Troubled Kenya Airways Denies Borrowing KShs125 Billion From Government

Problematic and loss making Kenya Airways (KQ) has finally denied reports indicating that it received Shs125 billion as a loan from the treasury.

Check also: Ethiopian Airways Profits Than Others In Africa

The National carrier on Thursday came up with a statement in response to an article which was published in a local daily claiming that treasury borrowed KShs125 billion to help the troubled KQ from sinking financially.

According to official statistics, the treasury serviced the loan with other monies representing Kenya Airways in the 4^th quarter of 2018/2019 Financial year.

But according to the National carrier, the government last gave them money in 2015/2016 financial year.

In 2015/2016, the government invested $217 million and since then, KQ has never received any more finances from the government. All operations for 2017, 2018 and 2019 have been financed by the Airlines’internally generated income.

However, we don’t want the media houses to mislead the public claiming that the carrier received additional Shs125 billion from the government,’KQ added.

The Wednesday reports indicated that KQ’s half-year loses almost tripled to Shs8.56 billion, dropping shareholders upside down position of Shs16.18 billion.

Check also;

• Ethiopian Airlines Plans To Compensate Victim’s Families
• Authorities In London To Conduct Post Mortem On Man Who Fell Off Kenya Airways Flight

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