Russian bank pays Malév guarantee

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The state-owned Russian Vnesheconombank has transferred the EUR 32m bank guarantee that is part of Hungarian national carrier Malev’s former privatisation contract, Finance Ministry spokesman Ferenc Pichler told MTI.

According to an agreement late February between Malev’s owners and the Finance Ministry, the Hungarian state will take over 95pc of the airline. The stake held by Malev’s previous owner, the Hungarian company Airbridge, will drop to 5pc.

The guarantee originally covered Airbridge for rental fees that Malev had to pay to the Hungarian State Holding Company.

The spokesperson added that the Hungarian government will carry out the capital raise on Thursday.

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