LATAM Chile company to Icarosan and Scandinavian Airlines (49%), which subsequently sold its stake a few years later to local investors. Since 1994, major shareholders have been the Cueto Family and businessman Sebastián Piñera (until 2010), who sold his shares when taking office as President of the Republic of Chile. The approval from the Chilean Anti-Trust Authority resulted in the acquisition of the country's second largest airline Ladeco on August 11, 1995. In October 1998, Lan Chile merged its cargo subsidiary Fast Air Carrier with Ladeco, forming LAN Express. In 1998 LAN Airlines established a joint venture with Lufthansa called LLTT ("Lufthansa-LAN
Emirates (airline) Skies. In May 2010, Emirates Airline executives refuted claims that the carrier does not pay taxes and receives substantial financial assistance from the Dubai government. They claimed that the airline received $80m in cash and kind in the 25 years since the airline was established and this was substantially lower than what other national carriers had received. Maurice Flanagan also claimed that Emirates incurred social costs of around $600m in 2009 and this included municipal taxes to the city of Dubai. The airline also paid a dividend of AED956m ($260m) in 2010, compared to AED2.9bn ($793m) in 2009 and each