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Sunday 22.07.2018 | Name days: Marija, Marika, Marina
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Lithuanian Snoras Bank joins the fight for ownership of airBaltic

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The now bankrupt Lithuanian Snoras Bank has joined the fight for the ownership over Latvian state airline airBaltic.

Snoras Bank has submitted three pleas to the Riga Regional Court. Last year, two proceeding were initiated in relation to ownership of airBaltic on December 6. In one of these cases, Snoras requests that the agreement of October 3, 2011 on the saving of the airline to be void. The second plea concerns the consequences that followed the October 3 agreement, reports De Facto programme of LNT.

As reported, on November 30, 2011, Latvijas Krajbanka used up its financial pledge thereby taking over the airBaltic shares owned by private shareholder Baltic Aviation Systems (BAS), which were then sold to Transport Ministry. This made the Latvian state the owner of 99.7% of airBaltic shares.

Now Snoras challenges the realization of the pledge, as well as the agreement between Krajbanka and Transport Ministry. The Court is being asked to perform the restitution: i.e., to return the 47.2% of shares to BAS, which now belongs to Krajbanka, reports the programme.

“We believe that, in accordance with the Civil Law, agreements should be carried out in the way they are signed. That is our position in the court and we believe we will be able to defend our interests,” – said deputy state secretary to Transport Ministry Dzineta Innusa.

As reported, the issue of increasing the enterprise’s base capital is now very important to airBaltic shareholders, as the Transport Ministry confirmed. It was initially planned to review this issue on a meeting of December 20, but it was decided to put off the review.

Transport Ministry confirmed that it has received a letter from the former manager and shareholder Flick, who notes that he is aware the airline is planning to increase the base capital by 54 million LVL. In his letter, Flick calls the ministry not to do this, because it would reduce the value of his [Flick’s] illegally confiscated property. He also calls to stop the illegal activities with BAS property.

As reported, the ministry previously explained that the total amount of money the state lent to the airline is 57.6 million LVL, and that this money is planned to invest in the airline, but only after a final confirmation is received from the European Commission. The ministry does not reveal any detailed information in relation to the increase of the base capital.

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