LOT finances questioned

admin
By admin July 9, 2014 09:50

LOT finances questioned

LOT Polish Airlines has had its financial security questioned in an audit by KPMG.

The accountancy firm published a report on the airline in which LOT’s liquidity ratio was considered to be below safety levels, specifically holding approximately PLN 258 million (€62 million) in negative equity, and liabilities exceeding assets by more than PLN 462 million (€103 million).

In November 2013 the European Commission launched an investigation into a government bailout package given to the state-owned airline as part of a restructuring plan. The Commission stated in June that it will reach a conclusion on whether the state aid contravened the EU’s competition rules.

admin
By admin July 9, 2014 09:50
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