Leasers can ask Russia’s Aeroflot to pay 500 bln rbl if privatized

MOSCOW, Mar 17 (PRIME) -- Leasing companies will have the right to claim 500 billion rubles from Russian airline Aeroflot if the government reduces its stake in the company, Deputy CEO Shamil Kurmashov said at a roundtable talk in the State Duma, parliament’s lower chamber, on Thursday.

“If we analyze the financial outcome (of privatization) as well, we need to understand that under the terms of our agreements with Western leasers, as soon as the government’s sharefalls below a controlling stake, they will have the right to demand full payment for the aircraft. If claims are sent for all aircraft at once, it will amount to 500 billion rubles,” Kurmashov said.

The government owns a 51% stake in Aeroflot through the Federal State Property Management Agency, and the National Settlement Depository holds 35%. In February, the government announced a large-scale privatization plan to tap budget deficit due to low oil prices.

(71.0256 rubles – U.S. $1)

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