Emirates Airline ends contract with Sri Lankan Airlines
07/01/2008
Local newspaper the Gulf News reported on Monday, Dubai-based Emirates Airline will no longer renew a 10-year contract to manage Sri Lankan Airlines which expires on March 31.
Emirates will hand over Sri Lankans' management control to the government of Sri Lanka that owned 51% of the carrier sometime in April.
The end of partnership between Emirates and the Sri Lankan government came after a controversy last month when the latter cancelled the work permit of Sri Lankan Airline's CEO Peter Hill after the carrier denied seats to an entourage led by Sri Lankan President Mahinda Rajapaksa.
"Emirates has notified the government of Sri Lanka that it will not be renewing the shareholder's agreement which expires on March 31," said Tim Clark, president of Emirates and managing director of Sri Lankan Airlines.
"Emirates will continue to manage the company until March 31. Emirates will also retain its 43.6 percent equity in the company for the time being, and continue to have a board presence," he added.
In 1998, Emirates took over the management of Sri Lankan Airlines, which was privatized in 1997, under a 10-year management contract with the government of Sri Lanka.
Emirates will hand over Sri Lankans' management control to the government of Sri Lanka that owned 51% of the carrier sometime in April.
The end of partnership between Emirates and the Sri Lankan government came after a controversy last month when the latter cancelled the work permit of Sri Lankan Airline's CEO Peter Hill after the carrier denied seats to an entourage led by Sri Lankan President Mahinda Rajapaksa.
"Emirates has notified the government of Sri Lanka that it will not be renewing the shareholder's agreement which expires on March 31," said Tim Clark, president of Emirates and managing director of Sri Lankan Airlines.
"Emirates will continue to manage the company until March 31. Emirates will also retain its 43.6 percent equity in the company for the time being, and continue to have a board presence," he added.
In 1998, Emirates took over the management of Sri Lankan Airlines, which was privatized in 1997, under a 10-year management contract with the government of Sri Lanka.
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