L
LequteMan
Guest
Mr. Jean Missinhoun, a Senior Partner at US-based financial and investment company, Intangis Holdings, which is at the centre of controversy concerning the proposed sale of Mainstreet Bank by the Assets Management Corporation of Nigeria (AMCON), has given fresh insights on the planned sale of Mainstreet Bank.
In an interview with THE NATION, he says "The Purchase and Assumption Agreement (PAA), deposed to in June 2012 to the International Court of Arbitration in Paris and revealed by the financial agency Ecofin, raises serious doubts about the legality of the liquidation of Afribank and subsequent transfer of its assets to Mainstreet Bank.
"This transaction concluded in Nigeria between 5 and 8 August 2011 is illegal and the PAA evidences this. We feel vindicated after the sentence of the International Court of Arbitration that Afribank’s shareholders and creditors have been stripped of their rights."
"If AMCON manages to sell Mainstreet Bank after having organised Afribank’s liquidation and the transfer of its assets without ensuring proper reporting of the bank’s books, we would be dealing with a huge scandal.
"The banking group would be jeopardised, its customers endangered and its historic shareholders and creditors would suffer irreversible damages. Intangis Holdings cannot believe that Nigerian authorities would tolerate such actions in contradiction to the requirement for transparency and good governance.
"The Purchase and Assumption Agreement (PAA) confirms that Afribank’s liquidation and transfer of its assets to Mainstreet Bank are illegal, a serious offense under US law.
He said his company is "fully focused on the action against AMCON at the Supreme Court of the State of New York," and wants the value of its shares in the old Afribank, to revive the “dead” Afribank.
#AfriBank #AMCON #Nigeria #NewYork #Mainstreet #Nation
In an interview with THE NATION, he says "The Purchase and Assumption Agreement (PAA), deposed to in June 2012 to the International Court of Arbitration in Paris and revealed by the financial agency Ecofin, raises serious doubts about the legality of the liquidation of Afribank and subsequent transfer of its assets to Mainstreet Bank.
"This transaction concluded in Nigeria between 5 and 8 August 2011 is illegal and the PAA evidences this. We feel vindicated after the sentence of the International Court of Arbitration that Afribank’s shareholders and creditors have been stripped of their rights."
"If AMCON manages to sell Mainstreet Bank after having organised Afribank’s liquidation and the transfer of its assets without ensuring proper reporting of the bank’s books, we would be dealing with a huge scandal.
"The banking group would be jeopardised, its customers endangered and its historic shareholders and creditors would suffer irreversible damages. Intangis Holdings cannot believe that Nigerian authorities would tolerate such actions in contradiction to the requirement for transparency and good governance.
"The Purchase and Assumption Agreement (PAA) confirms that Afribank’s liquidation and transfer of its assets to Mainstreet Bank are illegal, a serious offense under US law.
He said his company is "fully focused on the action against AMCON at the Supreme Court of the State of New York," and wants the value of its shares in the old Afribank, to revive the “dead” Afribank.
#AfriBank #AMCON #Nigeria #NewYork #Mainstreet #Nation
