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New twist over Medview Airline plans to sell two aircraft as board chairman kicks

By on August 7, 2020 0 106 Views

There is a new twist to the planned sales of two aircraft by the Nigeria’s Medview Airline to pay off its debt and enhance its operations as an investor in the company has kicked against the move by the airline.
Chairman of the company, Abdulmohsen Al-Thunnayan, a Saudi Arabian has filed a suit at the Federal High Court Lagos, challenging the move by MedView Airline to dispose off part of its assets.
Al-Thunnayan claimed that he was not aware of the decision to sell the two aircraft and other assets of the company nor the so-called board meeting where such decision was said to have been taken.
The legal tangle has also stalled the proposal by the company to dispose of the Boeing 737-400 aircraft with registration 5N-MAA in Estonia and another, 5N-MAB.
Medview suspended its operations last year following the crisis of confidence between the chief executive of the company, Muneer Bankole and the foreign investor and chairman of the company.
The company wrote to the Nigerian Stock Exchange (NSE) last month that it intends to sell two of its aircraft and return another one on lease to its owners as part of measures to pay back debt and revive operations of the airline.
However, according to the counsel to the chairman of the board, a Suit No: FHC/L/CS/34/2020 is pending at the Lagos Federal High Court against the decision of the company to assets strip.
“Sheikh Abdulmohsen Al-Thunnayan holds N3.510 billion shares in Med-View Airlines, representing 36 percent of the total shares in the company. Sheikh Abdulmohsen Al-Thunnayan is currently in dispute with the company over the company’s failure to remit dividends due to him on his investment in Med-View Airline and to render a proper account of the company’s affairs,” the counsel said in a letter.
“Al-Thunnayan wishes to inform the general public that he did not receive notice of the meeting where the decision was purportedly taken and has instructed his legal team to take steps to challenge the move.
“Persons seeking to purchase these aircraft, or any other property belonging to Med-View Airline, and the general public, are hereby put on notice that any dealings they may have in that regard may form part of the aforementioned lawsuit.”

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