• Monday, June 24, 2024
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BusinessDay

Against AMCON’s claim, MRS says loan from consortium of banks fully repaid

MRS-oil

Major oil marketer, MRS says it is not indebted to the Asset Management Corporation of Nigeria (AMCON).

This follows claims by AMCON that MRS is indebted to it to the tune of N81bn.

According to MRS, “the correct position is that MRS obtained a loan from a consortium of banks in Nigeria for a viable project. AMCON took over the loans. However it became clear to AMCON that MRS was paying down on the loan and agreed to restructure the loan on agreed terms of N74 billion.

“The said debt has since been fully settled. The terms of settlement were entered as Judgment of Court on 29 June 2015, in Suit No FHC/L/CS/1365/2015”, MRS said in a statement available to BusinessDay.

“MRS is shocked that in spite of having fully settled the debt, AMCON has decided to re-litigate an already concluded matter. AMCON has declared a new aggressive debt recovery drive. MRS has no problem with that but this does not give AMCON a licence to embarrass companies.

“It is not a crime to obtain loans for viable projects. Execution of viable projects leads to job creation and growth of the economy. However, when companies that obtain loans for legitimate businesses are being harassed and embarrassed in the name of aggressive debt recovery, it signals danger for economy growth,” MRS further stated.

MRS further stated that it is “taking legal advice to clear its good name and bring necessary actions to seek damages for the embarrassment and damage caused the company’s reputation and goodwill by AMCON’s publication and action.”

Meanwhile, MRS has assured all its customers and business associates that the AMCON newspaper report will not affect the company and its subsidiaries’ high quality services that it has always been known for and would seek redress for the damages caused by the publication.

It further assured the general public that MRS Holdings Limited and its subsidiaries would continue to transact their businesses with the highest ethical standards and in accordance with the extant laws of the Country.

Iheanyi Nwachukwu