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Deripaska Organizations Split Aviation Businesses
Reorganization of Oleg Deripaska's aviation business has led to a conflict between two of his management organizations, the Russian-Asian Investment Co. (RAINKO), which had been engaged in aviation, and the Basic Element holding, which is taking over that activity. At RAINKO, they insist that they are continuing to manage the business along with Basic Element and preserve “a leading role” in certain segments. Analysts see a fight for finances behind the disagreement. Deripaska should invest $500 million in aviation in the next two or three years.
After Kommersant reported on June 29 on the complete transfer of Deripaska's aviation business from RAINKO to Basic Element, the newspaper received an official letter from RAINKO denying that information and claiming that Aeroporty Yuga airport holding, which includes the airports in Sochi, Anapa, Gelendzhik and Krasnodar, Kuban Airlines and the Kuban ticket agency will be jointly managed after July 1. “We jointly made the decision to transfer the holding to common management,” RAINKO explained. It continued that specialized companies may be formed within Aeroporty Yuga and RAINKO will have a “leading role” in the development of land adjacent to the airports.
Basic Element spokesmen say that the information reported in Kommersant on June 29 was correct and have no further comments. Sources say that the conflict of interest was created by RAINKO managers. But, as Ak Bars Finance analyst Oleg Sudakov noted, “Such management decisions are made at the very highest levels and the chances of the RAINKO managers winning back that piece of the pie are minimal.” Head of the Aviaport agency Oleg Panteleev notes that non-aviation business (parking, sales, hotels, logistics, etc.) account for 40-60 percent of airport income in Europe, but for only 25 percent in small Russian airports.
www.kommersant.com
All the Article in Russian as of July 04, 2007
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