Khalifa Airways was founded in 1999.
The airline was liquidated by a French court in 2003 after it failed to make a 5 million Euro payment to creditors. In 2007, the International Herald Tribune reported that the company’s founder had been convicted in absentia and sentenced to life in prison for his involvement in the 2003 failure of Khalifa Bank and associated companies, including Khalifa Airways.
Source: Wikipedia

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