Flybe confirms the shareholders' call for the dismissal of the chairman and the investigation into the sale

(Reuters) – Flybe Group Plc confirmed Monday that its largest shareholder had asked the airline to fire President Simon Laffin and investigate its discount sale to a consortium.

According to data from Refinitv Eikon, Hosking Partners LLP, which owns 18.72 percent of Flybe's shares, has asked the company to appoint industry veteran Eric Kohn as director, Flybe said.

Earlier this month, Flybe agreed to be bought by a group consisting of Virgin Atlantic, Stobart Group and Cyrus Capital of Richard Branson for $ 2.8 million, a 94% discount on the closing price of the action one day before the announcement of the sale.

The company, which operates routes from around 25 UK airports, including domestic routes to London's Heathrow, has had to deal with higher fuel costs, currency fluctuations and Brexit uncertainties.

Flybe said Monday that Hosking had asked for a general meeting to review his resolutions. Sky News first announced the new Friday.

The company reaffirmed its confidence in Laffin and stated that it felt that "an independent review of its conduct would support the board's decision-making process".

Laffin, who previously held executive positions at Safeway Plc, Aegis Group plc, Mitchells & Butlers plc and Northern Rock plc, has been president of Flybe for more than 5 years.