Globespan Collapse- where has all the money gone?

Back on the 16th December the collapse of Globespan caused mayhem within the cruising industry and also today the effect continues with the Scottish customer missing the regional flight connections.

Having read various articles on Globespan collapse it is causing me to think there was others at work that caused the company to cease. As they say money makes the world go around, or cease in this case.

From what I can work out a credit clearing company called E -Clear have involvement in this, the was CEO Elias Elia, they held the payments for up to six months after the customer had there flights. Causing them to have cash flow issues, then Globespan disputed the amount of money E-Clear owed them in October 2009 to the sum of £35M. E-clear refused an independent audit that Globespan requested- Now if that does not sound like they have something to hide I do not know what does.

What now is interesting and no accusations here but a company called Halcyon Investments offered to make an investment in the company at this time, who do you think one of the investor was, who was the CEO of E-Clear again?? One in the same, Mr Elias Elia
Maybe he was just trying to help!!!! Express an opinion if you want.

You should have a look at the below link; see what you think for yourself.

http://www.bbc.co.uk/blogs/thereporters/douglasfraser/2009/12/globespans_missing_millions_pa.html


I want to know who has the money???

As a travel agent ATOL and ABTA seem to be more so beneficial in today’s market with such conspiracies taking place.

It makes cruise lines make announcements like the one below from Royal Caribbean:

"With the news this morning that Globespan have gone into administration we would like to reassure all of our trade partners that we will be re-protecting any customers who were due to travel with the Airline onto alternative flight services".

For more details on what ABTA and ATOL cover view my blog on Protection.