruled last month that receivers over the airline's assets outside of Vietnam should be appointed so that Fitzwalter can recover its money, but the final order has not been made. FitzWalter intends to appoint Alvarez & Marsal as receivers. VietJet has a fleet of about 112 Airbus and Boeing aircraft. It also has a large order book in excess of 300 new jets, mostly from the two plane makers, according to the court order. The judge found that VietJet had moved the value of its order book to Angelica Holding, a Cayman Islands company that appears to have no office and no staff and has "all the appearances of a classic Cayman shell company". VietJet failed to disclose the arrangements for more than a year, the judge said. BLOOMBERG Share with us your feedback on BT's products and services

PR No. 243 FINANCE MINISTER MEETS ALVAREZ & MARSAL TO DISCUSS WORLD BANK GUARANTEES AND LONG-TERM FINANCING OPTIONS Bangkok: October 16, 2026. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with Alvarez & Marsal on the sidelines of the World Bank Group-IMF Annual Meetings 2026 in Bangkok, Thailand, to discuss long-term financing through World Bank Group guarantees. The Finance Minister welcomed the proposal of combining a World Bank policy-based guarantee with Multilateral Investment Guarantee Agency (MIGA) coverage to attract financing at competitive rates, with a potential financing target of approximately US$1.5 billion, subject to the guarantee envelope and transaction structure. Discussions covered leveraging World Bank resources, combining budget support with guarantees and broadening investor participation. The Finance Minister emphasized using an existing Development Policy Operation (DPO) to avoid delays associated with negotiating a new framework. He supported further exploration of the proposal through the Finance Division, Economic Affairs Division and World Bank Group. The meeting also touched on ongoing advisory work on the privatization of DISCOs. *-*-*-*-*

Sunday newspaper round-up: KPMG, gig economy, airlines, Nscale, Riyadh, Axel Springer. Share Search You are here: 11th Oct 2026 09:29 (Sharecast News) - KPMG has moved back into restructuring five years after selling its insolvency arm, hiring Chris Hogg from Alvarez & Marsal to lead the renewed push. The Times reported that the firm, which sold its UK restructuring business to HIG Capital in 2021, is rebuilding capability as demand for turnaround advice rises. Hogg previously spent nearly nine years at FTI Consulting before joining A&M. Business secretary Jonathan Reynolds will launch a three-month consultation aimed at tightening rules around gig-economy employment, targeting companies such as Amazon, Evri and Deliveroo. According to the Times, the move seeks to close loopholes that allow firms to avoid minimum-wage and holiday-pay obligations for almost one million workers. Royal Mail, which last week announced up to 2,500 job cuts, is backing the crackdown as it loses parcel-market share to gig-based rivals. Airline bosses have warned of a looming "crisis" as jet-fuel prices surge following the outbreak of war in Iran. The Telegraph said fuel costs have jumped to around $208 per tonne, more than double last year's level, forcing carriers to cut flights and delay lease payments. EasyJet and Lufthansa are preparing winter capacity reductions, while Ryanair chief Michael O'Leary told the Financial Times the situation was "full-blown" and would hurt operators across the sector. British AI and data-centre operator Nscale has removed references to a major customer relationship with China's Bytedance from official filings ahead of a planned $35bn New York listing. According to the Telegraph, details of the deal appeared in an earlier confidential submission to US regulators but were absent from public filings published last month, amid longstanding political scrutiny of Bytedance in the US. Twelve people were killed and more than 300 injured after a missile struck terminals at Riyadh's King Khalid International Airport, an attack Saudi authorities blamed on Iran-backed Houthi rebels in Yemen. The Guardian reported that the dead included Saudi nationals and foreign citizens from Bangladesh, Palestine, the US, Egypt, Jordan, Syria and Sudan. Donald Trump said the US was assessing whether to join Saudi strikes against Houthi forces. Telegraph owner Axel Springer is preparing significant newsroom job cuts just months after pledging to invest in the title's growth. According to the Guardian, proposals under consideration would remove between 50 and 100 editorial roles, with a consultation expected before Christmas. The plans raise questions over the company's earlier commitment to expand Telegraph Media Group as a leading centre-right outlet.