The story
On August 5, 2015, the company's co-founder and CEO Alfred-Pierre Etouké was sentenced to 3 months of jail time for embezzlement. The verdict coming after a series of lawsuits between Étouké and co-founder Alain Regourd.
Afric Aviation would finish 2015 as the leading domestic passenger transporter in Gabon, carrying 99 413 passengers in the third trimester of 2015, narrowly avoided dethroning Air France as Gabon's biggest overall passenger carrier, which carried 100 884 passengers during the same time period.
Despite the large number of passengers carried, the airline fell to a financial crisis hitting Gabon, which lead to some of its clients defaulting on loans. This financial pressure coincided with the grounding of the airline's only airplane due to technical faults, as well as the unexpected termination of its leasing contract. The airline suspended flights due to these financial difficulties. While the suspension was supposed to last only 6 months, the airline was never recertified.
From Wikipedia’s article on Afric Aviation, shared under CC BY-SA 4.0.3