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Business News of Saturday, 28 February 2015

Source: Business in Cameroon

Yves Fotso to stand trial over Camair 18bn FCFA fraud

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On March 4, 2015, Cameroonian businessman, Yves Michel Fotso, son of billionaire, Victor Fotso, is to appear before the Special Crimes Court (TCS in French) for 18 billion FCFA in losses for the now defunct Camair, the former national airline where he was Director and CEO.

According to the liquidator of the former Camair, the former Director and CEO cost the company he led about 18 billion FCFA by way of unjustified payments to “front companies”, the abandoned purchase of two aircrafts from the Canadian manufacturer Bombardier and the compensation process for the Boeing 747 Combi crash as well as the “fraudulent sale” of the wreckage of what was the gem of the company.

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