newstodate.aero
Jan 11, 2012 (newstodate): The Latvian state seems to be quite determined to eradicate any trace in Latvia's civil aviation from the national carrier airBaltic's former co-owner and CEO, Bertolt Flick.
As a latest move, the country's state agency Insolvency Administration has reportedly started insolvency proceedings at Riga's regional court against Baltic Aviation Systems, owned by Bertolt Flick and the Bahamas-registered Russian investment fund Taurus Asset Management Fund Limited, owned by a Russian national, Stanislav Kovtun.
Earlier, in November 2011, Latvia's Transport Ministry, bought BAS' shares in airBaltic, pledged as security at the now-defunct bank Latvijas Krajbanka, bringing the state ownership in the carrier to 99.8 percent.
It remains now to be seen what is to happen to Baltic Aviation Systems' stake in the Latvian ground handling company Havas Europe, until December 22, 2011, named North Hub Services.
Established in 2009 by Baltic Aviation Systems, then owned by Bertolt Flick, 50 percent of the stake in the handling company was sold to the Turkish ground handling company HAVAS in April 2010.
The ownership is now 66.7 percent held by Havas Ground handling, and 33.3 by Baltic Aviation Systems.
The recent re-branding of the company may indicate an imminent full acquisition of the remaining stake by its Turkish co-owner.
As a latest move, the country's state agency Insolvency Administration has reportedly started insolvency proceedings at Riga's regional court against Baltic Aviation Systems, owned by Bertolt Flick and the Bahamas-registered Russian investment fund Taurus Asset Management Fund Limited, owned by a Russian national, Stanislav Kovtun.
Earlier, in November 2011, Latvia's Transport Ministry, bought BAS' shares in airBaltic, pledged as security at the now-defunct bank Latvijas Krajbanka, bringing the state ownership in the carrier to 99.8 percent.
It remains now to be seen what is to happen to Baltic Aviation Systems' stake in the Latvian ground handling company Havas Europe, until December 22, 2011, named North Hub Services.
Established in 2009 by Baltic Aviation Systems, then owned by Bertolt Flick, 50 percent of the stake in the handling company was sold to the Turkish ground handling company HAVAS in April 2010.
The ownership is now 66.7 percent held by Havas Ground handling, and 33.3 by Baltic Aviation Systems.
The recent re-branding of the company may indicate an imminent full acquisition of the remaining stake by its Turkish co-owner.