Qantas welcomes return of executives held in Vietnam

Australian airline Qantas on Friday welcomed the return of two executives who had been unable to leave Vietnam amid an investigation into multimillion-dollar fuel-hedging losses.

Daniela Marsilli and Tristan Freeman, formerly employed by Qantas budget offshoot Jetstar Pacific, arrived back in Australia on Thursday — some six months after Vietnamese officials refused their bid to leave.

“That followed the successful conclusion of the investigation by Vietnamese authorities,” spokeswoman Olivia Wirth said. “The case is now closed.”

Marsilli, Jetstar Pacific’s former chief operating officer, and Freeman, its former chief financial officer had been banned from exiting Vietnam amid an investigation into fuel-hedging losses of some 30 million US dollars in 2008.

The investigation was triggered by Jetstar Pacific’s losses of a record 546 billion dong in 2008, which Vietnamese media linked to a lack of management supervision over efforts to hedge petrol costs at the airline

Wirth said Marsilli and Freeman, who were never charged or arrested, remained Qantas employees but would take a few weeks off after returning to Australia. They originally tried to leave Vietnam on December 19.

Luong Hoai Nam, former chief of Jetstar Pacific — in which Vietnam’s government is the largest shareholder — reportedly remains in jail after his arrest in January.

Fuel hedging is common among airlines seeking to lock in the lowest future prices for fuel. But carriers have lost millions in recent years thanks to rollercoaster global oil prices.

AFP

Tags: Qantas, Vietnam aviation, Vietnam aviation industry, Vietnam aviation market