Business Court Shuts Down Skye Bank In Osun


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Skye Bank Plc branches in Osogbo, Osun state capital were yesterday shut down on the orders of an Osun State High Court over breach of contract with Tuns Farms Nigeria Limited, Leadership reports.

The bank had entered into agreement with Tuns Farm in 2005 when the bank offered a credit facility of N414,000,000 to Tuns and the money was accepted to develop the Abuja property projected to earn Tuns a net income of N1.152 billion.

Leadership gathered that Skye Bank turned around and released only N150 million, thus frustrated the company’s project and caused damages and huge loss of investment.

Court officials invaded the four branches of the bank domiciled in Osogbo including the pay point office located inside LAUTECH and not only halted transactions but also took over the properties of the bank in all the branch offices.

Skyebank.jpe


Meanwhile, Skye Bank PLC has described as process the illegal action of a customer, Tuns Farms Limited which acted illegally by disrupting its operations despite a notice of appeal and stay of execution order filed by the bank against an Osogbo High Court judgement in favour of the customer.

According to a statement issued by the bank, Tuns Farm abused the judicial process by approaching the same court whose judgement has been appealed for an enforcement order on the bank.

Curiously, the bank said the High Court granted the plaintiff’s request.


- Leadership
 
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