FHC Upholds Mareva Injunction in Access Bank Case, Bank to Hold Onto SEPLAT's Assets

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Thursday, December 24, 2020 05:55 PM / by Proshare Research/ Header Image Credit: Zonk News


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In a judgement given today by Justice R.M. Aikawa of the Federal High Court (FHC) sitting in Lagos in the case between Access Bank Plc vs Seplat Petroleum Development Company and others, the FHC upheld an earlier Mareva injunction by allowing Access Bank to hold onto the assets of SEPLAT.

 

This was confirmed by our correspondent present at the court sitting.

 

Justice R.M. Aikawa said the Balance of Convenience tilts in favour of the plaintiff (Access Bank). He Granted the Mareva which means that Access Bank's receiver-manager would be in charge of SEPLAT's stated assets until the next ruling on pending applications which has been scheduled for January 26, 2021

 

Further details on the ruling to follow...


Related Links to Seplat's Announcement/Release

1.      Seplat twitter  Seplatpetroleum status on temple Road

2.     Seplat PressReleases 

3.     Seplat's Corporate Disclosure on the London Stock Exchange

4.     Seplat website

5.     Seplat's Corporate Disclosure on the Nigeria Stock Exchange



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Seplat's Related Party Relationship with Cardinal Drilling Nigeria

  1. Seplat 2019 Audited Report - Note 42, page 226
  2. Seplat Q1 2019 Interim Result - Note 24, page 35
  3. Seplat Q3 2016 Interim Result - Note 19, page
  4.  CARDINAL DRILLING Nigeria  - Homepage
  5.  SEPLAT Plc Refutes Being Party to Cardinal Drilling Services Loan with Access Bank
  6. IAS 24 - Related Party Disclosures

  

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Related Links

  1. Seplat's Navigation of Funding Options, Dual Listings, Eurobond and the Cardinal Drilling Loan
  2. Two Days After: ACCESS Share Price Dips By -2.92% as SEPLAT Remains Flat
  3. SEPLAT and Its Access Bank Nemesis - Plugging the Governance Gap
  4. SEPLAT Plc Refutes Being Party to Cardinal Drilling Services Loan with Access Bank

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