newstodate.aero
Apr 02, 2013 (newstodate): Following a Ukrainean court ruling, Swissport has now lost ownership in and control over Swissport Ukraine.
The binding Ukrainian court verdict followed the stand of Ukraine International Airlines, the other party in the joint-venture Swissport Ukraine, launching business from June 1, 2006, at Kiev Boryspil Airport.
A rift developed, however, after a Board Meeting on March 6, 2012, when Swissport raised the issue off the formal agenda of a future recapitalization of the JV.
While this was allegedly raised as a topic for discussion after the formal agenda only, UIA's owner since 2011, Israeli national Aron Mayberg has claimed that the carrier's minority rights were violated while Swissport Ukraine has maintained that it has been targeted by what it terms "a hostile corporate raider attack" by UAI.
-This hostile raider attack was based on alleged violations of formalities without legal grounds and now resulted, after unfair judicial process, in this surprising loss of ownership, says Swissport in a comment to the verdict.
-Due to this unscrupulous enforced change of ownership, the former Swissport Ukraine will be no longer covered under the Swissport International Aviation Liability Insurance and all other international insurance programmes controlled by Swissport International. Swissport International will also take immediate action to remove the brand "Swissport Ukraine", as all liabilities are now with the new owner.
-Despite this unfortunate attack and the difficult environment, we will continue to fight to get our company back, and it is Swissport International's intention to re-enter the Ukrainian market.
-Should this not be possible under normal business conditions, the aviation industry will have failed to support and defend open competition and ethical business practices, the comment reads.
The binding Ukrainian court verdict followed the stand of Ukraine International Airlines, the other party in the joint-venture Swissport Ukraine, launching business from June 1, 2006, at Kiev Boryspil Airport.
A rift developed, however, after a Board Meeting on March 6, 2012, when Swissport raised the issue off the formal agenda of a future recapitalization of the JV.
While this was allegedly raised as a topic for discussion after the formal agenda only, UIA's owner since 2011, Israeli national Aron Mayberg has claimed that the carrier's minority rights were violated while Swissport Ukraine has maintained that it has been targeted by what it terms "a hostile corporate raider attack" by UAI.
-This hostile raider attack was based on alleged violations of formalities without legal grounds and now resulted, after unfair judicial process, in this surprising loss of ownership, says Swissport in a comment to the verdict.
-Due to this unscrupulous enforced change of ownership, the former Swissport Ukraine will be no longer covered under the Swissport International Aviation Liability Insurance and all other international insurance programmes controlled by Swissport International. Swissport International will also take immediate action to remove the brand "Swissport Ukraine", as all liabilities are now with the new owner.
-Despite this unfortunate attack and the difficult environment, we will continue to fight to get our company back, and it is Swissport International's intention to re-enter the Ukrainian market.
-Should this not be possible under normal business conditions, the aviation industry will have failed to support and defend open competition and ethical business practices, the comment reads.