Group reaffirms its dedication to assembly lawful obligations
Stallion Group needs to reassure its clients, bankers, enterprise companions, suppliers and different stakeholders that the Federal High Court judgment obtained by United Bank for Africa Plc (UBA) considerations 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 experiences 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 preserve that the ability was adequately secured by belongings pledged to UBA. Stallion Nigeria Limited has appealed the judgment and continues to have interaction constructively with the Bank, with out prejudice to its authorized rights and cures.
Most Stallion Group companies weren’t events to the proceedings and haven’t any obligations arising from the judgment. Their companies, belongings and obligations remain separate and unaffected. The judgment shouldn’t be characterised as making use of to Stallion Group as a complete.
No judgment was entered towards Vaswani brothers Mr Haresh Vaswani or Mr Mahesh Vaswani. Neither was a celebration to the go well with 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 targeted on serving their clients and are positioned to fulfill their lawful obligations to banks, clients, suppliers and different stakeholders.
Stallion Group appreciates the continued confidence of its stakeholders. Its companies not concerned within the proceedings remain targeted 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
