Nepotism somewhere here?
While the Luxembourg government will provide state guarantees to Cargolux, new investors in the company are simply ignored. A US lead consortium who proposed to invest in the company and provide a turnaround strategy that is based on new markets and profitable routes has made an offer to invest 400m into Cargolux. The government has totally ignored this offer and instead is working on a half concocted plan to sell 33% to Qatar airways. This means that Cargolux would halve to operate the 777 fleet of Qatar which is totally contrary to the company’s successful business strategy of a uniform 747-400 fleet with 13 new -8F’s on order. Luxembourg tax payer’s money is preferred over private funds. Hmmm