Former MIA chief allegedly sacked over Rolex purchase

The former Malta international Airport CEO, Markus Klaushofer, allegedly had his job terminated by the company’s board of directors after purchasing a Rolex watch at cost price from the airport’s duty free area.

This morning, the MIA’s company secretary Louis De Gabriele today confirmed that the company would be “contesting” Klaushofer’s claims of unfair dismissal but refused to give any details on the nature of the termination.

MaltaToday is informed that in January 2015, Klaushofer was dismissed because his behaviour was deemed unacceptable by the company’s board of directors, who also offered the former CEO a termination package.  

During this morning’s annual general meeting, De Gabriele informed those present that all shareholders have a statutory right to ask questions which should be answered by directors.

However, he added, directors have a right to refuse to answer in order to protect confidentiality and not to prejudice the company's business interests.

Replying questions received in writing prior to today's AGM, De Gabriele said that a number of shareholders asked questions in relation to the termination of the former CEO's employment.

“The directors have nothing to add to the announcement issued in January,” he said, before explaining that the company will be contesting Klaushoffer’s claims of unfair dismissal.  

“The board will give no further comments on rumours and media reports on the nature of the termination,” he added.  

Moreover, during today’s AGM, directors would not comment on the possibility of foreign shareholders shedding their ownership but he insisted that the board had an excellent relationship with majority shareholder Vienna International Airport and the Maltese government.

In August 2013, MaltaToday reported that Canadian shareholders SNC Lavalin were planning to pull out of MIA after the company made a surprise disclosure of a possible US$45.6 million loss from a client's attempt to draw on a credit line for the Libya work that it abandoned during the uprising against dictator Muammar Gaddafi.

In November, MIA announced that the firm will be selling its 40% shareholding. The other partners in the consortium are Vienna International Airport with 53.24%, and the Bianchi Group, with 10.63%.

De Gabriele insisted that the company has no say in sale of shares, adding “it's completely up to direct or indirect shareholders whether shares are sold.”

He however noted that shareholders are bound to hold on to their shareholding until 2017. On Monday’s reporter, Prime Minister Joseph Muscat said that he had been informed in writing that Vienna International Airport were not interested in selling their shares. 

Confirming that the company has significant cash reserves, De Gabriele said discussions were taking place on future requirements of company, including capital investment, before deciding whether further dividends will be issued.