Word: panair
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Dates: during 1950-1959
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...Panair do Brasil, No. 1 Brazilian airline and Pan American Airways' biggest subsidiary, last week had its worst operational accident in years. One of its accountants was missing, and so was at least $275,000 of company funds...
...Panair executives, who had built up perhaps the finest operational record of any South American airline, the scandal was tough luck. Last week, Pan American, which owns 48% of Panair's stock, rushed a task force of two vice presidents and two controllers from the U.S. to go over the books behind locked doors. As reports spread that the shortage was much greater than first announced, Panair Manager Frank Sampaio abruptly resigned, without explanation...
...scandal's political effects might also be damaging to Panair. As Brazil's major international airline (it operates four Constellation flights a week to Europe and back), Panair was leading a campaign in Congress for government subsidy of Brazil's overseas air services. With rugged competition from seven subsidized European lines, Panair was losing money on the South Atlantic route and sorely needed government help. After finding out how sadly Panair had been hoodwinked in its account-keeping, Congressmen might possibly bridle at voting the airline $1,000,000 a year in cash subsidies...