NewsLocalHermes Airports demands €250 million from state to cover pandemic losses

Hermes Airports demands €250 million from state to cover pandemic losses

Hermes Airports demands a total of €250 million from the state so as to cover its losses from the pandemic, according to Transport Minister Yiannis Karousos.

Hermes Airports manages and controls Larnaka International Airport and Pafos International Airport under a 25 year BOT (Build-Operate-Transfer) concession agreement with the Cyprus Republic.

Moreover, Hermes is claiming another €15 million since – through its own mistake – it paid the government more than it was supposed to, Philenews also reported on Friday.

And since the two parties don’t agree on who owes what the issue will have to go to arbitration, the Minister also told the House Communications Committee on Thursday.

However, the Ministry of Finance has asked the Parliament to release €191,238 for the provision of consulting services in order to assess the value of a possible extension of the contract. As well as to assess the pandemic claims by Hermes.

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