A mareva injunction barring Shoprite Checkers (PTY) Limited from disposing of or transferring its assets out of jurisdiction over a $10m judgment debt has been handed down by Justice Mohammed Liman of Federal High Court sitting in Lagos.
According to Punchng.com, the judgement is in favour of a Nigerian firm, A.I.C. Limited.
It said the company in 2018 secured the verdict against the South-African firm, which recently announced plan to divest its interest and pull out of Nigeria.
Giving a lowdown of the lawsuit, it said A.I.C dragged Shoprite to court alleging it of breach of contract.
The plaintiff reportedly told the court that it invited the South African retail supermarket operators to Nigeria and opened their eyes to business opportunities in the country, and in principle agreed to a joint venture but along the line respondent jettisoned their agreement and went behind its back to set up its outfit in 2005.
The paper said Justice Lateef Lawal-Akapo of the Lagos State High Court in Ikeja awarded $10m A.I.C in damage to which Shoprite appealed but suffered same fate at the Appeal Court.
“The judgment debtor/1st respondent,” and its privies “from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for purchase of merchandise, from within the jurisdiction of this honourable court,” the publication quoted the mareva injunction as reading.