Failed space flight firm was backed by ‘phantom bank’
The company Swiss Space Systems (S3) received financial backing from a fictitious bank as it unsuccessfully fought against bankruptcy, according to media reports. S3, which promised simulated space flights to the public, collapsed in 2017 amid much controversy.
This content was published on
2 minutes
swissinfo.ch/mga
The Tages AnzeigerExternal link and 24 HeuresExternal link newspapers reported on Thursday that S3 was given fake guarantees of CHF30 million ($30 million) by the bogus Axios Credit Bank, which originated in Gambia and had addresses in other countries.
But researchers have concluded that the bank never existed as a real financial institution.
“We saw that the bank was hosted on a server where there were many other financial institutions, and that there were inconsistencies, for example between the name of a bank, which claimed to be Swiss, and its place of residence, New Zealand,” Steven Meyer, business intelligence specialist at Zen Data, told 24 Heures.
“As we dug further, we saw that Axios Credit Bank had only one employee, who had 53 contacts. This does not seem reasonable for a structure that can lend more than 30 million.”
The seemingly bogus entity appears to have fooled numerous financial backers and agencies, including the Swiss cantons of Vaud, which had extended a CHF500,000 line of credit to the firm.
Founded in 2013, S3 had intended to offer zero-gravity commercial flights for CHF2,950 on an Airbus A340-300 in 15 worldwide destinations. It had also planned to launch mini-satellites from a shuttle carried on the back of an airplane.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Zero-gravity flight company declared officially bankrupt
This content was published on
Vaud-based company Swiss Space System Holding SA (S3) has been officially bankrupt since Monday afternoon, a cantonal court announced on Tuesday.
This content was published on
The Swiss News Agency has reported that internet firm QoQa demanded the refunds for 160 customers who bought tickets through its portal. The affected customers bought advance tickets in anticipation of a high altitude, zero gravity flight that simulates flying in space. “We have had this money for two years and we have had three…
Swiss Space Systems founder accused of ‘staging’ own attack
This content was published on
On Tuesday, the Fribourg public prosecutor’s office announced that it had opened criminal proceedings against Jaussi, the CEO and founder of the Vaud-based S3External link, for misleading the justice authorities, intentional arson and forgery. Jaussi denies the charges. Last year, an investigation was launched after the CEO was found badly injured on August 26 close…
This content was published on
S3 works on technologies to bring small satellites into orbit and conducts space research. Pascal Jaussi, the 40-year-old head of S3, announced in a press release on Thursday that he and his company had been the victims of “threats, sabotage and menacing phone calls” in the weeks leading up to the day when he was abducted,…
This content was published on
The University of Zurich will become the second place in Europe to carry out zero-gravity flights in order to study the effects of a weightless environment. Through parabolic flights launched from the Dübendorf military air field by the French company Novespace, individuals who are willing to pay CHF8800 ($9366) will be able to experience weightlessness…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.