Ecobank Confronts $68 Million Legal Claim Over Alleged Coercive Business Tactics
TL;DR
ECOBANK faces a $68 million legal claim over allegations of coercion and defamation.
Legal action is taken against Jeremy Awori, ETISRC, ENG, and Oladele Alabi for coercion and defamation in Nigeria.
Wilben Trade and Marcus Wade seek justice against ETISRC's damaging allegations to protect their reputation.
International legal action is pursued to address Ecobank's abusive tactics and repair the damage caused by baseless complaints.
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Ecobank Transnational Inc (ETI) and its subsidiaries are facing a substantial $68 million legal claim in the United Arab Emirates, alleging defamation, abusive legal proceedings, and coercion against Wilben Trade and its CEO, Marcus Wade.
The dispute originates from a 2015 transaction where Ecobank Nigeria (ENG) suffered losses exceeding $42 million from deals with Agrico Agbe Limited and Little Rose Trading LLC. Wilben Trade was initially involved only as an intermediary service provider for a Letter of Credit.
After unsuccessful attempts to recover losses from the original transaction parties, ETI's Specialized Resolutions Company (ETISRC) allegedly shifted focus to Wilben Trade. The company's legal counsel characterizes ETISRC's pursuit as an 'extortion attempt', given Wilben Trade's limited transactional role.
In 2022, ETISRC escalated actions by filing a report with the Nigeria Police Force, alleging that Wilben Trade improperly received $42,485,900 and engaged in 'Conspiracy and Fraudulent Conversion'. Wilben Trade strongly disputes these claims, asserting they are fabricated.
The legal action underscores broader concerns about potential misuse of institutional resources in corporate disputes. Wilben Trade's legal representation, Sofunde Osakwe Ogundipe & Belgore, indicates they are pursuing both Nigerian and international legal channels to address what they describe as Ecobank's 'abusive tactics'.
This case potentially represents a significant challenge to corporate accountability, highlighting the complexities of cross-border financial disputes and the potential for institutional power to be leveraged in contested business interactions.
Curated from News Direct
