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Vnesheconombank to participate in Malév bailout

  Russia’s state-owned Vnesheconombank (VEB) will participate in a bailout of Hungarian airline Malév to the same degree as the Hungarian side, VEB chairman Vladimir Dmitriev told journalists in Moscow late Thursday, after the VEB supervisory board discussed the matter.

“We took a decision, of which the implementation will depend on what degree Hungary is prepared to participate symmetrically to improve Malév’s material position,” Dmitriev said. “Naturally, we aren”t an uninterested party in the affairs of Malév, and we hope that cooperation with a Russian airline will boost passenger numbers and improve its other indicators,” he added.

VEB took over a stake in Malév owned by Boris and Alexander Abramovich after the brothers’ Russian airline alliance AiRUnion went bust. VEB had financed the brothers purchase of the stake in Malév.

The Abramovich brothers held a 49% stake in AirBridge, Malév’s owner. Two private Hungarian individuals own the remaining 51% of AirBridge. (MTI-Econews)