NIGERIA: Saudi Investor Sues Med-View Over Sale Of Asset

A suit has been filed at the Federal High Court Lagos by the Saudi Arabian investor, Abdulmohsen Al-Thunnayan, challenging the move by Med-View Airline Plc to sell-off some assets of the distressed carrier.

In a letter issued on behalf of Al-Thunnayan, the investor said that was unaware of the sale plans, and that is why he is challenging  the move in a court of law.

The letter signed by counsel to Al-Thunnayan, ALP NIG & Co., indicated that the matter was currently the subject of Suit No: FHC/L/CS/34/2020 pending at the Lagos Federal High Court.

“Sheikh Abdulmohsen Al-Thunnayan holds N3.510 billion shares in Med-View Airlines, representing 36 per cent 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 memo read in part.

According to the publication, “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.”

The airlines recently, at a meeting, announced to its shareholders, the Nigerian Stock Exchange (NSE) as well as other Board members  that it has concluded plans to sell two of its Boeing aircraft as part of efforts to liquidate some of its indebtedness and inject funds to jump-start its operations post COVID-19

Sheikh Abdulmohsen Al-Thunnayan, who also doubles as the Chairman of Med-View, said he was not aware of the board meeting neither was he  a party to the decision to sell two aircraft as part of measures to pay some debts and revive the commercial aircraft.

Recall that the airline had since last year quit operations when all its aircraft went out of service.

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