Minority shareholder sues Avianca president by deal with United

Posted on 2017-03-15

Business Panama ImageKingsland Holdings, which owns 21.9% of voting shares and 14.46% of Avianca's total shares, filed a lawsuit in the New York State Supreme Court on February 28, 2017 in against Germán Efromovich, his brother Jose Efromovich, Synergy Aerospace Corporation, Avianca Holdings SA, and United Airlines, to try to avoid the transaction between Avianca and United announced on January 2, 2017.

This was to informed through a press release that explains that Kingsland is the second largest shareholder of Avianca, after the majority shareholders Synergy, and is the company that manages the property of the family Kriete in Avianca.

The document indicates that Kingsland wants to ban the proposal of unilateral transaction that Germán Efromovich, president of Avianca and proprietor of Synergy, and indicate that it was negotiated secretly with United indicating textually: "for its own benefit to the detriment of Avianca and the rest of Its shareholders ".

He adds that the Kriete family was the majority shareholder of the airline Grupo TACA Holdings Limited, and Roberto Kriete was the CEO to date that TACA merged with an Avianca subsidiary in 2010.


Source: ANPanama 

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