A Lagos-based equipment and logistics company, FHT Mega Express Limited, has filed an ex parte application before the High Court of Lagos State seeking sweeping preservatory orders against Parallex Bank Limited over an escalating dispute involving N7.154 billion deposited for the establishment of Letters of Credit (LCs).
In the application filed pursuant to the Pre-Emptive Remedies Protocol of the Expeditious Disposal of Civil Cases Practice Direction, the company is asking the court to direct all financial institutions in Nigeria to freeze and withhold all funds standing to the credit of Parallex Bank up to N7.154 billion, pending the determination of its motion on notice.
According to the applicant, the immediate order is necessary to prevent the dissipation of the disputed funds, which form the core of the conflict.