*Group reaffirms commitment to meeting lawful obligations
Stallion Group wishes to reassure its customers, bankers, business partners, suppliers and other stakeholders that the Federal High Court judgment obtained by United Bank for Africa Plc (UBA) concerns Stallion Nigeria Limited and certain other companies involved in the proceedings. It does not affect the wider Group or companies that were not parties to the case. This clarification follows media reports that, in the Group’s view, have created a misleading impression about the judgment’s scope.
The disputed facility was granted to Stallion Nigeria Limited and select companies, each a separate legal entity. The relevant companies dispute the alleged indebtedness and maintain that the facility was adequately secured by assets pledged to UBA. Stallion Nigeria Limited has appealed the judgment and continues to engage constructively with the Bank, without prejudice to its legal rights and remedies.
Most Stallion Group companies were not parties to the proceedings and have no obligations arising from the judgment. Their businesses, assets and obligations remain separate and unaffected. The judgment should not be characterised as applying to Stallion Group as a whole.
No judgment was entered against Vaswani brothers Mr Haresh Vaswani or Mr Mahesh Vaswani. Neither was a party to the suit or the pending appeal, and neither has personal or collective liability to UBA arising from the judgment.
The companies not involved in the proceedings have continued production and trading. They remain focused on serving their customers and are positioned to meet their lawful obligations to banks, customers, suppliers and other stakeholders.
Stallion Group appreciates the continued confidence of its stakeholders. Its companies not involved in the proceedings remain focused on their businesses, while Stallion Nigeria Limited pursues its appeal and continues its engagement with UBA.
Signed:
ABDULSALAM GAFFAR OLATOKUNBO
For and on behalf of Stallion Group
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