Distributor drags International Breweries to Appeal court
Ibadan, April 13, 2017(NAN) An Iseyin-based beverage distributor, Faidsam Nigeria Limited has appealed a judgement secured against it by International Breweries Plc at an Osun State High Court sitting in Ilesa.
This was contained in a notice of appeal made available to newsmen in Ibadan on Thursday by the Managing Director of the company, Mr Wasiu Adelabu.
The News Agency of Nigeria(NAN) reports that the firm filed its appeal against the judgement of
NAN reports that the firm appealed the judgement in the suit HIL/90/2016- International Breweries Plc vs Faidsam Nigeria Limited and 1 other delivered on Jan. 25 by an Osun State High Court, Ilesa.
Faidsam appealed the ruling on account of dissatisfaction with the judgment of the trial court, in spite of the weight of the evidences presented before it.
The appellate court has directed an unconditional stay of execution of the judgment delivered by the trial court.
It also directed the parties, particularly the plaintiff from carrying out or undertaking any act of omission in execution of the judgement pending the hearing and determination of the applicant’s appeal to the Court of Appeal against the judgment.
NAN reports that the International Breweries Plc had dragged the firm to the trial court over disagreement on payment of credit facility by Faidsam Nigeria Limited.
The plaintiff argued that Faidsam had refused to pay it a sum of N53million accrued from a credit facility it offered it
But, the defendant had argued that the plaintiff allegedly defrauded it through a cumbersome accounting system.
Adelabu told newsmen that the company had severally sought to reconcile its account with that of International Breweries, which the company never allowed.
“After several failed attempts, our company employed the services of an auditing firm, Fola Ojeyanju and Co. They did their auditing between September and October 2014.
“When the two companies sat for the reconciliation, it was discovered that the company has defrauded ours N23, 588, 192.12 within a single financial year,” he said.
He stated that the company admitted the fraud and credited their company’s account after much persuasion but efforts to get the audit firm audit the account of previous years proved abortive.
“If we were defrauded N23million in just a single financial year, how much do we know was lost to the same system in the previous years.
“We told the company to allow us audit from the previous years but it was frustrated. We then urged the company to write-off the outstanding payment on our credit facility to start afresh but they rebuffed,” he said.
Adelabu said that the scheduled meetings between both companies was aborted by the International Breweries before it dragged them to the Osun State High Court, Ilesa which judged in their favour.
He said that the company has also approached the appellate court with prayers that the judgement is upturned. (NAN)