Maureen Ihua-MaduenyiShareholders of Arik Air Limited have filed a N20bn suit against the Federal Government and Ethiopian Airlines over recent claims of negotiations between them for the takeover of the airline. In a statement of claim supported by a 20-paragraph affidavit deposed to by a director of Arik Air, Mr. Chris Ndulue, the airline asked the court to stop the first and second defendants from further negotiations for the takeover of the carrier. Ndulue stated that the Asset Management Corporation of Nigeria had taken over the airline on February 8, 2017 and was challenged by the ersthwile Arik management through two suits already pending before the Federal High Court, Lagos. He said the negotiations by the defendants would distort the outcome of the pending suits. 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.”The former Vice President of Arik Air, Senator Anietie Okon, on behalf of the shareholders, said Ethiopian Airlines was indulging in an unethical behaviour and conspiring with some people in the government to take over Arik.

Source: Ethiopian News September 10, 2017 23:15 UTC