MAREVA INJUNCTION: COURT OF APPEAL MOVES TO CHECK ARBITRARY USE BY CREDITORS

Haladu v. Access Bank Plc [2021]

In the case, the creditor, Access Bank Plc (Respondent), applied for a Mareva Injunction against the alleged debtor, Andrew Haladu (Appellant), restraining his bankers from allowing him access to funds standing to his credit. The Bank was aiming to recover the sum of over N6 Billion allegedly owed by one H. A. R. Petroleum Services Ltd and which was allegedly guaranteed by Mr. Haladu. Mr. Haladu denied any indebtedness.

The trial Court granted the interlocutory Mareva Injunction on 31 May 2017 pending the hearing and determination of the substantive suit.

Mr. Haladu challenged the Order contending that the Bank did not fulfill some of the preconditions for the grant of the Order.

The Court of Appeal took time to consider the surrounding circumstances and the arguments. In arriving at its decision, the Court of Appeal found that the Bank failed to give an undertaking as to damages...

But that’s not even the only problem. The Court of Appeal also found nothing to support the allegation of the Bank that Mr. Haladu was transferring funds outside jurisdiction...

The order was set aside without much stress.

See the link below to read more and update your knowledge on Mareva Injunction.

https://stephenlegal.ng/mareva-injunction-court-of-appeal-moves-to-check-arbitrary-use-by-creditors/