Published On: Fri, Sep 4th, 2015

Bank refutes media allegations of impropriety

Stanbic Chidi OkezieLAGOS, (CAJ News) – STANBIC has refuted allegations of impropriety madeagainst it in the media.

Chidi Okezie, Company Secretary, said the bank’s attention had been drawn to an advertorial by a news organisation in which several false allegations were made.

“Ordinarily, we would not dignify the advertorial with a response becauseit is mischievous, borders essentially on matters which are pending incourt, and it is intended to draw us into discussing our businessoperations on the pages of newspapers.”

However, we are constrained to respond to certain aspects of theadvertorial for the benefit of our stakeholders and the general public,”said Okezie.Okezie said Stanbic IBTC was a fully compliant and responsible corporatecitizen operating in line with international best practices.

Contrary to the advertorial, the books of Stanbic IBTC represent the trueand fair view of the financial performance and position of the company.

“The accruals in the books of Stanbic IBTC are in line with InternationalAccounting Standards, “IAS 37”, which requires that provi-sions are madefor liabilities and reversals effected once the liabilities are no longerpayable.

Stanbic IBTC has not and will not make any remittance which issubject to NOTAP approval without obtaining such approval,” Okezie said.

Okezie said Stanbic IBTC was unable to respond specifically to allegationsin the advertorial that are anchored on Suit No. FHC/ABJ/CS/773/2014 andSuit No. FHC/L/CS/1155/15.However, Stanbic IBTC wished to state that it is vigorously defending the cases and that the application filed by the Plaintiff in Suit No.FHC/L/CS/1155/15 for an order of interlocutory injunction restraining discussion and voting on an agenda item at the Extra-ordinary General Meeting (EGM) of the company held last month in respect of the resolution for the General Mandate of members of the company to proceed with certaintransactions was refused by the Federal High Court.

“Notwithstanding that the refusal of the afore-stated application pavedthe way for Stanbic IBTC to proceed with considering and voting on theagenda item, our Chairman in a magnanimous gesture stepped down thediscussion and voting on the agenda item.”

CAJ News

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