ISLAMABAD – Saudi Prince has withdrawn from the Shaheen AirlineInternational (SAI) shares sale Memorandum of Understanding (MoU) itearlier signed with the owners for the acquisition of stakes.
The owners of Shaheen Air International (SAI) reportedly tried to cheat theSaudi Prince by submitting a fake audit report of the airline and abusiness plan.
A close aide of the Saudi Prince said that the newly-appoint ChiefOperating Officer (COO) of the airline presented a new audit report of theairline to the investor. The new audit report is in stark contradiction ofthe earlier submitted audit report and the business plan.——————————
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The source said that after going through the findings of the new auditreport, the Saudi Prince decided to withdraw from the MoU signed foracquiring stakes in the SAI.
They said the new report is contradictory to the business plan and assetsreport presented by SAI owners at the time of the MoU signing.
