MRS Holdings is been prepped up for winding up by the Asset Management Company of Nigeria.
In a suit titled: FHC/L/CP/923/2016 AMCON prayed that the Federal High Court, Lagos Division to allow it force an insolvent MRS into compulsory liquidation.
MRS is indebted to AMCON to the tune of NGN81 billion. According to AMCON, MRS entered into an agreement with AMCON in February 2014 to restructure the debt, which then stood at over N74 billion. In the agreement executed by Alhaji Dantata and another Executive Director of the oil company, MRS agreed amongst other conditions that; in the event of default, all concessions granted under the terms of settlement shall be revoked and the facility called in at the discretion of AMCON.
AMCON said Alhaji Dantata and one of his directors also signed a default indemnity, which stated that if MRS Holdings Limited failed to pay any sum (of principal, interest or otherwise) due or to become due as agreed, MRS Holdings Limited shall pay additional interest at a default rate determined by AMCON on the unpaid sum from the date when such payment was due up to the default payment.
Over the past few months, AMCON had intensify its drive to recover toxic debts from recalcitrant chronic debtors. The corporation will be winding up its operations in 2024 according to its filings and it is expedient it takes speed seriously to meet the target.
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