Intercontinental Bank v Akingbola & Ors

Intercontinental Bank v Akingbola & Ors

Defendant's defence to Tropics payments is shadowy and improbable, lacking credible evidence or documentation; however, summary judgment is not granted due to possibility of relevant documents and factual disputes, so conditional leave to defend is ordered.

Parties
Claimant: Intercontinental Bank; First Defendant: Erastus Bankole Oladipo Akingbola; Defendant: Second Defendant; Defendant: Third Defendant; Defendant: Fourth Defendant; Defendant: Fifth Defendant; Defendant: Sixth Defendant
Jurisdiction
England and Wales
Judgment Date
24 March 2011
Procedural Posture
Commercial Court Claim / Summary Judgment Application
Outcome
Conditional leave to defend granted; summary judgment not given.
Legal Topics
Directors' Duties, Financial Assistance for Share Acquisition, Misappropriation of Funds, Statutory Relief From Liability, Summary Judgment Procedure
Company Law Banking Law Trusts and Equity Directors' Duties Financial Assistance for Share Acquisition Misappropriation of Funds Statutory Relief From Liability Summary Judgment Procedure

Case Brief

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Parties

Intercontinental Bank

Claimant

Erastus Bankole Oladipo Akingbola

First Defendant

Second Defendant

Defendant

Third Defendant

Defendant

Fourth Defendant

Defendant

Fifth Defendant

Defendant

Sixth Defendant

Defendant

Procedural Posture

Commercial Court Claim / Summary Judgment Application

Legal Issues

  1. 1 Whether Tropics payments were misappropriated by the Defendant
  2. 2 Whether payments constituted unlawful financial assistance under s159 CAMA
  3. 3 Whether Defendant is entitled to set-off for repayment of second Fuglers payment

Ratio Decidendi

Defendant's defence to Tropics payments is shadowy and improbable, lacking credible evidence or documentation; however, summary judgment is not granted due to possibility of relevant documents and factual disputes, so conditional leave to defend is ordered.

Court Disposition

Conditional leave to defend granted; summary judgment not given.

Orders

  • Leave to defend as to Tropics payments conditional upon payment into Court of sum to be agreed or ordered within specified time limit, in default judgment for £68m or N18.6bn plus interest.
  • Leave to defend as to second Fuglers payment.