The following is an article from blog Crickey posted on 7 February 2011.
How long will it be before someone demands forensic financial proof that Jetstar Asia is a majority Singaporean owned flag carrier?
This is the topic that no-one in Singapore, not even Singapore Airlines controlled Tiger Airways, seems prepared to raise in public?
The belated announcement of a tiny profit by what Qantas always has no hesitation in describing as an important part of its offshore expansion plans steers clear of issues of control and equity.
On paper, Jetstar Asia is majority owned by the Choo Tek Wong but almost all the capital required in the restructuring of the airline’s ownership in 2009 came from Qantas. This is not a criticism of the deal, but it is important to ask what would have happened if Singapore Airlines for example were to give me 99.9 per cent of the money needed as a suddenly incredibly wealthy Australian national to purchase 51 per cent or more of Qantas so that it could in effect take control of the carrier.
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