Fuel supplier sues to freeze Tianjin Airlines funds
China National Aviation Fuel (CNAF) has filed a lawsuit against HNA Group’s Tianjin Airlines seeking to freeze CNY89m (US$13m) of the carrier’s funds. No reason for the litigation was disclosed in the public notification from the court to which the state-owned fuel company made its application. The court is in Haikou, home of HNA. CNAF has a monopoly on supplies of aviation fuel at Chinese airports. In Feb 2018 one of its subsidiaries similarly applied to a court in Urumqi to freeze CNY31m of Tianjin Airline’s funds. Heavily indebted HNA has been selling assets, including large stakes in its airlines to local govt partners. It remains the majority owner of Tianjin Airlines, however, with 96% of the shares. A Tianjin city govt company owns the rest. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-07-30/unaligned/fuel-supplier-sues-to-freeze-tianjin-airlines-funds
https://portal.staralliance.com/cms/logo.png
Fuel supplier sues to freeze Tianjin Airlines funds
China National Aviation Fuel (CNAF) has filed a lawsuit against HNA Group’s Tianjin Airlines seeking to freeze CNY89m (US$13m) of the carrier’s funds. No reason for the litigation was disclosed in the public notification from the court to which the state-owned fuel company made its application. The court is in Haikou, home of HNA. CNAF has a monopoly on supplies of aviation fuel at Chinese airports. In Feb 2018 one of its subsidiaries similarly applied to a court in Urumqi to freeze CNY31m of Tianjin Airline’s funds. Heavily indebted HNA has been selling assets, including large stakes in its airlines to local govt partners. It remains the majority owner of Tianjin Airlines, however, with 96% of the shares. A Tianjin city govt company owns the rest. <br/>
