Photo: Premium Times
By Anthony Awunor
Lagos
— Following recent claims in the media that Ethiopian Airlines is
negotiating the takeover Arik Air Limited, shareholders of the airline
have filed a N20 billion suit against the East African carrier, accusing
them of sharp practices.
The suit was
instituted by the shareholders of the airline at the Federal High Court,
Lagos against Ethiopian Airlines, the Federal Ministry of
Transportation and the Attorney General of the Federation, Mr Abubakar
Malami. LEADERSHIP obtained a copy of the suit which was filed on
Sept.6, 2017 by Arik Air's counsel, Mr Babajide Koku (SAN), Mr.
Chukwuemeka Nwigwe and Mrs Ezinne Emedom in Lagos yesterday.
In its statement of
claim supported by a 20 paragraph affidavit deposed to by Mr Chris
Ndulue, a director with Arik Air, the plaintiff asked the court to
restrain the first and second defendants from further negotiations on
its takeover.
The plaintiff noted
that the Asset Management Company of Nigeria (AMCON) had taken over the
airline on Feb. 8, 2017 which was challenged by its management via two
suits already pending before the Federal High Court, Lagos.
According to the
plaintiff, the suits numbers are FHC/L/CS/827/17 and FHC/L/CS/826/17,
adding that the negotiations by the defendants will render the outcome
of the suits nurgatory.
"The plaintiff
avers that the agreement of the second defendant with the first
defendant will be wide ranging and intricately affect every aspect of
the plaintiff herein, including but not limited to the day to day
running technical as well as financial management which will affect the
plaintiff as being the largest domestic and regional airline in Nigeria.
"The plaintiff
further avers that the action taken by the first and second defendants
will have a negative effect on the country's image as the plaintiff
being the largest airline will be pawned over to another country for
management," it said.
The plaintiff also
averred that the negotiations had caused undue hardship and irreparable
damage to the Arik Air brand and ongoing investment discussions as well
as unbearable distress to the airline's shareholders and directors.
It therefore, asked
the court to declare the negotiations null and void because the
Ministry of Transportation had no power to transfer the management of
the airline to Ethiopian Airlines while the suits over the takeover were
pending.
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