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Andrey Rudeshko to decide today whether to invest LVL 50 mln into airBaltic

Alla Petrova, BC, Riga, 26.09.2011.Print version
Andrey Rudeshko, representative from airBaltic’s minority shareholder, will decide by Monday whether to invest LVL 50 million into the airline's share capital. As Rudeshko told LETA, this agreement was made on Friday in Riga between him and representatives from the government's consultant firm Prudentia.

Andrey Rudeshko.

Rudeshko said that a total of LVL 100 million is needed to be invested in the airline's share capital, with both shareholders investing LVL 50 million each.


Rudeshko confirmed that he has the necessary funds, however, must still decided whether he is prepared to invest these funs into the airline.


An agreement was made that a final decision must be made by Monday, September 26.


As reported, the actual beneficiary of the Bahamas-based company Taurus Asset Management Fund Limited, which owns a 50% stake in Baltijas Aviacijas sistemas (BAS), is Russian resident Andrey Rudeshko.


Newspaper "Telegraf" reports that Rudeshko is partner at the consulting company Finekspertiza. Rudeshko has a degree from the Russian Defense Ministry's Military Institute, the Moscow State Law Academy, he has participated in several Russian and international investment projects.


Rudeshko told "Telegraf" that he has no idea about the true reasons behind the conflict between the shareholders of the national airline airBaltic.


"airBaltic is an excellent company with the state as one of its shareholders. Why not develop it? The airline has air transportation monopoly in the Baltic states, and its strategic location provides excellent opportunities for developing any routes, for example – to North America," said Rudeshko.


LETA also reported, BAS previously sent a letter to Prime Minister Valdis Dombrovskis (Unity), revealing the company's actual beneficiaries – the airline's president Bertolt Flick and a private individual from Russia.


However, Transport Minister Uldis Augulis (Union of Greens and Farmers) doubted that BAS had revealed its actual beneficiaries.


Augulis told Latvian Radio that, perhaps, there are other beneficiaries behind Flick and the said individual from Russia. Therefore, the minister is still not sure whether the state's funding will be spent as intended.


Transport Ministry State Secretary Anrijs Matiss confirmed on Thursday that Rudeshko has arrived in Riga to participate in talks with the government's consultant Prudentia.

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