AfricanEagle21
4th Nov 2009, 09:01
This e-mail has been circulated through two airlines operating in Africa. Just thought I would post it for anyone who might have heard about this company called CAS. Evidently they are a 419 outfit masquerading as an aviation company here in Africa. They even claim to have dealings with AfriExim Bank in Cairo. Beware!!
Details below:
To Whom It May Concern,
This is the no-holds barred truth about what happened to Afrijet Airlines and the party responsible for its financial dilemma. Read below:
CAS purchase of shares in Afrijet Airlines
In 2007, Continental Aviation Services (CAS) borrowed the sum of $3.5 million to for the purchase of seventy percent shares in Afrijet Airlines. CAS had negotiated with Afrijet for $3 million for seventy percent, however, only $2 million was paid for the purchase of shares, which translated to forty-six percent. The balance of $1.5 million was diverted to other sources. The actual shareholding of CAS in Afrijet is forty-six percent and not seventy percent as it has been erroneously reported. Although seventy percent of the shares were authorized, only forty-six percent was paid for. Therefore the share certificate issued to CAS represents only forty-six percent of paid up shares.
Funds removed by CAS from Afrijet Airlines
Although CAS only made an investment of only $2 million, it has removed from $6 million from Afrijet. Statements of these withdrawals are listed below : (see Image I & Image II)
These statements are verifiable from the banks of the various transactions:
Finbank
BankPHB
Zenith Bank
These funds were supposed to have been returned by January 2009. Up till date, the funds remain outstanding with promises of delivery that have continued for over six months. Due to this lack of repayment, the airline went into serious cash-flow problems and was unable to support and sustain its operations. Rather than four aircraft ordered, the airline had only two delivered. As a consequence, salaries were unpaid and other operational payments could not be met. These are verifiable from the various banks involved in the transfers to CAS.
Having outlined the above infractions of CAS against Afrijet, it is therefore infradig for statements made by the “new era” of management that staff will not be told lies about when their salaries will be paid. Why not tell the staff the truth about where the outstanding $6 million went to?
Who is CAS?
“CAS is a company of no fixed address; having its office in the boot of the car – with Mr. Vitalis Ibe as the owner/CEO, and Richard the driver as his company secretary and adviser.”
- Comments made by a Manager of Finbank
(name withheld)
“Vitalis Ibe is the Nigerian Madoff.”
- Comment made by a Manager of BankPHB
(name withheld)
Its current list of debtors includes:
Finbank PLC - $7.5m (USD) principal (VERIFIED)
Afrijet Airlines Ltd - $6m (USD) principal (VERIFIED)
Fidelity Bank PLC – $3.5m (USD) principal (VERIFIED)
British Airways PLC - $1m (USD) principal (VERIFIED)
Concerning British Airways, Mr. Vitalis Ibe, as a Remittance Manager for British Airways in the mid-1990s, bought controlling shares in a British company called ARCO, based in Benin, for over $1 million. Where did a worker in British Airways, earning only N100,000 a month (equivalent of $1000) get a a million dollars to invest in this company? Now David Shepherd was proved right. We asked him to go because of F***D. He used all sorts of people to get the British Airways World Cargo GSA. Over $4 million was fleeced from that account by Mr. Vitalis Ibe - the sole signatory on that account. Until recently when the debts where reduced to a $1 million.
Where has all this money that's been taken from these unsuspecting parties gone to? All we know is that a factory was bought in Surulere for N40m, (which was destroyed by Lagos State Government) and a N100m mansion built in Ikeja. A defunct cargo company, DAS Air Cargo, was purchased at a ridiculous $7m. However, the company is not worth the amount its aircraft owes the hangar. Where is the balance of the money? Will Afrijet ever have the opportunity to get its money? Will Finbank? Will Fidelity? Will BA??
Details below:
To Whom It May Concern,
This is the no-holds barred truth about what happened to Afrijet Airlines and the party responsible for its financial dilemma. Read below:
CAS purchase of shares in Afrijet Airlines
In 2007, Continental Aviation Services (CAS) borrowed the sum of $3.5 million to for the purchase of seventy percent shares in Afrijet Airlines. CAS had negotiated with Afrijet for $3 million for seventy percent, however, only $2 million was paid for the purchase of shares, which translated to forty-six percent. The balance of $1.5 million was diverted to other sources. The actual shareholding of CAS in Afrijet is forty-six percent and not seventy percent as it has been erroneously reported. Although seventy percent of the shares were authorized, only forty-six percent was paid for. Therefore the share certificate issued to CAS represents only forty-six percent of paid up shares.
Funds removed by CAS from Afrijet Airlines
Although CAS only made an investment of only $2 million, it has removed from $6 million from Afrijet. Statements of these withdrawals are listed below : (see Image I & Image II)
These statements are verifiable from the banks of the various transactions:
Finbank
BankPHB
Zenith Bank
These funds were supposed to have been returned by January 2009. Up till date, the funds remain outstanding with promises of delivery that have continued for over six months. Due to this lack of repayment, the airline went into serious cash-flow problems and was unable to support and sustain its operations. Rather than four aircraft ordered, the airline had only two delivered. As a consequence, salaries were unpaid and other operational payments could not be met. These are verifiable from the various banks involved in the transfers to CAS.
Having outlined the above infractions of CAS against Afrijet, it is therefore infradig for statements made by the “new era” of management that staff will not be told lies about when their salaries will be paid. Why not tell the staff the truth about where the outstanding $6 million went to?
Who is CAS?
“CAS is a company of no fixed address; having its office in the boot of the car – with Mr. Vitalis Ibe as the owner/CEO, and Richard the driver as his company secretary and adviser.”
- Comments made by a Manager of Finbank
(name withheld)
“Vitalis Ibe is the Nigerian Madoff.”
- Comment made by a Manager of BankPHB
(name withheld)
Its current list of debtors includes:
Finbank PLC - $7.5m (USD) principal (VERIFIED)
Afrijet Airlines Ltd - $6m (USD) principal (VERIFIED)
Fidelity Bank PLC – $3.5m (USD) principal (VERIFIED)
British Airways PLC - $1m (USD) principal (VERIFIED)
Concerning British Airways, Mr. Vitalis Ibe, as a Remittance Manager for British Airways in the mid-1990s, bought controlling shares in a British company called ARCO, based in Benin, for over $1 million. Where did a worker in British Airways, earning only N100,000 a month (equivalent of $1000) get a a million dollars to invest in this company? Now David Shepherd was proved right. We asked him to go because of F***D. He used all sorts of people to get the British Airways World Cargo GSA. Over $4 million was fleeced from that account by Mr. Vitalis Ibe - the sole signatory on that account. Until recently when the debts where reduced to a $1 million.
Where has all this money that's been taken from these unsuspecting parties gone to? All we know is that a factory was bought in Surulere for N40m, (which was destroyed by Lagos State Government) and a N100m mansion built in Ikeja. A defunct cargo company, DAS Air Cargo, was purchased at a ridiculous $7m. However, the company is not worth the amount its aircraft owes the hangar. Where is the balance of the money? Will Afrijet ever have the opportunity to get its money? Will Finbank? Will Fidelity? Will BA??