Camair-Co losses FCFA 52 bln since its creation

The national airline company is still struggling to take its flight, four years after the launch of its activities.

To believe Le Jour newspaper of 20 April 2016, Camair-Co is still in trouble. The paper is based on the revelations made on April 11 by another newspaper: Integration. The weekly newspaper then informed that the accounts of “the Cameroon star” had been seized by the French courts. Reason: “facilitate the recovery of a debt of FCFA 600 million for the West Engine Acquisition Company LLC.”

Still taking facts from the revelations of Integration, Le Jour says that “the two accounts opened by Camair-Co in the books of Société Générale, seized on 25 February and 2 March 2016, contained only about FCFA 45 million. The amount claimed by West Engine Acquisition LLC represents rental charges on Camair-Co, for a Pratt & Witney engine. “

This engine, the paper said, “was mounted on the Boeing 767 of the company, called the Dja, which allows Camair-Co to be connected to external lines, notably France. The lease now in dispute between the two partners was concluded in 2014 for a period of 7 years and a rent of 74,000 dollars a month, or about FCFA 40 million. “
Unpaid Salaries

Added to this abysmal debt is the delays in the payment of salaries of some staff. We learn that “there are those who accumulate up to two months of arrears salary according to a source at the company, who, however, indicates that some of the staff began collecting their pay last week.“

Yet another crisis for the national airline which started operations on 28 March 2011. “In 2015, it had net losses estimated at FCFA5 billion. Without the balancing subsidy of FCFA 8 billion paid by the State over the same period, the net profit loss would be even FCFA 13 billion .

In late June 2015, the company had accumulated losses estimated at FCFA 52 billion since its inception, “said the newspaper.