HEMUS AIR DEAL STOPPED

Politics | July 21, 2001, Saturday // 00:00

The Privatization Agency`s supervisory board rejected the deal on selling a 51 percent stake of Hemus Air to the chosen `Pirin Tourist` company. The members of Board didn`t approve the deal as the buyer does not have experience in the business and does not have its own financial resources. Among the arguments are also the worsened financial results of buyer`s majority owner - Cyprus-based `Antwell Overseas Limited`, PA employees specified. The supervisors rejected the contract`s sealing also because of suspicions of the origin of the `Pirin Tourist` capital and the accusations of the Albanian Airlines and Lizingovo Druzhestvo (Leasing Venture) of bidding procedural infringements.

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