Shaheen Foundation

Shaheen Foundation is a welfare foundation of the Pakistan Air Force. Shaheen Foundation works in different sectors ranging from education to aviation.[1]

History

Shaheen Foundation was founded in 1977 by the Pakistan Air Force under the Charitable Endowments Act of 1889, with an initial investment of Rs 5 million, about half of which was provided by the Government of Pakistan.[2]

In 1993, Shaheen Foundation founded Shaheen Air.[3] The airline's early operations were fraught with difficulties, exacerbated by a 50 percent fare discount for retired and serving military officers and high operating costs due to a limited number of aircraft on wet lease.[3]

In 1995, Shaheen Foundation founded Shaheen Insurance in a joint venture with a South African insurance company, Hollard Group, which held 30 percent stake.[4] Later, Hollard's management was dissatisfied with the investment, citing corruption as a major impediment to their investment's success.[4] The negotiation of this partnership was notably managed on a one-to-one basis by an acting Pakistan Air Force officer, who was employed by the company after his retirement.[4]

Later, Shaheen Foundation established the radio channel FM-100 and the satellite television network SB Pay-TV, with the help of Asif Ali Zardari, and his close aide.[5] These businesses were marred by controversial agreements that led to financial losses for the foundation.[5] In 2000, the foundation filed a legal complaint with the Securities and Exchange Commission of Pakistan under section 263 of the Companies Act, alleging violations of the agreement terms by a major shareholder.[5][6]

Subsidiaries

See also

• Al-Hamra
• Fauji Foundation

External links