Mr Scales has been accused of using two forged documents in his efforts to buy Stobart Air. The documents purported to show that the Isle of Man government was prepared to underwrite a £13m (€15m) loan that would be used to acquire Stobart Air. In 2020, as the Covid pandemic ravaged the world’s airline industry, Stobart Air went into a tailspin, burning through millions of euro in cash. That meant Stobart Air wouldn’t have what was effectively at the time its only source of revenue. But in April 2021, Esken announced that it had agreed to sell Stobart Air to Mr Scales’ Ettyl for a nominal £2.

Source: Irish Independent May 08, 2024 15:37 UTC