Switzerland's biggest ever economic crime trial has begun and could drag on for months. The whole matter revolves around the collapse of mighty Swissair in 2001. Charged with corruption are former CEOs Mario Corti, Eric Honegger and Philippe Bruggisser. SAirGroup, Swissair's parent company, collapsed with debts of around 17bn Swiss Francs ($13.64bn/”6m+) following a bid to expand which included the acquisition of both Sabena, an airline within the EU, and the regional carrier Crossair.
State prosecutors have charged 19 individuals with irregularities including defrauding creditors, falsifying documents, breach of trust, and making false statements. In Switzerland the failure of the company was seen not only as question of the loss of investment, pensions and jobs, but of national pride and credibility.
It has been said that those under charge did not do it for personal gain, but as a means to save one of the world”s longest established and most respected airlines. However the prosecution is claiming dishonest practices. Experts in Switzerland say that several of the accused face possible prison sentences if convicted.
Swiss, the airline that emerged from the ashes of Swissair, is now part of Lufhansa, and is making steady progress.