Stavropol airline boss claims that airport could attract $100 million of investment and should not revert to the state

Published: 12/7/1999

Gennady Russkikh, General Director of Stavropol Airlines (SAAK) which previously controlled Stavropol Airport, has claimed that over 100 passengers have been stranded in Moscow and Greece owing to the closure of the airport, on 1st December, when the company reverted to state ownership after a decision by the region"s arbitrage court. SAAK has appealed the decision to a higher arbitrage court. Russkikh denies any mismanagement of the airport and claims that a modernisation programme exists with $100m of foreign investment available to fund it. The transfer of ownership follows a long campaign by the regional administration to rescue the air company. Its fleet has been decimated, the runway is in very poor condition and there are claims that flight safety has been seriously compromised, as well as allegations of financial fraud. Associated articles: www.concise.org. 26th November 1999

Article ID: 1179