Expatriates Disobey Court Orders, Attempt To Take Over Company

March 2, 2018 Business , News , Nigeria , OPINION/NEWS , OTHER

 

By

Morakinyo Samuel

 

 

Despite a subsisting court order to maintain status quo placed on West Africa Ventures (WAV) and Sea Trucks Group (STG) by the court in Nigeria, the management of STG (in liquidation) has gone ahead to forcefully take over the properties of WAV.

 

WAV had gone to court to seek an order preventing STG managed by expatriates from liquidating its assets and taking over its business in Nigeria and West Africa, as it affirmed that STG was formed from the proceeds of WAV and its intent was to manage offshore investments while WAV manages local investments.

 

It was gathered that STG, led by Fraser Moore, hired in 2002 by Jacques Roomans, founder and owner of WAV/STG, allegedly attempted to cart away Jascon 55 on Nigeria’s territorial waters in partnership with Iyke Ejizu and one Ikioda, a retired rear admiral of the Nigerian navy but were stopped by men of the Nigerian Navy.

 

It was further learnt that this occurred after they had allegedly taken possession of four vessels outside Nigeria’s territorial waters namely Jascon25, Jascon 28, Jascon 31 and Jascon 34 which Fraser has brazenly renamed Telford 25, 28, 31 and 34, with Telford based in Dubai, the name of the new company formed by Fraser and other expatriates that left WAV/STG.

 

Fraser was once the chief operating officer and managing director of WAV/STG as Jacques Roomans stayed behind as the chief executive officer but problem started when Fraser wanted to be the Chief Executive Officer which Jacques prevented and led to the resignation of Fraser in 2016.

 

Fraser was alleged to have instigated other expatriates hired to resign, but not after luring Jacques into taking a $456 million bond, transfer his assets to a Trustee in Jersey named Anglo Saxon Trust (AST) and made him defaulted in the repayment of the bond by two months, though Jacques had paid $120 million of the bonds face value by 2016, through Graeme Pennycook, the acting COO appointed after Fraser left.

 

Jacques had hired Fraser Moore, Stephen Assiter, Graham Pennycook and other expatriates to oversee WAV/STG businesses in Nigeria and West Africa.

 

But reacting, Fraser led STG, now Telford said there was no order preventing them from doing business in Nigeria and West Africa.

 

 

 

 

Morakinyo Samuel

Morakinyo is a passionate freelance reporter with experience in the business sector beats. He writes for various mediums after his degree in English Literature from the Obafemi Awolowo University (OAU), Osun State.

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