DGAP-News: Locafrique / Key word(s): Legal Matter
Complaint: Locafrique claims 170 billion from SAR before the English courts

24.12.2021 / 13:30
The issuer is solely responsible for the content of this announcement.


Complaint: Locafrique claims 170 billion from SAR before the English courts

The company Locafrique (www.Locafrique-sf.com) is claiming 170 billion from Société Africaine de Raffinage (SAR) and a complaint has been filed with the London Court of Appeal, according to their lawyers. Mr. Seydou Diagne, El Hadj Diouf and Démba Ciré Bathily made the announcement at a press conference on Wednesday.

According to the explanations of Mr. Seydou Diagne, the choice of English jurisdictions was made in perfect adequacy with the contracts that bind the company Locafrique, its partners and SAR. "There are articles in the contracts that stipulates that in case of a dispute over the supply of petroleum products to SAR, we can designate a jurisdiction, which has been designated by mutual agreement between SAR and us."

Returning to the origin of this complaint, the lawyer affirms that "Locafrique group is being ostracised by bad management and attitudes that are not founded in law and are deplorable in a state of law. The level of Lacafrique's commitment today exceeds 170 billion FCFA, for a national private company, which only wanted to help a very important company in the hydrocarbon sector," deplored Mr. Seydou Diagne.

"This is what justified our announcement today that a complaint is being filed imminently before the English courts, notably the London Court of Appeal, to claim the amount of 170 billion CFA francs from Société Africaine de Raffinage," he added before Mr. El Hadj Diouf and Mr. Démba Ciré Bathily.

It should be noted that this conference was held after a summary victory by Locafrique against SAR and Petrosen in the Commercial Court for abuse of minority rights. These two companies wanted to go through AFC at all costs in order to raise 192 billion CFA francs and recapitalise SAR. An operation described by the shareholder Locafrique as costly, since AFC would end up with millions of dollars in commissions. And this Wednesday, the summary judge disavowed them, rejecting all their arguments.

Distributed by APO Group on behalf of Locafrique



24.12.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: Locafrique
Dakar
Senegal
EQS News ID: 1262217

 
End of News DGAP News Service

1262217  24.12.2021 

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