Airlines trying to recover $4.68b 'blocked' by Venezuela: IATA
Published on Mar 13, 2014 3:44 AM
GENEVA (AFP) - Airlines that serve Venezuela are battling to recover US$3.7 billion (S$4.68 billion) blocked by the government, the head of industry body IATA said Wednesday, accusing Caracas of breaking international rules.
"The Venezuelan government is blocking airlines from repatriating some US$3.7 billion of their money," said Tony Tyler, who heads the International Air Transport Association.
Such action made it hard for the carriers to carry on operating in the country, he said.
"It is unacceptable that the Venezuelan government is not playing by the rules to which it is treaty-bound. Airlines certainly cannot sustain operations indefinitely if they can't get paid," he said, without naming the airlines concerned.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here