By Gbenga Ogunbufunmi
Zenith Bank Plc has dragged the Chairman/ CEO of Stallion Groups of companies, Mr. Sunil Vaswani before an Igbosere High Court Lagos, State, over alleged unpaid N23.4 billion debt.
Zenith Bank in the suit marked LD/3945GCMW/2020, filed against Mr. Vaswani, was due to his failure or refusal to pay the alleged debt despite several and repeated demands.
Consequently, Zenith Bank Plc through its lawyer, Mr. Kemi Balogun SAN, who led Chidozie Ndukwe, Babatunde Olanipekun and five others is asking for an order of the court entering judgment in the sum of N23, 388,188, 765. 49 billion against Vaswani, being his outstanding indebtedness on account of the guarantee given in respect of various sum advanced to Stallion Nigerian Limited which has remained unpaid as at 12th May,2020, in spite of repeated demands.
The bank is also asking the court for a declaration in its favour over the huge facilities advanced to Stallion Nigeria Limited, who has failed, together with the defendant, Sunil Vaswani, upon several and repeated demands, to liquidate the debt that has arisen therefrom, it is entitled to judgment against the Defendant in the sum of N23, 388,188, 765. 049 billion, being Mr. Vaswani’s outstanding indebtedness to it, as at May 12, 2020, and accrued interest.
Zenith Bank further asked the court for an order vesting in it, all the rights attached to Vaswani’s assets, landed properties and all other forms of real estate wherever located within the Federal Republic of Nigeria, the United States of America, United Arab Emirates, particularly and not limited to the property known as L9, Lailak Street, Emirates Hills, Emirates Living, the United Kingdom, particularly and not limited to the property known as 40, Avenue Road, London, NWH 8 6H5, and all countries of the European Union (EU), and any other jurisdictions worldwide and all forms of stock of shares in the equity of any company or investment. Cash deposits, bonds, wholly or jointly held investments in any Financial Scheme; all forms of negotiable instruments in all commercial banks, Discount Houses.
The bank claims also covers mortgage banks, merchants banks, savings and loans, and all financial institutions located within the Federal Republic of Nigeria, United States of America, United Arab Emirates, particularly and not limited to sums of money contained in accounts domiciled with Rak Bank of Rak Operations Center, Emirates Road, Ras Al Khaimah in the United Arab Emirates (UAE) and Emirates NBD Bank of Baniyas Road, Deira, Opposite Dubai Creek Tower, Next to Dubai Chamber, the United Kingdom, particularly and not limited to sums of money contained in accounts domiciled with Barclays Bank of 2, Churchill Pl, Canary Wharf, London E14 5R8, HSBC Bank of 8, Canada Square in Canary Wharf, London and Standard Chartered Bank 1, Basinghall Avenue, London, ECZV SOD, and all other countries of the European Union (EU) and any other jurisdictions worldwide, in which Sunil Vaswani has beneficial interests, on account of the guarantee on the unpaid credit facilities obtained by Stallion Nigeria Limited from the claimant ,together with accrued interest thereon as at of May 12, 2020, is fully realised.
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