Pharma-Deko Plc has asked a Federal High Court in Lagos to wind-up Guinness Nigeria Plc over a debt of N175,699, 317.99 it claims it is being owed.
Why the request to liquidate Guinness?
It appears Pharmadeko entered into a canning agreement with Guinness Nigeria Plc which the latter eventually breached. They did not provide reasons why the contract was breached. Upon breaching the contractual agreement, the matter went into arbitration and it was resolved that Guinness pays a sum of N175.6 million to Phamadeko.
Pharmadeko is apparently now requesting that Guinness be liquidated because they are yet to receive the money. Interestingly, Guinness did not disclose this matter in its interim report for the period ended December 2016.
More on the story: Firm seeks winding up of Guinness Nigeria over N175 million debt