Minister doesn't know what "tycoon" means

Infrastructure Minister Milutin Mrkonjic said on Friday that Serbia's national air carrier Jat Airways "would not be sold to tycoons”. Instead, said the minister from the ranks of the Socialist Party (SPS), the air carrier would go to "businessmen". Minister doesn't know what "tycoon" means A group of investors led by Delta Holding owner Miroslav Miskovic is reportedly ready to pay about EUR 30mn and set up a new airline company. Mrkonjic said that it was about half the needed money and that the state would provide the other half - "and a little extra". The minister also explained why he thought tycoons would not be taking over the state-owned company: “I do not know what the word 'tycoon' means, since I belong to an older generation." Mrkonjic reiterated that a new Serbian airline would be formed by the end of the term of the current government, i.e. this spring. Asked whether Jat would be offered to Miroslav Miskovic, Mrkonjic said that the carrier "would be offered to anyone who offered more money", adding that negotiations were being conducted Prime Minister Mirko Cvetkovic, in whom he had confidence. Mrkonjic stated that the inflow of private capital should be promoted as Serbia would benefit from it. He pointed out that all assets would be transferred to the new airline, which should form a new fleet the following year, while Jat's debts would remain state debts. On Thursday, Belgrade-based newspaper Blic reported that a group of businessmen was planning to spend EUR 25mn for a 50 percent stake in Jat, and that they included Miskovic, Miodrag Kostic, Miroslav Bogicevic and Goran Percevic. According to the report, they also plan to sack 800 of Jat's 1,200 employees, buy three new airplanes, take over "seven or eight" from Jat's current fleet of 14 aircraft, and "create a company worth EUR 50mn that would turn a profit by 2015". Last year, the state called a second tender for Jat Airways which attracted the interest of just one company, and finally failed. Milutin Mrkonjic (file) Blic Tanjug

Minister doesn't know what "tycoon" means

A group of investors led by Delta Holding owner Miroslav Mišković is reportedly ready to pay about EUR 30mn and set up a new airline company.

Mrkonjić said that it was about half the needed money and that the state would provide the other half - "and a little extra".

The minister also explained why he thought tycoons would not be taking over the state-owned company:

“I do not know what the word 'tycoon' means, since I belong to an older generation."

Mrkonjić reiterated that a new Serbian airline would be formed by the end of the term of the current government, i.e. this spring.

Asked whether Jat would be offered to Miroslav Mišković, Mrkonjić said that the carrier "would be offered to anyone who offered more money", adding that negotiations were being conducted Prime Minister Mirko Cvetković, in whom he had confidence.

Mrkonjić stated that the inflow of private capital should be promoted as Serbia would benefit from it.

He pointed out that all assets would be transferred to the new airline, which should form a new fleet the following year, while Jat's debts would remain state debts.

On Thursday, Belgrade-based newspaper Blic reported that a group of businessmen was planning to spend EUR 25mn for a 50 percent stake in Jat, and that they included Mišković, Miodrag Kostić, Miroslav Bogićević and Goran Perčević.

According to the report, they also plan to sack 800 of Jat's 1,200 employees, buy three new airplanes, take over "seven or eight" from Jat's current fleet of 14 aircraft, and "create a company worth EUR 50mn that would turn a profit by 2015".

Last year, the state called a second tender for Jat Airways which attracted the interest of just one company, and finally failed.