Stallion Group has said a Federal High Court judgment obtained by United Bank for Africa Plc (UBA) against Stallion Nigeria Limited and certain other companies does not affect the wider Group or businesses that were not parties to the proceedings.
According to a statement signed by AbdulSalam Gaffar Olatokunbo on behalf of Stallion Group, the clarification follows media reports which the Group said had created a misleading impression about the scope of the judgment.
The statement explained that the disputed credit facility was granted to Stallion Nigeria Limited and selected companies, each operating as a separate legal entity.
It said the relevant companies disputed the alleged indebtedness and maintained that the facility was adequately secured by assets pledged to UBA.
Stallion Nigeria Limited has appealed the judgment and is continuing to engage with the bank while preserving its legal rights and remedies, the statement added.
The Group stressed that most of its companies were not parties to the proceedings and had no obligations arising from the judgment.
It said their businesses, assets and obligations remained separate and unaffected.
It also clarified that no judgment was entered against the Vaswani brothers, Haresh Vaswani and Mahesh Vaswani, adding that neither was a party to the suit or the pending appeal and that neither had personal or collective liability to UBA arising from the judgment.
According to the statement, companies not involved in the proceedings have continued their production and trading activities and remain focused on serving customers and meeting their lawful obligations to banks, suppliers and other stakeholders.
Stallion Group reaffirmed its commitment to fulfilling its lawful obligations and thanked its stakeholders for their continued confidence.
The statement reiterated that businesses not involved in the proceedings remained operational, while Stallion Nigeria Limited continued its appeal and engagement with UBA.
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