A 2019 move by the Dutch government to buy a 14% stake in Air France-KLM was not in accordance with the country's laws, the Netherlands' Court of Audit ruled on Wednesday.
AMSTERDAM - A 2019 move by the Dutch government to buy a 14% stake in Air France-KLM was not in accordance with the country’s laws, the Netherlands’ Court of Audit ruled on Wednesday.
The government purchased the shares without informing parliament as part of a campaign to increase its influence over Air France’s KLM subsidiary, arguing that if it had announced its intention publicly it would have violated insider trading rules and increased the cost. Finance Minister Wopke Hoestra paid 774 million euros for the Air France stake in February 2019. The stake is now worth about a third of that.
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