AMCON sues firm, directors over N42b alleged debt

By Yetunde Ayobami Ojo

THE Asset Management Corporation of Nigeria ( AMCON) has filed a suit at the Federal High Court, Lagos against the Chairman of Milan Industries Limited, Milan Nigeria Limited and Milan Beverages Limited, Rajesh Valecha and four other directors of the companies over alleged inability to repay a N42 billion debt.

The other directors are Ramesh Valechha, Vikram Valechha and Akin Femiwa Akinsola.

Earlier, Justice Daniel Osiagor granted an order permitting AMCON to serve the Chairman, Board of Directors of Milan Industries Limited, Mr Valecha and three other directors, court processes through substituted means over alleged indebtedness. The judge made the order while ruling on an ex parte application filed by AMCON'S counsel, Mr. Kunle Ogunba ( SAN) to allow the Corporation to serve the defendants court processes via substituted means.

The court granted the application after reading the supporting affidavit, exhibits attached and the written address dated March 20, 2024, deposed to by Moses Festus and was moved by Mr. Ogunba. Leave is granted to the applicant herein to effect service of originating Processes ( Creditor’s Petition and Affidavit of Non- Multiplicity of action) and all other processes to be filed in this proceeding on the debtor through any of the following substituted means to wit; by posting at the debtor’s last known address at Road 2, G17/ 18, VGC Ayali, Lagos State, Lagos State.

"By advertising same in any edition of the daily newspapers circulating within the jurisdiction of this court.

"By serving same on the law firm of A. B Kasunmu Chambers, at 284 Murtala Mohammed Way, Alagomeji, Yaba, Lagos State, being Solicitors to the parent companies ( Milan Industries Limited and Milan Nigeria Limited.