From Noah Ebije, Kaduna.
Following court nullification of an interim board of directors for Emerging Markets Telecommunications Service, (EMTS), operators of 9mobile, counsels to one of the investors, Spectrum Wireless Communication Ltd, Mr. John Achimugu, with Dr. Reuben Atabo Esq, have said that having got the ruling of federal court, which nillified the order approving interim management for EMTS, the next move, in due course, is to ensure that their client does not lose billions of dollars injected into the telecommunication business.
Addressing journalists in Kaduna, the two lawyers said with the court ruling, no new investor is expected to pump funds into the 9mobile business until all legal and economic interests of original investors are exhausted and put into proper perspectives.
The duo said when they discovered that there was misrepresentation of facts about the number of directors on the board of EMTS, they pointed it out to the court for nullification.
They noted that while EMTS claimed that only seven directors made up the board, their own investigation showed 20 directors, and the court upheld their findings with impeccable evidence.
Recall that the Federal High Court, Ikoyi, Lagos, last Friday nullified the ex parte order approving the appointment of an interim board for Nigerian telecom operator, EMTS.
An ex-parte order is an interim order often granted in the absence of the other party in a case.