The Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron and Steel Company Limited in Abuja and Bao Yao Huan Jian Iron and Steel, Calabar, Cross River State.
This is coming after an court ruling, ordered by Hon. Justice BFM Nyako of the Federal High Court.
The order, according to a statement from the corporation yesterday, mandates AMCON to take over all the assets of Bao Yao Huan Jian Iron and Steel Company Limited promoted by Mr. Shen Yaozhang and General Idris Garba (retired) over a staggering indebtedness of over N3billion.
In compliance to the court order, AMCON through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court has taken possession of Bao Yao Futurlex Iron & Steel Company Limited, Abuja.
The assets, which are now under AMCON, include Bao Yao Futurlex Iron & Steel Company Limited, Abuja as well as Bao Yao Huan Jian Iron & Steel Company Limited, Calabar belonging to the obligors, the statement added.
It further revealed that the order also froze all accounts of the companies in any financial institution in the name or belonging to the defendants, which include Bao Yao Futurlex Iron and Steel Company Limited; Bao Yao Huan Jian Iron & Steel Company Limited, Mr. Shen Yaozhang, Mr Ji Yunfeng and Gen. Idris Garba (rtd.) and all financial institutions served with the order.
Justice Nyako also sanctioned AMCON’s appointment of Mr. Robert Ohuoba, as Receiver over the business and stock in trade and over all fixed and floating assets of both Bao Yao Futurlex Iron & Steel Company Limited and Bao Yao.
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