Wednesday, 1 March 2017

Heritage Bank denies allegation of distress

 Heritage Bank has denied the allegation of inability to meet its obligations to its customers.

The allegation was leveled by a security company, Geonel Integrated Services Limited, which said it has been trying to withdraw from its fund with the bank without success.

The position of the company was contained in documents filed with the court.

But Heritage Bank said in a statement late on Wednesday that the account of Geonel Integrated Services Limited was a subject of security probe and that accounted for why it could not draw from its funds with the Bank.

The statement said: “Our attention has been drawn to a malicious and untrue report trending online, titled, ‘Heritage Bank Should be Shut Down-Company Tells Court, CBN’ and about the bank’s financial and liquidity condition that questioned the ability of the bank to honour its obligatory engagements with a customer, Geonel Integrated Services Limited.

“We want to categorically state that the allegation is not true as the Geonel Integrated Services Limited’s account is currently being investigated for financial crimes by the Economic and Financial Crime Commission (EFCC).

“However, the bank was advised formally to freeze the account by the federal agency through court injunction pending when the investigation will be concluded.

“The investigation is still ongoing and the bank is under obligation to respect a valid order of court.

“We want to state categorically that Heritage Bank is not distressed as being malevolently reported, the bank is capable to honour its obligations to customers and numerous stakeholders alike.”

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