Group reaffirms its dedication to assembly lawful obligations
Stallion Group needs to reassure its prospects, bankers, enterprise companions, suppliers and different stakeholders that the Federal High Court judgment obtained by United Bank for Africa Plc (UBA) issues Stallion Nigeria Limited and sure different companies concerned within the proceedings. It doesn’t have an effect on the broader Group or companies that weren’t events to the case. This clarification follows media stories that, within the Group’s view, have created a deceptive impression concerning the judgment’s scope.
The disputed facility was granted to Stallion Nigeria Limited and choose companies, every a separate authorized entity. The related companies dispute the alleged indebtedness and keep that the power was adequately secured by property pledged to UBA. Stallion Nigeria Limited has appealed the judgment and continues to interact constructively with the Bank, with out prejudice to its authorized rights and cures.
Most Stallion Group companies weren’t events to the proceedings and don’t have any obligations arising from the judgment. Their companies, property and obligations remain separate and unaffected. The judgment shouldn’t be characterised as making use of to Stallion Group as an entire.
No judgment was entered towards Vaswani brothers Mr Haresh Vaswani or Mr Mahesh Vaswani. Neither was a celebration to the swimsuit or the pending enchantment, and neither has private or collective legal responsibility to UBA arising from the judgment.
The companies not concerned within the proceedings have continued manufacturing and buying and selling. They remain centered on serving their prospects and are positioned to satisfy their lawful obligations to banks, prospects, suppliers and different stakeholders.
Stallion Group appreciates the continued confidence of its stakeholders. Its companies not concerned within the proceedings remain centered on their companies, whereas Stallion Nigeria Limited pursues its enchantment and continues its engagement with UBA.
Signed:
ABDULSALAM GAFFAR OLATOKUNBO
For and on behalf of Stallion Group
