Investigators have singled out the documentation on the agreement concluded with the above Abu Dhabi-based company, but daily Pobjeda’s journalists weren’t answered why this documentation is being examined.
Former Serbian Finance Minister Mladjan Dinkic participated in drafting this contract as Etihad’s advisor. Montenegro Airlines has codeshare agreements with Air France, Croatia Airlines, Russia’s S7 Airlines, as well as with Austria Airlines.
Those are cooperation agreements according to which companies can sell tickets on flights of both companies and passengers can use the aircrafts of both companies. In late February, representatives of Montenegro Airlines stayed in the Etihad’s headquarters and its representatives presented a model of changes in the business, which could improve profitability and business efficiency of the Montenegrin company.
Last year, upon a request of the Prosecutor’s Office, the police seized MA’s documents on buying Embraer ERJ 190LR plane and the way of paying it.
The plane was purchased at a time when MA was headed by Zoran Djurisic. As it was said, the investigation pardoned Djurisic from criminal responsibility for the company’s bad business results, ie €71m loss. After that, Djurisic pressed criminal charges against the current chairwoman of the MA Board of Directors, Daliborka Pejovic, due to public procurements. According to information obtained by Pobjeda daily, the investigation related to those charges has been ongoing. It has not been known what controversial elements former director Djurisic found in MA’s procurements.
MA owes €11.36m to the Airports of Montenegro. Its €8.1m debt was based on five final judgments and another three court cases have been ongoing. According to information submitted by the Ministry of Transport to the government, MA owes €18.8m to the Brazilian bank BNDES for the purchase of the Embraer aircraft and two installments amounting to €3.7m should be paid this year.
The government accepted to repay the installments to the Brazilian bank. At the last general meeting of shareholders the share capital of the company was reduced by €2m debt.
In addition, MA’s debt to the Tax Administration amounts to €10.5m. It also owes €1.5 to the Belgrade Airport and €9.4m to the Air Traffic Services Agency.
The European Commission required additional information from the government on the state assistance MA received in the past three years as a support for a restructuring programme.
Through the accession process, the European Commission oversees the work of the Montenegrin Commission for State Aid Control, which approved multimillion euro aid to MA. For the most part, the aid was related to repayment of the loan taken out by the former management led by Djurisic in 2010 for the Embraer.
The arrangement of the total value of €45m represents the biggest financial obstacle for MA, as it has been repeatedly indicated by the current management of the company.
In March 2012, the government adopted a restructuring plan for the national airline proposed by the company’s management. According to it, the state agreed to provide €13,32m subsidy to MA in the next four years in order to repay the debt for the Embraer.
The latest proposal of the Ministry of Transport is that MA should pay the tax debt in 46 equal monthly installments, with a grace period until 2017. This company owes €10.53m for taxes and contributions.
