Stelios setting up easyJet rival?
27.09.11
easyJet founder and major shareholder Sir Stelios Haji-Ioannou is setting up a new airline called Fastjet. No details of the airline have been released; the website www.Fastjet.com currently has one holding page (in red with white writing) saying simply 'Fastjet.com - by stelios. coming soon.'
Sir Stelios has been in a long running dispute with the budget airline, in which he and his family own 38% of the shares, over its strategy, aircraft orders, speed of expansion and returns to shareholders, amongst other things.
easyJet said it has a number of rights under its agreement with Sir Stelios and his easyGroup company. It added that if any Fastjet activity infringed these rights, it would ‘take necessary action’. easyGroup disputes the budget airline has these rights and says the airline's board has waged a private campaign against him.
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