Wednesday, 13 April 2016

CAMAIR CO bank accounts seized in Paris

The French justice has authorized a recovery operation of debts of about 600 million CFA francs (86,072,205 euros, that is about of 95,850,008 US dollars in favour of West LLC acquisition engine (WAE). On February 25, 2016, a first seizure was made at the Société Générale on corporate account held by Camair-Co, provisioned at 30 million CFA francs (42,903.68 Euros) only. Then, on 2 March, Société Générale revealed the existence of another account held by Camair-Co, provisioned at 15 million CFA francs (24,000 euros), jeopardizing the Camair-Co assets in France on current acquisition by Cameroon airline.

How will Cameroon Airlines Corporation honour its financial commitments in France?
The statement issue to be raised from the French company’s order of justice on 18 February authorizing the amount to be recovered from the West engine acquisition LLC is about 600 million CFA francs (86,072,205 euros, that is to say the value in euros of 95,850,008 US dollars). In stride, seizures of bank accounts CAMAIR CO were performed in France, without allowing settlement. 25 February 2016, a first seizure was affected with the society general on the business account detained by CAMAIR CO, accrues a height of 30 million CFA francs (4,290,368 euros) only. March 2, the society general has noted the existence of another inmate account by CAMAIR CO, accrues a 15 million CFA francs (24,000 euros).

In March 27, 2014 NANA SANDJO in complicity with the SGPR and PCA. The West Acquisition Engine (WEA) LLC, rental company of aircraft engines, incorporated in Delaware came into contract with Camair-Co. WEA was committed to rent Camair-Co a PRATT & WITNEY PW.40603 engine type, the serial number is 727393. The engine was mounted on the Boeing 767 of Camair-Co named Le Dja, whose series number is 28138 and registration TJ-CAC.

In return for this service, Camair-Co was committed to pay for monthly rent (74 010 US dollars) and maintenance costs. Unfortunately Camair-Co could not properly honour its commitments to WEA. The rental company of aircraft engines, incorporated in Delaware – credited with fiscal- paradise, having exhausted all means to get paid, sued Camair-Co before the Paris Commercial Court on 22 September 2015.


The Commission of GNS LLC owned by the DG of CAMAIR-CO
A 6% commission repaid to GNS was incorporated in the state of Delaware. Unfortunately Camair-co could not properly honour its commitment to WEA. The company hired engines, incorporated in the state of Delaware credited tax event after having exhausted all remedies to get paid, has sermons Camair-co before the Paris commercial court September 22, 2016. Pending the hearing in the 18th chamber of the commercial court of Paris, winning questions. The scammed Cameroon signatory of the contract agrees to roll out the contract for a seven (7) year period. Why did you accept the clause imposing the integral settlement of seven years? in case of breach of contract, regardless of what had already been consumed.

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