Shoprite appeals judgment prohibiting the transfer of assets
SOUTH African retail company, Shoprite Checkers (PTY) Limited, has appealed an asset protection order stopping it from transferring its assets.
In 2018, A.I.C. Limited, a Nigerian firm, had against the backdrop of shoprite’s decision to pull out of Nigeria secured a $10 million mareva injunction against Shoprite in a breach of contract suit. The injunction was given by Justice Mohammed Liman of the Federal High Court, Lagos.
In the July 14, 2020 mareva, Justice Liman restrained Shoprite “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.”
The judge also mandated the 2nd respondent, Retail Supermarket Nigeria Limited, “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.”
However on Tuesday, Shoprite through Funke Adekoya (SAN), its lawyer, filed an application before Justice Nicholas Oweibo, of the Federal High Court in Lagos, to set the earlier judgement of the court aside.
The application has been adjourned till September 7 for hearing as the court is currently on vacation.