Investigations against the management of Smartlynx Airlines: Suspicion of a rigged sale before insolvency
The insolvent Latvian airline Smartlynx Airlines has become the focus of a criminal investigation. The Economic Crimes Unit of the Latvian National Police is conducting an investigation into the airline's management on suspicion of fraud. At the heart of the investigation is the potentially sham sale of the airline to a new owner shortly before its official insolvency filing. The case has attracted the attention of law enforcement agencies in several European countries, as the origin of the millions in debt is being examined within a complex network of transactions. The investigation was first reported by the portal Blacklist.aero. Extensive investigations into the origin of the debt: Latvian authorities are working closely with investigators in Ireland and Lithuania to clarify the circumstances surrounding Smartlynx Airlines' financial difficulties. The main objective of the investigation is to determine how the airline accumulated debts of at least €238 million, which ultimately led to its insolvency. According to media reports, the proceedings were triggered by a complaint from a creditor, with reports also mentioning other affected business partners who may have filed complaints. The complexity of the case is underscored by the fact that the former CEO of Smartlynx, who is reportedly at the center of the investigation, has fled abroad. The airline's debt structure shows a significant distribution: approximately €174 million of the liabilities are owed to companies belonging to the ecosystem of the former owner, Avia Solutions Group. A further €64 million are liabilities to external companies. Investigators are paying particular attention to the sale of the airline by Avia Solutions Group, a transaction that took place shortly before the airline's collapse.








