WorldStage– The Court of Appeal has set aside a High Court ruling in the case between First Bank and General Hydrocarbons Ltd (GHL).
First Bank had alleged fraudulent diversion of proceeds of sale from an oil cargo which it said GHL had pledged as security for a loan.
The high court had ruled said the matter in contention was not a maritime claim but a case of debt recovery.
First Bank proceeded to file an appeal against the ruling.
In its ruling on Thursday, the appeal court set the High Court judgement aside.
It also ordered that proceeds from the sale of the cargo should be paid to the account of the court pending the determination of the legal action.
