SunTrust Bank Faces Multi-Million Dollar Lawsuit Over Contract Dispute

An International Offshore Oilfield Support and Solutions company which operates in the Oil and Gas industry, maintains branches in Ghana,Cyprus, Guyana and Mauritius and works with international partners in Oil industry, CARACAL OIL & GAS SERVICES LIMITED has slammed $1,140,000 on SUNTRUST BANK NIGERIA LIMITED over an alleged breach of contract.

Joined as co-defendant in the ensuing legal hostility is the Central bank of Nigeria CBN.

In a statement of claim accompanied by the written statement on oath of the Chief compliance officer of the company Mr. David Ibukun and filed before a Federal high court in Lagos by a Lagos lawyer Mrs Soibi Ovia,the deponent avers that the
Plaintiff CARACAL OIL & GAS SERVICES LIMITED is one of the customers of Suntrust bank and maintains both naira and domiciliary accounts with the bank which the Plaintiff has fully funded and maintained in good standing over the years up until the 20th day of January 2023 when her account was debited pursuant to the Irrevocable Standing Order ISPO.
On or about the 10th day of January 2023 the company, executed an irrevocable Standing Payment Order ISPO in favour of one of her international lending partners.
The Irrevocable Standing Payment Order ISPO was executed in respect to its USD account domiciled with the bank
According to the terms of the ISPO, the Bank was mandated to credit its International lending partner "Trade Credebt's" account domiciled with Barclays Bank Ireland Plc with the balance standing to the credit of the company as at the 25th day of every month or next working day, if same falls on a weekend.
As at 20th January 2023, the account was credited with the sum of $256,670.00 (Two Hundred and Fifty-Six Thousand, Six Hundred and Seventy Dollars) with the narration as: “INWARD TELEX TRANSFER: SUPPLY OF VESSEL/CARACAL OILB/ONNPC/FIRST" and subsequently, the account was debited on 25th January 2023 to the tune of $383, 290.12 (Three Hundred and Eighty-Three Thousand, Two Hundred and Ninety Dollars, Twelve Cents).
The sum of $383, 290.12 (Three Hundred and Eighty-Three Thousand, Two Hundred and Ninety Dollars, Twelve Cents) debited from the account, was to trigger the release of the sum of $3,000,000.00 (Three Million United States Dollars) and finance the mobilization to Nigeria of the company's PSV Helios 289 Vessel situate at Carena Shipyard in Abidjan, Cote d'Ivoire; as well as a number of the ,company's projects, amongst others; to the knowledge of the bank

https://www.airwavesreport.com/news/suntrust-bank-faces-multi-million-dollar-lawsuit-over-contract-dispute

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