Airlines's financial statement 2005
Mk Airlines (UK) Ltd, the main client of Ostend-Bruges airport, appears to be
a poor financial performer! A closer look at their 2005
financial statements reveals a bleak performance.
and loss" in 2005 unveils a very low "gross margin" of only 6,5 %. The
company's "operating result" went down by 87% and costs rose 30%. MK Airlines's "turnover" dropped 25% and their "outstanding amounts" rose
by 40% up to twice the "balance total". In 2005 the "gross margin"
went down by 300 %! No dividends were paid in 2005. In short a company not to invest a single penny.
MK Airlines (UK) Ltd is wholly owned by MK Investments (Isle of
Man) Ltd (founded Nov. 28th '04).
holding company of MK Investments (IOM) Ltd is MK Aviation Holdings Ltd
registered in Nassau, Bahamas (1) (2).
Very mysteriously, MK Aircraft Leasing (IOM) Ltd (ex "Property Leasing
(IOM) Ltd"), is also mentioned as the wholly owner of MK Airlines
(UK) in the "Particulars of Mortgage" for the lease of four B-747's (9G-MKQ
/ MKM / MKR / MKS) from "Volvo Aero Leasing LLC", a contract worth
+/- $ 24 million.
(was) is being pumped into MK Airlines via obscure "Off shore" financing
from so called "Tax Heavens". This is usually done for three
- TAX EVASION (cause
- MONEY LAUNDERING (re: the
"Air Holland" case)
- CORRUPTION FACILITIES
As British law requests only very limited transparency, British
government gives us very limited insight in the kitchen of UK
based companies. We can only guess what is really happening at MK
Airlines's HQ. All above is based on the information found through the
official UK and IOM registrars. Finding data on companies located on
"Tax Heavens" on off-shore Islands like the Bahamas or the British
Virgin Islands is just plain impossible. A real shame in this day and
Why the City of Ostend and the Flemish Government are keen to cooperate with
- and threat as a preferential partner - a company such as MK
Airlines is even a greater mystery. It can only be viewed in the absence
of alternatives? Wiloo hopes to question the authorities soon and find
out more, especially on the subject of credibility. Many "strange"
companies in the past have left Ostend Airport (and the Flemish
taxpayer) without at the end ever paying "a single Euro" for services
provided by the airport... meanwhile leaving or dumping wreckage on the aprons! We surely want to know
something more about MK Airlines (UK) LTD and friends.
(1) On Feb. 14th '06 some 34.999.999$ moved
from "Northcote Holdings Ltd" on the Bahamas to "MK
Holdings Ltd" on the British Virgin Islands.
(2) On Mar. 22nd '07 some £ 3,8
million of preference shares were bought by "Jackson Aviation (UK)