newstodate.aero
JAN 12, 2004 (newstodate): The Federal Court of Canada has ruled that the interned Ukrainian An-124 Ruslan freighter must rightfully stay behind bars.
The aircraft has been confiscated since summer 2003 as security for a USD 62 million
debt owed to an energy company from Cyprus that has filed a suit against the State Property Fund of Ukraine for lack of implementation of a contract on the upgrading of Novolysychansky oil refinery.
If Ukraine fails to pay off its suitor, or if a solution is not found, the aircraft will be sold at a public auction.
The aircraft has been confiscated since summer 2003 as security for a USD 62 million
debt owed to an energy company from Cyprus that has filed a suit against the State Property Fund of Ukraine for lack of implementation of a contract on the upgrading of Novolysychansky oil refinery.
If Ukraine fails to pay off its suitor, or if a solution is not found, the aircraft will be sold at a public auction.