Second biggest airline in Kenya owned by - somali business men fued.

Interesting article read- if you have time -

https://hiiraan.com/news4/2019/May/...ader_s_airline_flew_into_ownership_storm.aspx

In court, few people have taken interest in the case involving Yusuf Abdi Adan and the ownership of Blue Bird Aviation, one of the largest airlines in the country — after Kenya Airways.

But the case has opened a lid into an intriguing multibillion-shilling business — the aviation and miraa (khat) trade — and a boardroom war that has spilled from the courts to the Directorate of Criminal Investigations.

INSECURE ROUTES

A self-made billionaire, Mr Adan is so reclusive that few Kenyans would pick him out in the streets of Nairobi – where he owns Yala Towers and Lenana Towers, among other high-end properties. His partners are as filthy rich as well. They own shares in airline business, and multimillion-shilling properties.

The story of how Mr Adan built his empire from a small miraa business paints a picture of a suave trader, but his ongoing fight over Blue Bird Aviation with his co-directors paints a picture of naivety, too much trust or both.


"Somalia president Siad Barre ordered a nationwide ban on miraa in 1984."


"“I have never questioned their actions or activities and trusted fully that the defendants will not steal from the company,” he says. “These human virtues are priceless in people of my age, generation and who had no formal schooling.”

OFFSHORE ACCOUNT

It is the valuation of this company, at $120 million (Sh12 billion), that would allegedly form the basis for the fallout between these partners after he rejected an offer of $30 million (Sh3 billion).

“After a heated exchange, (Mr Hussein Unshur, the finance director) told me he would add a further $15 million (Sh1.5 billion) as a gesture of goodwill,” he says in court papers.

He is now accusing his co-owners of running “secret and parallel accounts” where all cash payments are recorded.

https://hiiraan.com/news4/2019/May/...ader_s_airline_flew_into_ownership_storm.aspx
 

Basra

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Every time I read Million "Shillings"& Billion "Shillings" I lose interest. Am I vain?
 

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