Airport, Financial Services, Latvia, Transport

Kampars said that he had received alarming information. "Last year Latvian government invested more than LVL 15 million into the company to make sure that airBaltic can buy new planes on lease and continue development. airBaltic head and co-owner Bertolt Flick was showing the government his business plan that was promising a large profit this year and in 2012 – instead, the company is losing enormous money," said Kampars.

Kampars sees no reason for the losses. "Last year there was the Icelandic volcano, but there have been no volcano eruptions this year to hamper airlines' operations," said Kampars.

Kampars sharply criticized airBaltic management mode, where large part of processes that are important to airBaltic daily operations – financial management, service provision, fuel supplies – have been entrusted with companies that are directly connected with Flick's private company. On the other hand, the actual owners of his private company are unknown as they control it via offshore companies, writes LETA.

"This makes me think that what we are seeing is a premeditated attempt to pump out funds from the company," said Kampars.

Kampars reminded that then-Transport Minister Ainars Slesers (Latvia's First Party/Latvia's Way) had signed an "extremely disadvantageous" shareholders agreement with airBaltic, which continues to cause losses for the state of Latvia. "This person should pay for these losses, or be held responsible in some other manner," said Kampars.

"If it is confirmed that the company is close to bankruptcy, there is such a notion as bankruptcy fraud, and that already carries a criminal penalty," stressed Kampars. The minister hopes that the state will not have to rescue the airline out as it had to bail out Parex banka.