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The Abia-born Diamond Bank MD again offered to help syndicate another round of financing for the company. The company signed all required documents for the new funds to be raised. Funds were raised from a consortium of lending institutions but a bizarre twist ensued. The bank withheld the new funds as repayment of the principal of the initial N2B loan granted and indicated that interest on the loan was still outstanding.
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All entreaties by the Bishop of Umuahia to the Bank MD to at least allow the company use the new funds to complete the acquisition of needed machinery and resume operations proceeds from which the loan will be repaid fell on deaf ears.
As things stand today, UCL-MOCERAM is currently indebted to Diamond Bank to the tune of about N4.5B being outstanding interest accrued on the loan obtained in addition to the new funds raised which was withheld by the bank.
A caveat was also placed on the company by the bank that any investor seeking to reactivate the factory must first offset the outstanding indebtedness before any new work can commence.
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I SEE A WELL PLAYED OUT SCRIPT TARGETED AT RIPPING ABIA YOUTHS OFF EMPLOYMENT OPPORTUNITY BY SAME PERSON WHO DESPERATELY SEEK TO BE GOVERNOR OF ABIA STATE AT ALL COST.
COULD THE PRE-ELECTION $100B LOAN PROMISE HAVE BEEN ANOTHER TRAP FOR ABIA STATE?
As things stand today, UCL-MOCERAM is currently indebted to Diamond Bank to the tune of about N4.5B being outstanding interest accrued on the loan obtained in addition to the new funds raised which was withheld by the bank.
A caveat was also placed on the company by the bank that any investor seeking to reactivate the factory must first offset the outstanding indebtedness before any new work can commence.
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I SEE A WELL PLAYED OUT SCRIPT TARGETED AT RIPPING ABIA YOUTHS OFF EMPLOYMENT OPPORTUNITY BY SAME PERSON WHO DESPERATELY SEEK TO BE GOVERNOR OF ABIA STATE AT ALL COST.
COULD THE PRE-ELECTION $100B LOAN PROMISE HAVE BEEN ANOTHER TRAP FOR ABIA STATE?
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