Unless the deal is overturned, CEO Bertolt Flick will own airBaltic's branding and trademark. Photo by airBaltic.
RIGA — Latvia’s Ministry of Transport is in a huff about airBaltic’s undisclosed sale of its branding and trademark to CEO Bertolt Flick’s company Baltijas Aviācijas Sistēmas.
In December 2009, in the wake of poor financial results, Latvia’s national airline sold the branding and trademark of airBaltic as well as its subsidiaries to Flick, who owns 47 percent of airBaltic via Baltijas Aviācijas Sistēmas for €13 million. Despite the fact that the Latvian government is the majority owner of airBaltic, transport minister Artis Kampers said the ministry only found out about the sale now after reading about it in the company’s annual shareholder’s report.
Kampers said his ministry would do all it could to cancel the deal amid worries that losing the branding and trademark rights will decrease the value of the government’s shares in the company, should it consider selling.
“The transaction, published today, clearly shows that airBaltic CEO Bertolt Flick is working for his own interests rather than the company’s. This transaction is a blow to the airBaltic company’s value,” Kampers told business newspaper Diena Bizness.
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What’s the Big Deal?
Hewlett-Packard Company’s Chairman & CEO recently resigned over seemingly a much lesser transgression of violation of HP’s Standards of Business Practices.
Oh, now I get it, HP actually had a Standard of Business Practice policy; not like the “seat of the pants” Latvian policy.
http://www.hp.com/hpinfo/globalcitizenship/csr/sbcbrochure.pdf
I guess that when someone is fired here in Latvia for stealing copies from the copy machine, they simply take the copy machine with them when they leave.
I keep wondering why there is such a LARGE GAP between ethics in Latvia and the western world? – whimmm it must have been those “soviets” fault !
It’s only been 20 years so what do you expect.
Singapore has a great law and punishment for throwing chewing gum on the sidewalk.
Maybe Latvia needs to import some canes?
maybe something needs to change ???
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