February 10th, 2010

FM says Russian proposals regarding Malév contradict Hungarian and EU law

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Russian-government proposals regarding resolution of the capital situation of Hungarian national airline Malev infringe both European Union and Hungarian law, Hungary’s Finance Ministry told MTI on Wednesday.

Representatives from Russia’s AirBridge, which owns 99.95pc of Malev, informed shareholders that Hungary’s government had been unable to reach an agreement with its Russian counterpart regarding resolution of the airline’s capital situation at Malev’s Tuesday EGM, Malev Communications Director Adam Hegedus told MTI on Tuesday evening.

The Finance Ministry noted that the Russian government had not responded to its latest proposal.

Malev’s board of directors convened another EGM to discuss the airline’s capital situation on February 26.

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