Sale of Continental Hotel: AMCON, Polaris, 11Plc Appeal Verdict

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The Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited and 11PLC have headed to the Supreme Court to contest the  judgment of the Appeal Court nullifying the sale of Lagos Continental Hotel to 11PLC.

According to a statement issued, yesterday, 11PLC said the parties filed the suit at the Supreme Court vide its Notice of Appeal dated December 5, 2022.

The statement, signed by a senior legal officer of the company, Samuel Ozeh, further disclosed that the parties have also filed a motion for stay of execution of the Appeal Court’s  judgement, pending the determination of the suit by the Supreme Court.

The motion for stay of execution, copies of which were made available to journalists, was also dated December 5, 2022.

“This move has effectively arrested the ability of Milan Industries Limited to enforce the Appeal Court’s judgement and would compel the parties to maintain status quo pending the final determination of the appeal by the Supreme Court,” the statement said.

“In view of this situation, the ownership and operation of the Hotel by 11 Hospitality is not in any way impacted.

“11 Hospitality remains upbeat in the circumstance as its acquisition of the Hotel followed due process and it believes AMCON assigned a valid title to it pursuant to the extensive powers vested in the Corporation under Section 34 of the AMCON Act (as amended)”.

(Vanguard)

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