Fractional Jet Europe reports NetJets to the Office of Fair Trading
Fractional Jet Europe, the broker of second-hand fractional shares, has reported NetJets Europe to the UK Office of Fair Trading citing anti-competitive behaviour and abuse of a dominant market position.
It argues that NetJets Europe is being unfair to customers by not allowing them to sell unused hours.
NetJets Europe argues that its contracts have always stated this. However, Chris Moody, CEO of Fractional Jets Europe and former head of sales at NetJets in London, says this is a new interpretation.
“This move from NetJets is a new interpretation of the contract, is contrary to past practice, and contrary to the understanding that clients had when entering into their agreements,” said Chris Moody.
He argues that the flying hours are part of the value of the contract and to restrict the transfer of these hours directly reduces the value of NetJet shares.