Easyjet founder Stelios Haji-Iannou has refused to approve the airline’s annual accounts, saying he disagrees with some of accounting policies relating to its acquisition of GB Airways.
In a statement attached to the airline’s financial results to the end of September, he said: “I am concerned about the application of certain of the accounting policies adopted by the board in a way that I believe is at odds with current commercial realities and the macro-economic climate.
“Their implications only became obvious to me this year because of the acquisition of GB Airways.”
Stelios, who owns 27% of the airline, believes the Board have been wrongly optimistic about the value of Gatwick landing slots that came for free with GB Airways.
“Given the fact that many airlines have already ceased operating from Gatwick I believe that slots will be freely available and hence it will be more prudent not to create Gatwick slots as an “intangible asset” on our own balance sheet this year,†he said.
He also repeated demands for the payment of a dividend and for the appointment of two new non-executive directors of his choice, but he stressed that this was not part of an attempt to return to power.
But he outlined his continued support for the airline’s chairman Colin Chandler.
The rest of the airline’s Board said they were unanimous in their approval of the accounts.
See today’s separate story ‘Easyjet profits fall’
By Bev Fearis
