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Japaul Oil, Agip Exploration restrained from transfering funds on hired vessel

By Yetunde Ayobami Ojo
21 July 2015   |   4:24 am
A Federal High Court sitting in Lagos has restrained Japaul Oil & Maritime Service Plc, other defendants and their agents from transferring, paying any money standing to credit or which may incure to its benefit in the account possession of Nigerian Agip Exploration Limited through banks in respect of the Time Charter Agreement for the…

A Federal High Court sitting in Lagos has restrained Japaul Oil & Maritime Service Plc, other defendants and their agents from transferring, paying any money standing to credit or which may incure to its benefit in the account possession of Nigerian Agip Exploration Limited through banks in respect of the Time Charter Agreement for the use and hire of the MDPL Conqueror.

Justice Mohammed Idris ruling in a motion exparte filed by the plaintiffs counsel, Chidi Ilogu (SAN) in the suit delineated FHC/L/CS/1019/15 ordered mandatory injunction pending the hearing of the plaintiffs interlocutory applications.

He also ordered 2nd defendant whether by itself or agents to retain custody of any money standing to credit or which may incure to the benefit of the 1st defendant, it’s agent or instruction, Placement Fee as agreed under placement letter for the vessel MDPL Asha Deep, pending hearing and determination of the application.

The plaintiffs, Marine Delivery PTE Ltd and Marine Delivery MI Ltd instituted the action against Japaul Oil&Maritme Service and Nigerian Agip Exploration Ltd as first and second defendant respectively.

Among other orders granted by the court are the Mareva injunction freezing any funds, asset or receivable however describe and accruing to Japaul Oil and standing to its credit in accounts maintained with the banks sought to be restrained.

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