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Fresh troubles, as Court restrains Baraza

A Nembe High Court sitting in Yenagoa, Capital of Bayelsa state has restrlaind Baraza Multipurpose Cooperate Society,  its chief executive officer Architect Miebi Bribena from withdrawing money from the banks operated by the Cooperative.

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Justice Lucky Boufini gave the order in a motion of notice brought before the court by Barrister Fitzgerald Olorogun.

The other defendants are First City Monument Bank PLC, First Bank PLC , Access Bank PLC and Union Bank PLC.

According to court documents obtained by one of our correspondents , the matter has been adjourned to the 9th of September 2012 for further proceedings and hearing of the motion of notice.

Our correspondent reports that Baraza Multipurpose Cooperative Society has been enmeshed in  serious controversies over its inability in fulfilling its obligations to investors and members .

The Chief executive officer Arch. Miebi Bribena alleged that some staff of the Cooperative compromise its systems by the defrauding the  organisation of over N300m, adding that the organisation is carrying out a forensic audit to enable the organisation pay backlog of unpaid surpluses to the investors and members.

Efforts to speak to the chief executive officer Arch. Bribena proved abortive as at the time of filing this report.

The implications of the current development is that the  hope of the investors getting back their funds hang on the balance , as the order of the court had to be vacated before any transaction can be made by the Baraza Cooperative Society and its management.

Our correspondent also gathered that the Cooperative Society management said it is currently paying the first timers who are yet to reap from their investments,  before the current order.

 

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