Latest news with #BombardierGlobal6000
Yahoo
3 days ago
- Business
- Yahoo
Issa brothers face deadline to repay £30m private jet loan
The billionaire Issa brothers are facing a looming deadline to repay a $41m (£30m) loan that they took out to fund their private jets, new documents reveal. EG Group said it had served Mohsin and Zuber Issa a notice to repay the loan provided to their personal private jet business Clear Sky 2 LP by the end of June. If they fail to do so, the petrol forecourt giant said it would exercise its rights to recover the $41m loan, which is overdue. The borrowings include unsecured loans that EG initially gave to the brothers to buy the jets – a Bombardier Global 6000 and a Bombardier Challenger 350 – in 2018. The demand comes amid plans to float EG Group, which is owned by the Issa brothers together with private equity firm TDR Capital. EG Group has been lending funds to the private jet business, owned solely by the brothers, for years. However, EG is now seeking to recoup the funds after both brothers, who had founded the business in 2001, stepped back from running the day-to-day operations. Zuber stepped down as co-chief executive last year, while Mohsin left his role in April. The Issa brothers built their fortune through EG Group, although the pair were catapulted into the spotlight after teaming up with TDR to acquire Asda in a £6.8bn deal in 2021. However, more recently, the two brothers have been attempting to disentangle their fortunes. Last year, Zuber announced the sale of his 22.5pc stake in Asda before setting up a rival petrol forecourts business called EG On The Move. Meanwhile, Mohsin has sought to invest in a string of UK start-ups, including protein maker Applied Nutrition and sportswear retailer Castore. The break-up of the interests followed rumours of a rift between the brothers, although the pair have sought to talk down any split. Company filings show that the brothers borrowed increasing amounts from EG to pay for the Clear Sky business, through which they own their private jets. This includes the outstanding $41m loan, which rose by $7m over the past financial year. EG Group said it served the brothers notice over the loan in April. EG Group declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
09-05-2025
- Business
- Yahoo
Tech billionaire branded a hypocrite after spending $80 million on private jet: 'A deep internal conflict'
Atlassian co-founder and billionaire Mike Cannon-Brookes is in the middle of a controversy concerning a recent purchase that contrasts sharply with his climate advocacy: a private jet. As reported, the minority stakeholder in the Utah Jazz bought a Bombardier 7500 capable of carrying up to 19 passengers and said he has "a deep internal conflict" about it. He cited personal security, running a global business from Australia, and fatherhood in a LinkedIn post as reasons for using the carbon-heavy mode of transport. Why is it an issue when many other billionaires utilize large vessels such as private jets and yachts? For one, the amount of polluting gases regular private jet travel produces goes against Cannon-Brookes' stance on environmental issues. He has been an active climate campaigner and is a key investor in SunCable's giant Australia-Asia PowerLink — a project to transport energy from solar farms in the Northern Territory to Singapore. Per the Financial Post, his investment firm, Grok Ventures, attempted a 2022 takeover of Australia's AGL Energy to help the country transition from coal to more sustainable energy. The Financial Review reported that his influence and shares in the company encouraged AGL to close the country's biggest coal plant a decade ahead of schedule. Carbon gases not only cause air pollution but are a major factor in the overheating planet and the unpredictable weather patterns that come with it. While these jets make up only a fraction of those gases — almost 2% of the industry's overall pollution — the figure is steadily increasing. The journal Communications Earth & Environment published a study in 2024 that said the polluting gases from private jets had increased by 46% over the past five years. Some effort is being made to mitigate a portion of those toxins. VistaJet, a leader in private business aviation, is using biogenic sustainable aviation fuel created from used cooking oil. Others, including Flexjet, also use carbon offset programs — projects that reduce or remove pollution elsewhere to compensate for what flights produce. How or if Cannon-Brookes will offset his private travel remains to be seen. Based on carbon footprint, a greener option may have been the low fuel-consuming Pilatus PC-12, a single-engine jet that's 10 times less polluting than a Bombardier Global 6000, per Aeroaffaires. At least the Bombardier 7500 has its pros, as "approximately 85% of the materials used are recoverable," according to Runway Girl Network. Do you think billionaires spend their money wisely? Definitely No way Some do Most do Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
