The privatization of “Air Moldova” airline at some of the stages was performed with deviations from the regulations. The shortcomings influenced the method of assessing the facility whose price was lower than the real market price. This is one of the conclusions of the audit report on the privatization of “AirMoldova” that was presented by the Court of Auditors, IPN reports.

According to Viorica Verdeș, division head at the Court of Auditors, the ambiguity and flaws of the regulations allowed decision makers involved in the denationalization process to conclude the transaction with the only business entity that took part in the commercial contest and offered 50 million lei for the airline. The contract was signed on October 2, 2018.

Viorica Verdeș noted that the airline’s debts to the budget at the end of 2018 totaled 50.9 million lei. In the course of the year, the new owner made payments of 7.1 million lei in advance. The company’s commercial debts of 1.122 billion lei on the contract signing day had been 83% paid. This way, debts of 190 million lei remained unsettled. The debts were cleared as a result of the airline’s operational activity, not of the investments made by the buyer, as it was envisioned. Also, the buyer undertook to buy two airplanes in 2019, but purchased only one aircraft.

The state-owned company “Air Moldova” went bankrupt as a result of the defective management of decision makers, founders, administration board and administrators. The lack of objective information following the hampering of audit missions in 2014- 2017 resulted in the sale of the only state-run airline.

“Air Moldova” was sold to Civil Aviation Group SRL that manages the Romanian airline Blue Air. The Public Property Agency said the value of the transaction was 1.2 billion lei, 50 million lei of which was transferred to the state budget, while the rest was to be used to clear the airline’s debts.