Arik Air Limited says the N120 billion fraud allegations against its receiver manager appointed by Asset Management Corporation of Nigeria (AMCON) are 'patently false and well-concocted lies'.
over alleged misappropriation and diversion of about N120 billion.
“The wild allegations of the misappropriation of N120 billion in the petition are manifestly and patently false and amount to no more than well-concocted lies as part of a deliberate campaign of calumny against the receiver manager intentionally presents a disingenuous and deceptive portrayal of actions which are the typical responsibilities and actions of a receiver/manager – falsely implying criminal intent,” the statement reads.
The aviation firm explained that the two foreign companies and EDC were the principal actors in the sale of the said aircraft. “These JV financings were innovative ways of raising capital due to restrictions on Arik borrowing powers — as it is a company that is technically insolvent and being kept alive only by the magnanimity of AMCON, and federal aviation agencies.”On the teardown of a boeing 737-700 aircraft registered as 5N-MJI also raised in petition, it was
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