It’s easy to feel angry when stories like this come to light.
The Issa brothers — billionaires who built their empire from a single gas station — used a $41 million loan from their private company, EG Group, to buy a luxury private jet.
according to City in the morningthe loan was facilitated by Isle of Man-based Clear Sky 2, and was originally taken out on an “interest-free basis”.
Only after auditors reported the arrangement did the brothers begin paying what the company later described as a “commercial interest rate.” The loan was not a small amount, and it was not repaid immediately either, according to City AM.
“In accounts published in June, EG Group said the loan was “past due” and warned it would seek to “exercise its guarantees” to recover amounts owed if the brothers did not repay by the end of the second quarter of its financial year, the outlet reported.
Only recently did financial documents reveal that the debt had finally been “fully” settled.
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What is most disturbing is the money that was funded.
The Bombardier Global 6000 aircraft – emblazoned with a call sign ending in EG – was used for business and pleasure. City AM stated that it had made more than 50 flights between London and the Caribbean in just two and a half years.
These trips, each a symbol of materialism and tolerance, come at a huge cost to the climate. Private jets emit up to 14 times more carbon pollution per passenger than commercial flights, and are used by only a small portion of the world’s population.
It all comes as the Issa family’s sprawling business empire faces mounting financial pressures – including a Scottish fiasco. Investing in clean vehicles and credit card company Burdened Through high-interest debt.
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Even in the midst of such responsibilities, their personal choices reflect the same pattern of excess that leads to inequality and environmental destruction.
Stories like this remind us of the importance of accountability. When the super-rich treat the planet as their playground, the rest of us bear the consequences.
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