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Shaheen Foundation
The charitable wing of the Pakistan Air Force From Wikipedia, the free encyclopedia
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Shaheen Foundation (Urdu pronunciation: [ʃɑːˈhiːn] shah-HEEN) is a welfare foundation of the Pakistan Air Force. Shaheen Foundation works in different sectors ranging from education to aviation.[1]
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History
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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]
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Subsidiaries
Listed
- Shaheen Insurance[7]
Unlisted
- FM 100 radio[8]
- Shaheen Airport Services[9]
- SAPS Aviation College[10]
- Shaheen Aerotraders[11]
- Shaheen Knitwear[12]
- Shaheen Splash[13]
- Shaheen Complex, Karachi[14]
- Shaheen Complex, Lahore[15]
- Shaheen Medical Services[16]
- Shaheen Foundation Security Services[17]
- Shaheen Foundation Overseas Employment Agency[18]
- Hawk Advertising[19]
- Fazaia Welfare Education School System[20]
- Al-Hamra (Islamabad)
- Air Eagle[21]
- Air Eagle Aviation Academy[22]
- Fazaia Housing Schemes[23]
- Shaheen Welfare Housing Scheme, Peshawar.[24][25][26]
- Shaheen Air International[27] (former)
- SAMROC[28]
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See also
References
External links
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