Lagos – STANBIC has refuted allegations of
impropriety made against it in the media.
Chidi Okezie, Company Secretary, said the bank’s
attention had been drawn to an advertorial by a news organisation in which
several false allegations were made.
“Ordinarily, we would not dignify the advertorial with a
response because it is mischievous, borders essentially on matters which are
pending in court, and it is intended to draw us into discussing our business
operations on the pages of newspapers.
"However, we are constrained to respond to certain
aspects of the advertorial for the benefit of our stakeholders and the general
public,” said Okezie.
Okezie said Stanbic IBTC was a fully compliant and
responsible corporate citizen operating in line with international best
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Contrary to the advertorial, the books of Stanbic IBTC
represent the true and fair view of the financial performance and position of
“The accruals in the books of Stanbic IBTC are in line
with International Accounting Standards, “IAS 37”, which requires that
provi-sions are made for liabilities and reversals effected once the liabilities
are no longer payable. Stanbic IBTC has not and will not make any remittance
which is subject to NOTAP approval without obtaining such approval,” Okezie
Okezie said Stanbic IBTC was unable to respond
specifically to allegations in the advertorial that are anchored on Suit No.
FHC/ABJ/CS/773/2014 and Suit No. FHC/L/CS/1155/15.
However, Stanbic IBTC wished to state that it is
vigorously defending the cases and that the application filed by the Plaintiff
in Suit No.
FHC/L/CS/1155/15 for an order of interlocutory injunction
restraining discussion and voting on an agenda item at the Extra-ordinary
General Meeting (EGM) of the company held last month in respect of the
resolution for the General Mandate of members of the company to proceed with
certain transactions was refused by the Federal High Court.
“Notwithstanding that the refusal of the
afore-stated application paved the way for Stanbic IBTC to proceed with
considering and voting on the agenda item, our Chairman in a magnanimous
gesture stepped down the discussion and voting on the agenda item.”
- CAJ News