Mar 29 2013

Stakeholders In Kuwait Airways firm warn of mass resignation

'KD 250m For Privatization Of Airlines Not Enough'

Stakeholders in the Kuwait Airways privatization file have warned the administration board of the company might resort to mass resignation if never-ending discussions on the amount of money needed for privatizing the company continues, as planned, reports Al-Nahar daily.

They indicated the board will hold a meeting on Saturday to discuss the latest developments related to the issue, as the financial committee has agreed to allot a sum of 250 million dinars as capital for the new company.

They also said the move is part of government's smart move, affirming 250 million dinars will not serve the purpose seeing it cannot even cover losses and debts accumulated by the company, which exceeds 500 million dinars, besides its future expenses when it decides to change its fleets to revamp the entire Kuwait Airways company.

Sources reiterated the board's demand to be allotted a billion dinars as the minimum amount to complete the privatization process is considered as humble demand, in the midst of huge obligations the company face.

The government is ignoring the fact that establishing new national airways is the best way forward and better than renovating, patching up or reviving the perishing company.

© Arab Times 2013

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