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SETTING THE RECORD STRAIGHT
01 December 2005
Maintenance records are often neglected and dismissed as a technical issue by aircraft financiers, but how many have considered what their aircraft is worth without them. Alexandra Cain reports.
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Boeing
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Goal
A gang of robbers hijack an armoured van that they think is carrying cash. Instead, they find boxes of papers, which are the only copy of an aircraft's maintenance records. They dump the records in a canal.
After spending several weeks and $10.4 million restoring the records, the lessor has learnt its lesson the hard way. Documentation is something it can no longer afford to think of as a side issue.
While a few lessors and financiers have realized they need to ensure their aircraft records are safe, there are plenty who have not. "Most lessors have learnt their lesson, but financiers like banks should pay more attention with respect to record keeping," says Michael Radunz, managing director of German Operating Aircraft Leasing (Goal). With many bankers taking more asset risk than in the past, protecting that asset has become more important than ever.
"They don't do it deliberately,"...
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