3rd January 2013
Friday, May 24th, 2013
Treasury confirms transfer of aid to LOT
Poland's Treasury Ministry has confirmed that it transferred zł.400 million to national airline PLL LOT, IAR reported.
The transfer was made on December 20, 2012, and is a loan granted to the troubled airline. Public aid for LOT may amount to as much as zł.1 billion.
PLL LOT asked for public aid in mid-December 2012 as the result of an exceptionally difficult financial situation in the firm. The firm's chief executive Marcin Piróg was dismissed a few days after the request.
The Polish government has applied to the European Commission for approval for the financial aid and the matter is currently under investigation. It is uncertain when a decision from the Commission may be expected.
KW
From Warsaw Business Journal
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