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.”

Share this story
Facebook
Twitter
LinkedIn

Related Topics

Latest news

BIFA urges new government to deliver on election promises

By Rachelle Harry

British International Freight Association (BIFA) has responded to the restults of the UK’s general election yesterday (December 12). Robery Keen,…

Read More

European Green Deal sets out ambitious targets

Aviation is one of the many areas facing changes under the European Green Deal launched by new European Commission President…

Read More

JFK’s animal facility appoints new compliance officer

The Ark at JFK, a private animal health, reception and quarantine facility located in Cargo Area D at JFK International…

Read More