Tulpar Air Faces Lawsuit from Former Co-Founder Azat Hakim Over Alleged Unpaid Shares

Azat Hakim, the co-founder and ex-shareholder of Russia’s Tulpar Air, has initiated legal action against the business charter airline, seeking RUB890 million (USD9.7 million) in compensation. Hakim claims that he was only partially compensated for his 49% stake in the company when he exited in March 2023, according to reports from Biznes Online.

The dispute arises from Hakim’s departure from Tulpar Air, a carrier known for its specialization in business charter flights. The disagreement with TAIF (now known as Sibur-RT), the investment holding that now solely owns Tulpar Air, centered around the transformation of the airline from a limited liability company (LLC) to a joint stock company (JSC). TAIF, which held a 51% stake at the time, had previously expressed intentions to sell its entire stake in the airline in 2019.

Hakim’s exit from Tulpar Air also marked his departure from the role of chairman of the board. The airline was previously part of the Tulpar Aero Group, which Hakim led. This group also includes Tulpar Airlines, operating under the brand Jet Express until May 2023. Despite their shared heritage, Tulpar Air and Tulpar Airlines have distinct operational histories and Air Operator’s Certificates (AOCs), with Tulpar Air’s dating back to 1994.

The financial stakes of this lawsuit are underscored by Tulpar Air’s significant financial performance in 2022. The airline reported a 132% increase in revenues, reaching RUB3.1 billion (USD33.8 million), and a net profit of RUB597.3 million (USD6.5 million), showcasing its thriving business amidst the aviation industry’s challenges.

Operating an exclusive fleet of Bombardier Aerospace aircraft, including two Challenger 300s, one Challenger 850, one Global 6000, and one Global 5000, Tulpar Air has established itself as a key player in Russia’s luxury and business aviation sector.

This lawsuit represents a significant chapter in the history of Tulpar Air, highlighting the complexities of ownership and financial agreements within the aviation industry. As the legal proceedings unfold, the outcome will likely have implications for the airline’s future operations and its standing in the competitive business charter market.