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Fastjet PLC faced by new accusations from Sir Stelios

Published: 03:29 23 Mar 2016 EDT

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Storm clouds gather over the airline

African airline Fastjet PLC (LON:FJET) said it is mulling its response to another critical letter from its major shareholder Sir Stelios Haji-Ioannu.

EasyGroup, Haji-Ioannu’s investment vehicle, published the letter yesterday outlining concerns over the relationship between the two companies and how the low cost airline was operating.

In particular, easyGroup founder said the airline was in breach of two clauses of the licence agreement between the two companies.

It is the second time in a week that the easyJet founder has voiced concerns about Fastjet, but this time he also threatened to end the commercial relationship between the two groups unless it addresses his queries by 31 March.

“if Fastjet does not meet this deadline, the brand licence will be terminated, meaning the African company will have to cease carrying out business under the Fastjet name,” the letter said.

EasyGroup has been a major backer of the Africa-focused airline and currently has a 12.6% stake.

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