Local media announced on Wednesday that a Pakistan International Airlines (PIA) Boeing 777 aircraft, which was held back by the Malaysian authorities due to a British court case over the jet’s lease, was released.
The case concerned a lease dispute costing $14 million.
As detailed in the conflict, Kuala Lumpur High Court Judicial Commissioner Atan Mustaffa Yussof Ahmad ordered the aircraft to be released after an amicable settlement was reached by the national flag carrier and the Malaysian authorities.
In the case of Peregrine Aviation Charlie Ltd, the plaintiff decided to withdraw his action against Pakistan International Airlines Corp.
The Malaysian court’s order will lead to the release of the two PIAC-operated Boeing aircraft. In 2015, the two jets were leased by Dublin-based AerCap, the world’s largest aircraft leasing firm, to PIA.
On 16 January, a local court in Malaysia held back a PIA aircraft to take a one-sided decision on a legal dispute between PIA and another party pending before a UK court.
The complainant of the case is Peregrine Aviation Charlie Limited, according to orders given by the Kuala Lumpur High Court, and the case relates to two jets leased by Dublin-based AerCap, the world’s largest aircraft leasing firm, to PIA in 2015.
They are part of a portfolio that AerCap sold in 2018 to Peregrine Aviation Co Ltd, an investment unit of National Commercial Bank SJSC’s brokerage arm, NCB Capital. According to the interim injunction, once they landed or parked at Kuala Lumpur International Airport, PIA was prohibited from moving two aircraft in its fleet – a Boeing 777-200ER with serial number 32716 and a Boeing 777- 200ER with serial number 32717.