SETRACO CRISIS: LEBANESE PARTNER, SAID FAYEZ KHALAF PLOT TO FREEZE COMPANY’S ACCOUNT EXPOSED

Shocking details of the questionable financial dealings by the Lebanese partner of Setraco Nigeria Limited (SNL), Engineer Said Fayez Khalaf, which were allegedly calculated to shortchange his Nigerian partner, the late Alhaji Inu Umoru, have emerged.
They form the grounds of the suit instituted by the family of the late construction mogul against Engineer Khalaf.
In a related development, Khalaf and his proxies have allegedly made moves to obtain an ex-parte order to freeze the bank accounts of SNL in order to disrupt the company’s businesses and operations, moves that the management was said to have urged the judiciary to reject. The management, as learnt, would want Khalaf and his proxies to approach the court by way of a Motion on Notice.

One of the questionable financial wrongdoings that have emerged concerned the subcontracting of civil engineering works to one of Engineer Khalaf’s shell entities, Foundation Tech Limited (FTL).

According to the record, FTL has received contracts up to the value of N1, 167,000,000:00 and USD10, 620,785:00 through a non-competitive bidding process with payments made through dummy names.

Khalaf is also alleged to have assigned contracts won by SNL to other companies in which he has interests without the consent of the board of SNL and also without proceeds shared with SNL.

Listed among the other entities are Setramech/Levant Construction Company Limited and Rockbridge Construction Limited.




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