An Indian businessman, Harish Puri, has lamented how his business was destroyed and 50 of his staff rendered redundant after the Assets Management Corporation of Nigeria (AMCON) sealed his firm, Global Sterling Products Ltd.
Puri said AMCON sealed Global Sterling Products Ltd at No. 98, Kudirat Abiola Way, Oregun, Lagos, on March 6, based on an April 11, 2019 ex-parte order granted it by Justice Rilwan Aikawa of the Federal High Court, Lagos in Suit No. FHC/L/CS/521/2019.
AMCON, he stated, executed the order after identifying Global Sterling Products Ltd as one of the 26 alleged debtors who failed to pay back an N8.4billion loan.
However, Puri challenged the ex-parte order and told Justice Chukwujeku Aneke of the Federal High Court, Lagos that Global Sterling was “suffering huge damages due to perishable goods in the premises and factory equipment that had since remained unserviceable and open to consequential damages and loss.”
He prayed the court to set aside/discharge the April 11, otherwise Global Sterling “will be dead as a going concern.”
The company further undertook to “vacate the property in the unlikely event that in the course of the hearing of the substantive action, the above facts are found to be false.”
But AMCON opposed the application. It explained, in a counter and further affidavit sworn by Ayodele Majekodunmi that a firm, Cortex Ltd., obtained a loan from the former Skye Bank now Polaris Bank which was acquired by AMCON as a non-performing loan.
AMCON then obtained a court order to attach all the assets that it reasonably believed to be owned by the defendants.
It said there was no evidence that the three plots of land measuring approximately 2170.897 square metres is owned by Global Sterling Products. Consequently, it did not make Global Sterling a party to the suit.
Ruling last July 21, Justice Aneke upheld Global Sterling’s application and varied Justice Aikawa’s order.
He ordered AMCON to allow Global Sterling to continue running its business on its premises.
But, according to Puri, AMCON refused to obey the new order. He said the corporation claimed that it had filed a notice to challenge that order at the Court of Appeal.
So, on July 23, 2020, Global Sterling initiated contempt proceedings at the Federal High Court, Lagos against AMCON Managing Director Ahmed Kuru and its Receiver-Manager Lanre Olaoluwa.