fastjet and Five Forty Aviation agree to end legal dispute

fastjet and Five Forty Aviation Chief Executive Officer (CEO) Don Smith have put an end to a legal dispute over payment and licensing agreements in Africa.

fastjet and Five Forty Aviation Chief Executive Officer (CEO) Don Smith have put an end to a legal dispute over payment and licensing agreements in Africa.

The two have entered into a memorandum of understanding (MoU) to reach "mutually beneficial and constructive resolutions", fastjet said in a statement.

Africa airline fastJet joined forces with Five Forty Aviation in June to gain access rights in Kenya, Ghana, Angola and Tanzania.

However, Smith withdrew licensing rights in February and launched a legal battle accusing fastjet of breaking its agreement on payments.

"The signing of this MoU provides a positive platform for fastjet to strengthen its East African Hub," said fastjet CEO, Ed Winter.

"Both fastjet and Don Smith are pleased to be putting the unfortunate, highly publicised events of the past few months behind us. Don Smith remains the CEO of the Kenyan business and we are pleased to have him as part of the fastjet/Fly540 team."

RD

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021