‘Bicourtney, Babalakin, firms not indebted to AMCON’

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‘Bicourtney, Babalakin, firms not indebted to AMCON’

‘Bicourtney, Babalakin, firms not indebted to AMCON’
October 23
09:49 2018

Bicourtney chairman Dr Wale Babalakin (SAN) and his companies are not indebted to the Asset Management Corporation of Nigeria (AMCON), their lawyer Olawale Akoni (SAN) said yesterday.

He said it was libelous for AMCON to publish their names as “delinquent debtors”.

Akoni said his clients were not indebted to AMCON in “any manner whatsoever” contrary to AMCON’s claim in an advertorial.

According to him, sometime in 2012, AMCON alleged that Resort International Limited (N20billion), Bicourtney Limited (N20billion) and Roygate Properties Limited (N9billion) were indebted to it.

The SAN said the Federal High Court in Abuja, on April 5, 2012, ordered that whatever debt was outstanding to any Federal agency by Bicourtney and companies related to it should be deducted from the sum of N132billion which the Federal Government owed Bicourtney Limited.

“The effect of this judgment is that as at that day, Bicourtney and companies associated with it had a judgment credit of N132b –N20b – N20b – N9b =N83billion.

“Bicourtney had a net judgment credit of N83billion,” Akoni said.

The SAN said AMCON subsequently lost a case against Resort International in which it claimed N20billion.

He said the court dismissed the case on the basis that Resort International did not owe AMCON N20billion, and that AMCON wrongly bought an equity transaction as debt.

The court, Akoni said, also held that the Federal Government was owing Resort International N55billion at an interest of 17 per cent per annum since December 3, 2015, an amount now over N100billion.

The SAN added that the court awarded N3billion as damages to Resort International for libel.

Akoni said despite the court verdicts, AMCON had continued to publish his clients’ names as debtors.

“As a responsible news organisation, we believe it is necessary to bring this irresponsible action of AMCON to your attention and warn you to refrain from following the bandwagon of AMCON’s delinquent behaviour,” Akoni added.

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