Court restrains AMCON from acquiring assets of Aero Contractors

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An Abuja Federal High Court on Thursday granted an order restraining the Assets Management Corporation of Nigeria (AMCON) from acquiring the assets of Aero Contractors Ltd.

Justice Ahmed Mohammed, granted the interlocutory order at the resumed hearing of a suit filed by Mrs Cecilia Ibru, ex-Managing Director of the defunct Oceanic Bank against AMCON.

In the suit, Ibru is challenging the plan to take over assets of Aero Contractor on the ground that AMCON breached the terms of agreement she entered with the Federal Government in 2010.

At the Thursday sitting, Ibru’s counsel, Dr Ted Iseghohi-Edwards, moved a motion for the maintenance of status quo, pending the determination of the substantive suit.

The lawyer argued that the motion was necessitated by the recent moves by AMCON to acquire the asset, notwithstanding the pending case challenging the action.

He urged the court to grant the restraining order to protect the substance of the case.

Mr Abayomi Okubote and Mr Terhemba Gbashima, counsel representing the defendants, the Attorney-General of the Federation, and AMCON, respectively opposed the motion.

Ruling in the matter, Justice Mohammed, granted the application and ordered parties to return to the status quo, prior to the commencement of the suit.

“The plaintiff’s prayer is that in the last few days, AMCON had made moves toward acquiring the assets of Aero Contractors Ltd.’’

He prayed the court to grant an order for the maintenance of status quo in view of the court’s forthcoming vacation.

“Consequent upon the above reason, I hereby, order parties to maintain status quo until the determination of this suit.

“If, however, it is later proved that the plaintiff hid some material facts about Aero Contractors, it should be prepared to pay whatever damages to the defendants,’’ he held.

The judge also ordered the plaintiff to file an undertaking to that effect within 24 hours and adjourned the case till Sept. 17 for further hearing (NAN)

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Source, Business News, http://businessnews.com.ng/2014/07/11/court-restrains-amcon-acquiring-assets-aero-contractors/

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