Billionaire Asda owners borrow £5.6m for private jets

New filings show Issa brothers borrowed £5.6m from EG Group to repay private jet loans, amid scrutiny of their corporate empire. Asda's debt stands at £4.2bn while EG Group's net debt is $5.4bn.

EG Group provided loans at commercial interest rates, the interest is recognized within EG Group’s finance income. MPs question if Asda is doing all it can to keep costs down during a cost-of-living crisis.

Last year, Labour MP Darren Jones raised concerns over EG Group’s private jet loans, questioning if TDR Capital and bondholders were aware of the arrangements. Mohsin Issa said the EG Group board approved the arrangement.

Zuber Issa attempts to offload his Asda stake, as reported by The Telegraph earlier this month.