SAN FRANCISCO, July 16, (THEWILL) – The London Court of International Arbitration (LCIA) has ordered two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu and his deputy, Mr. Mofe Boyo, to pay US$680 million (N244.8 billion) to Ansbury Investments owned by Mr. Gabriele Volpi.
In a July 6 ruling, the LCIA held that Ocean and Oil Development Partners (OODP), British Virgin Islands (BVI), which owns 55.96 per cent of Oando Plc through a holding company, Ocean and Oil Development Partners (OODP) Nigeria Limited, is owing Ansbury Investments Incorporated US$600 million (N216 billion).
Ansbury Investment counsel, Mr. Andrea Moja, confirmed the LCIA award in a statement saying the Court also held that Whitmore Asset Management Limited, whose ultimate beneficial owners are Tinubu and Boyo, was also owing Ansbury US$80 million (N28.8 billion) making a cumulative debt of US$680 million.
Documents obtained from the LCIA, which is reputed to be one of the world’s leading international institutions for commercial dispute resolution, identified the family of Volpi, a Nigerian-Italian, as the ultimate beneficial owner of Ansbury.
The London Arbitration Court ruled that the “Third Shareholders Agreement” between the parties, is legally binding on the parties as claimed by Ansbury Investment.
The documents indicated that in a few days, the court will pronounce on accrued interests on the debts.
The statement said: “The claim of Whitmore Asset Management Limited that the parties agreed to a binding Fourth Shareholders Agreement was rejected.
“The alleged agreement by which Whitmore Asset Management Limited was to hold 60 per cent Of Ocean and Oil Development Partners (BVI) Ltd is not binding on the parties.
“Ocean and Oil Development Partners (Bvi) Ltd owes a debt to Ansbury Investments Inc for an amount of US$ 600 million.
“Whitmore Asset Management Limited owes a debt to Ansbury Investments Inc for an amount of US$ 80 million.
“This Partial Award will be followed by a Final Award in which the London Court of International Arbitration (LCIA) will pronounce on interests on the amounts owed and legal expenses.
“Given the above, Ansbury Investments Inc will immediately submit an application to London Court of International Arbitration (LCIA) in which it will be asked to charge Whitmore Asset Management Limited for all the due interests and legal expenses as well.”
However, Lawyers representing Tinubu and Boyo the Group Chief Executive and Deputy Group Chief Executive of Oando PLC and co-owners of Whitmore Asset Management Limited, said contrary to the claim by Moja, the amount owed to Ansbury Investments Inc, is $80m, which is owed by Whitmore Asset Management Limited, while the balance of $600m is owed by OODP BVI.
It added that OODP BVI Ltd, is owned by all three parties Wale Tinubu, Mofe Boyo and Gabriele Volpi, hence the judgment by LCIA implies that Volpi as part owner of OODP BVI owes himself by virtue of his ownership in the company.
It was learnt that had indicated that payment terms for the personal debt were being ironed out by the parties while payment terms for the $600 million owed by OODP will be determined by the LCIA.
