The Chinese state conglomerate CITIC Group is willing to take part in saving the Czech airline Smartwings, as long as the state is willing to help. That was the message of its representative Jaroslav Tvrdík, who according to Seznam.cz denies that the company would be willing to hand over its shares in the company for the symbolic price of one koruna. That was the startling claim made by Smartwings director Roman Vik on DVTV. Tvrdik said that for the Chinese, the key issue is whether the state would follow through on negotiations currently underway for a CZK 1.5bn cash injection by the state. This could be provided through a loan or through a loan guarantee, according to vice premier Karel Havlíček.
“That’s a positive signal for the potential saving of the Smartwings airline,” said Tvrdik. “If the state wishes to take back a stake in the airline, CITIC is, in my opinion, willing to support this alternative.” Seznam Zpráv reports that Smartwings needs an injection of roughly CZK 2.5bn, a figure based on the assumption that the airline crisis lasts roughly until next April. The Chinese are willing to provide up to CZK 500m of the total, but according to an anonymous source they’re concerned by reports about the complex web of relationships between the Czech shareholders in Smartwings, members of the government, the Czech president and top Chinese officials.
