Saudi Arabian investor sues Distressed Carrier Med-View over sale of asset

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

The investor, who also doubles as the Chairman of Med-View, said he was neither aware of the board meeting nor a party to the decision to sell two aircraft as part of measures to pay some debts and revive the commercial aircraft.

The development, The Guardian learnt, has stalled an earlier plan to dispose of Boeing 737-400 aircraft with registration 5N-MAA in Estonia and another, 5N-MAB, in Lagos.

Recall that the airline had since last year quit operations when all its aircraft went out of service, and the relationship between the Chairman and his Managing Director, Muneer Bankole, went sour.

In a letter issued on behalf of Al-Thunnayan, the Saudi investor was unaware of the sale plans, and had gone ahead to challenge 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.

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