Heritage Bank Plc has taken over Smooth Promotions Limited, owner of Hip TV following its inability to offset N185million loan obtained from the bank.
The asset was seized on the order of the Federal High Court Ikoyi Divisionan in which it authorised Mr. Gani-Gidado Abubakar, who is a Solicitor and Insolvency Practitioner, as the Receiver/Manager of Smooth Promotions Limited pending the determination of the orders of Court in Suit No: FHC/L/CS/362/19.
Ayo Animashaun, the owner of Smooth Promotions however, on his social media platform hinted that he was suing Heritage bank through his attorney, Kemi Pinheiro LP without giving details of the litigation.
A visit to the premises of the aforementioned property situated at No. 4 Ogundana Street, Off Allen Avenue, Ikeja; Lagos showed that the bank has taken possession of the property on the court order.
The takeover was prompted by the inability of Smooth Promotions to repay the loan that has dragged after several efforts to recover it were fruitless.
According to the court injunction published in a national newspaper, Heritage Bank is empowered to take over all properties, assets including production materials belonging to Ayo Animashaun’s Smooth Promotions.
“NOTICE is hereby given that all the properties comprising of but not limited to plants and machineries belonging to SMOOTH PROMOTIONS LIMITED and falling within the ambit of the receivership have been taken over and are now in firm possession of the Receiver/Manager,” the publication stated.
Whilst, the Publication further noted that banks, financial institutions, companies, general interested members of the public, debtors and creditors have been directed that all deposits, cash and other Assets currently held should be held until the issuance of further instructions and pay directly to the Receiver/Manager respectively.
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