Published On: Fri, Feb 17th, 2017

Debt divides Guinness Nigeria, Pharma Deko

GuinnessLAGOS, (CAJ News) – GUINESS Nigeria, the brewing company, has responded through legal channels to a court ruling that it owes Pharma Deko over N175 million (US$556 000).
The Federal High Court in Lagos has issued an arbitral award in favour of Pharma Deko over alleged breach of contract.
“Guinness Nigeria denies that it is indebted to Pharma Deko Plc in the stated amount or any amount at all and its solicitors have filed a robust defence to Pharma Deko’s claims in court,” the brewer stated.
It said the amount claimed by Pharma Deko in the court process was “insignificant” when compared with the revenue, cashflow and balance sheet of the company and “management is very confident of being able to repudiate the claims in court.”
“The management of Guinness Nigeria wishes to assure its employees, customers, shareholders and other stakeholders that it is capable of meeting its financial and other obligations to its various stakeholders and that it continues to operate as a going concern.”
CAJ News

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