Paul Helminger is Cargolux chairman

Discussion with HNA and Volga-Dnepr to take a stake in the loss-making cargo carrier

35 per cent stake Cargolux chairman HNA Group Luxembourg government Paul Helminger Qatar Airways three new directors Volga Dnepr Airlines

Luxembourg-based cargo airline Cargolux has elected Paul Helminger as chairman. In addition, three new directors were also appointed in a move that follows the Luxembourg government’s acquisition of a 35 percent stake in the airline from Qatar Airways on December 31, 2012.

Cargolux lost $18 million in 2011, the last year for which figures were published. The Luxembourg government is in discussion with China’s HNA Group and Russian operator Volga-Dnepr Airlines for Qatar Airways’ share.