VistaJet claims £330m for alleged smear campaign

A storm is brewing in the private jet sector over a £330m court case that threatens to expose some of its biggest secrets.

At the centre of the plot is Swiss tycoon and racing driver Thomas Flohr, owner of VistaJet, the private jet company whose fans include Taylor Swift, George Clooney and Brad Pitt. Stars pay £12,500 an hour to travel on some of the most modern and luxurious aircraft.

Now Flohr, 64, and VistaJet are in a legal fight alleging they have been defamed by rival AirX and its founder, John Matthews.

According to documents filed with the Maltese court, Matthews disseminated false, manipulated and confidential information about the company’s health in order to drive it out of business. The lawsuit says this was done with the aim of “disrupting VistaJet’s operations and tarnishing its reputation.”

VistaJet had £3.04bn of debt at the end of 2023, £103m more than a year earlier, a company source confirmed to The Mail on Sunday. Credit rating agency S&P cut its outlook due to rising costs and lower-than-expected revenue. Auditors warned in the 2022 accounts of its UK subsidiary, VistaJet International, of “material uncertainty” over the group’s future to continue operating as a business.

Mr Matthews said: “I make no apology for alerting the market to VistaJet’s financial situation. VistaJet’s own auditor has expressed concerns about this. I have done nothing wrong and VistaJet’s lawsuit in the Maltese court is a futile attempt to muzzle me. I am confident in my legal case and look forward to defending it.”

A VistaJet source told The Mail on Sunday there was “no material uncertainty” for its 2023 accounts and the company was in good health.

Flohr controls his sprawling empire through Dubai-based Vista Global Holdings. The enthusiastic businessman lives in a James Bond-inspired house above the Swiss resort of St Moritz, complete with a “garage gallery” for his cars.

He is the father of businesswoman Princess Nina of Greece, wife of Prince Philip, who lives in a Knightsbridge house valued at £30m.

VistaJet’s 2023 accounts show that fixed costs rose 30% to £532m and adjusted profits fell 5%. The company had to restate key figures in its 2022 accounts after changing auditors.

However, a VistaJet source said the debt reflected aggressive expansion and borrowing was insignificant compared with the company’s aircraft fleet, which is worth more than 3 billion pounds. VistaJet has also increased its market share in 2023-24, the source said, adding that it has never defaulted on payments and that other rating agencies have not downgraded the company.