FirstBank Appeals Court Ruling, Seeks Injunction to Maintain Cargo Arrest

byTrump Francis -
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FirstBank Appeals Court Ruling, Seeks Injunction to Maintain Cargo Arrest


In a significant legal development, FirstBank has filed an appeal challenging the Federal High Court’s recent ruling, which reclassified its case from a maritime claim to a simple debt recovery matter. The bank expressed shock over the decision, emphasizing that its request was aimed at preventing the fraudulent sale of crude oil aboard the FPSO Tamara Tokoni.

The court also ruled that the arrest order on the crude oil cargo, initially issued ex parte, had expired after 14 days due to the passage of time. Displeased with this outcome, FirstBank promptly lodged an appeal and simultaneously filed for an injunction against GHL, seeking to maintain the arrest of the cargo pending the appeal’s resolution.

Despite the ruling, the crude oil cargo aboard the Tamara Tokoni remains under legal arrest. FirstBank, while reaffirming its respect for the judiciary, strongly disagrees with the decision, stating that it represents a miscarriage of justice.

The financial institution reiterated its commitment to protecting the interests of its stakeholders and vowed to persist in its legal battle against debtors attempting to exploit the legal system to evade their financial obligations.



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