Stallion Group has filed an attraction towards Friday’s decision of the Federal Top Court docket, Lagos, which upheld the appointment of a receiver/supervisor by means of the United Bank for Africa (UBA) in a N156 billion debt restoration go well with.
In a commentary issued on Friday and observed by means of PREMIUM TIMES, the gang stated it vehemently disagrees with the ruling and can vigorously pursue the attraction.
“Having reviewed the judgment with its felony advisers, the Staff considers that there are robust grounds for appellate evaluation and is made up our minds to pursue its rights during the courts,” it mentioned.
“A Realize of Attraction has been filed on the Court docket of Attraction and a keep of execution of the judgment pending the listening to and backbone of the attraction,” it went additional to mention.
Previous on Friday, the Lagos courtroom upheld UBA’s appointment of a receiver/supervisor, Romeo Ese, over the property of Stallion Staff and its subsidiaries as legitimate.
In his ruling, Justice Daniel Osiagor granted the entire reliefs the financial institution sought and affirmed the courtroom’s jurisdiction to listen to the case.
The courtroom additionally affirmed the precise of the receiver/supervisor, Romeo Ese, to take ownership of the mortgaged assets, stating him to be entitled to hunt protecting orders.
In a similar fashion, it affirmed the precise of the receiver/supervisor to take ownership of the mortgaged assets, the enforceability of the loan safety and the legal responsibility of the guarantors.
Justice Osiagor disregarded the objections raised by means of Barbados Ventures Restricted, the twelfth Defendant, protecting that it failed to ascertain any proprietary rights over the mortgaged assets.
The courtroom restrained the defendants from diverting the receivables because of them from executive companies, reinforcing the financial institution’s skill to give protection to its restoration pursuits.
The ruling affirmed the guarantors’ legal responsibility, strengthening UBA’s felony place to get better the phenomenal tasks.
Background
In 2014, UBA availed a number of mortgage amenities to Stallion Nigeria Restricted at the working out that the credit score amenities might be utilized by different firms throughout the Stallion Staff based on the phrases of the be offering letter, the financial institution stated.
In step with the lender, the defendants pledged property in Kano, Port Harcourt and Lagos as safety for the loans.
A testimony deposed to by means of Anthony Chilaka, the gang head, Restoration and Remedial Control Division of UBA, on 18 October 2023 confirmed that Sunil Vaswani, the chairman of Stallion Staff, made a private ensure in regards to the amenities.
Stallion Motors secured a freelance from the Federal Executive in 2014 to offer 700 Ashok Leyland vehicles/Stallion troop-carrying cars and 50 Falcon seater buses for use by means of the army at the settlement that the receivables from the federal government can be paid into Stallion’s account with UBA, the financial institution claimed.
On turning in the cars, Stallion Motors allegedly directed the federal government to make an preliminary fee of $50 million into its Dubai account and won N8.2 billion into its offshore account as a substitute of the UBA account, opposite to the sooner working out between the events.
UBA stated the defendants didn’t settle their money owed totalling N156 billion.
Performing on an order of the Federal Top Court docket, Lagos, in November 2023, UBA took over Stallion Staff’s property and the ones of its subsidiaries in Lagos, Kano, and Port Harcourt as a part of the debt restoration push.
The property comprised mortgaged assets referred to as “all that piece or parcel of land in conjunction with any construction thereon” at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State.
“Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, KM17, Lagos-Badagry Throughway, Lagos State and No. 54, Challawa Industrial Estate, Kano State, Nigeria.”
READ ALSO: Court upholds appointment of receiver/manager in UBAs debt recovery suit against Stallion Group.
In October 2023, UBA secured meantime orders to put in force its safety over the pledged property.
Stallion Staff claimed in November 2023 that it made considerable repayments and had initiated talks to reconcile and restructure the account.
In July 2024, Justice Akintayo Aluko of the Federal Top Court docket, Lagos, famous that he were knowledgeable by means of the executive pass judgement on {that a} suggest to some of the defendants had asked that the case be transferred from his courtroom
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