Thursday, March 28, 2024

Logo Central America Link

Avianca caught in battle between shareholders

Tuesday, April 11, 2017


Stock of Colombia’s national airline Avianca has sold off by more than 25 percent this year as a rift between the company’s two largest shareholders has become an all-out legal dogfight.

Salvadoran businessman Roberto Kriete, who owns 22 percent of the company, is suing Bolivian billionaire German Efromovich – the company’s chairman and largest shareholder with a 78 percent ownership – for “plundering” Avianca for personal gain.

Kriete, described as “a straight shooter” and as a man who “always stands up for issues of national interest”, is seen by some as the shareholders’ answer to an “uncontrollable” chairman, according to the Financial Times.

Source: Colombia Reports