Troubled Safire Aircraft is facing a further setback in its plans to develop the Safire very light jet as its new Italian investor falls under the lengthy and bureaucratic scrutiny of the US Homeland Security (DHS) department. New legislation introduced by the government after the 11 September terrorist attacks stipulates that the origins of all non-US investors and their funds must be thoroughly investigated and authenticated before investment can be made in a US company.
Safire Aircraft president and chief executive Camillo Salomon says the company has received a funding commitment from an Italian investor and all relevant paperwork has been filed for some time. Salomon says he had hoped to have received clearance by the middle of October. "I haven't been through this process before. It is just a waiting game," he says, adding that the new investor has committed to fund the programme into the manufacturing phase on condition that development milestones are met on time (Flight International, 28 September-4 October).
KATE SARSFIELD / LONDON
Source: Flight International