BUSINESS

Firm Slams N400m Suit Against Zenith Bank, FIRS

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•Prosecuting Counsel, Goddy Uwazurike

 An IT company, Geecat Solutions LTD, has slammed a N400 million suit against Zenith Bank and four of its associated companies: Quantum Zenith Asset Management Ltd, Quantum Zenith Trustees and Investments Ltd, Quantum Facilities Management Ltd, Quantum Zenith Capital and Investment Ltd., as well as the Federal Inland Revenue Services (FIRS).

Geecat dragged Zenith Group to the Federal High Court in Ikoyi, Lagos, for allegedly deceitfully using the Value Added Tax details of Geecat Solutions LTD in the accounting and returns they made to FIRS.

According to Geecat, as a result of the action by Zenith Group, it (Geecat) was being billed millions of Naira as tax while the Zenith group amassed millions of tax as profits.

The development, according to Geecat, translates to a classic case of Zenith group transferring their tax liabilities to it (Geecat Solutions LTD).

Geecat filed the suits on February 15, 2022, through its Counsel, Chief Goddy Uwazurike of Uwazurike and Associates, after efforts to resolve the issues amicably failed.

Geecat is claiming N200 million each from the two defendants in each of the suits. The defendants have been served with the originating processes. The suits are expected to come up soon.

 

Source: News Express
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