EU investigating Malév for illegal state aid claim

Victoria
By Victoria December 6, 2011 13:21

EU investigating Malév for illegal state aid claim

The Hungarian Government has disclosed detailed information regarding the financial health of Malév. Due to the financial hardship gripping the country, the European Union is taking a greater interest in its finances, as such the Development Minister Tamás Fellegi has released a so-called “White Book on the heritage of Malév”, which detailed the current financial situation at the airline. The government has confirmed that it will not to sell the carrier this year and it plans to release the results of the EU investigation into whether Malév received illegal state aid before 2010 next year. As a result, Fellegi said, Malév could be ordered to repay 100 billion forints (€332 m).

However, he added that the airline’s profitability has improved and it was in the black in October and is expected to show profit in November too.

“Hungary cannot be left without a national airline,” he said. The government managed to come to a conclusion with the Russian partners that they do not have a future in Malév together. While their financial issues have remained open, this will not affect the future of the carrier, and as a result there is a chance to move on, he added.

Victoria
By Victoria December 6, 2011 13:21
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