Serbia has invested much more into Air Serbia than partner company Etihad
Serbia invested several times more money into Air Serbia in the form of grants than its partner company Etihad whose investments total USD 100 million in loans which have to be repaid, the Insajder portal investigative team says in the first installment of its Serb-Arab Dealings report on N1 TV.
Insajder says that Air Serbia’s accounting shows profits but only because the grants from the government have been included as earnings in its financial reports.
Serbia owns 51% of Air Serbia while Etihad owns 49% under a 2013 contract. Serbia’s JAT Airways was shut down and Air Serbia was formed with Etihad.
Insajder says that Air Serbia has achieved some success with flights to more destinations, higher passenger numbers and direct flights between Belgrade and New York.
The portal says that it was refused comments by the officials who signed the contract with Etihad.