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Oando PLC’s has distance itself from the judgment of the International London Court of Arbitration handed down to some of its directors asking them to the Sum of $680million to Ansbury Investments Inc. It stated that while it cannot deny that Wale Tinubu and Omamofe Boyo are high level stakeholders in Oando plc, the company was not involved in the transaction that led the parties concerned finding themselves in the court of arbitration..
Following an investment dispute between Whitmore Asset Management Limited, jointly owned by Adewale Tinubu and Omamofe Boyo and Ansbury Investment Inc. owned by Gabriel Volpi the court has ordered the duo to pay the said amount.
Oando in press statement is issued to provide clarity to shareholders and the general public stated that Oando PLC (“the Company” or “Oando”) is not a party to the arbitration;
Secondly, the company said the London Court of International Arbitration did not order it to pay any sum of money to Ansbury Investments Inc.; and Oando PLC is not in any way indebted to Ansbury Investments Inc.
“We understand that the parties involved in the arbitration are Whitmore Asset Management Limited (a company beneficially owned by Jubril Adewale Tinubu and Omamofe Boyo) and Ansbury Investments Inc. (a company beneficially owned by Gabrielle Volpi). We confirm that neither party is a shareholder in Oando PLC’’.
It said it is informed that the London Court of International Arbitration (LCIA) on July 6, 2018 ruled that Whitmore Limited should pay Ansbury Inc. the sum of $80m. The LCIA also ordered Ocean and Oil Development Partners OODP BVI (OODP BVI), a joint venture company incorporated in the British Virgin Islands by Ansbury Inc. and Whitmore Limited, to pay Ansbury Inc. the sum of $600m.
“OODP BVI are in turn 99% shareholders in Ocean and Oil Development Partners Nigeria (OODP Nigeria) the majority shareholder in Oando PLC by way of 57.37% stake in the Company.
As regards the issue of petition that Ansbury Inc. filed with the Securities and Exchange Commission (SEC) about mismanagement of Oando PLC and indebtedness arising from Ansbury’s interpretation of the published 2016 Audited Financial Statements of Oando PLC., it said a forensic audit into the affairs of the Company officially began with an on-site review by the appointed external auditor commencing in March 2018.
“In the spirit of goodwill, transparency and full disclosure, the Company will continue to cooperate with the SEC in the discharge of their duties as the Capital Markets regulator during this exercise as well as update the market on any reports that may have a bearing on investors’ decision and the value of their shares,” the statement said.