• Injunction and Stay of Execution 
  • Cargo Remains Under Arrest
In an unexpected turn of events, the Federal High Court issued a ruling today that represents a significant departure from the true nature of FirstBank’s claim. Contrary to expectations, the court determined that the matter does not fall under maritime law but is instead a straightforward debt recovery case. This conclusion is particularly surprising given that the relief sought was aimed at preventing the continued fraudulent sale of crude oil aboard the FPSO.

Even more shocking, the court ruled that the Arrest Order placed on the cargo—because it was granted ex parte—automatically expired 14 days after its issuance due to the passage of time.

Dissatisfied with this decision, FirstBank has filed an appeal against the Federal High Court’s ruling. Additionally, the bank has submitted an application requesting an injunction against GHL while the appeal is pending. As it stands, the cargo of crude oil aboard the FPSO TAMARA TOKONI remains under arrest.

While FirstBank maintains the utmost respect for the judiciary, it firmly disagrees with this ruling, which it believes constitutes a grave miscarriage of justice.

FirstBank remains steadfast in its commitment to safeguarding the interests of its stakeholders. The bank will continue to pursue justice vigorously, taking all necessary legal steps to hold unscrupulous debtors accountable and prevent them from exploiting legal technicalities to evade their financial obligations.