The Milan Group has filed two separate suits against Skye Bank and its appointed receiver/manager, Mr. Kunle Ogunba, over the management of Intercontinental Hotels, Lagos.
Milan Industries Limited, owners of Intercontinental Hotels, Lagos recently took over the management of the five star hotel following the ruling by a Federal High Court, which struck out the receivership suit filed against the company by Skye Bank.
A statement by Dodco Services Limited/Company Secretary had about two weeks ago said: â€œWe wish to further state that the receivership action instituted by Skye Bank Plc against Milan Industries Limited in Suit No. FHC/L/CS/255/17 was on March 20 2018 struck out in its entirety by Justice Babs Kuewumi of the Federal High Court in Lagos. The implication of the order of the court striking out the above action is that the interim order of March 14, 2017 by which Mr. Kunle Ogunba was managing Intercontinental Hotels as receiver/manager is automatically discharged. Again, upon the delivery of the ruling of the court on March 20, 2018, Milan Industries Limited immediately took possession of the hotels as well as the management of the hotels on the said March 20 2018 at about 4p.m.â€
Following the development, Milan Industries has instituted a fresh action in court against Skye Bank and Mr. Kunle Ogunba in Suit No. FHC/L/CS/463/18 currently pending before the Federal High Court, Ikoyi, and another action in Suit No. LD/5014GCMW/2018, against the bank, pending at the Lagos Division of the High Court of Lagos State.
In suit No. FHC/L/CS/463/18, the company is challenging the legality of the appointment and operations of the purported receiver/manager (Mr. Kunle Ogunba) who was illegally appointed prior to the maturity of the subject loan, which was to reach maturity in September, 2021. In Suit No. LD/5014GCMW/2018, the company is claiming that Skye Bank used the proceeds from the hotel to liquidate all sums the claimant allegedly owed it during the period of its illegal receivership. The company also seeks a declaration that Skye Bankâ€™s continued illegal and excessive charges, fees, interests and deductions being levied or charged to the companyâ€™s account amounts to a breach of contract on the assets of the company. The Company also seeks injunction against continued charges of interest on the account of the company among others.
Milan Industries Ltd had taken a facility from Skye Bank to part finance the five star hotel located in Victoria Island, Lagos and managed by IHG.
The Milan Group, it was gathered, has up till 2021 to pay back the facility but in a curious move, the bank obtained an interim order to take over the management of the hotel, an order that was vacated when the suit was struck out by the court on March 20.