$10m Debt: Vacation Judge Declined To Hear Shoprite Urgent Application

Posted on September 7, 2020

A Federal High Court sitting in Lagos on Monday have declined hearing an application to lift a Mareva injunction barring South African retail company, Shoprite Checkers (PTY) Limited, from transferring its assets.

Justice Nicholas Oweibo, who is vacation judge said that the matter was not urgent enough to be heard during the court’s ongoing vacation.

Shoprite is seeking to overturn a July 14, 2020 Mareva injunction made by Justice Mohammed Liman of the same court in favour of a Nigerian firm, AIC Limited.

AIC Limited, which in 2018 secured a $10 million judgment against Shoprite in a breach of contract lawsuit, obtained the Mareva injunction against the backdrop of Shoprite’s announcement to pull out of Nigeria.

Justice Liman restrained Shoprite “from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for purchase of merchandise, from within the jurisdiction of this honourable court.”

The judge also mandated the second respondent, Retail Supermarket Nigeria Limited, “to disclose its audited financial statements for the years ending 2018 and 2019 to enable the judgment creditor/applicant determine the judgment debtor’s/respondent’s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No: CA/L/288/2018.”

The $10 million judgment was in 2018 entered in favour of AIC Limited against Shoprite by Justice Lateef Lawal-Akapo of the Lagos State High Court in Ikeja.

Displeased with the judgment, Shoprite had gone on appeal but it equally lost at the Court of Appeal and has now gone to the Supreme Court.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

  The Oyo State Government has said it would implement stringent measures to curb... Continue
President Bola Tinubu has condemned the reprehensible acts perpetrated by kidnappers across the country,... Continue
    The Executive Governor of Imo State,  Senator Hope Uzodimma, has called for... Continue
DIANA-MARY NSAN The Honourable Minister of Sports Development, Senator John Owan Enoh, has stated... Continue
Oyo State College of Nursing and Midwifery has extended the sale of Basic Midwifery... Continue
  In a testament to its commitment to capacity building and empowerment, the Executive... Continue
MICHAEL AKINOLA  A man, Ugochukwu Onuoha, will be spending the rest of his life... Continue
The Oyo State Government has reiterated that the ban on collection of illegal levies... Continue
President Bola Tinubu has extended his congratulations to Mr. Bassirou Diomaye Faye on his... Continue
AISHA ABUBAKAR  A man, Ayedun Makanjuola, has been sentenced to four years imprisonment  without... Continue

UBA


Access Bank

Twitter

Sponsored