Budget airline Wizz Air has said it will go to the European courts to dispute the Hungarian state bail-out of the former state airline Malév, arguing that it violates EU competition law.
Wizz Air says Hungary is only postponing a solution to Malév’s problems with taxpayers’ money, instead of using it to ease the consequences of its bankruptcy. According to Wizz Air, the move could be considered a Ft 25 billion subsidy.
The state will not hold 95% of Malév for long, since Russian bank Vnesheconombank will soon obtain a maximum 25% stake, national asset manager CEO Miklós Kamarás said. The Russian bank’s board of directors will discuss the planned Ft 30.4 billion debt-equity swap within ten days, he added.
The EU has not yet received a complaint concerning the Malév case, Amelia Torres the spokeswoman of EU Competition Commissioner Joaquin Almunia said.