Chinese-based industrial firm Sunward Intelligent Equipment has received compensation for aircraft leased to Russian carriers through its Canadian subsidiary Avmax.
Sunward has disclosed the insurance compensation in a statement to the Shenzhen stock exchange.
It identifies the aircraft as three De Havilland turboprops – a Dash 8-300 (MSN443) leased to Yakutia, plus two Dash 8-200s (MSN457 and MSN459) with Aurora Airlines.
Since the Russian-Ukrainian conflict began in February 2022, it says, the aviation industry has been subject to sanctions.
Avmax has “attempted multiple times to recall the aircraft leased in Russia”, states Sunward. “Despite ongoing negotiations and recovery efforts [this has] been unsuccessful.”
It says Avmax and the aircraft insurers, including Liberty Group, recently agreed a compensation plan under which Avmax will receive $29 million – with a net of just under $23 million after deducting fees.
Avmax has received this compensation in full, says Sunward, which adds that – since the leasing firm had previously made full impairment provisions for the three Dash 8s – the claim is an “unexpected” and a non-recurring item.
Sunward acquired Calgary-based Avmax in 2016, adding to a portfolio of aviation interests which also includes manufacturing of light aircraft, general aviation pilot training, maintenance of aircraft engines, and supply of airport ground-handling equipment.
