Ecobank Has Filed A Lawsuit Preventing Honeywell From Dissipating Assets

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Ecobank Has Filed A Lawsuit Preventing Honeywell From Dissipating Assets
Ecobank Has Filed A Lawsuit Preventing Honeywell From Dissipating Assets

Ecobank Nigeria Limited has requested that the Federal High Court in Lagos enjoin Honeywell Group Limited from dissipating its assets pending the hearing and determination of the suit’s winding-up proceedings.

 

According to the statement, the assets included, but were not limited to, Honeywell Group’s stake in Honeywell Flour Mills Plc.

The bank asked the court to prevent the transfer of all shares held/belonging to Honeywell Group in any corporate body, particularly its entire holdings in Honeywell Flour Mills, until the winding-up action was resolved.

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The bank made the prayers, along with four others, in a suit filed as FHC/L/CP/1571/2015 between it as petitioner/applicant and Honeywell Group as the first respondent in the matter of Flour Mills of Nigeria Plc – the party (second respondent) seeking restraint.

Despite the pending winding-up action, the bank stated that “the entire business community was awash with news of the proposed sale of 71.69 percent of the first respondent’s stake/shareholding in Honeywell Flour Mills PLC to Flour Mills of Nigeria PLC for more than N80 billion.”