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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Vilks: tarnished airBaltic is a spit in Latvia’s face

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUProgress has not been achieved in negotiations with the shareholder Baltic Aviation Systems (BAS) on the national airline airBaltic. There is still uncertainty and it seems that the private shareholder needs more time to make some sort of a change, says the Finance Minister Andris Vilks.

If the private shareholder wants the company to grow, the process should be faster. Now there is no real assurance that BAS has money at all. It should be understood that it is an obstacle hindering more rapid solution of this issue, Vilks says in an interview to LNT broadcast 900 sekundes.

In his view, the state of Latvia cannot participate in a company where the private shareholder does not have money. The state can only invest if there is mutual interest, recognizes the Finance Minister, adding that the state itself does have money to inject in the airline.

The money will come from the State Treasury as a loan that can be further capitalized as an investment in the company. It will be recovered if the airline operates with profit. Currently, there are very few aviation companies gaining profit. Many companies are reporting losses, although the industry has potential and sooner or later there would be a yield, the Minister says.

Asked about who might be the airline’s new manager, Vilks replies that he does not have such information.

It is hard to imagine a sadder situation and more complicated system than the one in airBaltic. There is huge uncertainty and, most likely, various probes will have to be conducted. If the company is being tarnished in this way, it is a spit in Latvia’s face, considers Vilks.

The news portal BNN already reported on Thursday, September 29, airBaltic shareholders’ meeting agreed that the airline’s president Bertolt Flick will step down and the shareholders’ agreement, which was widely regarded as unbeneficial for Latvia, will be terminated.


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  1. Stormy says:

    I’m not ealsiy impressed. . . but that’s impressing me! :)

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