28 C
Lagos
Friday, May 29, 2020
Home Banking Stanbic IBTC appeals Court ruling on the matter of Starcomms Private Placement

Stanbic IBTC appeals Court ruling on the matter of Starcomms Private Placement

Stanbic IBTC Bank last week, exercised its constitutional right of appeal in relation to a judgment given by   the Honourable Justice John Tsoho of the Federal High Court, sitting in Lagos, which ordered the bank and Starcomms to pay the sum of N1.3 billion plus interest for alleged breach of a 2008 contract in a suit involving a former Group Managing Director of Afribank Nigeria Plc, Patrick Olayele Akinkuotu and his company, Long Term Global Capital Limited.
Stanbic IBTC believes it has a legitimate basis for lodging this appeal.

Stanbic IBTC affirmed its position that the bank, as Joint Issuing House with Chapel Hill Advisory Partners Limited, did not misrepresent any facts in the investor letter issued in relation to the private placement nor was such letter fraudulent.

Stanbic IBTC’s appeal is being made with the utmost respect for our judicial system and we continue to maintain that we are a law abiding corporation, operating to high ethical standards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Police confirm creation of new Department, Zonal Commands, FCID offices

The Nigeria Police Force has confirmed an ongoing massive reorganisation approved by President Muhammadu Buhari. The Force confirmed the...

IG redeploys 10 Commissioners of Police

The Inspector General of Police, Mohammed Adamu, has ordered the immediate posting and redeployment of 10 Commissioners of Police.

FG to use hotels, schools to isolate COVID-19 patients

The federal government says in the event of overflow of hospitals, hotels and schools will be used for isolating COVID-19 patients.

Asari Toru LGA chairman in Rivers state, Princewill Odiari dies from COVID-19

The Chairman of Asari Toru Local Government Area in Rivers State, Odiari Princewill, has died from COVID-19. According to reports,...

Recent Comments