Fly Modern Ark (FMA), a South African aviation services provider, has expressed its full cooperation with the forensic audit of LAM Mozambique Airlines’ financial accounts, a process initiated amid growing scrutiny of the state-owned carrier’s governance. At the same time, FMA has been forced to initiate legal proceedings to recover outstanding payments for services rendered to the Mozambican airline.
A special audit into the bankruptcy of Nordica (Estonia) has uncovered governance failures, citing shortcomings in both the management and supervisory boards that contributed to the airline’s financial collapse. The findings highlight internal mismanagement as a key factor in the carrier’s downfall.
FlyArystan, Kazakhstan’s first low-cost carrier, has initiated an independent investigation into financial irregularities after its management uncovered evidence of fund theft. The airline has contacted an external audit company to carry out a comprehensive review and provide clarity on the situation.
