MALÉV GOLDMINE FOR FUTURE BUYER

Anyone who buys Malév Hungarian Airlines for a minimal price can mobilize HUF 15-30 billion at once if the national company is privatized – this is the essence of the report made by Malév for Premier Gyurcsány.

Magyar Nemzet
2005. 08. 11. 9:23
VéleményhírlevélJobban mondva - heti véleményhírlevél - ahol a hét kiemelt témáihoz fűzött személyes gondolatok összeérnek, részletek itt.

According to the document in the possession of Magyar Nemzet the bids so far have not been in proportion to the real value of Malév. Fidesz wants an investigation in the case.
The report warns the Prime Minister of the danger of an immediate withdrawal of capital after privatization. The airline company may go bankrupt by it, causing a damage of HUF 50-70 billion to the state. Malév has about HUF 4-6 billion on its current account and its profit before taxation is expected about HUF 100 million this year so practically it does not need any capital injection. The report emphatically deals with the bid of AirBridge Company (a Russian firm) which offers a price of HUF 150 million and a capital increase of HUF 3 billion, much less than Malév is worth which is present in 600 airports in 134 countries with a significant fleet. Antal Rogán, campaign chief of Fidesz held a press briefing yesterday in front of the headquarters of the State Privatization Holding claiming that the national airline can be bought for the price of two apartments in Buda and for a capital increase of HUF 3 billion. He said Fidesz would initiate an investigation because of the apparently low price. He wants to examine the suspicion of financial links among companies making a bid for Malév and Prime Minister Gyurcsány and the Hungarian Socialist Party. According to the daily Népszabadság behind the bid of the Russian AirBridge Company there is László Puch, treasurer of the Hungarian Socialist Party while the other competitor, ASBK Ltd is supported by the former business partners of the Premier. Boglár László government spokesperson said Fidesz could take Malév for even 1 forint as the state would not spend more on Malév from the taxpayers’ money, referring to EU regulations which oppose financial techniques employed to save such loss making national companies. She denied the fact of personal financial links in the tender, too.

P.Sz.Sz.

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