[ad_1]
The Assembly of Shareholders of “Air Serbia” made a decision on December 17, at the request of that company, and based on the Government’s Conclusion, to increase the capital stock and the State’s participation by 31 percent. With that move, the UAE’s “Etihad” stake is now only one-fifth of total shares. H1 experts say that the whole process, besides not being logical, is not transparent, and it showed that “Air Serbia” is a bad project.
When a bird is fat, what to do with it? The state wondered, so it tried to strengthen the national airline through a partnership with “Etihad” of the United Arab Emirates.
However, the former JAT has not learned to fly with confidence and is again dependent on taxpayers. In mid-December, they returned to pouring force at their peak, about 100 million euros. According to the leadership of Air Serbia, the Government helped overcome the problems caused by the pandemic.
“In this way, the foundations for more uninterrupted business have been created, and with fundamental measures to streamline the company’s operations, which are already underway, Air Serbia will be able to overcome difficulties, strengthen its position as a leader in the region and continue making direct and indirect contributions to the Serbian economy. ” , especially traffic and tourism ”, the announcement states.
In 2013, “Etihad” gave Serbia a loan of $ 40 million and acquired 49 percent of the shares, and then, seven years later, bought 31 percent at more than double the price. With what logic?
“It just shows how right the Fiscal Council was when it warned of the problems that could arise with” Air Serbia. “In fact, there is no calculation according to which it is considered a lot when you sell half of something for 40 million, and then buy a one-third of the same for 100 million and you say it’s a very good deal, “says the editor-in-chief of NIN Milan. Ćulibrk.
Economic journalist Miša Brkić wonders: why did the two partners not share the costs and why did “Etihad” refuse, if there was a proposal?
Is it because you think that “Air Serbia” is a bankrupt company and that it is not necessary to invest in that company? So, a company that has no future and then has no reason to inject new money. And the next question, which is very interesting: why didn’t those two partners try to find a third one, who would invest 100 or 150 million? ”Said economic journalist Miša Brkić.
And Brkić remembers: it was rumored that Chinese companies were interested in joining “Air Serbia” and this was an opportunity.
“There is none of that, so we only get the dry news that Serbia is giving a hundred million. Why a hundred, why not 150 or 30 million?” Asks Brkić.
Former JAT director: who determined the price of the purchased part
The former CEO of JAT, Predrag Vujovic, is also interested in that, who draws attention to a detail of the contract signed at the beginning of the association and says: if the government decides to buy the shares, a renowned international auditing firm will evaluate its value.
“And based on the fact that it does not exist, the question always arises: who determined that 31 percent of the part now bought in Air Serbia is worth 100 million,” says former JAT CEO Predrag Vujović.
What steps does the foreign partner plan to take, and after benefiting, is he still a co-owner only in the soon-to-disappear role?
“You reside in a company where you have full decision-making rights, and you have no obligation for compensation or repercussions for mismanagement of the company, why would you rush to leave Air Serbia?” I don’t see a reason, “Vujovic added.
H1 interlocutors agree that the problems of the national airline began long before the coronavirus, and according to NIN, the state has already allocated more than 204 million euros in subsidies for that company in the last five years.
When asked if “Air Serbia” is waiting for the “Air Serbia” scenario, which the Montenegrin government closed after many investments, Miša Brkić believes that Serbia should have done so in 2013 and said it is inevitably postponed.
