Sunday, June 23, 2024
25.7 C
New Jersey

Iraqi Airways faces significant contract losses worth millions, reveals Integrity

Must read

Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The report of the Iraqi Integrity Commission revealed losses under contracts concluded by Iraqi Airways General Company in the field of ground handling with a number of shipping, fuel and catering companies.

Today, on Wednesday, the department in its report revealed losses on contracts concluded by the General Company for Iraqi Airways in ground handling with a number of cargo, fuel and catering companies.

The extended report states that “Iraqi Airways entered into three unenforceable joint venture contracts with foreign and local companies and granted the first company the right to sell goods and goods on board its aircraft, and entered into a contract with the second company to provide air cargo services for operations of national and private sector with a profit margin (74% for the company’s share amounted to about (2,200,000,000) two billion dinars (about two million US dollars), and (26%) for airlines amounted to about (750,000,000) million dinars (about 600 thousand US dollars).

She added: “The contracting company operated air transportation to deliver (5) batches of medicines only to the Ministry of Health during the spread of the Corona epidemic, and the third contract was with a Turkish company for the provision of private services. aviation and air ambulance services for VIPs”.

She pointed out that “the contract entered into by the airlines with the British company Menzies to perform the necessary ground handling operations at the airports of Baghdad and Mosul resulted in a loss of $36,556,976 million to the airlines, in addition to granting an exclusive concession for the provision of ground services. company for a period of (10) years. Under company and investment laws, (30%) for airlines and (70%) for a UK company, in addition to the fact that the execution of the contract was delayed, which led to the exclusion of airlines from contracting with other companies, as well as the company was late in paying an amount of (6,500,000) million euros. To airlines represents the contract value of ground equipment purchased for the 2012 Arab Summit.”

Source: RT

More articles

Leave a Reply

Latest article