Stallion Group companies remain unaffected, fully operational

Group reaffirms its committedness to gathering lawful obligations

Stallion Group wishes to reassure its customers, bankers, concern partners, suppliers and different stakeholders that the Federal High Court judgement obtained by United Bank for Africa Plc (UBA) concerns Stallion Nigeria Limited and definite different companies progressive successful the proceedings. It does not impact the wider Group oregon companies that were not parties to the case. This clarification follows media reports that, successful the Group’s view, person created a misleading content astir the judgment’s scope.

The disputed installation was granted to Stallion Nigeria Limited and prime companies, each a abstracted ineligible entity. The applicable companies quality the alleged indebtedness and support that the installation was adequately secured by assets pledged to UBA. Stallion Nigeria Limited has appealed the judgement and continues to prosecute constructively with the Bank, without prejudice to its ineligible rights and remedies.

Most Stallion Group companies were not parties to the proceedings and person nary obligations arising from the judgment. Their businesses, assets and obligations stay abstracted and unaffected. The judgement should not beryllium characterised arsenic applying to Stallion Group arsenic a whole.

No judgement was entered against Vaswani brothers Mr Haresh Vaswani oregon Mr Mahesh Vaswani. Neither was a enactment to the suit oregon the pending appeal, and neither has idiosyncratic oregon corporate liability to UBA arising from the judgment.

The companies not involv...