Indorama: A’Court Affirms Ownership Of 2.5% Equity Shares By Ex-Workers

Bode Gbadebo

The Court of Appeal has dismissed an appeal challenging the decision of the National Industrial Court, Port Harcourt, Rivers State, affirming the ownership of 2.5% equity shares of Indorama Eleme Petrochemicals Limited by ex-workers of the company.

The National Industrial Court had earlier dismissed an application seeking to set aside an Arbitral judgement awarded and enforced by the Federal High Court in respect of the ownership of the 2.5% equity shares through their Cooperative Society.

The newly employed staff of the company filed a suit with Number CA/PH/209/2018, between Kendrick Oluka & others Vs Bala Marama & others, contending the ownership of the shares.

They argued that exited staff of the company who are members of the co-operatives should not continue benefitting from the dividends as they are no longer staff of the company and as such should be replaced by the newly employed staff.

But the Industrial Court declined entertaining the application over lack of jurisdiction, stating that the Federal High Court that granted the order enforcing the arbitral award was a court of coordinate jurisdiction.

Dissatisfied with the judgment of the Industrial Court, the Appellants approached the Court of Appeal to set aside the judgement of the industrial court and also to uphold their argument.

But the Appeal Court on Friday, September 24, 2021, dismissed the appeal and affirmed the judgment of the Federal High Court in favour of the former staff of Indorama Eleme Petrochemicals Company Limited.

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The Appeal Court held that since there is no injustice suffered by the appellants, the ground was resolved in favour of the former staff and Cooperative Society.

The case was consequently dismissed with the cost of N200,000 granted in favour of the exited staff and the Cooperatives against the appellants.