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You can find the current article at its original source at http://www.theguardian.com/business/2016/mar/18/stelios-row-fastjet-easyjet-easygroup
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| Version 2 | Version 3 |
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| Stelios row with Fastjet ratchets up | Stelios row with Fastjet ratchets up |
| (6 months later) | |
| The row between Fastjet and co-founder Sir Stelios Haji-Ioannou has heated up after the African budget airline said it was taking legal advice in response to his threat to take back the brand, and Haji-Ioannou’s representative quit the airline’s board.. | The row between Fastjet and co-founder Sir Stelios Haji-Ioannou has heated up after the African budget airline said it was taking legal advice in response to his threat to take back the brand, and Haji-Ioannou’s representative quit the airline’s board.. |
| Haji-Ioannou, the easyJet founder, who owns a 12.6% stake in Fastjet, warned that he could take back the brand unless the African carrier resumes the publication of monthly passenger statistics which it stopped in December. In a public letter to Fastjet’s chairman, Colin Child, Haji-Ioannou also demanded to see cashflow and ticket price information on a confidential basis. He is worried that Fastjet could run out of cash. | Haji-Ioannou, the easyJet founder, who owns a 12.6% stake in Fastjet, warned that he could take back the brand unless the African carrier resumes the publication of monthly passenger statistics which it stopped in December. In a public letter to Fastjet’s chairman, Colin Child, Haji-Ioannou also demanded to see cashflow and ticket price information on a confidential basis. He is worried that Fastjet could run out of cash. |
| His Monaco-based company said: “Failure to supply this information could give easyGroup Holdings the right to take back the Fastjet brand in order to prevent any further damage to its good name.” | His Monaco-based company said: “Failure to supply this information could give easyGroup Holdings the right to take back the Fastjet brand in order to prevent any further damage to its good name.” |
| Fastjet hit back on Friday, saying its board considered the publication of this letter as “wholly inappropriate and is taking legal advice on the matter”. It added that the company “holds easyGroup responsible for any damage caused to the business by the publication of this letter”. | Fastjet hit back on Friday, saying its board considered the publication of this letter as “wholly inappropriate and is taking legal advice on the matter”. It added that the company “holds easyGroup responsible for any damage caused to the business by the publication of this letter”. |
| Its statement said: “Whilst the board of Fastjet welcomes constructive engagement with all shareholders, it cannot understand why easyGroup, acting as either a 12.6% shareholder or brand owner, has published this particular letter without first raising its concerns with the company.” | Its statement said: “Whilst the board of Fastjet welcomes constructive engagement with all shareholders, it cannot understand why easyGroup, acting as either a 12.6% shareholder or brand owner, has published this particular letter without first raising its concerns with the company.” |
| Haji-Ioannou then responded with his own statement, saying: “Potential breach of a brand licence agreement is a very serious legal matter. easyGroup is both well advised on this occasion and very experienced in handling brand licensees under the terms of their respective agreements. For example it should be remembered that easyJet is an easyGroup licensee.” | Haji-Ioannou then responded with his own statement, saying: “Potential breach of a brand licence agreement is a very serious legal matter. easyGroup is both well advised on this occasion and very experienced in handling brand licensees under the terms of their respective agreements. For example it should be remembered that easyJet is an easyGroup licensee.” |
| He called on other Fastjet shareholders to put pressure on its chairman to cut costs and resume publication of the passenger statistics. | He called on other Fastjet shareholders to put pressure on its chairman to cut costs and resume publication of the passenger statistics. |
| He added: “Colin Child should be taking proper legal advice with a view to complying with the agreement without trying to cover the matter in a veil of secrecy. As brand owners, easyGroup is concerned to protect brand customers as well as its reputation from any future damage.” | He added: “Colin Child should be taking proper legal advice with a view to complying with the agreement without trying to cover the matter in a veil of secrecy. As brand owners, easyGroup is concerned to protect brand customers as well as its reputation from any future damage.” |
| Later on Friday, it was announced by Fastjet that Tim Ingram, easyGroup’s representative on the board, had resigned with immediate effect. | Later on Friday, it was announced by Fastjet that Tim Ingram, easyGroup’s representative on the board, had resigned with immediate effect. |
| The reason for Ingram’s resignation was not immediately clear, but he had joined just before Christmas and was seen as instrumental in forcing the departure of chief executive Ed Winter and general counsel Krista Bates. Child is acting as executive chairman until a new chief executive is appointed. | The reason for Ingram’s resignation was not immediately clear, but he had joined just before Christmas and was seen as instrumental in forcing the departure of chief executive Ed Winter and general counsel Krista Bates. Child is acting as executive chairman until a new chief executive is appointed. |