Fliway reverses $250,000 provision after settlement meets threshold for indemnity cover

Tue, 03 Nov 2015

By Sophie Boot Nov. 3 (BusinessDesk) - Fliway Group, the freight and logistics business which listed in April, has reversed a $250,000 provision after settling a claim with a former customer, thanks to a deed of indemnity with shareholders who took the company public. Fliway cited the claim from a former customer in its March prospectus. The client said they were overcharged by Fliway for warehouse storage services between July 2008 and August 2012, and claimed $778,872 plus $206,943 interest, or about $986,000 in total. The terms of t...

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