Flyglobespan tycoon’s house attacked again

E-Clear tycoon bears brunt for collapse of Flyglobespan

Travel Insurance News - 06/02/2010

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Gunshots were heard at the house of E-Clear tycoon Elias Elia, who was generally blamed for the abrupt closure of budget airline Flyglobespan.

Cypriot police confirmed the shots were fired at a residence owned by the parents of the E-Clear CEO. A few of Elia’s friends did not deny the fact that Flyglobespan’s debts had been long overdue and that the incident could have been a reminder.

Police also reported that Elia’s own house in Nicosia had also been attacked in early February of last year. The case was never solved.

Earlier this year, Elia closed the airline empire with debts amounting to over £100 million including the £35 million that the business had held back.

The staggering amount of outstanding debt was the main reason the tycoon was forced to close the Scottish airline late last year, leaving hundreds of people jobless and thousands of travelers abandoned.

Administrators of E-clear said Elia’s company has no immediate source of income.

It was reported that at the start of last year, the airline carrier business showed impressive revenues and profits of more than £5 million.

E-Clear had also been handling online ticket sales of many low cost air carriers until 2008, when the business began to crumble. Canadian airline Zoom and Slovakian airline SkyEurope were among E-Clear’s biggest customers until they were hit by the economic crisis.

A report said the attack on his parents’ home had been a great shock to Elias, who usually stayed at his flat near his businesses in Cyprus.

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