Azat Hakim, founder and former shareholder of Russian business charter specialist Tulpar Air (TUL, Kazan International), has filed a lawsuit against the carrier claiming the company still owes him money following his departure in March 2023, the Russian-language news site Biznes Online reported.
Hakim is asking for RUB890 million roubles (USD9.7 million) as he contends that he was paid for only half the stake he sold a year ago. The Tatar businessman owned 49% of Tulpar Air while the rest was held by current sole owner Sibur-RT, a Kazan-based investment holding formerly known as TAIF. He exited the operator after a disagreement with TAIF as the then-51% shareholder wanted to transform the airline from a limited liability company (LLC) to a joint stock company (JSC). Earlier, in 2019, TAIF announced it wanted to sell its entire stake in the carrier.
Besides leaving the ownership structure of Tulpar Air, Hakim also left his position as chairman of the board in March 2023. The carrier used to be a part of Hakim’s Tulpar Aero Group, the group’s website notes, but left it in early 2023. Tulpar Aero Group also includes passenger charter specialist Tulpar Airlines (RFE, Kazan International), which operated under the brand Jet Express from November 2007 to May 2023. Tulpar Airlines secured its Air Operator’s Certificate (AOC) in 2020, while Tulpar Air’s AOC stems from 1994, data from Russia’s civil aviation regulator (Rosaviatsiya) shows.
Tulpar Air posted a significant rise in revenues and net profit for 2022, its revenues leaping 132% to RUB3.1 billion (USD33.8 million) and boosting profit to RUB597.3 million (USD6.5 million) that year, publicly available data shows.
Tulpar Air operates a Bombardier Aerospace-only fleet consisting of two Challenger 300s, one Challenger 850, one Global 6000, and one Global 5000.
