Access
Bank Plc has notified The Exchange that pursuant to its acquisition and
subsequent merger with former Intercontinental Bank Plc ("ICB"), Access
Bank Plc (“Access Bank”) assumed all interests in litigation matters
involving ICB. It is against this background that Access Bank assumed
the claims instituted by ICB in 2011 against Dr. Erastus Akingbola and
others, before Justice Burton of the United Kingdom High Court of
Justice, Queens Bench Division Commercial Court. Yesterday 31st July
2012, Mr. Justice Burton gave his judgment comprehensively in favour of
Access Bank Plc in respect of all its claims totaling 164 Billion Naira
against the defendants.
Access
Bank would therefore like to inform the public that following AMCON’s
injection of capital into ICB (now part of Access Bank) pursuant to the
Scheme of Arrangement approved by the Shareholders of the then ICB, and
sanctioned by the Federal High Court, AMCON made good all the losses
suffered by the then ICB under Dr. Erastus Akingbola’s management. It is
by virtue of AMCON’s intervention that the then ICB’s huge negative net
asset position was restored to zero.
In
consideration of this intervention, AMCON became subrogated to the
position of Access Bank in relation to any recoveries made by Access
Bank in respect of losses that had already been made good by AMCON,
(particularly losses occasioned by Dr. Erastus Akingbola). Accordingly,
the benefits of the recent judgment of the High Court of England which
found Dr. Erastus Akingbola liable for putting the funds of the then ICB
to unlawful use, will when realized by Access Bank, be for the benefit
of AMCON, having already made good the then ICB in respect of the losses
suffered for which the judgment compensates.
Source: Proshare
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