As you are aware, Malév Hungarian Airlines (MA / 182) (“Malév”) is currently involved in liquidation proceedings in Hungary. We have previously informed you that IATA was able to obtain the agreement of Malév to proceed with the refunds of Malév tickets issued by IATA Accredited Agents, and that IATA would begin such distributions shortly. Unfortunately, however, a challenge to this distribution has been filed in the Hungarian courts by Vnesheconombank (“VEB”), a secured lender to Malév.
IATA continues to believe and to argue that the refunds agreement entered into between IATA and Malév is enforceable, and that the distributions of withheld funds should be made to the agents pursuant to the refund agreement and the applicable IATA resolutions, rather than to VEB as has been requested. Because of the initiation of court proceedings, however, IATA cannot at this time move forward with the refund distributions.
IATA stresses that it will continue its efforts to enforce the refunds agreement and to distribute the refunds to the agents, and to obtain a favorable court ruling permitting such a result as soon as possible. IATA also welcomes all efforts by the agents to achieve this goal, and encourages agents to join IATA in opposing VEB’s challenge through all possible venues – including the Hungarian courts.
If you have any further questions, please contact Roman Orlik, email@example.com