Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Sesame AI, The Future of Human-Like Voice Assistants is Here

    March 14, 2025

    Wix AI – The Future of Website Creation at Your Fingertips

    March 14, 2025

    Google Moon Game, A Celestial Journey in the World of Gaming

    March 14, 2025
    Facebook X (Twitter) Instagram
    CPSUCPSU
    Facebook X (Twitter) Instagram Pinterest
    Subscribe
    • Home
    • Business
    • Innovations
    • Policy
    • Strartups
    • Tech Events
    CPSUCPSU
    Home » BOC Aviation, NAC and SMBC Join Avolon in Settling Irish Cases Over Planes Seized in Russia
    BOC Aviation
    Business

    BOC Aviation, NAC and SMBC Join Avolon in Settling Irish Cases Over Planes Seized in Russia

    Sam AllcockBy Sam AllcockFebruary 8, 2025Updated:April 1, 2025No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email Copy Link

    Beijing-controlled BOC Aviation, Japanese-owned SMBC Aviation Capital, and Nordic Aviation Capital have joined Avolon in settling lawsuits against insurers over multimillion-euro losses when planes were seized by Russian airlines three years ago.

    The companies were among a group of lessors that brought claims exceeding €2.5 billion to the High Court in Dublin, where Ms Justice Eileen Roberts opened hearings last June.

    The financial terms of the settlements remain undisclosed.

    The large-scale litigation involved approximately 180 lawyers and was expected to generate legal fees amounting to hundreds of millions of euros.

    A spokesman for Singapore-headquartered BOC Aviation confirmed that the company had discontinued proceedings against various insurers, including Lloyds Insurance Company and Warren Buffett’s Berkshire Hathaway, according to court filings.

    “We are subject to confidentiality obligations in relation to that discontinuance, so are unable to comment further regarding the terms of any settlement agreement,” he stated. BOC Aviation remains engaged in similar litigation in London’s High Court.

    SMBC Aviation Capital has also settled insurance claims against Swiss Re and Score Europe on confidential terms, a spokesman for the Dublin-based company confirmed. However, it continues legal proceedings against other insurers.

    Nordic Aviation Capital (NAC), another lessor involved in the case, settled some of its claims last summer, shortly after the hearings commenced, and recently resolved outstanding legal actions, according to multiple sources. A spokeswoman for NAC declined to comment.

    The Irish Times first reported on Friday that Dublin-based Avolon had settled its lawsuits against insurers, including Lloyds Insurance Company. A spokesman declined to disclose the financial details of the agreement.

    Two other lessors, CDB Aviation and Hermes Aircraft A1264, were also involved in the case. Legal sources anticipate further settlements in the coming months.

    A spokesman for CDB declined to comment, while directors of Hermes Aircraft A1264 have not responded to calls or messages.

    Irish aircraft lessors were among the first businesses affected by the economic fallout from Russia’s invasion of Ukraine. Over 60 per cent of the world’s leased aircraft are managed from Ireland, making it a significant global hub for aircraft leasing.

    The Republic of Ireland’s prominence in the leasing industry can be traced back to the late Tony Ryan’s Guinness Peat Aviation (later GPA Group), which was founded 50 years ago in Shannon, Co. Clare.

    The lawsuits in Ireland mirror similar actions taken by lessors against insurers in other jurisdictions, including London. Reuters estimates the aviation leasing sector incurred at least $8 billion in losses after more than 400 planes were stranded in Russia following Western sanctions imposed due to Moscow’s invasion of Ukraine, which forced the termination of leasing contracts.

    The plaintiffs in the Irish High Court case argued that when Russia invaded Ukraine on 24th February 2022, the aircraft were subject to lease agreements with Russian airlines.

    Following the imposition of European Union (EU) sanctions on Russia, the leasing firms demanded the return of their aircraft, but these requests were not honoured.

    The lessors sought legal declarations that they were entitled to coverage under either “war-risk” or “all-risk” insurance policies. Insurers named in the case included Chubb, AIG, and Fidelis.

    However, the insurance companies argued that neither the “all-risks” nor “war-risks” policies were applicable. Some insurers contended that there had not yet been a physical loss of the aircraft or that repossession efforts were still ongoing.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Sam Allcock
    • Website
    • X (Twitter)
    • LinkedIn

    Sam Allcock is a Business Contributor to the cpsu.ie

    Related Posts

    Wix AI – The Future of Website Creation at Your Fingertips

    March 14, 2025

    Replika AI, The Future of Digital Companionship or a Glimpse into AI-Driven Emotional Bonds?

    March 14, 2025

    TurboLearn AI – The Future of Smart, AI-Powered Learning

    March 14, 2025
    Leave A Reply Cancel Reply

    Don't Miss
    Innovations

    Sesame AI, The Future of Human-Like Voice Assistants is Here

    Sesame AI is pushing the boundaries of voice synthesis in a time when artificial intelligence…

    Wix AI – The Future of Website Creation at Your Fingertips

    March 14, 2025

    Google Moon Game, A Celestial Journey in the World of Gaming

    March 14, 2025

    Replika AI, The Future of Digital Companionship or a Glimpse into AI-Driven Emotional Bonds?

    March 14, 2025
    Top Posts

    Lightchain AI – Revolutionizing Blockchain with Artificial Intelligence

    March 14, 2025

    Sesame AI, The Future of Human-Like Voice Assistants is Here

    March 14, 2025

    Nine start-ups take part in Bord na Móna’s 2025 green accelerator

    February 8, 2025

    The Global AI Race: Is China Catching Up to the US With DeepSeek?

    February 8, 2025
    About Us
    About Us

    CPSU delivers comprehensive, real-time tech news, expert analysis, and in-depth coverage on business, innovations, policy, startups, and tech events worldwide.

    Email Us: editor@cpsu.ie

    Facebook X (Twitter) Pinterest YouTube WhatsApp
    Our Picks

    Sesame AI, The Future of Human-Like Voice Assistants is Here

    March 14, 2025

    Wix AI – The Future of Website Creation at Your Fingertips

    March 14, 2025

    Google Moon Game, A Celestial Journey in the World of Gaming

    March 14, 2025
    Most Popular

    Sesame AI, The Future of Human-Like Voice Assistants is Here

    March 14, 2025

    BOC Aviation, NAC and SMBC Join Avolon in Settling Irish Cases Over Planes Seized in Russia

    February 8, 2025

    Nine start-ups take part in Bord na Móna’s 2025 green accelerator

    February 8, 2025
    • Home
    • About Us
    • Contact Us
    © 2025 CPSU

    Type above and press Enter to search. Press Esc to cancel.