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Geneva parliament initiates legal action against SAirGroup

Geneva's parliament has called on the cantonal government to file a liability suit against SAirGroup

(swissinfo.ch)

The Geneva parliament has called on the cantonal government to file a liability suit against the troubled aviation conglomerate, SAirGroup. A motion passed by the parliament on Friday night accused the company's management board of "very serious management mistakes".

The Geneva government owns 311,695 shares in SAirGroup. As the group's problems have increased, its share value has fallen from SFr400 ($233) a few weeks ago to around half that.

Parliamentarians said SAirGroup officials had given false assurances about the future of the company, which is expected to reveal losses of SFr2.5-2.7 billion last year.

They also spoke out against the mass resignation of the board of directors, which was announced earlier this month, and called for a new control body to check SAirGroup's accounts.

"It is simply scandalous that the officials in charge should abandon a sinking ship and fail to assume accountability for the consequences of their actions," said the motion put forward by the left-wing alliance and the Greens.

The Geneva parliament commissioned the government with attending SAirGroup's Annual General Meeting on April 25, where it is to oppose the mass resignations. Board members are expected to use the occasion to step down.

The decision by the cantonal parliament follows announcements by other shareholders of planned liability suits against members of the outgoing board.

swissinfo with agencies


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