N175.699m Debt: We Don’t Owe Pharma-Deko At All, Guinness Tells NSE, Shareholders

N175.699m Debt: We Don’t Owe Pharma-Deko At All, Guinness Tells NSE, Shareholders

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Post Views: 251 Contrary to claims the board of Guinness Nigeria Plc, on Tuesday wrote to inform the Nigerian Stock Exchange (NSE) and indeed its shar...

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Contrary to claims the board of Guinness Nigeria Plc, on Tuesday wrote to inform the Nigerian Stock Exchange (NSE) and indeed its shareholders, that it is not indebted it is not indebted to Pharma-Deko Plc.
The company said its rebuttal had become necessary in view of a court process filed by Pharma Deko Plc, alleging a contractual debt of N175, 699, 317.99 representing an arbitral award made against the company to which Guinness said it has since responded.
Pharma-Deko in the court process, according to the statement by Guinness Nigeria’s company secretary- Rotimi Odusola, also suggests an inability to pay the said debt.
“We strongly dispute and deny that the company is indebted to Pharma Deko Plc in the stated amount or any amount at all,” Odusola wrote, assuring that its “solicitors have filed a robust defence to Pharma Deko’s claims in court.”
This, he continued, includes “an application asking the court to strike out the petition for want of jurisdiction being a matter filed in abuse of court processes.
“The claim by Pharma Deko Plc in the court process is for a nominal amount when compared with the revenue, cash-flow and balance sheet of the company.”
The company further expressed confidence in being able “to repudiate the claims in court.”
The statement assured stakeholders, including the market, customers, employees and other stakeholders of the company’s capacity to meet its financial and other obligations, as well as its going concern basis.

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