Swissport Wins Court Victory Over Ukraine Operation
Geneva-based airport and airlines service company Swissport International on Sept. 23 closed one of two chapters to restore ownership rights in a local cargo handler worth an estimated $25 million that it lost to its erstwhile partner Ukraine International Airlines.
Ukraine’s highest commercial court nullified a general shareholders’ meeting held by Ukraine International Airlines that took place in April 2013. That meeting took place after Swissport had lost its 70.6 percent stake in the local joint venture with the nation’s flagship airliner in an earlier court ruling. Having subsequently rebranded the cargo handler from Swissport Ukraine to Interavia, the UIA gathering of shareholders voted to increase the company’s share capital by $1 million, significantly diluting whatever share Swissport could claim in the entity.
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