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JCD Airport and Ground Services relinquishes claim to Kazak airport

Ownership declared void, following failure to meet commitments (129 words)

Published: 5/16/2001

JCD Airport and Ground Services that, since October 1996, has owned a 90% stake in Aktobe International Airport in North Western Kazakhstan, acquired through a closed privatisation tender, has had its ownership voided, for failure to meet its privatisation conditions. According to reports, the company was due to pay 28m tenge for its holding and to invest $6m in the airport over two years: something that an audit of the airport concluded that it failed to do. The company eventually paid for the holding with a loan from Kazdorbank, which was subsequently repaid by state-owned Almaty Airport. The regional court decided to void the tender and return the shares to the state.

Article ID: 2539

 

 

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