Asda owners Mohsin and Zuber Issa borrowed $7m (£5.5m) more from their petrol station firm EG Group to repay debt they had after purchasing two private jets.
According to company filings, EG Group lent the figure to the brothers’ personal private jet companies in 2022, on top of £33.2m in unsecured loans for them to buy the jets in 2018, Financial Times reported.
Of the £5.5m, £3.9m was used for the purchase of a Bombardier Global 6000 and £1.1m was used for a Bombardier Challenger 350.
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The planes are owned through two Isle of Man-registered entities which borrowed from Bank of America, which also charges interest.
In 2022, EG Group’s loan terms were highlighed in an audit and sources said the Asda owners would begin to be charged backdated interest, however EG has not disclosed the rate.
The £5.5m figure would be enough to cover the majority of interest repayments to EG from the two Isle of Man companies, however a source told the publication that this money was used to pay interest and principal on external debt owed to third parties.
All fresh loans are due to be paid in full in November.
EG Group said: “As previously disclosed to the Financial Times in 2022, loans to the [Isle of Man] companies are fully disclosed in the EG Group accounts and continue to be so.
“These loans have been provided at rates comparable to the average commercial rate of interest. The interest has been identified and recognised within EG Group’s finance income.”
