Банкеръ Weekly

Briefs

VAGUENESS REGARDING HEMUS AIR REMAINS

The long-awaited changes in the ownership of Hemus Air EAD that had to be made at the general meeting of the airline, held on February 19, did not become a fact. The participants in the meeting only managed to nominate a certificated expert accountant. Stafana Stoitsova has been authorized to check and certify the company's annual balance sheet by March 1, as per the requirements of the amendments to the Accounting Act. By March 5 representatives of the Ministry of Transport and Telecommunications, the Privatisation Agency, and the airline's new owner Pirin Tourist, should settle their arguments regarding the way in which they will be represented in the new Board of Directors. Hemus Air's general meeting which began on February 3, 2002, was again postponed, this time for March 5.Pirin Tourist has already expressed willingness to purchase several new airplanes. According to pundits, however, this will be done only after the Government's intentions about granting new destinations to the air carrier become clear. Opportunities for the company's undertaking part of Balkan Airline's activities are still being discussed. If this happens, we'll achieve two things: firstly, we'll keep at least part of the 1,500 working positions at the national air carrier; secondly, we'll preserve Bulgaria's prestige by maintaining its destinations instead of giving them away to foreign air companies, Hemus Air's Executive Director Dimitar Pavlov commented to the BANKER weekly.

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