newstodate.aero
Nov 23, 2012 (newstodate): Swissport is now waiting for a date to be announced for a second hearing of the case between its Ukrainian subsidiary Swissport Ukraine and its co-owner, Ukraine International Airlines.
After UAI was taken over by Israeli national Aron Mayberg in 2011, Swissport Ukraine has been targeted by what it terms "a hostile corporate raider attack" by UAI and Mr Mayberg who claim that their minority rights have been violated.
-In our view, the whole issue rests on thin ice but anyhow the case was heard in favor of UIA and Mr Mayberg at the first court instance, says Remo Hanselmann, Key Account Manager at Swissport's media bureau, Hans Mars.
-Truth is that the issue of a future recapitalization of Swissport Ukraine, the JV with UIA, was raised for discussion outside of the agenda at a board meeting in spring 2012.
-No meeting minutes were recorded as this was not part of the formal content of the meeting, but anyhow Mr Mayberg and UIA came up three months later with allegations that their minority shareholder rights had been offended.
-Now we are awaiting the juridical hearing of these allegations at the second court instance, and this might be announced any day now. If this court also supports the allegations made by Mr Mayberg, we may probably have to divest of our shares altogether as a renewed hearing at third court instance probably would not change the picture in our favor, says Mr Hanselmann.
Swissport Ukraine launched business from June 1, 2006, at Kiev Boryspil Airport in a JV with Ukraine International Airlines holding 30 percent of the shares.
After UAI was taken over by Israeli national Aron Mayberg in 2011, Swissport Ukraine has been targeted by what it terms "a hostile corporate raider attack" by UAI and Mr Mayberg who claim that their minority rights have been violated.
-In our view, the whole issue rests on thin ice but anyhow the case was heard in favor of UIA and Mr Mayberg at the first court instance, says Remo Hanselmann, Key Account Manager at Swissport's media bureau, Hans Mars.
-Truth is that the issue of a future recapitalization of Swissport Ukraine, the JV with UIA, was raised for discussion outside of the agenda at a board meeting in spring 2012.
-No meeting minutes were recorded as this was not part of the formal content of the meeting, but anyhow Mr Mayberg and UIA came up three months later with allegations that their minority shareholder rights had been offended.
-Now we are awaiting the juridical hearing of these allegations at the second court instance, and this might be announced any day now. If this court also supports the allegations made by Mr Mayberg, we may probably have to divest of our shares altogether as a renewed hearing at third court instance probably would not change the picture in our favor, says Mr Hanselmann.
Swissport Ukraine launched business from June 1, 2006, at Kiev Boryspil Airport in a JV with Ukraine International Airlines holding 30 percent of the shares.