Monday, December 21, 2009



Photo of Elias Elia, who has links to the Greek part of Cyprus (Globespan's missing millions - part three). Elias Elia's firm E-Clear is run largely by Greek Cypriots and owned by a parent company in Cyprus.

Bust Scottish airline Flyglobespan was owed £36million of its own cash by an online payments firm, E-Clear, run by Elias Elia.

From Douglas Fraser, of BBC Scotland (Globespan's missing millions - part three), we learn the following:

E-Clear handles credit card transactions for airlines.

In December 2009, Globespan's founder Tom Dalrymple issued statements saying Globespan was in discussion with Halcyon Investments about a possible takeover of the company.

Halcyon, registered as a trust in Jersey in 2008, has Elias Elia as its chief investor.

In late December 2009, Allbury Travel Group ceased trading; it included Libra Holidays, Argo Holidays and JetLife.

Allbury Travel Group is a subsidiary of Allbury Ltd, a Virgin Islands company in which the controlling interest is reported to be Elias Elia.

According to Scotland on Sunday (Under-fire tycoon's tour firm folds ): E-Clear, "is not registered by the City watchdog, the Financial Services Authority, and it does not have established agreements with the Civil Aviation Authority to protect customers if an airline fails.

"The company has been involved in travel trade collapses before.

"E-Clear also provided credit card transaction services to Slovakian no-frills airline SkyEurope, which went into administration in June.

"It was reported that the airline was pursuing E-Clear for millions in overdue payments, but this was denied by Elia at the time.

"E-Clear also had failed XL Leisure Group and Zoom Airline as customers. XL, once the UK's third biggest tour operator, went into administration last year after a rescue deal led by Elia 'came to nothing'".

A comment on a story at The Scotsman reads: "I know from speaking to a few Cypriots that this Elias Elia bloke is a bit of a dodgy mafia type." (Flyglobespan could have been saved, says Swinney - News)

Reportedly, Osama Bin Laden used Greek Cyprus "as a transit point of exports in order to finance his terrorist activities. He has bank accounts in Nicosia in order to finance several terrorist activities." (Daily News - SOUTH CYPRUS; A HEAVEN FOR MONEY LAUNDERING.)

Salmond calls for Globespan probe


Venetian Reflections

Monday, December 07, 2009



Travel companies such as Thomas Cook and Tui Travel have been raising prices and cutting capacity. (A sunny outlook for Thomas Cook and Tui Travel profits )

TUI Travel Plc is Europe's biggest tour operator.

It has been reducing its losses.

It has cut the number of its flights.

"The net loss for the year through September shrank to 25 million pounds ($41 million) from 271 million pounds a year earlier." (TUI Travel Narrows Loss After Cutting UK Flights )

TUI has a net debt of 338 million pounds. (TUI Travel Narrows Loss After Cutting UK Flights )

TUI has canceled 10 of the 23 aircraft orders from Boeing Co.

It has cut the number of tour packages.