Ukraine’s Infrastructure Ministry has decided to postpone corporatization of state-owned enterprise (SOE) Boryspil international airport, Director General Pavlo Riabikin said at a press conference at the airport on Thursday.
“There is no final government decision on the corporatization of the Boryspil airport, but at the level of the Infrastructure Ministry, during all consultations that lasted about six months, we decided to set aside the issue of corporatization and stay at the level of implementing corporate governance at the airport,” he said.
According to Riabikin, the issue of corporatization does not have a final decision today: the problem is that the main part of the property of the Boryspil airport belongs to the category of property that cannot be included the charter capital and cannot be privatized – this is, first of all, the entire airfield. If we compare the cost of these facilities with what can be transferred as part of the corporatization – the ratio is about three to one, the director of the airport said.
He said that, in theory, this can be solved by a separate law, as it was done with Ukrzaliznytsia, or by introducing elements of corporate governance, leaving now the status of SOE.
“Corporatization with such a large amount of property that does not enter the enterprise will necessitate the creation of two enterprises, one of which will manage the part of the property that cannot be privatized, the second – the terminals. And in the future, this may create problems, for example, attraction of loans from European financial institutions,” the director of the airport said.
At the same time, he said that the enterprise needs such a body as a supervisory board.
On May 22, the Cabinet of Ministers of Ukraine approved the composition of the supervisory board of the Boryspil airport, consisting of three independent members and two state representatives.
AIRPORTS, BORYSPIL, CORPORATIZATION
