STG-WAV rift: WAV says former staff compromised shared account

In a reaction to West Africa Energy’s publication last week on the rift between Sea Trucks Group and West African Ventures (WAV), WAV accused former expatriate employees and not Bond Holders of orchestrating the compromise of STG from its owner through a complex arrangement put in place whilst still in the employment of the owner of STG and WAV.

WAV claims that this occurred when STG and WAV under common ownership and control, shared bank accounts, allowing the British unit to take over the monies in the foreign accounts which stood at over US$27m at the time and preventing WAV from paying Nigerian contractors and employees from monies earned from Nigerian operations.

“Whereas the common assets of STG and WAV were funded by the proceeds of Nigerian business and loans from Nigerian Banks, the British unit are now attempting to lay claims to the entire assets by relying on mere administrative arrangements set up at a time of common ownership and control,” WAV said in a statement sent to West Africa Energy.

It further said, “All attempts by the owner to address the concerns of genuine Bond Holders by travelling overseas several times with his advisers have been rebuffed, as the intent of the British unit has never been the repayment of the Bonds, but to take over the thriving Nigerian business and repatriate funds made in Nigeria overseas.”

It will be recalled that Sea Trucks Group (STG), an international group of companies that provides offshore installation, accommodation and marine support services to the oil and gas industry worldwide, initiated legal and commercial actions to recover assets owned by the Group from West African Ventures (WAV), a Nigerian company controlled by Jacobus Roomans, which provides logistics and engineering services to the oil and gas industry

Sea Trucks claims that the dispute arose following WAV’s breach of the terms of the vessel hire charter agreement with Sea Trucks and repudiation of the charter’s legitimacy by WAV.

WAV has filed two separate matters; WAV v Joint Liquidators of STG & 43 Others (FHC/L/CS/968/2017) and WAV & 3 Others v Joint Liquidators of STG & 17 Others (FHC/L/CS/1114/2017).

WAV claims British unit disregarded a Status Quo Order directing that all the parties should maintain current arrangements until the issues between them are resolved by the court.

ISAAC ANYAOGU