| Debtors & Recovery |     2474 VIEWS  |
| Debtors & Recovery | |
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Friday, May
31, 2019 / 07:10PM / By ESRC / Header Image Credit: scrollreport.com
The
ETI Specialized Resolution Company Ltd (ESRC) which took over the disputed
Honeywell loans is set to appeal the judgement delivered by Justice Ayokunle
Faji of the Lagos Federal High Court, on the protracted N5.5 billion legal suit
between Honeywell and Ecobank.
The
ETI Specialized Resolution Company Ltd (ESRC), a Recovery resolution vehicle of
the Ecobank group will fully prosecute the appeal as it strongly disagrees with
the decision of the court.
The
main purpose of ESRC is to pursue and recover all outstanding loan obligations
of customers whose loans were sold to the company. It has indeed made
appreciable progress in this regard.
The
suit, which was filed by Honeywell Flour Mills Plc, and its sister companies;
Anchorage Leisures Ltd and Siloam Global Limited, against Ecobank urged the
court to hold that they are not indebted to Ecobank, having paid N3.5 billion
based on a concession purportedly given by the Bank.
Justice
Faji in his judgement delivered on Friday May 31st, 2019, ruled that
since Honeywell paid in line with the agreement reached at the meeting of
December 2013, it is no longer indebted to Ecobank.
ESRC
said it will appeal the judgement as same did not take into consideration
salient facts put before the court. In the view of ESRC, a debtor should
be made to pay its full debt having failed to pay as and when agreed.
A
spokesperson for ESRC said that the company will pursue recovery of the debts
owed by the Honeywell companies to the logical conclusion through the courts,
as return of depositors’ funds is key to ensuring the sanctity of agreements
and viability of continued support and growth of local businesses by Banks.
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