Shoprite challenges order restraining asset transfer

South Africa’s Shoprite Checkers (PTY) Limited Tuesday filed an application requesting the discharge of the mareva injunction preventing it from transferring its assets.

Funke Adekoya (SAN), the retailer’s lawyer, approached the vacation judge at the Federal High Court in Lagos, Justice Nicholas Oweibo, with an application seeking to set aside the injunction.

Justice Mohammed Liman of a Federal High Court sitting in Lagos had earlier issued the injunction in favour of A.I.C. Limited, which obtained a $10 million judgment against Shoprite in 2018 in a breach of contract suit.

AIC got the injunction in July against the backdrop of Shoprite’s plan to exit Nigeria.

READ ALSO: Shoprite to exit Nigeria after 15 years

Justice Liman restrained Shoprite from “from transferring, assigning, charging, disposing of its trademark, franchise, and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for purchase of merchandise, from within the jurisdiction of this honourable court.”

He similarly requested Retail Supermarket Nigeria Limited, the second respondent, “to disclose its audited financial statements for the years ending 2018 and 2019 to enable the judgment creditor/applicant determine the judgment debtor’s/respondent’s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No: CA/L/288/2018.”

Justice Oweibo on Tuesday said he needed to be convinced that the matter required urgent attention to warrant being heard during the court vacation.

The judge ordered Shoprite’s lawyer to file an application to that effect and adjourned proceedings to 7th September.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now