Heritage Bank Plc to acquire the firm over a purported N668m debt.
The loans include: an overdraft facility of N20m on August 12, 2013; an enhancement of the N20m loan to N60m on September 5, 2013; an overdraft facility to the tune of N40m and another loan of N250m to finance the purchase of an outdoor broadcasting vehicle. This implied that in the event that Smooth Promotions was unable to offset its debts, Heritage Bank could immediately appoint a receiver and take over the assets of the company
With the conviction that the purported indebtedness was false, Smooth Promotions engaged the services of an auditing firm, Messrs. SMD Consulting, to undertake a forensic investigation of its bank account. The bank also asked the court to restrain the firm and its directors or its proxies from obstructing the activities of the receiver over the assets.The court granted the ex parte order on March 22, 2019.
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