On November 26, 2002 Air Moldova International layed off around 400 employees from its subsidiaries Petrol-Service, Chisinew Airport Service and Catering Services that were shot down as well by the Moldovan State Administration of Civil Aviation (ASAC).
Air Moldova is been established on June 2000 and registered in Frankfurt as a joint venture between Moldovan Government who controls 51% and Unistar Ventures GmbH a subsidiary of Dresdner Bank with 49%. It appears that in June this year a conflict of interest between the two co-founders broke free when Moldovan Government based on its 51% majority in the company, decided to vote out the Air Moldova's CEO, and replace him with a person of confidence.
Ventures GmbH declared the vote unlawfully saying that accordingly to the joint venture statutes a such important change would need a 2/3 majority.
As a result Ventures GmbH was seriously contemplating to get out of this joint venture provided that the Moldovan government will buy their 49% investment.
On august 2002, Moldovan government established a new 100% State own paper-airline(no aircrafts) called simply "Moldova".
On September 2002 The Moldovan Supreme Court declares the Air Moldova joint venture dissolved.
As we speak Ventures GmbH's lawyers are set to sue Moldovan Government in International Courts.
On the other hand Air Moldova International will most likely take ASAC to International Courts as well.
The Saga continues !
Is it said that Lufthansa could be starting a Frankfurt - Kisinew route in the Spring (bottom of the article) http://www.mdinto.biz/news.php?nid=73