PRISTINA (Kosovo), February 20 (SeeNews) – Kosovo's government said it has dismissed the board of directors of state-owned Kosovo Telekom as the company is facing a deep financial and operational crisis.
The decision was based on the law on state-owned enterprises and aims to change the company's management concept in order to exit the current situation, the government said in a statement on Wednesday after a cabinet meeting.
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Kosovo Telekom is on the verge of bankruptcy, economy minister Rozeta Hajdari has said, as quoted by local news provider Koha.net.
Since 2015, the financial losses of Kosovo Telekom vary from 8 million euro to 51 million euro ($55.1 million) per year, seriously jeopardizing its liquidity despite the measures for a turnaround taken by its management, according a report by the country’s national audit office published in mid-2019.
In early 2019, the European Bank for Development and Reconstruction (EBRD) said it is planning to provide some initial technical assistance on possible restructuring of state-owned Kosovo Telekom ahead of its potential privatisation.
($=0.92599 euro)