Saudi Prince reportedly withdraws from Shaheen Airlines shares sale

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Saudi Prince reportedly withdraws from Shaheen Airlines shares sale

ISLAMABAD - Saudi Prince has withdrawn from the Shaheen Airline International (SAI) shares sale Memorandum of Understanding (MoU) it earlier signed with the owners for the acquisition of stakes.

The owners of Shaheen Air International (SAI) reportedly tried to cheat the Saudi Prince by submitting a fake audit report of the airline and a business plan.

A close aide of the Saudi Prince said that the newly-appoint Chief Operating Officer (COO) of the airline presented a new audit report of the airline to the investor. The new audit report is in stark contradiction of the earlier submitted audit report and the business plan. ------------------------------

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The source said that after going through the findings of the new audit report, the Saudi Prince decided to withdraw from the MoU signed for acquiring stakes in the SAI .

They said the new report is contradictory to the business plan and assets report presented by SAI owners at the time of the MoU signing.

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