in Business & Finance

Emirates terminates TAAG Angola management contract

Posted 11 July 2017 · Add Comment

Emirates has terminated, effective immediately, a ten-year Management Concession Agreement with TAAG Angola Airlines, reports ch-aviation.

The agreement was signed in September 2014 and saw Emirates appointing several senior managers to the Angolan carrier's board in an effort to help it reach sustainable profitability through a leaner workforce and a more commercially-viable network. Emirates acquired no equity in TAAG despite the agreement.

However, in a statement issued to the LUSA news agency on Monday, July 10, the Dubai-based carrier said it had decided to terminate its contract with TAAG following what it said were "the prolonged difficulties it has faced in the repatriation of revenues" from the sales of tickets in Angola.

As an oil-dependent economy, Angola, like Nigeria, Sudan, and Venezuela, has suffered from chronic shortages of foreign currency given decreased revenue inflows from petroleum exports.

"This issue has remained unsolved, despite numerous requests to the competent authorities and guarantees that measures would be taken," Emirates said.

"With immediate effect, Emirates is ending its cooperation with TAAG - Angola Airlines - under a management concession contract in place since September 2014. We expect the issue of the repatriation of funds to be resolved as soon as possible so that business operations can be resumed according to demand.”

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Ethiopian Airlines CEO issues statement

Ethiopian Airlines CEO, Tewolde GebreMariam, has released a statement after the crash of Ethiopian Airlines flight 302.

Mission possible: taking aid to a new level...

There’s a new era in air support opening up to the humanitarian community in Africa. David Oliver reports.

New rules for checking in bags at O.R Tambo International

New rules for checking in bags of irregular shape and size will be applied at O. R. Tambo International Airport from March 25, 2019.

Ethiopian Airlines refutes ‘wrong reporting’

Ethiopian Airlines has confirmed that Ethiopian pilots have completed the Boeing recommended and FAA approved differences training from the B-737 NG aircraft to the B-737 MAX aircraft before the phase in of the B-737-800 MAX fleet to

Honeywell's X Factor on the right wavelength

Honeywell is offering a new speedy JetWave installation service in South Africa. Steve Nichols reports.

INTRO Aviation partners Corsair for future growth

Convinced of the growth and development potential of the French long-haul airline Corsair, INTRO Aviation, the German private aviation company, has decided to become the main shareholder, alongside TUI group. The announcement was

Connect MEIA SK1402010519
See us at
Connect MEIA BT1402010519