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Did SkyEurope, which declared bankruptcy on 1st September, defraud its creditors? According to SME, officials in Bratislava and Vienna investigating the demise of the low-cost Slovak airline, have discovered that SkyEurope had a "hidden sister," the Italian company MySky, which it used to store remaining cash reserves that would otherwise have been seized. In particular, SkyEurope transferred revenue generated by online ticket sales to MySky over a period of several months before it filed for bankruptcy. Launched in October 2008, MySky was a 50-50 joint venture between SkyEurope and another Italian company, MyAir, which has also gone out of business. Investigators in Vienna suspect SkyEurope of "cooking its books" in 2008 and 2009, which "do not feature any mention" of MySky.
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