Kuwait Airways now a share-holding company
- Kuwait: Tuesday, October 23 - 2012 at 00:49
The Emir of Kuwait has issued a decree transforming Kuwait Airways Corp into a share-holding company named "Kuwait Airways Co," capping long-time efforts to privatise the corporation, Kuna has reported. The decree exempts the corporation rights and judicial rules against the Iraqi Airways, the Republic of Iraq and other rights. According to the decree, the ministry of finance shall cover losses of the corporation. Management of the newly-born company shall be undertaken by a seven-member board, to be named by a decision by the minister of communication, for a three-year, renewable term. The minister is also entitled to name a board chairman.
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