The Australian Securities and Investment Commission will not prosecute the Australian and US directors of collapsed airline Bonza and confirmed the investigation had finished.

The airline suspended all flights and went into voluntary administration a year ago with Liquidators Hall Chadwick alleging the company traded while insolvent.

The ABC reports ASIC has sent no further action letters to Australian and US directors of Bonza, confirming it does not intend to proceed to enforcement action at this stage.

In a statement, former Bonza chief executive Tim Jordan stated whilst the recent news from ASIC of no further action is certainly welcome, it doesn’t unfortunately change the sad outcome of Bonza’s demise in late April of last year or the subsequent negative impacts on communities, customers, suppliers and the former Bonza team.

An investigation could recommence should circumstances change or ASIC receives new evidence,

Source: ABC