The US firmclaiming that its interests will be jeopadised if the Asset Management Company of Nigeria (AMCON) proceeds to sell Mainstreet Bank Limited, Intangis Holdings, has filed a complaint for damages for tortuous interference with contract against AMCON in the Supreme Court of the State of New York.
In a statement yesterday, Africa Media Agency acting on behalf of Intangis Holdings, said the firm’s dispute with AMCON over the sale of Mainstreet Bank Limited and its collateral interest in Afribank, have already been adjudicated upon by the International Court of Arbitration.
Earlier on Tuesday, Intangis Holdings, in a reaction to the issue, saidit expected AMCON, in its desire to divest from Mainstreet Bank, to allow for proper accounting procesure, by adopting the InternationalFinancial Reporting Standards (IFRS).
In its earlier statement, it said: “This liquidation, concluded between five and eight August, 2011, harmed all Afribank’s shareholders and creditors, including Intangis Holdings. Intangis Holdings referred the matter to the International Court of Arbitration, on 29 April 2011, which issued a preliminary decision in its favour in September 2013 and took the view that Mainstreet Bank was party to the contract between Intangis Holdings and Afribank.”
It said since that decision, AMCON has taken steps to divest from Mainstreet Bank, while omitting to make provision as required by the international accounting rules (IFRS) for certain liabilities of the bank, estimated by Intangis Holdings at $1.4 billion, adding that Intangis Holdings called for compliance with IFRS.
However, AMCON had since distanced itself from Intangis Holdings assertion, saying its investment and interests in Mainstreet Bank Limited have no linkage whatsoever with Afribank that Intangis claimed it invested in.