Monday, September 7, 2020

Asset transfer: Shoprite’s move to lift restriction order suffers setback


The Federal High Court in Lagos on Monday declined hearing an application to lift a mareva injunction barring South African retail company, Shoprite Checkers ( PTY) Limited , from transferring its assets.

The vacation judge at the court , Justice Nicholas Oweibo , said the matter was not urgent enough to be heard during the court ’ s ongoing vacation .

Shoprite is seeking to overturn a July 14, 2020 mareva injunction made by Justice Mohammed Liman of the same court in favour of a Nigerian firm , A . I . C . Limited .

A. I . C. Limited , which in 2018 secured a $10m judgment against Shoprite in a breach of contract lawsuit, obtained the mareva injunction against the backdrop of Shoprite ’ s announcement to pull out of Nigeria .

Justice Liman restrained Shoprite “ from transferring, assigning, charging , disposing of its trademark , franchise and intellectual property in a manner that will alter , dissipate or remove these non- cash assets and other assets, including but not limited to trade receivables, trade payables , payment for purchase of merchandise, from within the jurisdiction of this honourable court . ”

The judge also mandated the 2nd respondent, Retail Supermarket Nigeria Limited , “ to disclose its audited financial statements for the years ending 2018 and 2019 to enable the judgment creditor /applicant determine the judgment debtor’ s /respondent’ s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No : CA /L/288/2018. ”

The $10m judgment was in 2018 entered in favour of A . I . C . Limited against Shoprite by Justice Lateef Lawal -Akapo of the Lagos State High Court in Ikeja .

Displeased with the judgment , Shoprite had gone on appeal but it equally lost at the Court of Appeal and has now gone to the Supreme Court .

No comments:

Post a Comment






Email *

Message *