AUSTINLAZ Releases Q1 Result and Announces Victory in Court Case Over BOI

Proshare

Tuesday, July 24, 2018 10:30AM / NSE

Austin Laz and Company Plc (“Austin Laz” or the Company”) wishes to inform its shareholders and the investing public that the Company filed its Unaudited Financial Statements (UFS) for the period ended 31st March 2018 with The Nigerian Stock Exchange (“The Exchange”) on 8th May 2018.

This account was filed out of the required filling timeline as prescribed by the Rules of The Exchange on filling of accounts. This was as a result of the protracted dispute and court case between the Company and the Bank of Industry (BOI) which crippled the Company’s activities for over four years.

Austin Laz is pleased that the Court case has now been decided in its favour, and the Court of Appeal sitting in Benin, Edo State on the 17th May 2018 ordered the immediate vacation of the Company’s premises by BOI. The Appellant Court declared BOI’s illegal action against Austin Laz and the earlier ruling of the Federal High Court presided over by Justice Mohamed Liman as premature and incompetent. The lead judgment of the three-man Appellant Court delivered by Hon. Justice Mudeshiru Oniyangi therefore set aside the aforesaid Federal High Court judgement delivered on 6th July 2015.

Austin Laz is pleased to inform its esteemed shareholders and other stakeholders that the management is putting all necessary polices/measures in place to ensure that the company bounces back to full operations with the objective of satisfying the investment of its share- holders. The company also assured the numerous customers of the company across the country that their much needed products will soon be available to them.

Furthermore, the Company wishes to thank its shareholders for their steadfastness and patience and assures them that the worst times are over and look forward to a rewarding future for all stakeholders.

Meanwhile, the Bank of Industry’s Receiver and their security men have been charged to Court by the Nigeria Police after discovering the Massive Looting of the Company’s properties, stocked goods, manufacturing accessories, air conditioners, computers etc. The factory machines were completely vandalized. The value of damaged assets and looted goods and accessories of the Company under BOI and its agents is worth over £418. Despite all these, the company is set to bounce back to full operations.


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