in Business & Finance

Swazi central bank freezes Aghalieaku Airways' bank accounts

Posted 27 November 2017 · Add Comment

The Central Bank of Swaziland (CBS) has ordered Nedbank Swaziland to freeze the accounts of local carrier Aghalieaku Airways after investigations implicated its owner, Nigerian Chief Benjamin Aghalieaku Arinze, in possible drug cartel activities, reports ch-aviation.

CBS Governor CBS Majozi Sithole told the Times of Swaziland that the ordeal had started when Nedbank submitted an application to the CBS to approve the transfer of funds to Panama ostensibly as a deposit for a leased aircraft.

 

Sithole said on further investigation into Aghalieaku Airways' dealings and transactions, the CBS found that SZL621,501 Swazi Lilangeni (USD44,250) had been deposited into its account, in cash, over the course of three days. This had, in turn, raised transaction charges of SZL14,452.23 (USD1,028) which, Sithole said, was not objected to. Given the option of cheaper methods such as electronic transfers, the bank became suspicious leading to further investigations into the origin and breakdown of the funds which showed they were made of a combination of South African Rand notes and Lilangeni.

 

“A cash withdrawal of SZL250,000 had been made which did not make sense since that meant the funds left in the account were not sufficient to make the proposed transaction of USD40,000 (SZL574,000) as at July 2016,” the governor said.

 

Sithole said it had also been discovered that the chief executive officer of Aghalieaku Airways had made a false declaration by misrepresenting himself on a deposit slip as one of the company’s other directors.

 

Aghalieaku Airways was not available for comment with its website no longer active.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Hahn Air celebrates 20th Anniversary

The German scheduled and executive charter airline Hahn Air, which has offices is Casablanca and Johannesburg, is celebrating the 20th anniversary of its ticketing business which was launched in 1999.

Embraer releases its preliminary forecast for 2019 and 2020

Embraer has released its preliminary forecast for 2019 and 2020 at a meeting with investors at the New York Stock Exchange (NYSE).

MEBAA Show Morocco returns in September

Business Aviation Flights to Africa were trending up by 8% in September 2018, according to WingX Business Aviation Monitor. The MEBAA Show Morocco returns to the Marrakech Menara Airport this year, 25-26 September 2019, to give the

Air Serv positions second aircraft in South Sudan

An Air Serv aircraft departed Entebbe International Airport yesterday for South Sudan to support ongoing humanitarian relief efforts within the region.

Rolls-Royce selects ‘game-changing’ SITAONAIR

Rolls-Royce is the launch customer for SITAONAIR’s e-Aircraft DataHub – a new neutral aircraft data management service designed to bring significant, distinct benefits to airlines and original equipment manufacturers (OEMs).

Dassault Aviation names senior VP of Worldwide Falcon Customer Service & Service Center Network

Dassault Aviation has appointed Jean Kayanakis to a newly created position, senior vice president, Worldwide Falcon Customer Service & Service Center Network.

AVAFA19 SK0201280219
See us at
AviAssistBT201218280219AirCargoAFA_BT220318210219AviationAfrica_BT0607280219