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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena
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Court arrests airBaltic shares owned by the state of Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RURiga Regional Court has introduced a temporary ruling to arrest the shares of airBaltic owned by the state. This was done as part of the lawsuit of former manager of airBaltic Bertolt Flick against Krajbanka and Transport Ministry.

The decision became in force on the day the lawsuit was launched – October 8. As reported by the court’s press secretary Aigars Bērziņš, this decision is not subject to appeal.

Flick’s representative, lawyer Viktor Tikhonov, added that the court has introduced another restriction – on increasing the airline’s capital.

Tikhonov had previously reported that the state and banks had originally agreed that there would be no transactions performed with airBaltic shares throughout the duration of the restructuring period (until December 31, 2012). However, this agreement was broken.

Transport Ministry had purchased airBaltic minority shareholder Baltijas Aviācijas sistēmas (BAS) shares of airBaltic. The shares’ nominal value was LVL 224,453. This transaction made the state of Latvia a 99.8% owner of airBaltic.

“These shares belonged to BAS, which belonged to Flick. It is only logical that if the main asset is sold in a way that brakes the agreement, the validity of this sale is to be considered void,” – Tikhovov explains.

“If the bank’s administrator believes it to be possible to sell claim rights against airBaltic worth LVL 51.7 million, then the shares as a pledge of claim rights become notably more expensive,” – he added.

Flick’s representative says it is “clear” that if claim rights are offered for more than LVL 50 million, the guarantee is worth more as well.

Riga Regional Court put off airBaltic’s lawsuit against Flick in regard to the collection of debts worth LVL 70 million until December 10. It was decided to put off the review of the case because neither the defendant nor any of his representatives had shown up for the hearing. Representative of airBaltic lawyer Pēteris Dalderis believes Flick had not informed the court of his change of residence in time. Therefore, it can be considered that he had no justifiable excuse to miss the hearing. The judge had other thoughts on this and decided to send the documents to Flick to his new address.

AirBaltic was founded in 1995. The state of Latvia owns 99.8% of shares. There are 34 aircraft owned by airBaltic – six Boeing 737-500, eight Boeing 737-300, two Boeing 757-200, ten Fokker 50 and eight Bombardier Q400Next Gen.

Ref: 102.109.109.9310


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