The Rich Also Cry As Former Intercontinental MD, Erastus Akingbola Loses International Property

The Rich Also Cry As Former Intercontinental MD, Erastus Akingbola Loses International Property

06:16

These are not the best of times for former Group Managing Director of the defunct Intercontinental bank Plc, Erastus Akingbola, as according to reports, he has been ordered by a court in the Cayman Islands to pay the sums of 1.8 Million Pounds and 238.4 Billion Naira to Access Bank Plc following a suit filed against him for the recovery of funds allegedly misappropriated from the bank he was heading.
Access Bank acquired Intercontinental Bank and had filed the suit before a London High Court, demanding the recovery of the bank’s funds which was fraudulently converted and misappropriated. 

In the course of the trial, some of the funds were traced to the purchase of property in London by Akingbola. This led the court to order that the property be sold which led to the recovery of 11 Million Pounds sterling so far.

Still not satisfied with this action, the bank upon its discovery that Erastus Akingbola still has some assets hidden under a Trust in Cayman Island, proceeded to file an application to the Grant Court of the Cayman Islands to convert the London judgment to a Cayman Island judgment.

Unfortunately, Mr Akingbola failed to defend the application thereby causing Justice Andrew Jones QC to grant a default judgment in in favour of Access bank.

1 Response to "The Rich Also Cry As Former Intercontinental MD, Erastus Akingbola Loses International Property"

  1. Anonymous4 December 2014 at 12:52

    Ole nla,olori buruku somebody. All of una just start,were.

    ReplyDelete

Thank You For Reading....Your Comments Are Always Welcome!

Thank you for your comments

Subscribe to: Post Comments (Atom)