Firm prays court to quash decision against its purchase of Eko hospital
Respondents in the suit are Dr. Sunday Kuku, Dr Augustine Obiora, Senator M.N Ajegbo for and on behalf of the estate of late Dr. Alexander Eneli as well as Ekocorp Plc.
Following severe financial crisis, Eko Hospital, owned by Ekocorp Plc sought and obtained the approval of Security and Exchange Commission (SEC) for offer by special placement of 110 million of its shares to the appellant.
Consequently, Eko hospital offered the share capital at N4 per share, amounting to N440million to the appellant, making it own 53 percent equity.
Upon receipt of the funds, the board of directors of Ekocorp appointed Dr. Geoffrey Ohen, the alter ego of the appellant and other nominee to the board.
But the respondents surprisingly refused to hand over the management of the hospital to the core investor and instead filed an action at the federal high court, challenging the purchase of the shares.
As a result, the lower court voided the sale without a consequential order for the return of the N440m.
Aggrieved by the decision, the appell1ant, in a six grounds of appeal filed by its counsel, Chief Michael Agbamuche, is praying the court to set aside the part of the judgment dated May 7, 3018, which declared that there are acts of the appellant that are oppressive, unfair, prejudicial and unfairly discriminating to the interest of the petitioners.
It argued that the trial court erred in law when it held that there was no legal requirement on the 2nd and 3rd petitioners at the lower court to give evidence in support of their pleadings.
The appellants also contend with the part of the decision where the approval of SEC granted for the special placement of 110 million was set aside.
“That part where the trial judge held that in the absence of a takeover bid by the 1st respondent (Geoff Ohen) in line with section 131 of the Security and Investment Act, their application is declared illegal ab-initio.
That part of the judgment of the lower court where the court held that there is nothing upon which prayers 1,2,3,5 and 6 in the cross petition can be based and granted,” the appellant declared.
Alternatively, the firm is praying for an order, directing that if Eko hospital no longer want the appellant as a core investor, it should refund the sum of N440 million paid for the 110 million shares since August 2007 with interest at prime rate for all the time the money has laid in its hands up to the time of the judgment being appealed against.
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