Alleged breach of trust, fraudulent representation: Nigerian partners sue Exmar Offshore Ltd, Exview Hong Kong Ltd

Two Nigerian firms – Springview International Logistics LTD and Springview Services Limited – have sued Exmar Offshore Limited, Exview Hong Kong Limited, and Springmarine Nigeria Limited (owners of the vessel MV Wariboko) before the Federal High Court in Port-Harcourt, Rivers State.

In the suit marked: FHC /PH/CS/117/2023 the plaintiffs raised allegations of breach of trust and fraudulent misrepresentation of facts against the defendants

The plaintiffs claimed that they entered into a Shareholders Agreement with the defendants in 2011, outlining the terms of their partnership in the chartering, operation, and eventual purchase of the vessel MV Wariboko.

They alleged that the 1st defendant – Exmar Offshore Limited – used its control over finances and management to delay the 2nd defendant’s (Exview Hong Kong Ltd) decision to purchase the vessel as agreed.

The plaintiffs stated that after pressure from them (plaintiffs) for the 2nd defendant to exercise the purchase option, the 1st defendant claimed that the purchase option had been exercised by the 2nd defendant in 2016, valuing the ship at $17,400,000.

They added that details of the loan securing this purchase and its repayment were not disclosed to them (plaintiffs).

The plaintiffs alleged that the 1st defendant, in control of the finances, refused to pay any dividends to them (plaintiffs), citing debt servicing and operating expenses as the reasons.

Both plaintiffs said they believe that, given the revenue generated by the 4th defendant (the vessel – MV Wariboko) and payments (of about $156,000,000) made to TotalEnergies E&P Limited, the said loan should have been repaid fully by now, and dividends distributed accordingly.

They stated that they discovered that the 1st defendant owned the vessel before the purported purchase, raising questions about fraud and the transaction’s fairness.

The plaintiffs said they are, among others seeking damages of N1Billion for the alleged fraud said to have been perpetrated by the 1st defendant