Guinness rejects PharmaDeko’s N175.69m debt claims

By Nkiruka Nnorom
Guinness Nigeria Plc has denied the claim by Pharma Deko Plc that the company is indebted to it to the tune of N175.69 million.
Pharma-Deko Plc had filed a winding-up petition against Guinness Nigeria Plc, over N175, 699, 317.99 million debts at the Federal High Court, Lagos.
In the petition marked FHC/L/CP/69/2017, the firm, through its counsel, Chief (Mrs.) Williams Akinjide (SAN), urged the court to wind up Guinness Nigeria Plc due to inability to pay an undisputed contractual debt of N175, 699,317.99 million.
However, in a statement made available to Vanguard , Guinness said it is not indebted to the company as being claimed, adding that the amount in contention is insignificant compared to its revenue, cashflow and balance sheet size.
The company noted that it had responded to the court process which alleged that the it owed Pharma Deko the above stated sum, representing an arbitration award made against it and in favour of Pharma Deko, suggesting that it was unable to pay the debt.
“Guinness Nigeria denies that it is indebted to Pharma Deko Plc in the stated amount or any amount at all and its solicitors have filed a robust defence to Pharma Deko’s claims in court.
‘’The amount claimed by Pharma Deko Plc in the court process is an insignificant amount when compared with the revenue, cash flow and balance sheet of the company and management is very confident of being able to repudiate the claims in court,” Guinness said in the statement.
It assured its employees, customers, shareholders and other stakeholders that it is capable of meeting its financial and other obligations to its various stakeholders and continues to operate as a going concern.