FIRSTBANK FILES APPEAL

• INJUNCTION AND STAY OF EXECUTION
• CARGO REMAINS UNDER ARREST

In a surprising twist of events, its decision delivered today, the Federal High Court in a surprising shift from the true nature of FirstBank ’s claim held that the matter is not a maritime claim but rather, a simple case of debt recovery. This is quite surprising considering the fact that the order sought is to prevent further fraudulent sale of crude on the FPSO.

Shockingly, the court also held that the Arrest Order against the cargo, because it was exparte in nature, expired by effluxion of time within 14 days of its issuance.

Aggrieved by the decision, FirstBank lodged an appeal against the decision of the FHC. Also, FirstBank filed an application for an injunction of the court against GHL, pending the determination of the appeal. The Cargoes of Crude Oil on the FPSO TAMARA TOKONI remain arrested.

While FirstBank has great respect for the courts, it strongly disagrees with the ruling, which, in our view, constitutes a miscarriage of justice.

FirstBank remains committed to protecting and securing the interest of its members and will relentlessly pursue justice against mischievous debtors seeking to use the machinery of the law to perpetuate mischief and evade their responsibility to offset outstanding obligations.

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