Rostrum Leasing has filed a claim against Asia Cargo Network (ACN) for unpaid rent and delivery up of certain assets.
“Rostrum Leasing has filed a claim in the High Court in England against various companies in the Asia Cargo Network for unpaid rent and delivery up of various assets,” said Rostrum Leasing general manager Paul Shanley.
The company was not able to provide further information at present.
Alius Law is representing Rostrum Leasing in the case and Records obtained from the High Court in London show that the named defendants are Tri MG Airlines Limited, Asia Cargo Network SDN BHD, PT Tri MG Intra Asia Airlines and PT Raffles Global Angkasa.
ACN’s four airlines include Asia Cargo Airlines, Bahrain-based MENA Cargo Airlines, RGA-Black Stone Airlines, and World Cargo Airlines (formerly POS Asia Cargo Express).
Singaporean entrepreneur and business magnate Marco Isaak founded the group and currently acts as chairman.
ACN and its subsidiaries have not yet responded to several requests for comment.
Speaking to Airline Economics, a person familiar with the matter said the unpaid rent was related to two freighter aircraft leased to ACN as well as orders for delivery up of a number of missing engines.
“There are engines that were supposed to be on the freighter aircraft, which aren’t,” the person said. “They’re missing. And then there are the separate engine leases that are missing in action and haven’t been returned. They could be anywhere.”
The reasons as to why these engines are missing “are yet to be seen” and will potentially be uncovered over the course of the case.
The person familiar added that Rostrum has tried to recover the assets, but ACN has “not given them back”.
According to Rostrum Leasing’s website, it has a fleet of four 737-300 aircraft with two based in Indonesia. Several of ACN’s airlines have major hubs in the region. The other two aircraft are on lease in the US and in Pakistan.
According to ACN’s website, Asia Air Cargo operates a fleet of five 737-800 freighters; MENA operates two 737-300F aircraft and a 737-800F; RGA-Black Stone has a fleet of three 737-300 freighters; and World Cargo Airlines has two 737-800 freighters, as well as one 737-400F and a 737-300F.
The filing comes as lessors including AerCap and DAE began their insurance claim trial last week, in relation to aircraft stranded in Russia following the 2022 Ukraine invasion, at the London High Court. It is perhaps a sign of lessors’ tested patience for unpaid rent finally being exhausted.