April 5, 1957

FROM TAE TO OLYMPIC: The minister for the economy and the deputy transport minister yesterday signed two official documents on behalf of the state, accepting the relevant committee’s report on the assets of the TAE airline and its sale to Mr Aristotle Onassis’s new company, Olympic Airways. According to the agreement, the state paid 98 million drachmas to TAE for the value of its assets as determined by the courts, apart from those abroad, which are negligible. The amount was deposited the day before yesterday with the Consignment and Loans Fund. Meanwhile, Olympic Airways has assumed, by means of the agreement already signed between the state and Onassis, the purchase of the assets of the old company for 2,826,000 dollars, to be paid in 12 annual installments, the first a year after the new firm begins operations. After yesterday’s formalities, Olympic Airways today has full control of air transport. It was announced that the official inauguration of the new airline will take place next May, following delivery of new aircraft, which will include the latest models.

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