Fraport reviews participation in Russia "critical day after day"

FRANKFURT (Dow Jones) — The supervisory board of the airport operator Fraport discussed the company’s minority stake in the operating company of Pulkovo Airport in St. Petersburg in a special meeting on Monday. Participation has been suspended since the beginning of the war. The company, which is listed in the MDAX, derives no benefit or profit from it, Fraport AG announced after the supervisory board meeting and reiterated its support for the sanctions imposed on Russia. Fraport’s participation in Russia is being critically reviewed every day, and there are no plans to exit so far.

“The sanctions are quite rightly aimed at damaging the system of the warmonger Putin. The last thing we want is therefore to give the aggressor a three-digit million amount,” said the Hessian finance minister and chairman of the supervisory board, Michael Boddenberg. “We also have a duty to preserve assets for taxpayers and the other Fraport co-owners.”

Fraport can currently do no more than let the participation rest. However, if there is reliable evidence that the airport is also being used to wage war against Ukraine, this would be a new situation, according to Boddenberg.

The state of Hesse contacted the federal government about the possible military use of Pulkovo and asked for clarification, Fraport said. The federal government has not yet completed this. The company did not provide any information on a possible financial burden in connection with an investment. Fraport AG will present its figures for the first quarter of 2022 on Tuesday.

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(END) Dow Jones Newswires

May 09, 2022 05:31 ET (09:31 GMT)