Air Malta will need a private cash injection if it wants to grow and expand, the airline’s former CEO Peter Davies has told The Sunday Times of Malta.

Air Malta was achieving the desired financial results until he stepped down last March and had even reported a small profit for the first six months of the third financial year, Mr Davies said.

Mr Davies said he wanted to put the record straight because he was surprised by recent “unfair” declarations made by Air Malta chairwoman Maria Micallef. 

Ms Micallef admitted last week the airline had veered off its five-year restructuring plan and instead of breaking even by the end of the current financial year, it will make a loss of €16 million.

Blaming increased competition in summer and loss of revenue from suspended Libyan routes, Ms Micallef expressed “shock” there was no handover before Mr Davies left and that there was no proper management structure.

Mr Davies said when Mr Giordimaina was appointed designate CEO by the present board at the end of 2013, he had briefed him.

“He [Mr Giordimaina] attended all my management meetings and on many occasions I offered him to go into all the details, even though he didn’t take the offer.”

More in The Sunday Times of Malta and the e-paper on timesofmalta.com Premium.

AIR MALTA REACTION

In a reaction Air Malta CEO Philip Micallef said the airline has no intention to enter in any issue with its former CEO and also agrees with him that there is no reason why the Company should not manage to reach its restructuring targets by 2016.

However, he said that comments by Mr Davies regarding deviation from the Restructuring Plan were not accurate.

The full details regarding the company's finances, including deviations from the Restructuring Plan, will be published during its annual general meeting, that will be held on October 28. 

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