The Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State. This followed the order of Justice Binta Nyako of the Federal High Court which mandated AMCON to take over all the assets of company promoted by Mr Shen Yaozhang and retired General Idris Garba over indebtedness of over N3billion.
In compliance to the court order, AMCON through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court has taken possession of Bao Yao Futurlex Iron & Steel Company Limited, Abuja.
The assets, which are now under AMCON, include Bao Yao Futurlex Iron & Steel Company Limited, Abuja as well as Bao Yao Huan Jian Iron & Steel Company Limited, Calabar belonging to the obligors.
A statement by AMCON says the order also froze all accounts of the companies in any financial institution in the name or belonging to the defendants, which include Bao Yao Futurlex Iron & Steel Company Limited; Bao Yao Huan Jian Iron & Steel Company Limited, Mr Shen Yaozhang, Mr Ji Yunfeng and Gen. Idris Garba (Rtd.) and all financial institutions served with the order.
