Indonesia's Bhakti consortium pulls out of Adam Air over safety issues
Tags :
Southeast Asia,
Adam Air
(XFN Asia) A consortium led by Indonesian investment company, PT Bhakti Investama, announced plans to pull out of domestic private carrier, Adam Air, on disappointment over Adam Air’s handling of safety issues.
Bhakti Investama did not cite any specific safety incident at Adam Air but stated that after nearly one year of investing in Adam Air, Bhakti has not seen any significant progress in the carrier's handling of safety issues.
Indonesia's airline industry has seen a series of major accidents in recent years. Among the worst was when an Adam Air jet plunged into the sea off Sulawesi Island on 01-Jan-07, killing all 102 on board,
Bhakti's wholly owned unit, PT Global Transport Service (GTS), together with Bright Star Perkasa, acquired a combined 50% stake in Adam Air in 2007. The founders of Adam Air, the Suherman family, still own the remaining 50%.
Meanwhile, the Indonesian Government has reportedly given Adam Air 21 days to decide whether to close down.
Date posted: 18-Mar-08
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Indonesia's Bhakti consortium pulls out of Adam Air over safety issues 
