Asda Owners Borrow Millions to Repay Private Jet Loans Amid Debt Scrutiny

The Issa brothers, owners of Asda, have borrowed £5.6m from their petrol station business, EG Group, to cover loans for their private jets, raising concerns over their corporate empire's debt levels.

• The Issa brothers borrowed an extra £5.6m from EG Group to help repay loans for their private jets, amid growing scrutiny of their debt-laden corporate empire.
• Documents reveal loans were made to companies owning the brothers’ Bombardier jets, intended to cover interest payments on earlier debt.
• Asda’s debt stands at around £4.2bn, while EG Group aims to reduce its net debt to $5.4bn following a deal to sell its UK forecourts to Asda.
• MPs have raised concerns over the private jet loans and questioned whether they impact Asda's ability to combat price inflation during the cost-of-living crisis.
• Reports suggest Zuber Issa is considering selling his stake in Asda to focus on the petrol station and convenience store business.

3 Articles

The Telegraph Fortune The Guardian