Malév in Russian states hands

FINANCIALLY troubled Hungarian airline Malév has been taken over by the Russian state bank Vnesheconombank. The deal should be finalised next week with further details completed by 10 February.
Shareholders called an extraordinary board meeting last week and ousted majority shareholder Russian oligarch Boris Abramovich from the board.
It was Abramovich who first took over Malév when it was privatised but his large debt with the state bank means it had mortgage rights on his stake in the carrier.
A strategic partnership with the Russian carrier Aeroflot is planned.
A statement by the company said: “The airline emphasises that the indirect change of ownership does not affect the ownership structure of the company; the change is within AirBridge, 99.95 per cent stakeholder of Malév.
“The indirect ownership reshuffle does not have any impact on Malév’s status as national carrier of Hungary or its European Union carrier status, nor does it affect Malév’s oneworld membership.”

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