The resolution of the corporate crisis that has engulfed London-listed oil firm, Lekoil (Cayman) Limited, may take longer than anticipated, as Lekoil Nigeria legal redress over concerns on various degrees of alleged breach of processes by Lekoil Cayman. Lekoil Nigeria’s CEO, Lekan Akinyanmi, through his attorney, Proskauer Rose LLP, has finally sued Lekoil Cayman for unlawful and hostile takeover of the company, fueling speculation that even more interesting times lay ahead. The takeover of Lekoil Cayman by Metallon largely accounts for the raging storm, after Metallon bought the Lekoil Cayman shares on margin and having faced a margin call, was forced to sell. Metallon, the majority shareholder of Lekoil Cayman, sold off its stake in London-listed Lekoil Ltd, driving down the value of the company’s shares 41 percent at £0.90 pence a few weeks ago. Besides, Lekoil Cayman is yet to reveal the identity of the new buyers, the Board of Directors of Lekoil Cayman is also yet to be dissolved since August 30
when the news of the sale broke. A group of concerned Lekoil shareholders have already protested the transaction, as the AIM rules stipulate that such volume of shares should be offered to the investing public.
Source: https://sweetcrudereports.com/lekoil-nigerias-ceo-sues-lekoil-cayman/