Ajet to cease operations

Libra Holidays Group Pcl (LHG), the CSE listed travel and air group announced that its subsidiary, Ajet Aviation Ltd., formerly Helios will cease its airline operations in the next three months.

The Board of Ajet decided to suspend its airline operations in the next three months and decide at a later stage how to offload the two leased aircraft that it operates. Legal sources nevertheless insist that the closure does not affect the legal obligations of the group to the relatives of the Helios air tragedy.

Ajet was also under safety concerns scrutiny by the European Commission and even though the airline has not been banned from flying in the EU, yet Cyprus has come under criticism for its lax controls on regulating the safety aspects of the troubled airline.