The Senator representing Anambra Central Senatorial District, Chief Victor Umeh , has described the alleged ₦136m judgement debt obtained against him by the Asset Management Corporation of Nigeria (AMCON) as fraudulent.
Reacting to the development, Senator Umeh said, “I was not served the suit. They conducted the trial behind me.
“It was a joint share purchase loan and my liability is limited to the shares purchased which the bank kept in its custody before the collapse of the stock market.
“The bank kept and managed the shares untill the bank collapsed. They didn’t give me anything. The shares are with them; everything is with the bank.
“I contributed ₦8 million which was 30% of the Value of the shares while the Bank contributed ₦23 million which was 70%. The shares purchased served as the security or collateral. My Loss shall be the 30% I invested.
He said he did not on his own go for the shares, but that Skye Bank approached him to invest in the bank by purchasing the shares in 2008 and he contributed ₦8 million while the bank contributed ₦23 million, totalling about ₦31million for 5,000,000 million shares.
Stating that the forefeiture of the 5,000,000 shares according to the contract agreement should settle and end the whole transaction, Umeh said the Bank had a bad case and that was why AMCON did not tell the Court the truth behind him.
He said his lawyers had been to the court for three consecutive days to obtain details of the judgement to no avail.
He expressed optimism that the “fraudulent judgment” would be set aside for lack of fair hearing.
He said, “It is very unfortunate that an institution like AMCON can go to court and suppress relevant facts and hide the truth from the court without bringing the defendant to court; without serving the defendant the suit and obtain a judgement through fraudulent manipulation of the court.
“This attempt by AMCON will fail because we shall be in court to set aside that judgement for lack of fair hearing. If AMCON can do this to me, one will wonder what they do to ordinary Nigerians.
“Instead of probing the rape of Nigerians by the failed Banks and the Nigerian Stock Exchange, AMCON is busy chasing their Victims!
