Lukman Olabiyi
The Asset Management Corporation of Nigeria (AMCON) has denied the allegation of disobedience to court order leveled against it by the Managing Director (MD) of Global Sterling Products Limited, Mr. Harish Puri.
AMCON in a press statement issued by its Head, Corporate Communications, Jude Nwauzor, denied allegations of wrongful conduct made by Global Sterling’s boss specifically, alleging that it refused to comply with the Order of Court made on July 21, 2020 in Suit no: FHC/L/CS/521/2019.
The statement read: “As admitted by Global Sterling’s MD in the news report credited to him, the takeover of the property measuring about 4939.122 square metres at 98, Kudirat Abiola Way, Oregun, Lagos (“Attached Property”) on March 6, 2020 was done by the sheriffs of the Federal High Court on the basis of an Order made on April 11, 2019 by the Court in Suit no: FHC/L/CS/521/2019. The Order was premised on a Certificate of Occupancy granted in favour of one of the guarantors of the Eligible Bank Asset (EBA) of which empowered the Corporation to immediately take possession of the Attached Property pursuant to statutory provisions of AMCON Act pending the determination of the substantive Suit.
“After execution of the above-mentioned interim order, Global Sterling Products Limited made a claim to a portion of the Attached Property (2170.897 square metres) while admitting that the land within the premises was far in excess of the 2, 170.897 square meters covered by its Certificate of Occupancy. On July 21, the Federal High Court in determination of their application, which was opposed by AMCON, granted their application in part, and varied made the order made on April 11, 2019. The corporation immediately filed an appeal against the variation order made on July 22, and also filed separate applications to suspend the effect of the order before the Federal High Court on the same date and the other, for injunction pending appeal on August 26. Both the Notice of Appeal and the applications to suspend the order pending appeal were promptly served on the company through its counsel. “By well-established rules of practice and procedure, the pending appeal and the applications, all of which were immediately served on Global Sterling and were duly acknowledged by the company in the report, the company cannot take further actions on the order varying the Interim order in respect of the property. Despite this fact, Global Sterling through its counsel purported to issue Forms 48 Notice of the Consequence of disobedience of Court order and Form 49, Notice to Show Cause why order of committal should not be made against the Managing Director of AMCON and Mr. Lanre Olaoluwa despite the fact that both persons were not parties to the proceedings”.
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